NXT is supposed to be the “next generation of cryptocurrencies”, and two recently launched services are turning that slogan into a reality. There is now a Twitter-like social network and a decentralized voting system available to users of the NXT cryptocurrency. Both of these projects are in the early stages of development, but they give us an idea of what will be possible with Bitcoin 2.0 technology. By using the NXT blockchain as a universal ID system, there are a number of interesting ideas that can now be turned into real world applications.
Nxtion is a service for getting a signed message posted on a public ledger. This could eventually evolve in a Twitter-esque service where “shouts” are similar to tweets. I recently asked the creator of Nxtion a few questions about this project through email:
CCN: Are the shouts stored in the NXT blockchain?
Nxtion: Yes, the shouts are stored in the NXT blockchain. You can use my AM explorer to check it. I scan the blockchain and save the specific shouts in my database.
CCN: How much of the system relies on a centralized server hosting nxtion.com?
Nxtion: The shouting account is public. People have to send an AM to this specific account to let it appear on the site. Everyone can build a script with the intention to scan the blockchain for this account and show the shouts. Just the presentation of the shouts and the user accounts with the informations are centralized. I was thinking about making the accounts decentralized as well. But it seems like there aren’t that many people interested into nxtion.com right now. That’s why I’m putting the development for this site behind other projects I am working on.
CCN: Do you think the 1-3 minute wait time is going to turn many possible users away?
Nxtion: I’m not striving to be twitter 2.0. Every decentralized system is slow (e.g. decentralized exchange). I think the biggest factor that people are staying away from nxtion.com is that they have to pay 1 NXT for each message (currently 7ct). Also they have to use their password for the account on my site (or use another AM sending option, like wallet.nxtarea.com:7874/message.html). My service is for people who want to support decentralized systems or need a platform for news or shouts which can’t be stored centrally.
CCN: How does this compare to something like Twister?
Nxtion: Twister is huge. I don’t know how it’s working. nxtion.com doesn’t offer many features yet. It could be huge, too. Currently it’s just a possibilty to send a message via the blockchain and let it read by many different people. Through my site it’s possible to connect the address of the message with a few personal info of the person (like the name, the city, birthdate and so on). I think that NXT companies will mostly use my service in the future. For example a NXT exchange.
CCN: It seems that an account is created based on a NXT address, similar to a Keyhotee. Is this correct?
Nxtion: I’m not that involved in other cryptocurrencies. So I don’t know keyhotee. But yes, your NXT address is the basis of your account.
NXTvote is a decentralized voting system that allows anyone to create a new poll with their NXT account. They can then allow others to vote in the poll based on the amount of NXT they have at their particular address. As of right now, it seems this sort of voting system could be useful for making decisions in the NXT community. For example, if there was a huge change that the NXT community wanted to apply to the NXT code or software, then the entire community could vote on those changes in a provably fair manner. Individuals who decide to create a poll can set the minimum amount of NXT someone needs to have in a NXT address before they are allowed to vote. On the one hand, the fact that this voting system requires a voter to actually spend money is a good thing for the prevention of spam. Having said that, this system also rewards those who are able to pay for multiple votes. If a NXT address was assigned to each person in a particular country, this kind of system could be used for voting in national elections or stockholder meetings.
Last modified: April 20, 2014 18:31 UTC