I'm setting up an account and noticed:
The recipient account is an unknown account, meaning it has never had an incoming or outgoing transaction. To submit this request you must supply the recipient public key also.
Please correct me if this is right or not. So when setting up my first NXT address, it creates a public + private key on my local machine. Now the public key is used to generate my NXT address like this:
So does this mean my public key which is a 64 character like this: 18c6e5c1840d044243434dc352672c0b889e332249f240600149baaf978d8870
used to generate the shortened NXT address? (ex. NXT-XXXX-XXXX...)
Is this the reason why even if I gave my NXT address to someone, it wouldn't work since I never sent a transaction out with my public key which also broadcasts my NXT address to show it exists?
I'm still very confused in the fact of why I have to send out a transaction to secure my NXT address. In bitcoin we don't have to do that and I want to understand why this is the case. Was it meant to make it easier to type out? Why didn't NXT just stick with using just the public key as the address?
It seems like its a 2 step process as we have to first generate a public+private key then use those keys to generate a NXT address, and then broadcast this NXT address to the network to register it saying "this NXT address belongs to this public key". Right?