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Category Archives: Nxt Updates

The NXT Blockchain Will Change How We Vote, Transfer Money, and More

LUGANO, SWITZERLAND, September 2017— Nxt, an advanced blockchain platform which builds on and improves the basic functionality of pioneering cryptocurrencies, is making great strides in its goal to use the blockchain to simplify and enhance our daily lives. Whereas many blockchain companies are still in the fundraising stage, Nxt is fully operational and trading with a market cap of over a hundred million dollars. The company, which has in the past offered functions specifically designed for crypto developers, is turning its focus to use cases which have to do with everyday life, from introducing new voting mechanisms to offering transparent international bank transfers that consumers can enjoy.

New Voting Mechanism For A More Honest Future

Nxt has developed a voting mechanism that can transform voting systems all across the world, so that we no longer need to deal with political corruption and inaccurate results. The decentralized nature of blockchain technology provides a potential solution to common voting problems, such as double voting or people’s inability to make it to the polls on election day.

Nxt’s blockchain technology gives the power to the masses as opposed to shareholders, c-level executives, politicians, or even the overworked volunteer counting your votes. Nxt offers a paperless, immutable, immediate, and highly secure solution that companies or institutions can implement easily into their systems. This technology can even be integrated with a mobile application.

Companies such as Accenture Spain have already recognized the potential of using a blockchain as a voting solution (See Accenture’s voting demo below). Voting on the blockchain is traceable and transparent. While this is the characteristic for all public blockchains, Nxt differentiates in that its algorithms allows the vote count to be instantaneous and voters to remain anonymous.

BNP Paribas’s Private Blockchain

BNP Paribas is also experimenting with a private blockchain based on Nxt. In a world that boasts a global economy, there are still many burdens that limit one’s ability to send money or make a purchase from across the world. BNP Paribas utilizes the Nxt technology to develop a blockchain that will ease these burdens among BNP customers, deemed by the company as a “cash without borders project.”

International transactions are often bogged down by heavy fees and little to no transparency. The blockchain technology, specifically the Nxt platform, will free BNP from restraints caused by swift codes and correspondent banks, which often overcomplicate international transactions. This is just the first step in utilizing Nxt’s technology in order to ease international transactions across the globe.

“I truly believe that blockchain technology has the potential to change the world for the better,” said Lior Yaffe, Cofounder and Senior Developer of Jelurida, “The Nxt voting feature, as well as BNP’s adoption of Nxt technology, are just the first steps of many in order to achieve this goal.”

About

About Jelurida:

Jelurida (www.jelurida.com) is the development company behind Nxt and Ardor blockchain platforms. It creates customized commercial versions of these platforms while continuously supporting and maintaining the decentralized public Nxt blockchain. With the upcoming Ardor platform, Jelurida will be creating custom child chains for its clients and partners as well.

About Nxt:

Nxt is a blockchain platform developed by Jelurida that has been running in production since late 2013. It hosts many features, such as the ability to create assets that represent shares, vouchers or tokens, and trade them on a decentralized exchange, as well as create polls for decentralized voting, among multiple other features available at the core-level.

Nxt Launches DIY Blockchain Creation Kit

LUGANO, SWITZERLAND, August 29, 2017 — Nxt, an advanced blockchain platform which builds on and improves the basic functionality of pioneering cryptocurrencies, announces today the launch of its Blockchain Creation Kit, which allows anyone to use the existing robust Nxt technology to create blockchain-based systems on their own blockchain. Nxt is a blockchain platform developed by Jelurida that hosts many features including the ability to create assets that represent shares, vouchers or tokens, and trade them on a decentralized exchange within the platform.

While the Nxt public blockchain supports many basic functions and applications, some advanced applications, such as new transaction types, changing the coin inflation, and modifying block parameters, require a new blockchain with unique features. Nxt’s Blockchain Creation Kit solves this problem, allowing third party developers to create their own blockchain with the full Nxt source code available for enhancement.  The developers can construct a new public blockchain, with its own token, and specific features necessary for the application they plan on building.

Earlier attempts to clone the open source Nxt blockchain in order to create competing blockchains has diluted the value of the NXT token. This created clone chains which were not actively supported by the core development team or the Nxt community, and often struggle to get traction. To solve this problem, one of the conditions of using the Blockchain Creation Kit is that 10% of any new blockchain tokens created have to be proportionally distributed to the existing holders of the official NXT token – a condition laid out in the Jelurida Public License(JPL). Therefore, the Blockchain Creation Kit allows developers to create new blockchains building off of Nxt, while at the same time supporting the value of NXT token and contributing back to the Nxt community. In the spirit of open source software, the JPL also requires such new blockchains to publish their full source code with all enhancements they did, under the same license, allowing others to build on top of their work too.

“We are absolutely thrilled to launch the Blockchain Creation Kit,” said Lior Yaffe, Co-Founder and Senior Developer of Jelurida, “We were able to create a way in which developers can build upon the Nxt blockchain to meet their specific application requirements, while at the same time supporting the existing Nxt community and the value of the NXT token. The Blockchain Creation Kit combined with the JPL aligns the incentives of core developers and 3rd party developers which has always been a challenge in the blockchain industry, while at the same time, maintaining the open source spirit of the project.”

About

About Jelurida:

Jelurida (www.jelurida.com) is the development company behind Nxt and Ardor blockchain platforms. It creates customized commercial versions of these platforms while continuously supporting and maintaining the decentralized public Nxt blockchain. With the upcoming Ardor platform, Jelurida will be creating custom child chains for its clients and partners as well.

About Nxt:

Nxt is a blockchain platform developed by Jelurida that has been running in production since late 2013. It hosts many features, such as the ability to create assets that represent shares, vouchers or tokens, and trade them on a decentralized exchange, as well as create polls for decentralized voting, among multiple other features available at the core-level.

About Ardor:

Ardor is a blockchain-as-a-service platform created by Jelurida that allows organizations to create their own blockchain, known as a child chain, that is secured by the Ardor parent chain and comes with a wide range of features currently found on Nxt. Scalability is addressed with the innovative pruning feature, which regularly removes transactional data from child chains while still maintaining the same security guarantees.

About Ignis:

Ignis is the first child chain of Ardor and will be supported directly by Jelurida. It will contain all of the features available to child chain creators and will ensure public access to the features on Ardor as well as allow access to the Ardor network.