Nxt
Crypto Overview
Overview
Nxt is one of the earliest blockchain platforms, launched in 2013, designed as a flexible platform for building applications and financial services. It pioneered the pure Proof-of-Stake consensus mechanism and introduced many features that became common in later blockchain platforms.
Purpose and Utility
Nxt was created to serve as a versatile blockchain platform offering multiple functionalities including: Asset Exchange for trading user-created tokens, Digital Marketplace for goods and services, Messaging System, and Alias System for simplified addressing. The NXT token is used for transaction fees, forging (staking), and platform governance.
Current Usage and Adoption
While Nxt was innovative during its early years, current usage of the platform has significantly declined. The platform continues to operate and maintain its core functionalities, but activity levels are minimal compared to newer blockchain platforms. Development activity has also slowed considerably in recent years.
Token Distribution and Governance
The initial distribution of NXT tokens was conducted through a crowdsale in 2013. While the initial distribution was concentrated, over the years the tokens have become more widely distributed through trading and platform usage. The project maintains a transparent operation with open-source code.
Revenue Model
The platform's revenue model is based on transaction fees paid in NXT tokens, which are distributed to forgers (stakers) who secure the network. This model does not involve interest-bearing loans or prohibited activities under Islamic law.
Crypto Impact
To assign a comfort level investing in Nxt from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Nxt.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.