Nxt explained in 20 minutes by Bas Wisselink (Nxt Foundation);
This Nxt presentation was made @ the Mind The Gap online conference, 10.04.2015.
True to form, the NXT Core Developers continue to deliver groundbreaking new features for Nxt.
Because of their uniqueness and many possible use cases, I am especially excited about these ones (expected to be released within the next few months): the Monetary System, Voting System, and 2-phased Transactions.
UPDATE: Nxt Monetary System is released
The Monetary System is the feature closest to being released and, at the time of writing, it will be brought to the mainnet at block 330000 (roughly Jan. 10th). This is a way for anyone with a few NXT to create a fully fledged digital currency. MS has a unique property: namely its ability to mint currencies. Minting is very similar to mining with the key distinction that it is used solely for the distribution of a currency and the MS currency doesn’t need to rely on its miners for blockchain stability unlike the typical alt-coin.
The minting property has four main advantages:
Also, MS currencies have the advantage of being controllable and, as such can be pegged, for example, to USD, or backed by gold or silver, thereby helping to ensure a degree of stability. This would bring us closer to solving the common cryptocurrency problem of volatility and allow for an MS currency to be used to purchase items without the fear of drastic price drops or rises.
Next we have the Voting System, scheduled to be released in Nxt version 1.5, once the MS has been fully integrated. The voting system allows for polls to be created, voted in, and counted, all from within the Nxt blockchain. You are also able to weigh the voting, either by the amount of NXT owned, or by the amount of a specific Nxt asset owned. The most interesting subset in my opinion is weighing a poll by the amount of an asset owned.
With this, a number of things are possible:
Also see: Nxt Voting System Teaser Video
Finally we have the most abstract of the soon-to-be-released features: 2-phased transactions. This doesn’t yet have a definite release date, but will hopefully be launched around the same time as the Voting System, as parts of it rely on VS.
2-phased transactions are Nxt’s implementation of multisig, but extend the definition of multisig to include many more functions and use cases. Basically, a user is able to define a transaction in two phases: the first phase being when the details of the transaction are defined (e.g. the amount of NXT to send and the recipient), and the second being when the transaction is released into the system. 2-phased transactions will also enable the account-holder to make a transaction dependent on the results of a poll. This greatly widens the range of possible use cases of 2-phased transactions:
As these features become operational, thereby allowing people to have control over making their own currencies, polls, and phased transactions, the use cases of Nxt as a platform will start to increase exponentially and Nxt will have moved still closer to achieving its goal of being a viable decentralized economic platform.
Nxt is in the process of giving financial power back to the people. With this power in their hands, who knows what will be created next.