Post
Topic
Board Announcements (Altcoins)
Re: NXT :: descendant of Bitcoin - Updated Information
by
bitcoinpaul
on 06/02/2014, 08:17:47 UTC
Nxt's biggest and best feature is its blockchain and network.  Bitcoin is forever stuck on a Proof of Work form of consensus and a built-in scripting system for transactions. Neither of these can be "undone", and in fact the Bitcoin devs are loading even more bloat into the Bitcoin core with every release.  Everything "future-focused" that is being built on top of Bitcoin is being built on top of these inefficient, slow, "core" features.  Nxt has removed all of this and created a whole new set of primitives that bypass both of these hindrances.  Nxt has inherited some of Bitcoin's challenges (fungibility, blockchain growth, passphrase security), but it has completely bypassed several of the other ones (low transactions per second, an increasingly centralized mining network that burns $17 million in electricity per day)

Nxt is light because of its Proof of Stake mechanism, and it is agile because the "protocol layer" consists of simple transaction verification, a blockchain mechanism, and a few core transaction types.

+1