NXT Coin is an odd remnant of an earlier cryptocurrency era. The native token for the NXT platform, NXT was meant to give cryptocurrency enthusiasts a brand new way to think about and use blockchain technology. This it did with great aplomb, dubbing itself ‘Blockchain 2.0’ following its ICO in 2013. The problem is, with development progressing at light speed in the cryptocurrency industry, we’re well past ‘Blockchain 2.0’ at this point.
So, has NXT cryptocurrency managed to keep pace with the changing times? In some ways yes, and in others no. In this NXT guide, we’ll break down the NXT blockchain and currency, and make some NXT predictions.
The NXT coin and platform were first theorised by anonymous BitcoinTalk Forum poster 'BCNext'. BCNext was (and presumably still is) a computer programmer who thought that blockchain technology could move well beyond the simple financial transactions that were Bitcoin's only capability. BCNext implored upon the community to pay Bitcoin in exchange for newly minted NXT coins in November 2013. This makeshift ICO concluded on November 18, while NXT tokens were distributed by year's end. The NXT Asset Exchange platform followed.
It was an all-in-one software solution with a NXT wallet, digital asset marketplace, NXT ecosystem voting features for NXT stakers, developer tools, and various other bells and whistles. It was (and is) a shaggy dog of a platform, but the NXT protocol was functional and went well beyond the capabilities of Bitcoin, although other platforms have far surpassed it today.
'NXT' comes from the word 'next' without the 'e'. The platform was supposed to be what comes next, after Bitcoin.
Basically, NXT coin is the cryptocurrency used on the NXT platform. Users can stake NXT (lock it into a contract within the NXT platform) in exchange for voting rights and other privileges. They can trade NXT for goods and services on the NXT digital asset platform. NXT coin can also be traded in outside cryptocurrency markets. How does it work? Clunkily. The NXT protocol is, frankly, not up to today's standards in terms of intuitiveness, reliability, or unique functionality.
At its best, the NXT protocol (and NXT coin along with it) was an interesting sandbox in which to test new blockchain concepts. Today, though not yet truly dead in the water, the NXT protocol is a dinosaur, and NXT coin an interesting relic with little real investment potential still left in the tank. Crypto projects like Ardor and Ignis have grown from the foundation led by NXT's pioneers. This seems to be where the NXT spirit lives on today.
Notable NXT Supporters
Anonymous creator BCNext can be thanked for NXT's very existence. From there, other developers and companies have come into the playing field, advancing NXT in various ways. Farla Webmedia and dev company Jelurida are examples of this latter group, taking the open source NXT code and making it their own.
Is NXT some kind of hidden gem or sleeping giant in today's crowded crypto landscape? Not very likely. Though still functional, the NXT platform is dodgy at best and NXT coin has no real use case. Still, as it is an open source platform, renewed developer activity could raise NXT from the dead. And perhaps you're a cryptocurrency collector who simply wishes to complete your collection. So let's take a look at why and how to buy NXT coin at this time in history.
Pros ✓NXT is cheap ✓The NXT protocol is still functional Cons ✘Pretty much a dead project ✘Obsolete ✘The platform was clunky even when it was new
NXT coin has quite a few competitors. NXT was meant to be something of an all-in-one blockchain ecosystem. It was also notably Proof-of-Stake before that was a commonplace thing for cryptocurrencies to be. Modern cryptocurrencies like ARK (ARK) and ICON (ICON) are similarly multi-faceted and Proof-of-Stake. Ethereum is vastly more capable than NXT, and is slowly but surely moving to Proof-of-Stake. There are countless digital asset markets now making an appearance, all with greater capabilities than the NXT marketplace. NASH (NASH) and Loopring (LRC) come to mind.
Finally, you could look to the coins that developed out of NXT, Ardor (ARDR) and Ignis (IGNIS), to see where some of the original spirit of NXT innovation has relocated.
NXT coin is traded at STEX, HitBTC exchange, Bittrex exchange, and about a dozen others. Daily volume is light at each, so make sure to choose one with liquidity, as your orders might get stuck otherwise.
The NXT price history is as wild as that of any coin that has survived from 2013 until the present day. When NXT coin was first delivered to NXT ICO contributors, it was trading for lest than a Pence. Between 2014 and May 2017, prices oscillated between 1 and 2p. NXT coin prices shot up in the summer of 2017, before regressing toward the mean. Finally, in November 2017, NXT coin rocketed to the moon, hitting £1.39 before crashing back down to whence it came. More recently, NXT coin prices traded around 2p, just like back when NXT coin was new to the crypto markets.
NXT coin mining isn't a thing. NXT was an early Pre-mine Proof-of-Stake coin. All 1 billion NXT coins presently exist on the market, and no more will ever be created.
NXT is storable on the NXT platform/client. You could also use the NXT Freewallet, the NXT Light Client, The Nxt Wallet Android, and, of course, a NXT paper wallet.
You'll still hear someone talk about NXT from time to time, but we don't hold out much hope for the future of this cryptocurrency. NXT was an interesting project in its day, but the NXT protcol has failed to stand the test of time, and doesn't stand up to modern standards of design and functionality. The NXT platform has yielded some interesting other crypto projects, such as Ardor and Ignis, but NXT coin itself is looking like a digital currency without a purpose. There are probably some dogged NXT users who will argue this, but for these people just Google 'Is NXT Dead?'. How many hits did you get? A whole bunch? That's the sign of a coin that, if not dead, may be dying.
At certain times in its history, NXT may have had ambitions of going beyond Bitcoin. In some ways, it succeeded. Bitcoin BTC was an is a unitasker; it's digital money and nothing else. NXT wanted to be a coin that could do anything. Like many projects that try to be everything, NXT ended up doing nothing particularly well. Like the tortoise, Bitcoin ended up far outpacing NXT and its clever ambitions.
Today, it's absolutely no contest. Bitcoin rules the crypto space and NXT coin is an obscure reminder of what might have been. If and when NXT coin news happens, we'll cover it in CoinJournal.me News. If you want to know about this and other Altcoins, check out out exclusive CoinJournal.me Handbook.