NXT For Investors #20 – What Is NXT? – By Stephanie Murphy At 2014 Texas Bitcoin Conference

Stephanie Murphy:   This is Stephanie from Let’s Talk Bitcoin. I’m talking with Tai Zen from NXT. Hi, Tai!

Tai Zen:   Hey! How’s it going, guys? Glad to have you here. We’ve been trying to reach out to you guys for a while now. I’m glad to meet up here at the Texas Bitcoin Conference.

Stephanie Murphy:   Yes. It’s great to talk to you, too. We are at the Texas Bitcoin Conference and what is NXT for someone who’s never heard of it?

Tai Zen: NXT is a second generation cryptocurrency, and it’s a 100% second generation. It is not a knockoff of the Bitcoin source code. It’s not a duplicate. It’s not a copy and paste. The inventor of the NXT source code is a person named BCNext. And we think that he’s from Europe or from Russia somewhere. It’s a completely new source code that’s written in a completely different language. It’s in Java. It’s not like the other alt coins that you see.

Stephanie Murphy:   Right, so this has been designed from the ground up. And it has some different features that are not included in Bitcoin 2 at the current moment. Is that right?

Tai Zen: Yes, exactly. What happened was that BCNext saw that there were a lot of features that were missing from the Bitcoin protocol, so when he created this and I say he, it could be a she. We don’t know. It’s anonymous.

Stephanie Murphy: Like Satoshi for NXT.

Tai Zen: Yeah. BCNext created this source code called NXT, and he did it from scratch. And he built in all the features into it that was not available in the Bitcoin source code. And also, the features that you cannot add to the Bitcoin source code now because it would drastically affect a lot of people.

Stephanie Murphy: When I said that I was talking about messaging and a distributed exchange. Is that right?

Tai Zen: Yes, they have a messaging system. Right now, the biggest thing that they are working on is the peer-to-peer asset exchange because of the situation with Mt. Gox. And there’s a big demand in the market for a peer-to-peer exchange that has a transparency to it and that’s not centralized. They have the test net out and people can go to the NXT thread at Bitcointallk.org or go to Nextcoin.org or Nxtcrypto.org and they can sign up and use the test net and help develop it.

Stephanie Murphy:   Wow. I mean, so a lot of people are talking about doing distributed exchanges with Bitcoin but this is actually already happening.

Tai Zen: Yes, it’s already—I’m not sure if it’s the alpha version. I’m not a coder. I’m not a developer. I just help with the marketing team but I know that they have the test net out. And I’ve seen a lot of people test it already. They are actually right now in the process of testing exchanging Dogecoins and other altcoins through the asset exchange. It’s really exciting times and there’s a lot of development going on.

Stephanie Murphy:   Such wow.

Tai Zen: Yeah, such wow.

Stephanie Murphy:   Alright, so every NXT wallet is a brain wallet by default. Is that right?

Tai Zen: Yes. BCNext decided that to avoid confusion and everything, they set it up as a brain wallet initially. Right now, there are seven clients or seven wallets that have been put out and they all use some type of brain wallet. For the listeners, the brain wallet is where you just put in the long password and that creates the entire account.

In order for you activate an NXT account, you would have to create it and then myself or somebody else that owns NXT would have to send you a few NXT coins so that it activates your account.

Stephanie Murphy:   Yeah, or you could buy them at an exchange like Cryptsy or Bter, right?

Tai Zen: Yes, you can buy it from Cryptsy, or you can buy it on Bter.com, or you can buy it on DGES which is the first NXTexchange.com and send it to yourself and that will activate the account also.

Stephanie Murphy:   Yes, tell me about the sending and receiving of NXT because I know that there’s not like mining like there is with Bitcoin with NXT. Do they have something called like transparent forging, right?

Tai Zen: Yes. The transparent forging is completely different from the Bitcoin mining. Bitcoin mining serves two purposes, well, several purposes. One is to process the Bitcoin transactions, the 2nd is to secure the network and to mint new coins. The NXT transparent forging is very unique and very revolutionary because instead of minting new coins, the only thing that it does is it uses what’s called a proof of stake process.

What that does is, it only allows you to process transactions. There are no new NXT coins created. There are a billion NXT coins that were created from the original source code on the day that it was launched and released and that’s it. Everybody just recycles those 1 billion coins.

Stephanie Murphy:   How do the coins get distributed? I think that’s something people want to know about you.

Tai Zen: Okay. There’s a big controversy with NXT because the 1 billion NXT coins were distributed through similar to what an IPO process is. BCNext put up an announcement for a certain period of time. I think it was a month or a month and a half where he was trying to raise 21 Bitcoins.

And if you were willing to send in 1 Bitcoin, you got that percentage of the 1 billion NXT. It’s a proportional and percentage-wise based. A lot of people say that it’s pre-mined and there’s an issue with that.

Stephanie Murphy: There are only 21 people that got NXT in the first round, is that what you’re saying?

Tai Zen: No, no, no, it’s not 21 people. If you send in half of a Bitcoin, or a quarter of a Bitcoin, or a tenth of a Bitcoin, you got that percentage of the 1 billion NXT.

Stephanie Murphy:   Oh, I see, got it. Okay.

