Nxt is an open source cryptocurrency and payment network launched in 2013 by anonymous software developer BCNext. It uses proof-of-stake to reach consensus for transactions—as such there is a static money supply and, unlike bitcoin, no mining. Nxt was specifically conceived as a flexible platform around which to build applications and financial services.
Nxt uses the blockchain to create an entire ecosystem of decentralized features, all of which require the Nxt currency. Instead of modifying the original Bitcoin source code, as many altcoins have done, Nxt developers wrote their own code in Java from scratch. While Nxt is a public blockchain, licenses for private blockchains based on its software are also available for purchase. The developers refer to Nxt as Blockchain 2.0, providing numerous applications beyond simply keeping a public ledger of transactions.
Nxt was first released in November 2013 by an anonymous software developer, BCNext. The idea was first proposed on bitcointalk.org, raising roughly 21 bitcoins in funding. A bitcoin was worth about 250 dollars at the time. The developer then released all 1 billion coins to 73 people in proportion to the amount of bitcoin they contributed.
The coins were later distributed to people through “giveaways, trades, and bounties for the ongoing development of the platform.” Eventually, BCNext stepped away from the project and The Nxt Foundation was formed to coordinate further direction. However, due to a lack of resources and pushback against centralization, the Foundation was unable to effectively guide the project. Jelurida BV now develops the platform.
Jelurida BV took over the originally anonymously developed Nxt and now own the IP rights. Kristina Kalcheva, co-founder and legal expert of Jelurida, focuses on how to “explore the different open source licensing models and their enforceability in practice.”
Ardor initially used the same blockchain technology as Nxt, combined with the idea of ‘child chains.’ However, now Ardor is based on its own blockchain and is no longer an Nxt asset.
Despite the development of Ardor, Jelurida stated it remains committed to the development of Nxt. However, there have been very few updates regarding the project over the course of 2018.