Chances are that you may have heard about the Nxt Foundation, a non-profit firm that is currently gaining a lot of momentum by promoting Blockchain technology and helping it advance, but also by offering trustless smart contracts alongside with decentralized crowdfunding and a strong open source ethos.
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With over 18 months of development, the non-profit foundation has managed to play an important role in the development of certain businesses, but also in a wide variety of next generation blockchain financial applications. While there may be a large number of players in the cryptocurrency 2.0 field, Nxt is in luck, as it has a couple of key elements that differentiates it from the others. With this in mind, Nxt does not depend on Blockchain implements, which are maintained by third parties such as Bitcoin. Instead, the concept is a self-sufficient system, thus not requiring anyone using it to be dependent on a third party, which would, in turn, induce quite a lot of risk.
With this factor in mind, Nxt chose not to feed off the current Blockchain system and has rather decided to go ahead and build the system from the beginning, while introducing all of its own features onto this platform. This will allow Nxt developers to go ahead and create new features according to their desires, while also maintaining a coherent system that doesn’t need fixing on a daily basis, but also without needing to consult with an external Blockchain provider. The fact that Nxt has a solid and secure track record has allowed it to be implemented into a large number of financial applications, most of which were carried out successfully.
In its 18 months of development, a large number of features have been built on top of the platform, hence creating decentralised companies and software, meant to leverage all of the benefits that this strong network strives to provide.
A surprising factor to keep in mind is that Nxt is not under any central authority at this moment in time, as it actually is an open source project, which anyone can take part in. This will allow the system to evolve with the help of the many talented coders who have decided to join it, thus helping this platform provide a better financial system to people from all around the world.
Based on everything that has been outlined so far, the latest developments of the Nxt project will allow it to become more popular, while also encouraging more developers to craft their apps on top of their Blockchain system, thus encouraging to continuous emergence of Dapps.
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