Thursday, February 27, 2014

What is Nxt? by: NxtMinnow

When I explain cryptocurrencies to my friends, one of the first questions is: will cryptocurrencies replace dollars, euros, etc?  My answer to them is always a resounding NO; all assets including cryptocurrencies, fiat, precious metals, land, etc will all continue to exist and be traded in parallel with the new cryptocurrencies through the NXT Asset Exchange.

HOWEVER, NXT is not just a cryptocurrency asset; but rather a powerful tool to enable transactions between all classes of assets and all groups of people.

So many people globally are locked out of the ability to conduct basic economic transactions, let alone complex transactions due to the expense resulting from the greed of the global banking cartel. The NXT ecosystem has the ability to free these underbanked and underserved people to finally join the world economic system free from the constraints of fractional reserve banking, capital controls, central banker greed, and computing arms races.

NXT is reaching critical mass.  It is true we need to organize, coordinate, keep calm and code on.  It is my vision that with the full implementation of the NXT Asset Exchange System, eventually all other energy unsustainable cryptocurrencies (All BTC and LTC clones) will be built on top of the NXT ecosystem as Proof of Work/Proof of Stake Coins.  The Proof of Stake NXT ecosystem provides the leanest, cheapest method to conduct secure cryptographic transactions and DATA GOES WHERE IT IS CHEAPEST!