NXT For Investors #22 – What is NXT (Nextcoin)? – 2014 Texas Bitcoin Conference

Helper: Please give a warm welcome to Tai Zen

Tai: Thanks, guys! As I said, my name is Tai Zen, I was a former prisoner of a failed US war on drugs and since I got released, I’ve always been blogging about the tools, the techniques, the strategies and the technologies that are available to help people find freedom in their lives. I’m going to get him first, then I’ll come back to you.

Audience: Just want to find out a little bit more about what Nextcoin does and how it’s different from others?

Tai: The correct name for it is NXT, and the coin that’s used in the network is called Nextcoin. So NXT is different from all the other altcoin because it’s the first altcoin to come out with its original source code. All the other altcoins came out and just did a copy and paste Satoshi’s code.

There was an inventor, a computer scientist referred to as BCNext and he was the one who came out with the original source code and developed it in Java. It’s a completely different computing language and it has nothing to do with Bitcoin, the only thing that it has that is similar to Bitcoin is that it copied the concept of the public ledger, that’s it.

Everything else is completely different, that’s one of the reasons why I chose to be a part of their marketing because it was one of the altcoins that I saw was doing something radically different and had their own source code, they didn’t just copy it from Bitcoin. The way that they’re doing to protect their source code from copycats is when they released it on January 3rd, they purposely injected 3 securities flaws so that if you try to copy it, you will suffer from serious damages.

They also offered a bounty for anybody that find those securities flaws, they did several approaches to release the source code and made sure that it was not copied and then they also do the features that they have, they make sure they’re several features ahead before they release the one. Before they release .3 or however the source codes are labelled, they already have .4 done, and so on, so they’re always a couple of steps ahead of the copycats.

He’s asking if the feature of NXT is the same as Bitcoin’s, the feature of NXT is similar, all of these coins are trying to accomplish the same thing, like Coloredcoin, Namecoin. It’s the matter of who can implement those features the fastest. Right now, the main feature that NXT is trying to accomplish because of the collapse of Mt. Gox, there is a huge need for a peer-to-peer exchange, so NXT has just released their test software so you can test the exchange, hopefully we get that running so people can start implementing that and have some type of peer-to-peer exchange and not have to rely on centralized exchange.

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