Why NXT is Up While Most Other Crypto Coins are Down

Journalist:
February 14, 2014
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:

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.

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

Last modified (UTC): February 14, 2014 14:47

Tags: nextcoinnxt
Kyle Torpey @kyletorpey

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.