When was NXT coin issued? Learn about the origin of NXT coin in one article

NXT, launched on November 28, 2013, is a proof-of-stake cryptocurrency with unique features like asset creation and transaction privacy.

Oct 08, 2024 at 11:00 pm

1. Inception of NXT Coin

NXT, the native cryptocurrency of the NXT platform, was launched on November 28, 2013. The project was conceived by Johan Gevers, Daniel Lars Lagutich, Simon de la Rouviere, and Erik van Tijn.

2. Foundation and Ecosystem

NXT was founded by the NXT Foundation, a non-profit organization based in Switzerland. The NXT ecosystem comprises various services and developments, including:

• Core Node Software: Implements the NXT protocol and allows users to create accounts, make transactions, and participate in the network.
• Asset Exchange: A decentralized marketplace for buying, selling, and trading unique digital assets.
• Messaging System: A secure and anonymous messaging platform within the NXT network.
• Multi-Signature Accounts: Accounts requiring multiple signatures to authorize transactions, enhancing security.

3. Initial Coin Offering (ICO)

The NXT ICO was held from September 1 to November 28, 2013. During this period, participants could purchase NXT tokens using Bitcoin (BTC). The ICO raised approximately 1,500 BTC, which was equivalent to over $1 million at the time.

4. Technical Features and Consensus

NXT utilizes a proof-of-stake consensus mechanism. Token holders can forge new blocks and earn rewards by maintaining a balance of NXT in their account. The platform also includes features such as:

• Transaction Privacy: Transactions are recorded in the blockchain but sender and receiver identities remain concealed.
• Asset Creation: Users can create custom digital assets, representing goods, services, or other values, and trade them on the Asset Exchange.
• Transparent Ledger: The NXT blockchain is public and accessible, allowing anyone to view transaction data.

5. Value and Utility

NXT has value as a tradable asset and a means of exchange within the NXT ecosystem. Token holders can use NXT to:

• Pay fees for platform services, such as creating assets or sending messages.
• Participate in governance decisions by voting on platform proposals.
• Earn rewards through forging blocks if they hold a sufficient NXT balance.

6. Partnerships and Applications

NXT has partnered with several organizations to expand its applications, including:

• Provenance.io: Smart food labels to trace food products from farm to fork.
• City of Baar, Switzerland: Pilot project to explore blockchain-based city management solutions.
• Various businesses: Loyalty programs, supply chain management, and digital asset issuance.