The Complete NXT Guide: What it is, Why it Matters and How to Buy & Store NXT Tokens.
Nxt is a new blockchain platform which ensures a completely stable and secure transaction on the Nxt network and can be used to create, distribute and utilize two types of user-defined tokens along with supporting the Nxt crypto-currency.
The Nxt team claims that this latest blockchain platform has a bright future and will be around for a long time to come. Let’s learn more about this popular blockchain technology and how it will impact the current crypto-currency market.
- What is NXT
- Team Behind NXT
- What are NXT Tokens
- How to buy NXT Tokens
- How to Store NXT Tokens
- How to Setup NXT Wallet
What is NXT Blockchain?
Nxt is blockchain which plans to improve the modern blockchain technology like Bitcoin and aims to revolutionize the financial technology and crowdfunding with the help of a new cryptocurrency known as NXT. The Nxt blockchain also gives the users the freedom to create their own applications by introducing a new modular toolset.
The Nxt platform is built to cater average businesses and individuals and can be used by users of different needs to create a new digital currency, trade their currencies, or involve in DAO-style operations like data storage and voting.
Overall, Nxt can be defined as the blockchain 2.0 technology which was first introduced in 2011 and will be linked to several other blockchain platforms in the future.
How Does NXT Work?
Nxt utilizes a proof-of-stake method to reach a transaction agreement which means that the money supplied on this blockchain network is static and users cannot mine to earn more cryptocurrency in the blockchain.
Since the Nxt platform was designed to facilitate application creation and offering of financial services, it has many features integrated with the platform which includes asset exchange, marketplace, messaging system, etc. A lot more features have been added to Nxt platform since the initial introduction in 2013.
A unique feature of Nxt platform is that its code was created from scratch in Java and was not built using any blockchain technology which is why Nxt has many unique features.
Key Features of NXT
As we discussed above, Nxt is a huge platform with several unique features. Here are a few of the top features that this platform plans to integrate and maintain:
The Nxt platform has asset exchange feature integrated which allows the users to create their own project/app on the platform and offers a secure and direct P2P trading. This feature allows the users to trade their shares or crypto-assets and records the trading record items in a public ledger.
The Nxt platform’s arbitrary system gives the users the ability to send encrypted or plain text and can also be used as a basic data storage system. It allows users to store 42kb of data and has changed into a file-sharing service for higher-level Nxt services and decentralized apps.
This platform allows the users to form their own digital currency which can be then shared, traded, or exchanged with other digital currencies that are supported by Nxt.
The Nxt blockchain platform includes a data cloud system which allows the users to store, share, and verify the data on the blockchain. The data storage system promises to be simple, secure and effective.
Users can also create various polls on the Nxt platform to make decisions about the future platform developments or to collect votes from the Nxt shareholders. Anyone who holds Nxt tokens or assets can vote on these polls in an externally-verifiable way.
Users can create multi-signature accounts on this platform to manage their NXT cryptocurrency and the platform makes it easier for the decentralized autonomous organizations to run.
It provides the Nxt users with secure verification data for their Nxt accounts so that the users can provide that they have control over a particular Nxt account.
The Account Ledger feature allows the users to check up on their account status and offers an easy-to-read display which shows all the balances and transactions made in your account.
Team Behind NXT
There are several skilled and experienced who have worked on the Nxt project since the time it was initiated. The Ardor/NXT group is responsible for the creation of Nxt platform and consists of some talented ledgers and business analysts like Jean-Luc Picard, Lior Yaffe, Ronald Hoffman, Alex Jones, and so on.
What are NXT tokens?
NXT tokens were introduced in the Nxt platform to act as the primary digital currency for the Nxt eco-system and can often be used as transaction fee when NXT is being transferred from one user to another. This digital currency is also used to create assets on the platform which can represent a bond or the ownership of a project, make a decentralized poll on Nxt blockchain, or store the arbitrary data on the Nxt blockchain.
