Nxt NXT to Syscoin SYS Exchange

Crypto Pair Details: NXT to SYS

Nxt NXT

Nxt uses the blockchain to create an entire ecosystem of decentralized features, all of which require the Nxt currency. Instead of modifying the original Bitcoin source code, as many altcoins have done, Nxt developers wrote their own code in Java from scratch. While Nxt is a public blockchain, licenses for private blockchains based on its software are also available for purchase. The developers refer to Nxt as Blockchain 2.0, providing numerous applications beyond simply keeping a public ledger of transactions. Jelurida BV took over the originally anonymously developed Nxt and now own the IP rights. Kristina Kalcheva, co-founder and legal expert of Jelurida, focuses on how to “explore the different open source licensing models and their enforceability in practice.” Currently, the main developer is an anonymous Star Trek fan, going by the name Jean-Luc Picard. While there is still the active development of Nxt, the parent company Jelurida is also working on a Nxt 2.0, known as Ardor, designed specifically to deal with scalability. Ardor will use the same blockchain technology as Nxt, combined with the idea of ‘child chains.’ According to Travin Keith, Nxt foundation Web and Marketing manager, Ardor allows for a “manageable blockchain size, which solves the problem of scalability by separating transactions and data that do not affect security from those that do, and moving all of those that don’t affect security onto child chains.” The core infrastructure of Nxt is complex. This adds risks as compared to the more lean bitcoin, but makes it easier for external services to be built on top of the blockchain. A peer-peer exchange allowing decentralized trading of shares, crypto assets. Since the blockchain is an unalterable public ledger of transactions, the Asset Exchange provides a trading record for items other than Nxt. To do this, Nxt allows the designation or ''coloring'' of a particular coin, which builds a bridge from the virtual crypto-currency world to the physical world. The ''colored coin'' can represent property, stocks/bonds, commodities, or even concepts. Arbitrary Messages enable the sending of encrypted or plain text, which can also function to send and store up to 1000 bytes of data permanently, or 42 kilobytes of data for a limited amount of time. As a result, it can be used to build file-sharing services, decentralized applications, and higher-level Nxt services. Nxt had no mining phase, all initial units were released to 73 people through a one-time fundraiser via bitcoins, after the announcement of the NXT project in the bitcointalk-forums by BCnext. Combine this with a PoS approach, and you have a situation where the big guys run the table. At one point, the Nxt community had a very public spat with Bitcoin developer Jeff Garzik. Garzik took issue with the Nxt marketing approach, its anonymous developers, and their responses to constructive criticism. Nxt responded to some of these claims, of course, but it remains one of the more controversial moments in its history. Another key problem the Nxt network ran into (like so many others) was blockchain bloat. Nodes get weighed down by the onerous task of having to store every transaction on the Nxt blockchain. This was one reason (among others) why Ardor/Ignis came into existence.'

Syscoin SYS

Syscoin is “a global network, a distributed ledger, a decentralized database and a blockchain. It is also a cryptocurrency, an altcoin, a digital currency and a tradable token.” Originally launched in late 2014 and created through a Bitcoin fork, the current version brings us to Syscoin 2.1 and has an algorithm that allows it to be merge-mined with Bitcoin. Merge mining is simply the ability for miners to simultaneously mine two different cryptocurrencies based on the same algorithm. The project attempts to remove the middleman and put money directly back into merchants/consumers hands, eliminating hefty fees currently charged by big corporations like Amazon and eBay. To facilitate near-zero fee transactions, you can use its native cryptocurrency, Syscoin (SYS), to pay for goods on the marketplace. However, you can also pay using alternate cryptocurrencies such as Bitcoin or Zcash. Syscoin is led by a team of developers and was created by its current core developer, Sebastian Schepis. According to Proof of Developer, a website that verifies, evaluates, and ranks developer teams, Syscoin received 5 stars in 2014. Blockchain Foundry maintains Syscoin as its flagship product, with a mission to “disrupt markets by leveraging the potential of blockchain technology”. In March of 2017, Blockchain Foundry partnered with the Microsoft Azure ecosystem and is one of the founding members of the Digital Identity Foundation (DIF). Other founding members of the DIF include the likes of corporate giants such as Microsoft, Accenture, ConsenSys, and more. Syscoin’s blockchain delivers faster speeds along with lower transaction fees than its predecessor, Bitcoin. It can support 750 tps, and with the upcoming masternode release, it will support more than 300,000 tps. For now, it’s one of the cheapest cryptocurrencies regarding transaction fees (behind zero-fee transaction cryptocurrencies such as NEO and NANO), even cheaper than XRP.' Some of the features highlighted on the SysCoin website includes :- 1. Buy/Selling goods on the blockchain 2. Brokerage on the blockchain 3. Issue and trade certificates on the blockchain 4. Merged Mining

SOURCE: COINGECKO

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