Nxt is an electronic cash like Bitcoin but PoS based and written from scratch in Java.
Nxt is a cryptocurrency like many others but:
- It's open source and it was written in Java.
- It was not derived directly from Bitcoin source code.
- It provides built-in support for features such as a decentralized peer-to-peer exchange, voting system, messaging/chat, decentralized DNS, and options for instant transactions.
- It is 100% proof of stake (PoS), versus the proof of work (PoW) mechanism the vast majority of other coins are based on. Instead of using powerful computers to "mine" new coins, Nxt leverages the balances of existing accounts to "forge" blocks, rewarding forgers with transaction fees. The Proof-of-Stake algorithm is efficient enough to run on smartphones and small devices like the Raspberry Pi platform.
- 1 billion Nxt coins was distributed to 73 original stakeholders that invested 21 BTC in total.
- Nxt is implementing a very slick feature called "Transparent Forging", which will allow each user's client to automatically determine which server node will generate the next block. This allows clients to send their transactions directly to that node, minimizing transaction times. Immediate and high-priority transactions can be processed for additional fees.