NXT – Proof of Stake and the New Alternative Altcoin When the crypto community thinks of altcoin, cryptocurrencies like Litecoin, Dogecoin, and Peercoin are usually first on their mind.We have seen a growing number of altcoin since Bitcoin’s introduction in 2009, simply because of the rapid adoption of cryptocurrencies all over the world.But is it possible to have an alternative altcoin?The new and innovative altcoin NXT and its developers have made it possible.Less than a month ago, NXT launched their brand new digital currency, and soon after signed BTER as an exchange partner.With no mining on the network, NXT is the most energy efficient cryptocurrency, because the “forging” process requires little processing power.Forging NXT can even be done from a mobile device.The new Alt-Altcoin?The way NXT works is completely different from that of Bitcoin as it uses completely different algorithms for mining.In fact, the developers created NXT completely from scratch, in order to create the new alt-altcoin.

The different algorithms used allow NXT users to mine with exponentially less computing power.NXT uses Proof of Stake (PoS), a concept initially pioneered by Peercoin, rather than Proof of Work, used by Bitcoin and other coins.NXT and Proof of StakeAs the first 100% Proof of Stake digital currency written from the ground-up, NXT is creating a new path on which altcoins can be built from.Unlike Proof of Work currencies like Bitcoin, the currency is secured by owners of already existing coins that receive a portion of transaction fees for forging a NXT block.A user is chosen to solve a block depending on their stake in the market, which allows everyone on the network to have the same reward potential.The idea behind NXT and Proof of Stake is to generate coins without using vast amounts of energy as the Bitcoin network does.This is done through the network, by calculating the amount of coins each user has and randomly selecting who will forge the next block.Everyone knows who will be mining the next block in the blockchain, making it impossible for a user to convince the network that a transaction didn’t occur.Additionally, the network can detect which accounts do not participate in PoS and also recognize users forging a fraudulent block.

A process called Transparent Forging enables the network to decrease the attacker’s mining power to zero and keep the NXT network secure.Reducing Double Spending and 51% AttacksNXT eliminates the possibility of double spending and 51% attacks, because each user knows who is responsible for forging the next block of transactions.A fork in the blockchain simply does not exist with the newest alt-altcoin.gagner un bitcoinWhat Transparent Forging and PoS provides to NXT is something new for cryptocurrencies.bitcoin cbcTransactions continue to remain anonymous and secure, but unlike Bitcoin, each transaction requires less user confirmation, making digital transactions even more efficient.NXT is the first cryptocurrency that has been completely rewritten and is 100% Proof of Stake.ethereum dollar cost averaging

Other altcoins like Peercoin, only uses PoS for a portion of its coins and uses Proof of Work for the rest.Digital currencies, most namely Bitcoin, along with other altcoins like Peercoin use mining to create new coins, working together to solve each block.This is the main point of difference with NXT - instead of mining new coins, NXT has already produced them.This enables the NXT network to focus on solving blocks and increase transaction efficiency, while decreasing power consumption for users.What’s Next for NXT?As with any alternative coin, NXT is very new to the cryptocurrency community.litecoin bonusThe entire market consists of 1 billion coins, all created by the NXT developers, and are currently worth just under $74,000,000USD.ethereum coin profitabilityNXT also provides an alias system, arbitrary messaging at Block 40,000, asset exchange and a decentralized domain name system.bitcoin sportsbook review

There is no question that NXT warrants its own category, as the world’s first alt-altcoin entirely based on Proof of Stake.With the growing popularity of cryptocurrency, the future looks very bright for NXT.Newsletter The biggest stories in bitcoin delivered weekly to your inbox Thank you!Please check your inbox to confirm your subscription.Store Call for Writers We are always looking for talented writers to join our team. Be the first to know with bitcoin news delivered to your inbox No spam, we promise - unsubscribe anytimeLog in with your credentials or Create an account Sign in Remember me Lost your password?Reset Password I remember my details Create Account RegisterFull Litecoin Integration on BitPanda Eric Demuth 10 May 2017 Integrated Litecoin Wallet After we recently brought back Litecoin to BitPanda, the response was fantastic.You are now able to have your own .read more Litecoin is back!

+ Increased limits on BitPanda Eric Demuth 14 Apr 2017 We are pleased to announce the re-addition of one of the most iconic cryptocurrencies in the field, Litecoin.read more BitPanda launches Dash trading Daniela 24 Mar 2017 In the light of Dash’s recent growth, both in development and on the price charts, we are pleased to announced that BitPanda will add Dash to its exclusive list of cryptocurrencies.BitPanda users will be able to buy Dash instantly and easily with any of our various payment options, which include Visa, Mastercard, Sofort, SEPA, .read more Wondering what we’ve been up to the last few months?Daniela 23 Feb 2017 We have a lot of exciting projects in the pipeline.Here is an update on what we have been up to so far:   NEW OFFICE  Last summer we moved into our new office.The BitPanda Team is growing a lot and we needed more space!There is still a lot to do and shame .read more Coinimal is now BITPANDA Eric Demuth 22 Jun 2016 We’re getting ready for a change in the crypto landscape.

It’s still the same team, but we’ve a new name – and new features incl.As of this week, Coinimal is rebranding as BITPANDA.Along with some changes to the look of the site, and our new logo, we are also now .read more DAO crowdfunding breaks all records & ETH Promotion on Coinimal Paul Klanschek 24 May 2016 Over the last 3 weeks the biggest news in the cryptocurrency scene has been DAO’s crowdfunding campaign.To date, 11.5 ETH million have been invested, representing 139 million euros.This corresponds to 15% of all existing Ethereum tokens.read more Coinimal launches MasterCard and Visa payments Brandon Hurst 12 Apr 2016 Austria’s leading cryptocurrency broker has now made buying coins easier than ever before.April 12th sees the launch of another new and very exciting Coinimal feature.From Tuesday, customers will be able to buy Bitcoins, NXT and Ethereum using their Visa or MasterCard.Coinimal previously offered no fewer than nine different means to buy top crypto .

read more Coinimal builds most advanced Ethereum sell option in Europe Eric Demuth 29 Mar 2016 Austrian bitcoin start-up Coinimal is launching a new feature to allow customers to sell Ethereum and Ethereum expert Ralph Pichler joins the team.Having offered customers the opportunity to buy Ethereum since August 2015, Coinimal is now launching a ‘sell’ feature to allow users to convert their ETH back to fiat quickly and easily.read more Coinimal adds OKPAY as new payment option Brandon Hurst 16 Mar 2016 Austrian Bitcoin broker Coinimal have added global e-wallet service OKPAY to their platform, bringing the total number of supported payment providers to nine.Crypto broker Coinimal have added to their already widespread appeal and user-friendly approach by including payments via digital wallet and cash transfer service OKPAY.Customers who are buying Bitcoin can send money .read more We welcome Skrill to Team Coinimal Eric Demuth 14 Dec 2015 Austrian cryptocurrency broker Coinimal is the first and so far only bitcoin merchant to integrate with Skrill – one of the largest digital wallet providers in the world.