What is NXT (Nextcoin)? – (2014 Texas Bitcoin Conference)

I attended the first Texas Bitcoin Conference as an ambassador for the NXT coin community.

During my talk about “How To Eliminate The 2 Biggest Hurdles To Mainstream Adoption Of Bitcoins & Alt Coins“, an audience member asked me about the new 2nd generation currency NXT since I had referenced it multiple times in my talk.

I was thankful to have an opportunity to share what I knew about NXT with the audience.


How Is NXT Different From Bitcoin?

Audience Member Question:
Just wanted to find out a little bit more about what NXT coin does and how it’s different from Bitcoin.

Tai Zen’s Response:
The correct name for it is NXT, and the coin that’s used in the network is called “NXT coin” (pronounced “next coin”).

So NXT is a different from all the other altcoins because it’s the first altcoin to come out with its original source code. So all the other altcoins came out and just did a copy and paste of Satoshi’s code.

There was an inventor, a computer scientist, referred to as BCNext, and he was the one who came out with the original source code and developed it in Java. So it’s a completely different computer language, and it’s in a completely different – it has nothing to do with Bitcoin.

The only thing that it has that is similar to Bitcoin is that it copied the concept of the public ledger technology, and that’s it. Everything else is completely different.

That was one of the reasons why I chose to be part of their marketing because it was the first altcoin that I saw that was doing something that was radically different and had their own source code. They didn’t just copy it from Bitcoin.

To protect their source code from copycats they released the NXT source code as promised on January 3rd and they purposely injected it with three security flaws so that if you tried to copy it, you would suffer some serious damages.

They also offered bounties for anyone that could find those security flaws. So they did several different approaches to release the source code and make sure that it was not easily copied.

They also made sure that it’s several features ahead before they release the current version. So before they release version 0.2 they already have 0.3 done. And before they release .3, they have .4 done, and so on. So they’re always a couple of steps ahead of the copycats.

Are The Features Of NXT
The Same As Bitcoin?

Audience Member Question:
But all the parameters the same as Bitcoin like trying to send a transaction?

Tai Zen’s Response:
He’s asking if the features of NXT are the same as Bitcoin.

The features of NXT are similar. You know, all these coins are trying to accomplish the same thing like the colored coins, the namecoins, etc. It’s a matter of who can implement those features the fastest.

Right now, the main feature that NXT is trying to accomplish right now, because of the collapse of Mt. Gox, there is a huge need for a peer-to-peer exchange.

So NXT has just released their test net or their test software I guess, the alpha version, so that they can test the exchange. And hopefully, we get that running so that people can start implementing that and have some type of peer-to-peer exchange and not have to rely on a centralized exchange such as Mt. Gox.

Tai Zen At 2014 Texas Bitcoin Conference

After my onstage question and answer session about NXT, I was approached by several audience members who thanked me for making Bitcoin easier to understand and wanted to know more about NXT so we had an informal off camera discussion about NXT.

The discussion was done off camera because because some members did not want to be on camera.

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