Nxt – descendant of Bitcoin

Nxt (pronounced as “next”), a cryptocurrency based on Bitcoin paradigm.

Launched on 24th November 2013.

Nxt uses brand new software, it’s not a fork of Bitcoin source code.  Nxt improves different features of Bitcoin, removes some disadvantages (e.g. bloated blockchain) and resolves a big environmental issue.

Coins are earned solely by charging transaction fees. All coins will appear in Nxt via “transferring” them from the Bitcoin blockchain.  Not all bitcoins will be transferred hence the total number of coins is unknown yet.

Time between blocks is one minute.  This increases the rate of orphaned blocks but makes it more convenient for the users.

Nxt doesn’t use so-called “scripts” aka predicates.  This simplifies and accelerates transaction processing.  Advanced features like multisig will be created on top of the core as 3rd party services.

Mining is 100% proof-of-stake

Nxt setup instructions for Windows:

  1. Download and install Java from www.java.com
  2. Download latest Nxt client – Version 0.5- http://info.nxtcrypto.org/nxt-client-0.5.0.zip
    Remember to use the lastest client version!
  3. Start the command line in Windows (start -> “cmd”)
  4. Start the Nxt client using Java – java.exe -Xms512m -Xmx1024m -jar start.jar
  5. Open the Nxt client GUI in your browser – http://localhost:7875/ 
  6. Unlock the account using your passphrase (it should be a strong password), remember it – it is the only way to access your account
  7. You will see your account number in the left corner
  8. Get some coins and start mining – mining is proof of stake only!

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