Allen Scott, Cointelegraph, writes:
CoinTelegraph had the chance to catch up with the NXT team. Known for its less resource-intensive mining and 100% proof-of-stake, it is no wonder why NXT recently surpassed the popular Dogecoin by market cap. But exchange rate and speculation aside, the NXT team explains why it is the “next” step in the evolution of cryptocurrencies and why Bitcoin is just the beginning.
CoinTelegraph: Nxt includes an innovative “proof-of-stake” feature which essentially means that coins are not created by “mining.” How then are Nxt coins created and put into circulation?
NXT: All the 1,000,000,000 NXT were available within the Genesis Block (= first block) and got distributed to the initial stakeholders. It was hardcoded into the source code.
Transaction fees are how NXT are re-circulated back into the network. Currently transaction fees are generated by sending NXT, assigning aliases, using the arbitrary messaging feature, issuing, buying or selling the assets. Transaction fees are currently set at a minimum of 1 NXT per payment. As NXT price increases, the minimum fee is planned to be reduced to continue to allow micro-transactions to be practical. The total fee reached 1,112,084 NXT after 6 months. 4,697,286,927 NXT were already transferred (= 4.7 x total supply of NXT).
CT: Being considered a second-gen cryptocurrency, do you see Nxt making Bitcoin obsolete or can both have their specific uses and co-exist?
NXT: Andreas M. Antonopoulos often says: there will be millions of cryptos and they will happily co-exist. David Johnson [Mastercoin] also shares this opinion; there will always be a space for more players, since each crypto aims for specific users. Nxt is to Bitcoin …
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