NXT Aliases and Ecosystem
video source: YouTube
NXT (Next) is a second-generation cryptocurrency/platform. The concept behind it is Proof-Of-Stake. In this way, it solves many of the problems which we had with previous platforms. For example, the system is more stable for attacks of type 51%.
Something unique about NXT is that it was created from scratch. It is not based on other cryptocurrencies or platforms. The result is an innovative web-based interface. Everything happens on the client's browser through a local server. The way of working with and storing a user's private keys is also innovative.
NXT is not only cryptocurrency; it is a decentralized platform with the following features:
Currencies
Cryptocurrency with a fast transaction speed. A new block is generated every 1.5 minutes. The platform also provides an opportunity for everyone to create his own cryptocurrency. The market determines the price of these new currencies.
Stocks
The platform gives companies an opportunity to issue their own stocks. Users can buy these stocks and trade with each other. Thanks to the decentralized character of the platform, no one can interfere with, stop or levy taxes for these processes.
Marketplace
The platform gives shopkeepers an opportunity to sell their goods and services. There is no limit to the things that can be sold in the system. No one can stop a particular good or service from being sold. Users can stay anonymous if they want.
Private messages
NXT accounts can exchange encrypted private messages without depending on a third party. The system guarantees that no one can secretly read or stop messages, even governments. The largest size of a message is 1000 bytes.
Aliases
You can store data from type key-value in the block chain. Every alias can point to an address in the system, a URL of a website or another random value. This value may contain DNS servers. You can use NXT aliases as domains. The latter are useful as an application in different projects.
For example, the decentralized Internet project Hyperboria relies on NXT for its domains. Names are also used for shortening long URL addresses, Bitcoin addresses, phone numbers, physical location and others. There are browser plugins that use the Alias system to replace domain names. For example, nxt:peername redirects to peername.com.
Unlike in similar platforms, NXT names do not have prefixes. They are not divided into different namespaces. This makes all aliases unique and valuable. With us, you can save your NXT name/brand. After that, you can point it to a website, e-mail or whatever you want.
Our browser extension supports the redirection of NXT aliases to their value if the value is a URL/URI address. It uses the browser’s “Omnibox” feature. Just type “nxt {space or tab} your_name” and the browser will forward you.