Why NXT is Up While Most Other Crypto Coins are Down

NXT Client

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:

http://www.youtube.com/watch?v=l9O9aZFZPkE

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.

NXT Distributed Exchange

A preview of how the distributed asset exchange could work in this new NXT client.

26 Responses

  1. Daedelus

    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.

  2. Alberto Almeida

    Financial and Business Valuation. Tax Advisory for Portugal and UE. Golden Visa.

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  3. Ivan

    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!

    • Mark

      Do you care sharing with us the name of this super easy and userfriendly client that’s coming very soon?

  4. nicholas

    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.

  5. cryptonikus

    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.

    • farl4bit

      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! ;)

  6. ninely

    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?

    • cryptonikus

      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.

  7. zorke

    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!

  8. Erik

    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.

  9. okaynow

    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

  10. CoinManiac

    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

  11. autumnyellow

    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.

  12. cryptolawyer

    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.

  13. jefdiesel

    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!

  14. netprofit

    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.

    • farl4bit

      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.

      • Avatar of
        MayorLar

        @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.

  15. Mises_77

    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.

  16. farl4bit

    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!

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About The Author

Avatar of Kyle Torpey

Kyle is a freelance Bitcoin writer and the Marketing Director for Bitcloud. His work has been featured on Business Insider, VICE Motherboard, Let's Talk Bitcoin, and RT's Keiser Report . You can follow him on Twitter (@kyletorpey) or send him an email.