This seems like a not-so-well thought out idea.

How does one claim ownership of Nxt funds once the genesis block is mined? They just put in the password? Since there's no signature confirming the initial TX, I suspect anyone else can also attempt to redeem the coins (in the same way redeeming an output like "OP_SHA256 OP_EQUAL" can be stolen by a miner, as there is no way to validate intended outputs).

What happens to the BTC sent to your address? You keep them?

Why not take all the public keys from transactions to your 'exodus'-esq address and assign them values at launch? All a user needs to do is import her privkey for the address they sent funds from and you have a more decentralised setup phase which doesn't require using a hash in a private database stored as a 'public message'.

On an economic tangent, you say there's no need to send large amounts to your address, but if the amount of Nxt you receive is proportional to the amount of BTC you send, you end up with the same wealth distribution we have in Bitcoin now (or similar enough - those who can pay more will, and thus control a similar-ish chunk of the Nxt pie).


Then why are you trying to design a currency?