Basic Arrangement
Header Bar
Forms the top of the NXT client and has some functions included like “Send NXT” or “Send Message”. Furthermore you are able to manage the client settings through the gear-wheel icon. Last but not least in the right top corner you find the button to log out.
Side Bar
The side bar is essential for the NXT client and basically the main menu.
It determines what shows up in the display area.
Display Area
The name explains the function of the display area. All relevant information about a section is shown in this part of the client. The shown content is determined by the buttons in the side and the header bar.
Your NXT Account
In the upper left corner you find your NXT account adress (NXT-XXXX-XXXX-XXXX-XXXXX). Above the account adress you can assign a name to your NXT account, for example “Savings Account” or whatever. Note that this costs 1 NXT. Furthermore you are able to search for account or asset ID’s. Last but not least it shows you if your account is forging or not.
Send NXT
This window opens if you click on the button “Send NXT” in the upper right corner.
Recipient: NXT account adress of the beneficiary
Amount: Specify the amount you would like to send
Fee: Put in the fee you are ready to pay (minimum 1 NXT)
Passphrase: Enter your account’s passphrase to send NXT
By clicking the box “Add a Message?” you are able to attach a message to your payment. A possible use case is to attach an order or a client number.
Dashboard
The dashboard is basically the welcome page of the NXT client. It provides you a brief overview about your account.
Account Balance:
- Amount of NXT you hold in your account
- Amount of NXT you earned through forging
- Number of different assets owned by you
- Indicates the installed NRS Version
- Shows the latest transactions
- Displays the last few blocks of the blockchain
Transactions (Side Bar)
Transaction ID: ID of this certain transaction, shows details on click
Date: Timestamp of the transaction
Type: Indicates the type of the transaction
Amount: Amount of NXT sent/received
Fee: Paid fee
Account: Beneficiary respectively sender account
Confirmations: Number of confirmations the payment has
Asset Exchange
The Asset Exchange is based on the principle of coloured coins. It allows the blockchain to track the origin of a coin. Let’s have a look at a simple example of BCNext:
I want to run a business. I issue an asset (let’s call it Krusty Krab tokens – KKT). I set quantity of KKT to 1000. I announce that I sell KKT for 20 NXT each and pay 5 NXT monthly interest within next 6 months. I create an ask order — 1000 KKT for 20,000 NXT.
You create a transaction that sends me 500 NXT for 25 KKT. It’s up to you what to do with your 25 KKT (you can place an ask order and sell them for 27 NXT) but each month I will check the blockchain to see who owns KKT. And I will send 5 NXT for each KKT to those who owns them.
The Asset Exchange respectively NXT combines the exchange’s (e.g. Wall Street) and the bank’s tasks – you buy or sell at the Asset Exchange as well as you keep the assets there rather than having them transferred to a safekeeping account at a bank. And all this for only a small transaction fee!
Asset Exchange (Side Bar)
By clicking on “Asset Exchange” in the side bar 4 submenus are opened. All these submenus change the content in the display area.
Asset Exchange: Opens the actual Asset Exchange
My Assets: Displays a list of your assets with their value
Open Orders: Shows your open buy and sell orders
Issue Asset: In this submenu you are able to issue your own asset
Asset Exchange (Submenu)
Now we are in the Asset Exchange. As you can see the display area gets a little bit smaller because there pops up a second side bar with a list of assets. You need to make this asset list by yourself through the “Add Asset” button in the upper right corner. Press the button, enter the Asset ID and confirm. The reason is simple: asset names are NOT unique but the asset ID is, therefore it’s a security measure for the user. The mentioned side bar now determines the content in the display area. We will have a look at an asset called MGW and go from the top to the bottom in the display area.
Asset Name: Shows the name of the asset (MGW)
Quantity: Total amount of shares issued (1’000’000)
Asset Decimals: Indicates the number of decimals possible
Description: Brief description of the asset, usually with a link
Order Book: Shows the current buy and sell orders
Trade History: Provides an overview about the latest trades
How-to Submit an Order
Alright, let’s have a look at how to submit a buy or sell order. We have two options to do this:
1. Buy or sell at current market price
2. Submit a limited order
1. Buy or sell at current market price
If you are happy with an offer of the order book just press on the corresponding order (usually the one on the top since it offers the best price for you). By clicking on the order the field “Buy MGW with NXT” respectively “Sell MGW for NXT” is automatically completed. By pressing “Buy” or “Sell” a pop-up appears with a brief summary and asks for one more confirmation by pressing “Submit”.
2. Sumbit a limited order
If you are not happy with the current market price you are able to transmit a buy or sell order to the order book. Just fill in the “Buy MGW with NXT” respectively the “Sell MGW for NXT” field with the price you are ready to make the deal. As soon as the order is submitted it will appear in the order book.
Assets and their IDs
If you don’t know where to find information about existing assets as well as their IDs have a look at the Nxtforum Asset Board or read our NXT Market Reports.
Marketplace
On the Marketplace you are able to sell digital goods such as music, do crowdfunding or start a tip button for yourself. These are just a few use cases, the possibilites are almost endless.
How to use the Marketplace
In the side bar you will find a button called “Marketplace”. Pressing this button opens two submenues. Press “Search Marketplace” to access. Now you are asked for the “Seller’s Account ID”, so you first need to know the ID to buy a good.
As a small example we will have a look at the store of nxter.org. Nxter.org is a magazine which writes news, articles and market reports about NXT. The Seller’s Account ID in this case is NXT-EAVH-SLEV-KSEE-EE2KP. The following overview appears:
There are seven different goods offered through this account ID so far. Always mentioned is the name of the good, the price in NXT, a short description as well as the quantity to be sold. By pressing on the name you can purchase the good.
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This guide was originally posted on http://nxtinfo.org.
NXTinfo.org is the beginner’s site for NXT and aims to provide all the basic information about Nxt. We introduce you to NXT as well as Bitcoin, and show user reports and guides about different topics. We want you to understand NXT!
You can find video tutorials for the Nxt Marketplace and Nxt Asset Exchange HERE.