Tai Zen: No, it’s not 21 people. There were actually 73 original stakeholders and they all sent into NXT during that IPO period and during that time BCNext distributed. I think there’s around 13 million or so that were unclaimed. Whoever sent in the Bitcoins to get NXT started, they didn’t claim it. NXT has a very strong community and they used those 13 million unclaimed NXT coins to develop the infrastructure and for marketing.

Stephanie Murphy:   Wow. That’s really interesting. The clients for NXT, there are 7 clients out that you mentioned and this seems like they’re really prolific with coming out with these clients. It’s only a few months old and now there are already lots of different ways to use it.

Tai Zen:   Yeah, it’s one of the more popular second-generation currencies, and after like around 100 days now that it’s been out in the market. There’s a lot of developers that enjoyed the fact that NXT is not a copycat of Bitcoin. That it’s an original source code, so the people that are looking to pour their time and effort and coding abilities into an altcoin, they chose NXT because of its non-copycat nature.

Right now, we have approximately 7 clients. A lot of them are open source, so their code can be reviewed but they’re in development right now. And you can go to NXTclient.com, I think, or NXTclient.org. It’s one of those sites. It contains all 7 of the clients that people can choose from, or you can go to any of the NXTcoin.org or NXTcrypto.org and find those clients also.

Stephanie Murphy:   Okay. And there’s an actual store where you can buy stuff with NXT, is that right?

Tai Zen: I haven’t seen that yet. I mean the developments in the NXT community are coming so fast that it’s challenging to keep up with everything, too. Now that you mentioned it, now I’m aware that there’s an NXT store.

Stephanie Murphy:   Okay. Okay. Well, speaking of open source, the NXT code became open source recently, right?

Tai Zen: Yes. There’s something that’s very unique about the NXT source code. When BCNext bought it out, there’s a big concern in the NXT community that there would be a lot of copycats and there would be a lot of people trying to steal the code and knock it off as they did with Bitcoin. What they did was, they did several things that I thought was pretty unique. And from a marketing perspective, it’s very cool.

When NXT was released, they did two things that I thought was pretty cool about it. One was that they purposely injected it with three security flaws at different levels. They did that on purpose and they announced it to the community.

And the reason why they did that was that if anybody wanted a copycat the source code when it was launched, it would be a problem because the source code has three security flaws in it. And at the same time, those three security flaws were also an invitation.

They put it in there to invite people in the crypto community to inspect the source code and whoever found those security flaws would receive a very large bounty. It’s to prevent copycats. It’s for security reasons that they did that.

And the other thing that they did with the NXT source code was very unique is that they made it so that they were several versions ahead.  When they came up with the alias system, the messaging system, every time they came up with a new feature, they would be a couple of features ahead before they release the source code. They were always ahead.

If somebody tries to copy it, because you know as well as I do that a lot of people are trying to copy these codes that people come out with and they are not willing to put in the time and effort to develop it but they’re willing to copy other people and change a few parameters.

Those are the reasons why the NXT source code was released the way it was.

Stephanie Murphy:   That’s interesting. Wow. Okay, what are your favourite things about NXT? What are you passionate about it?

Tai Zen:  The biggest thing that drew me to NXT was that I was looking for—I thought that Bitcoin was one of the most revolutionary technologies that take power away from the 1% on Wall Street and give it back to the 99% on Main Street.

And I wanted to help pitch in with Bitcoin. But I’m not a coder. I’m not a programmer. I come from a sales and marketing background so I could not help them out with that because there are enough people in CNBC and Bloomberg to help promote Bitcoin.

What I did was I look at the different altcoins and what was available that needed help. I look through hundreds of them, and they’re all to me was just a copycat of Bitcoin. They had one or two features here, but there was nothing spectacular that got my attention.

And my colleague, Leon, he introduced me to NXT. And he said, “Hey, you said you don’t want to help with these other altcoins because they were just a knockoff of Bitcoin. Well, here’s one that’s not. It’s an original source code.” I started looking and researching NXT and I saw how it was put together.

At first, I was turned off by the proof-of-stake, the pre-mine, the 1 billion coins that were distributed. But then when I learned what the proof-of-stake was, it changed my mind so I was able to get more involved into it. I’m actually here representing and being an ambassador for NXT. I help out on their marketing efforts, so here I am at the Texas Bitcoin conference.

Stephanie Murphy:   Great! Tai, well, anything else you want to add about where do people want to find out more online if they’re curious?

Tai Zen: Adoption of a new coin has always been the biggest challenge for all the coins. What I’ve done is, if you go to my free blog. It’s at PrisonOrFreedom.com/2014TexasBitcoinConference. I have the instructions there and a video there of how to download, verify and install the NXT client.

And then, if you leave a comment there, if your audience leaves a comment there with their NXT account number, I will send them 4 Nextcoins just to get their account started so they can see how it works.

Stephanie Murphy:   Great, very cool.

Tai Zen:   We have a very supportive community and we like to help each other out. If your audience wants to test out NXT and see how it works. They’re welcome to come to PrisonOrFreedom.com and leave a comment with their account and I’ll send them some NXT trial.

Stephanie Murphy:   Okay. Great. Well, thank you so much. This has been great.

Tai Zen:   Thanks for having us on “Let’s Talk Bitcoin”.

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