NXT is an open-source cryptocurrency and payment network launched in 2013 using a proof-of-stake consensus mechanism, distinguishing it from Bitcoin by eliminating mining and maintaining a static money supply. Conceived as a versatile platform for applications and financial services, NXT serves as the foundation for ARDR (Ardor), a blockchain-as-a-service platform, and is currently managed by IoTeX since 2021. The cryptocurrency has been extensively covered in a report by ESMA.
On September 28, 2013, BCNext announced the proposal to launch NXT as a second generation cryptocurrency in a forum thread. BCNext requested small bitcoin donations to determine the initial stake distribution.
On November 18, 2013, fundraising for NXT was closed.
In 2013, NXT, an open source cryptocurrency and payment network, was launched by anonymous software developer BCNext. It uses a proof-of-stake mechanism and has a static money supply, differing from Bitcoin's mining process. NXT was designed as a platform for building applications and financial services.
On July 29, 2014, Danish cryptocurrency exchange service CCEDK started offering NXT for exchange with fiat money.
On September 15, 2014, Bitcoin developer Jeff Garzik tweeted about the vulnerability of Nxt technology and the closed nature of its development process.
In July 2016, NXT introduced Smart Transaction templates, intending them to serve as building blocks for businesses to create Blockchain solutions.
In 2021, IoTeX cryptocurrency became the steward of NXT.
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