NXT (NXT)

Nxt Token Profile (PDF)

Nxt is a platform for smart contracts and decentralized applications established in 2013 by a group of anonymous developers. It was the first digital token to employ a Proof of Stake consensus algorithm, which enabled new blocks to be added to the blockchain every minute. This architecture also introduced the concept of tokenized protocol governance, whereby stakeholders vote on protocol improvements in proportion to the number of tokens they hold. Nxt’s Proof of Stake consensus algorithm was extensively used by subsequent projects and at least 11 digital tokens were direct forks of Nxt. Both the Nxt blockchain and its client implementations are written in Java, arguably the world’s most popular programming language. Instead of storing private keys, users of the Nxt wallet use mnemonic keys, or passphrases, to access their funds from any computer in the network. The platform also features an on-chain asset exchange that enables users to exchange all Nxt-based tokens or shares (e.g. user issued assets), in addition to NXT.