How to Buy NXT Tokens
Exchanging Ethereum for NXT tokens
You can purchase Ethereum coins on any Ethereum exchange like Coinbase and buy the number of Ethereum coins that you desire. You can follow the steps in this guide for quickly purchasing ETH coins and then trading it for NXT tokens:
1. Create an account on Coinbase exchange and verify your account by uploading your image, entering your phone number, and verifying your payment details. Apart from Coinbase, you can also use Coinmama as it is a good alternative. If you already have an account, then skip this step and go to step 4 after you log in.
2. After the verification of payment details, you can go to the ‘Buy/Sell’ page of Coinbase and then search for ‘Ethereum’.
3. Enter the amount of Ethereum that you wish to purchase and then click on ‘Buy’ button.
4. Confirm your purchase by pressing ‘Confirm Buy’ and your order will be completed.
Now, you can trade your Ethereum for NXT tokens by a compatible exchange. For this scenario, we will use Changelly to trade ETH tokens for NXT tokens. Here are a few steps to help you out with this trade:
1. Go to Changelly.com and navigate to ETH/NXT exchange page.
2. Enter the amount of Ethereum that you wish to trade for NXT tokens. You will see the number of NXT tokens you will get for your entered amount and if satisfied, you can click on ‘Exchange’ button.
3. Changelly will ask you to register first with your social media account or your email address.
4. Use your email address to register and then you will be taken to the confirmation screen to check the transaction.
5. Once you are sure, click ‘Next’ button.
6. Now, enter your NXT wallet address and a message, then click on ‘Next’ button.
7. Confirm your transaction by looking carefully and then press ‘Confirm and make payment’ button.
8. Copy the wallet address displayed so that you can make the payment through your ETH tokens from Coinbase.
9. Navigate back to your Coinbase account and head to ‘Accounts’ page.
10. Find your Ethereum wallet and then click on ‘Send’ button.
11. In the dialog box, enter the ‘Recipient Wallet Address’ (Changelly Wallet Address) and the amount of Ethereum that needs to be paid.
12. Click ‘Continue’ and confirm your transaction via password/phone.
13. Wait around 5-30 minutes for your ETH coins to get transferred.
14. Head back to your Changelly transaction page and you will see the status change from Waiting for Payment – > Exchanging – > Sending to your wallet.
15. Once the transaction is complete, a confirmation screen will appear. Don’t close this screen till you receive Nxt tokens in your wallet.
How to Store NXT
Once you have made the trade on Changelly for NXT tokens, it will get automatically transferred to your Nxt wallet. Check your NXT Client wallet’s account balances for your NXT tokens.
How to set up NXT wallet
In order to get NXT tokens so that you can make transactions on the Nxt eco-system, you need to first set up a Nxt wallet and transfer your NXT tokens in it. You need to navigate to the Nxt official wallet page and choose the Nxt client file that will work on your computer.
Here is a quick guide to help you out with setting up of your Nxt wallet:
1. Choose a Nxt client file that is compatible with your computer system and then download it.
2. Run the file to install the Nxt Client on your system.
3. Select the desired ‘Language’ and click on ‘Next’ button.
4. Agree to the terms of installation and click on ‘Next’ button then let the installation path be the default path and go to the next page.
5. Click on ‘Operate as lite client’ and then press ‘Next’ button. Your Nxt Client will get installed on your system.
6. Press ‘Next’ again and once the installation is complete, click on ‘Done’.
7. Run your newly installed Nxt Client app on your computer system.
8. Create a new account by clicking on ‘New? Create your account’ button and then note down the paraphrase displayed on your computer.
9. Save your wallet address and keep it safe with your paraphrase, then click on ‘Next’ button.
10. Enter your paraphrase correctly and then click ‘Next’ button to proceed.
Your Nxt wallet is correctly setup now so that you can store your NXT tokens safely in it. However, before you do that, you will need to purchase some Ethereum coins to exchange for your NXT tokens.