What Is Transparent Forging In NXT (Nextcoin)? – (2014 Texas Bitcoin Conference)

I attended the first Texas Bitcoin Conference as an ambassador for the NXT (Nextcoin) community.

During my talk about “How To Eliminate The 2 Biggest Hurdles To Mainstream Adoption Of Bitcoins & Alt Coins“, an audience member asked me what is NXT Transparent Forging since I had referenced NXT multiple times in my talk.

NXT has a unique feature called Transparent Forging.  It was invented by the inventor BCNxt.

Transparent forging is different from bitcoin mining and the way it secures the network.

Keep in mind guys that I am not a technical person but it was explained to me in this manner in non-technical terms that transparent forging has randomness and a predictability factor…

Let’s say everyone in here has a NXT client and they are processing and securing the network. However, the transparent forging, allows the network to determine who is going to process the next block with a high degree of accuracy.

Let just say that Roger here in the front, it predicts that his node is going to process the next block and what it does is it lets the other people in the network know to send all the transactions his way so he can process it.

The advantage is that the NXT network does not have to determine which node to go to and because there’s a high probability that he is going to process the next block… then all of the orders and transactions will be sent to him. But that is just a random process and can not be predicted.

The goal of transparent forging is to allow faster transaction speeds.

So right now, it takes like less than a minute or something when you send NXT to someone it takes less then a minute.

Tai Zen At 2014 Texas Bitcoin Conference6

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