ForexMinute.com – Cryptocurrencies today are created within parameters. With no offence to both the successful and emerging altcoins, they all are just a copied (and slightly twisted) version of Bitcoin – whether it is Litecoin, Dogecoin, Peercoin, or the other 200 cryptocurrencies. The only difference they make with respect to Bitcoin is related to block generation period, starting difficulty, hashing mechanism, and so on.
But for the first time, we are now introduced with a new kind of digital currency whose source code is a complete opposite to the one of Bitcoin, and is believed to create an altogether different dimension for upcoming cryptocurrencies. This new coin is known as Nxt, which recently surged to sixth position in terms of market cap, just because of its promise to be the next generation cryptocurrency.
What Makes Nxt Better than Bitcoin and other Altcoins?
Eco-Friendly Mining: Believe it or not, cryptocurrency mining can play a wider role in worsening global warming if they are accepted by a large mass. Reason: Bitcoin and other cryptocurrencies consume a large amount of power during their mining procedures. Nxt, on the other hand, has no mining on the network and can be developed even by a normal phone, using the very little processing power. This is by far the first cryptocurrency that has claimed to go green with its technology.
More Secure and Fast: Like mentioned above, Nxt does not require to be mined on a cryptocurrency network, making it much secure than other digital currencies. Instead, the new-age coin has introduced “Transparent Forging” – a scalable feature which allows each user’s client to determine which node will generate the next block. “Other nodes can then send their transactions directly to that node. This also allows additional fees to be realized for immediate, priority transactions,” says an excerpt from the Nxt’s official website.
Transparent-Forging also makes sure to keep forked chains safe from forging by high-stake nodes.
100% Proof of Stake: This simply means that a larger group of miners will not be able to control the mining procedures, as happens mostly with Proof of Work mechanisms of Bitcoin and altcoin mining. This is once again because of the Nxt capability to get mined off the cryptocurrency network.
To know more about Nxt, you can click here.
To contact the reporter of the story: Yashu Gola at email@example.com