A few weeks ago, I was introduced to NXT. It promotes itself as an entire ecosystem, as opposed to simply an altcoin. Apparently, the source code is original, meaning it is not a variant of Bitcoin, like the majority of altcoins.
Why an Ecosystem?
I am guessing they saw the need to integrate the acquisition of NXT with a marketplace for exchanging them for goods and services, along with forging and messaging.
Yes. NXT is forged, not mined. In Bitcoin, miners produce “proofs of work”, where in NXT, forgers produce “proofs of stake”. Because of this proof of stake, you need to already have some NXT before you can forge for more.
I installed the NXT client on my Mac. When it launched, nothing happened. I had to visit NXTforum.org to learn that it required Java 7. Why the client doesn’t check for Java 7 is a mystery to me. Once Java 7 was installed, I was able to set up the client.
There is a big learning curve with NXT. I didn’t find the client intutive, at all. You get an account number that looks like NXT-ABC-123-XYZ, that also has a numeric ID, like 1234567890123, which can also have an alias of your choosing. Why? I have no idea.
My Attempt to Earn NXT
I was told that there is a multipool that will pay you NXT for mining other coins. I was curious to see if it worked with ASICs, but didn’t get very far. Cgminer connected to the pool with all three of my account IDs, but none of them registered on the pool’s web-site. I’m waiting to hear back from the pool operator.
Jobs, Jobs, Jobs?
One of the top influencers in the NXT community announced he needed some work to be done and was willing to pay. When I contacted this person, the response was, “I’m too busy.” Oh, okay.
I’ve got the NRS client 1.1.3 installed (as opposed to the wallet, I think). When NRS 1.1.4 was released, a dialog box appeared, asking me if I wanted to upgrade. When I click “OK”, it fails, stating that the signing key is invalid.
When I asked for help at NXTforum.org, one of the replies told me I made a mistake. Yeah, okay. I can see how clicking “OK” could get me into trouble.
NXT is not ready for prime time. There are some Bitcoin veterans backing this, but the software is more complex than is required. There isn’t an easy way to create multiple NXT addresses, like in Bitcoin, which could quickly become an accounting issue. In some places, you need to use your numeric wallet ID, and in others, the alphanumeric ID–inconsistent, confusing.
What do you think of NXT?