What is Nxt building?

Nxt as platform. NXT as tokens of power, not coins. That’s what BCNext imagined when he created the Nxt genesis block back in November 2013, and that’s what he proposed the Nxt Community should follow up, in his plans 1-3. Because in Nxtville: The community decides. And the issue has led to heated discussions from the beginning. Nxt was released as a crypto currency, and many investors wanted it to stay just that. Like any other crypto 1.0 investment, but with killer features to take it to the moon.

Only problem? Nxt just isn’t that. Take it from the horse’s mouth:

BCNext (through Come-from-Beyond):

NXTs r not coins, at least the creator of Nxt didn’t want them to be coins. They r tokens that grant privileges to support Nxt. Deflation is not much better than inflation, “real” coins should be created on top of Nxt and be issued in quantities that keep their value constant. BCNext understands that this is very arguable, the community should decide if it wants to follow the path showed by him or stick to Bitcoin legacy with unchangeable supply of coins in hope to become rich by doing nothing.

But… “real coins in quantities that keep their value constant”? Oh my. What if a NxtCoin really isn’t a coin but a share in a platform which is capable of powering not just other coins, money transactions, smart contracts, asset exchange and now the latest Nxt release: A p2p Marketplace – what if NXTs are real tokens of power, about to renew, decentralize and revolutionize just about everything – even the internet itself? Wah! Not a coin?

But then what about the “mining”/forging part, you might ask, shaky hand hitting the iPad to have another quick look at coinmarketcap, to make sure that Nxt is still there. Well, if you’ve been complaining about the forging algo, that it’s paying you too little, and that the fees are too low to generate real profit, or that the whales are getting more because they own more Nxt…, read on.

BCNext (through Come-from-Beyond):

Selfish miners (those who mine only to earn fees) should be “removed” from the system, they r not interested in success of Nxt and only want to cash-out. (…) True reward for supporting Nxt network comes from services that use Nxt. Someone owns a currency exchange and mine blocks to keep his business running. Another one owns a shop and mine blocks to keep his business running. The 3rd person owns a software company that develops programs for Nxt-based services and mine blocks to keep his business running.

Gulp. Don’t be in it for the “mining” fees. Forge to support the network. Fees will be even lower when the price of Nxt goes higher. The community has decided that. The demand is there. We want our services to use Nxt, and the world too.

You can buy yourself a good read in our NXTER STORE. You can even buy a house with NXT.
But consider the above quote again. It may be time to wrap your head around Nxt.

A new series about 3rd party developers and Nxt businesses will start on nxter.org tomorrow.
It’s called: ON TOP OF NXT.

Stay tuned.


This article is also available in French.

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Arthur founded NXTER.ORG in December 2013 and started writing Nxt newsletters to the Nxt community.

Managed the development and implementation of Nxt's visual brand in 2014, with web design bureau Ideenfrische.

Issued the NXTP asset in 2014, a profit sharing asset given to early contributors to Nxter.org that helped turn the site into a magazine, publishing news and articles in several languages, and running faucets, contests and social media campaigns for Nxt. ESMA based a report on Nxter.org's coverage of the Nxt AE in 2015.

Arthur is still one of the driving forces behind Nxter.org. He compiled the acclaimed book about Nxt 'SNAPSHOT', which got published in early 2017.
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23 thoughts on “What is Nxt building?

  1. BCNext himself said he doesn’t like selfish miners. Fee only serves to prevent blockchain bloating. It’s not an incentive for miners. Miners will forge to keep their stake valuable. That’s commom sense. Reduce the fee to 1% of what it is right now and forging power would barely change. If anything it’d increase since we would have more transactions. We need lower fees. We need not an arbitrary unique fee but an innovative minfeeperbyte which would tax transactions according to their size! Today one can easily bloat the blockchain with messages yet it only costs 1 nxt to send that and creating an asset costs 1000 nxt. That’s non sense. i’m a big stakeholder and forger. I want to make less money by forging. I want nxt to be more competitive. We cannot keep waiting for this and that to decrease fee. Just decrease it to 0.1 now and make minfeeperbyte later when we can.

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