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What Is Nxt?

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Jan 20, 2023
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4 min read
what-is-nxt

This blog post will cover:

  • What is Nxt (NXT)?
  • Where did Nxt (NXT) come from?
  • What are the advantages of Nxt (NXT)?
  • What are the disadvantages of Nxt (NXT)?
  • How to exchange crypto on SimpleSwap?

What is Nxt (NXT)?

Nxt is an open source blockchain platform and one of the first to rely on a proof-of-stake consensus protocol.Launched in November 2013 and written from scratch in Java, Nxt is proof that blockchain technology is not only about simple transfer of value but also has the potential to revolutionize many aspects of our lives with the various decentralized applications that can be built with it. Today, Nxt remains one of the most tested platforms in the industry, influencing numerous other projects. With its many easy to use modular built-in features, Nxt covers most of the dApp use cases and at the same time is perfectly suitable for private blockchain implementations.

Where did Nxt (NXT) come from?

Nxt is an iconic project in the history of blockchain development.Launched in November 2013, it represents one of the first proof of stake blockchains. Started by an anonymous developer who disappeared shortly thereafter, with a crowdsale that raised only a symbolic amount, the Nxt project formed a wonderful community around it, and gave birth to many successful follow-up projects, including own Ardor platform.

What are the advantages of Nxt (NXT)?

  • NXT has simple but flexible architecture that makes blockchain adoption easy
    
    And can be extended to fit any public or private use case.
  • Nxt claims that it was the first blockchain to launch a user-friendly and yet fully decentralized asset exchange
    
    Anyone can issue and trade tokens on top of Nxt, and orders are matched and executed directly on the blockchain itself.
  • The Nxt blockchain has been in production for more than 6 years
    
    The Nxt team claims that for this period there were virtually no downtime, no major bugs, and no successful exploits. Millions of Nxt transactions have been conducted, establishing its reputation of the secure platform in the blockchain industry.

What are the disadvantages of Nxt (NXT)?

  • Some people find low marketing of the project as its disadvantage
    
    Nxt started in 2013 coin but couldn’t get immediately a lot of traction because of lack of sufficient funding and some big ICOs that followed.
  • Although many crypto projects have their roots in Nxt some managed to become more successful
  • Nxt is very well developed but considered by some users too complicated due to wallet exposing all features

How to exchange crypto on SimpleSwap?

Loved reading about Nxt and want to continue the adventure in the World of Crypto? If you wish to buy some cryptocurrency, then SimpleSwap might help you. Just follow the instruction below:

  • For example, you want to swap BTC to ETH. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.
  • Select ETH in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. ETH will be sent there. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to ETH exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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