NXT Investor Release March 3, 2014
The next generation of cryptocurrency ecosystem named Nxt (Symbol NXT) is poised to revolutionize the financial services industry. Full source code for the Nxt cryptocurrency ecosystem has been released to the public on March 1, 2014 and is available for review at https://bitbucket.org/JeanLucPicard/Nxt/. The Nxt Asset Exchange (AE) system is the first in the world to offer nearly instantaneous transfer of resources known as colored coins (NxtAssets). In the near future NxtAssets in the Nxt AE can be designated to represent any asset including cryptocurrencies, fiat, precious metals, shares, land, etc. Today this revolutionary function is implemented in the Nxt AE as an alpha release nearly atomic exchange automated multi-signature cryptocurrency gateway. This new AE gateway has successfully deposited and withdrawn Dogecoin (a Bitcoin clone) from the gateway. The Nxt AE will also be the first decentralized crowdfunding kickstarter in the world!
All Proof of Work cryptocurrencies suffer the same disadvantage of requiring geometrically increasing amounts of power to secure their networks. The Nxt cryptocurrency Proof of Stake ecosystem holds a competitive advantage in terms cost of network maintenance over all Proof of Work cryptocurrencies including Bitcoin (BTC) and legacy banking systems. Data will always go where it is cheapest. After Nxt AE is complete, Nxt AE will have direct links to dozens of cryptocurrency wallets. Every existing cryptocurrency will trade directly with NXT, making NXT the standard against which all other assets are valued.
Many investors have been badly hurt by the lack of internal controls at exchanges, investment firms, and banks. The list of collapsed banks, investment firms, and exchanges is too long to list i.e Savings and Loan Crisis, Bear Stearns, Mt. Gox, etc. The Nxt AE gateway solves the problem of a lack of internal control in the exchange markets. The creator of Nxt AE automated multi-signature gateway, James aka jl777 on bitcointalk has coded this multi-signature gateway with efficiency, transparency and security as primary goals. There will be a gatewaychain.info analogous to blockchain.info available to publicly review the transactions of the gateways. A Nxt Deposit Insurance Fund will be set aside for the protection of the operation of the gateway, 10K Nxt per person, 100K max.
Safety is assured on the Nxt AE gateway through requiring the consensus of three (3) gateways simultaneously monitoring the Nxt blockchain. All gateways query their local bitcoind (transaction database) and generate a proposed raw transaction and a signed transaction. If and only if every single byte of the raw transactions is identical, then the selected gateway submits it to the network. As long as the Nxt community operated gateway operators don’t collude, all the withdrawals are assured. An additional level of safety to the gateway will be provided by a NODEcoin 2.0, that will actively validate all gateway transactions and generate alerts of network anomalies, while rewarding people for securing the Nxt ecosystem.
The Nxt cryptocurrency ecosystem provides a powerful tool to enable transactions between all classes of assets and all groups of people. Simply by adding Nxt AE gateway support to a couple dozen Bitcoin clone coins, Nxt AE will become one of the largest crypto exchanges centralized or decentralized. Investors will no longer be forced to risk capital to centralized exchanges and banks with inadequate internal controls and excessive capital controls. Nxt is the new digital future in finance and it is here now. Interested investors can get started at http://myNxt.org/
NXT thread on Bitcointalk: http://bitcointalk.org/index.php?topic=345619.0
NXT Source Code: http://bitbucket.org/JeanLucPicard/nxt-public/src
NXT Whitepaper: http://wiki.nxtcrypto.org/wiki/Whitepaper:Nxt
Nxt is looking for Developers to build new applications on top of the Nxt green and fast network, please contact us at: email@example.com We can also help to all exchanges and online projects to accept Nxt. Nxt is already supported on http://coinpayments.net
Author: Brian Snyder Proofreader: salsacz Graphic: by Fatih87SK