Recently, I had the distinct pleasure to interview Graviton, Nextcoin.org Community Founder. As many of you are familiar, I first learned about NXT after my father-in-law stumbled on the coin skyrocketing a month ago. On January 3rd, NXT released their source code to the public.
“NXTCoin source code revealed today in a release on their website. The DGEX.com website received an overhaul as well. DGEX is presently the only exchange offering trading in NXT. The major addition to the crypto market is NXT’s Alias System which was not a part of the open source unveiling.”
The Crypto Analyst: What is you position in the hierarchy at NXT?
Graviton: Some consider me “third in command” after the silent inventor BCNext and his incredibly productive spokesperson / manager Come-from-Beyond. I founded the Nextcoin.org Community and serve as the DGEX.com BTC/NXT Cryptocurrency Exchange Operator.
Graviton: Jan 3rd was a highly anticipated day for NXT as the source code was set to be published. Considering the circumstances, people were probably expecting more buzz from the markets, so many were disappointed for the way the NXT value actually reacted. The scope of the code revealed was perhaps not as extensive as expected. In addition the community was generally not happy for some decisions of DGEX.com as the major exchanger announcing addition of fees for NXT trading and delivery, as the the exchange was prior to that distributing NXT to buyers for free during the initial 5 weeks charging only for bitcoin proceedings. These factors reflected to the market, overall the trading volume was very high and the only real disappointment perhaps is the lack of major spike in price that some holders may have been expecting.
TCA: What are NXTCoin’s best features?
Graviton: May I correct it is called NXT – and is much more than a payment system. But if by NXTCoin you mean the currency, it has several points that make it technically superior to the 1st generation Proof-of-Work cryptocurrencies.
1.) NXT is not cloned from the Bitcoin concept, it is made from scratch thus allowing new features and advanced properties to be implemented from the grassroot level
2.) NXT utilizes an improved proof of stake mechanism, which makes it resilient against 51% attacks and blockchain forks that are a recurring threat in old proof-of-work currencies.
3.) Though an innovative Transparent Forging mechanism NXT allows high transaction rate and priority transactions through custom peer transmittance. This enables global payment network usage approaching credit card processor volumes when necessary.
4.) NXT is environment friendly, as high processing capability is not a requirement for NXT forging (“mining” for other cryptocurrencies). An older pc with internet connection – or a smartphone – is as good as a high end desktop workstation for the NXT network and has equal chance of getting the block rewards, the probability of which depends on the amount of currency held in each wallet.
5.) The NXT system upon which the coin feature is built on, inherently supports services outside the basic coin concept such as peer-to-peer exchange, colored coins, messaging/chat and DNS / alias.
TCA: The Alias System is very intriguing and actually alot of fun! Considering it’s groundbreaking value, should Alias System code ever be made open source?
Graviton: In my opinion yes, as keeping it closed will only stir up rumors and competition will overtake at some point nevertheless. But the timing should be strategically planned by the right persons within the NXT community.