When I first heard about NXT coin, I thought it was just another lame alt coin.
I did a quick Google search and stumbled upon Nextcoin.org. However, no where on the site did it mention that NXT coin was only a unit of currency inside a massive 2nd generation financial network.
I soon discovered that NXT is a powerhouse economic and financial system/network/protocol whereas Nextcoin was just merely a unit of currency used within the network.
There is still a lot of confusion in the cryptocurrency market between the term NXT and the term Nextcoin therefore I wanted to clear up the difference between the two terms because they represent two drastically different concepts in the cryptocurrency world.
In this video, I want to talk about the difference between NXT and Nextcoin.
NXT is the original name that was given to the NXT protocol or the NXT network or the NXT system or the NXT economy or the NXT platform.
He got his inspiration from Bitcoin and developed an original source code to create the entire NXT or NXT economy.
It is spelled N-X-T, but it’s pronounced “next” and some people like to call it “N-X-T” by spelling out each letter to signify the next generation of cryptocurrency.
There’s a lot of confusion because when the network or the protocol on NXT originally first came out, everybody referred to it as Nextcoin including myself.
I want you guys to realize that Nextcoin or NXT is more than just the currency.
It’s also an alias system.
It has many features, also an exchange. It’s a peer-to-peer exchange.
So there’s a lot of things that come together to create the NXT network and the NXT coin system.
There’s a lot of confusion even with myself sometimes when I talk about it where I interchange the term “NXT” with the word “Nextcoin,” and it makes it look like it’s just a currency. But keep in mind that this is not just a currency.
This is an entire network, an entire economy, an entire financial system according to the developers of NXT, who often prefer to call it NXT and pronounce it “next”.
Now the beginners like myself, we refer to it at NXT coin because that’s the only component or feature that we see right now and that we’re capable of understanding.
But I just want to make this short video and let you guys know that NXT is more than just a currency.
At the moment, the early features that’s being created is being used as a currency, but there’s a bunch more features to come such as the NXT Alias System, which allows you to use your domain, your telephone number, your personal name or any type of texts and replace it in exchange of the NXT address number. I’ll make a future video about that later on to explain it more.
In this video, I just want to cover the difference real quick about NXT and Nextcoin.
So I hope that makes some kind of sense. If you have any questions or comments, just leave it in the comment section below.
If you like this video, share it with other cryptocurrency investors or traders and I look forward to seeing you guys in the next video.
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