HomeAltcoinsWhy NXT is Up While Most Other Crypto Coins are Down Kyle Torpey 14/02/2014 Altcoins, Altcoins Analysis, News 26 Comments Posted 3 weeks ago This beautiful NXT client could attract new users to the proof-of-stake cryptocurrency. This week has been pretty horrible for the Bitcoin community as a whole, but NXT has actually seen its market cap rise as it gets ready to go mainstream with the “second generation of cryptocurrency”. There are multiple NXT clients in development right now, and users of this proof-of-stake cryptocurrency will soon be able to trade assets on a distributed exchange. The decentralized exchange space is moving very rapidly, and it seems that NXT will be able to offer access to their exchange around the same time that Mastercoin will be launching one of their own. New projects seem to be popping up in the NXT community on a daily basis, so it will be interesting to see if this crypto coin can carve out a bigger slice of the total cryptocurrency market. The Distributed Exchange Walkthrough In a video posted on YouTube earlier this week, you can see a completely breakdown of how the NXT asset exchange is going to work. Although the current asset exchange is only running on a test network, it gives everyone a good preview of what will be possible with NXT clients in the near future. Much like other exchanges based on a blockchain, the asset trades do not happen instantly. The distributed nature of the exchange is definitely hard to beat, but some people will be turned off by the inability to make instant trades. In addition to trading assets that have been created by others, it’s also rather easy to create your own asset. All you need to do is enter the name of the asset, a description, and the number of units that will be available for that asset. You can watch the full asset exchange walkthrough video below: A NXT Client for Your Grandmother In addition to the distributed exchange, there is another NXT developer, Wesley, who is working on a user-friendly NXT client. It’s the kind of simple, beautiful client that will be needed to bring NXT to the mainstream. Using NXT can be somewhat confusing right now, and easy-to-use GUIs are just now becoming widely available. There has been a lot of talk about the possible benefits of NXT as a proof-of-stake coin over some of the other coins on the market, and it seems some of that talk is now being backed up by real development of new, innovative features that are ready for use by the general public. Update: A reader has sent in this helpful website with links to all current NXT clients. A preview of how the distributed asset exchange could work in this new NXT client. Advertisement 26 Responses mcjavar 14/02/2014 Nice article about a cool product! Reply MayorLar 14/02/2014 Thought provoking and very useful article — thanks. Reply farl4bit 14/02/2014 Nxt was really cool the past months, but now it’s just crazy! A lot of cool projects are being published. Great to be part of this crypto revolution! Join us at nxtcrypto.org! Reply Mises_77 14/02/2014 I have had the pleasure of watching the NXT community flourish since about mid December. You can not help but take notice to the true innovation happening with this crypto. In a world of bitcoin clones, NXT is a standout. I highly encourage anyone to check out what is happening here and prepare to be amazed. It is so much more than a coin. Reply netprofit 14/02/2014 Though Bitcoin, barring irremediable problems emerging with its protocol and assuming it can keep up with the innovation now going on, will likely always be the dominant player, there’s also room in the premier division for maybe 2 or 3 genuinely innovative coins and NXT is certainly a candidate to be one of them. Time as always will tell. Reply farl4bit 14/02/2014 The problems with Bitcoin will always be the slow confirmations, the small amount of coins and the yearly inflation. On paper Bitcoin is one of the worst coins. Bitcoins has the advantage to be the first and is widely accepted. Don’t be surprised another coin, like Nxt will take it over. Reply MayorLar 15/02/2014 @farl4bit I think you may be wrong. If the value of the transaction is low you can assume that it is secure within seconds. The cost of messing with a transaction in a network the size of bitcoin is immense and double spending $10 is not worth it. The plain huge size of the bitcoin network and the number of nodes provides a >90% assurance that a small transition will be successful within a few seconds. That simple reality will stand true for most transactions under a few thousand dollars. On the other hand if I was buying a house I would be willing to wait an hour and six confirmations for the million dollar transfer to be 100% confirmed and be part of the blockchain — and not mind a bit:-) The security requirements for sending a $ 1.0M to France and paying $0.15 to read an article are quite different. I think BTC is already as fast as it needs to be. jefdiesel 14/02/2014 Great article. NXT really looks great. And all the more a green positive in a sea of red negs out there. Keep an eye on this one! Reply cryptolawyer 14/02/2014 The furious activity in the crypto space exciting to watch, and portends enormous opportunity for lots of very applications. Even more exciting are alternatives to Bitcoin, like NXT, that are fundamentally different implementations aiming to avoid Bitcoin’s limitations from the outset rather than patch or work around specific shortcomings. Reply autumnyellow 14/02/2014 I enjoyed your article. Glad to see that the some real innovation taking place in the cryptocommunity in contrast with all the copycat action of the bitcoin code. Reply CoinManiac 14/02/2014 An article worth reading. Most of the alt coins are clone of bitcoins. But NXT is a whole new different code. I have going through the daily development on NXT and am happy to say, the progress is fantastic. Currently I am trying the NXT test exchange and hope it becomes successfully implented Reply okaynow 14/02/2014 Interesting article Kyle. Nxt is bringing a wave of freshness in crypto. Probably the start of a great Journey, if you ask me. Thank you PS: My granma is already interested in those geeky clients heheh Reply Erik 14/02/2014 Nxt doesn’t have a corporation managing their coin. It does have a bunch of great devs and interesting ideas for how to prevent becoming overly centralized. Definitely an interesting virtual currency. Reply zorke 14/02/2014 Great article! The only crypto with positive growth in last 2 days, with all the problems Bitcoin is facing that says enough. 2nd generation crypto leader, a real future. Great community and loads of great features. People get on the train before it is too late! Reply ninely 14/02/2014 What has happened? this is quite amazing… few weeks ago there in various sites NXT was seen as a sc*m. Now it is breaking the image of a currency. Money is just an instrument to exchange things and different items, isn’t it. But this … voting? Is this really a currency or some vision of the next generation of … what? Reply cryptonikus 14/02/2014 Well NXT is not a clone as other altcoins, so many people who invested in clones got scared of competition and bad-mouthed NXT, but time has shown, that none of their claims were true. And yes NXT is far from being just a coin, it is new system with many financial tools, but Its potential goes further. I personally see NXT as new step in evolution of internet. Reply No brain 14/02/2014 why is that the Java based client looks and feel diff from the Mac / Windows clients? Reply Kyle Torpey 14/02/2014 I believe there are many different clients in development right now. Perhaps someone more familiar with NXT could help me out here. Reply farl4bit 15/02/2014 In the Nxt community everybody puts in it’s effort and energy to make Nxt great. The clients are build by enthusiasts on there own account. Everybody has it’s own design and advantages. If you want to build a client, you can! ;) Reply cryptonikus 14/02/2014 Best part about NXT is the community, I am constantly lurking in many different crypto communities, but I have never encountered such dedicated and talented people. They are working on it 24/7. You can feel the enthusiasm caused by emerging of new and truly innovative ideas and just witness as they become reality, its fascinating. Reply nicholas 16/02/2014 At the moment I don’t see any reasons why NXT could fail. Lots of new services & clients and a very active community make a bright future for NXT. Reply Ivan 16/02/2014 Actually there is one more super easy and userfriendly client coming very soon. 2 clicks and you are ready to go. This will bring a lot more users to the Nxt platform imo. Thanks for the article, waiting for another one! Reply Mark 17/02/2014 Do you care sharing with us the name of this super easy and userfriendly client that’s coming very soon? Reply DogeCoin-Joke 21/02/2014 Why so much BS when it’s not needed . What is NEXT and really brings something new to table ? What a new Wallet interface ? Seriously ? A joke . Reply Alberto Almeida 26/02/2014 Financial and Business Valuation. Tax Advisory for Portugal and UE. Golden Visa. Portuguese, legal and tax compliance for internacional investment in UE. Contact point, for services and business exporters for all world. Reply Daedelus 27/02/2014 The difference with Nxt is that is not designed to be a coin. It is intended to be a system in which a new economy could be built on top of with fast transactions and low cost. Go to the Nxt wiki to find out what is up and running and what is in the pipeline. Reply Leave a Reply Cancel Reply Your email address will not be published. Name* Email* Website Comment Notify me of follow-up comments by email.