Nextcoin (NXT)

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Description

This type of digital currency is also referred to as “Nextcoin.” Whereas many cryptocurrencies borrow from the source code of Bitcoin, Nxt's developers and supporters make it a point to let people know their code is unique, and that their currency is not merely a “Bitcoin clone.” For one thing, there are no data blocks to be mined by investors with Nxt, so no coin rewards are earned in that fashion. Instead, Nxt is one of the very few types of alternative currency that uses only the proof-of-stake method for earning coins; coin rewards are earned only through the sharing of transaction fees. In other words, the more Nxt coins you own, the higher a percentage of the transaction fee rewards you will earn. All you need to do is install the Nxt Java client and hold some Nxt coins in an account. In contrast to the mining of data blocks used by most other cryptocurrencies, Nxt calls their simpler hands-off process “forging” (as in the formation of steel and other metals).

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History

Nxt was publicly introduced in December 2013. As is the tradition with many digital currencies, the person or persons behind the currency's development has remained anonymous thus far, going under the pseudonym “BCNext” in many cryptocurrency forums.