Recently I have discovered the Nexty platform. I won’t tell you that you must join or support it in any way. I will just tell why I chose it over Bitcoin and more popular, classic cryptocurrencies. First of all, this project is aimed to solve global problems of my dearly beloved cryptocommunity to which I joined a few years ago.
Over the last few months I see a stagnation of the worldwide cryptomarket with major cryptos going down, a rise of hacking attacks and other unpleasant things. That is why many investors are looking for new coins and platforms. One of such projects is the system with a brand new payment method and coin is called Nexty.
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When I say “classic cryptocurrencies”, I mean Bitcoin and Ethereum coins. The Nexty Coin is better than these two particular digital currencies, IMHO. That is why I want to compare NTY tokens with ETH and BTC. I will count the main features of this platform and try to compare it with other decentralized systems:
1) New consensus algorithm
This is the key element of this platform. A consensus algorithm called Proof-of-Foundation has two major functions – to confirm all new blocks and verify all new transactions of NTY coins in this network. This consensus is based on Proof-of-Activity and Proof-of-Work, but it has more functions than any other existing algorithm.
2) Absent transaction fees
When one user sends tokens to another user, usually a network charges him an additional commission fee to pay the system’s miners. Nexty will never charge any fees for transferring transactions. Compared to Bitcoin where at least 1.72 USD is charged per each transaction, the Nexty is very profitable. The Nexty platform uses an additional token called NTF (Nexty Foundation) for confirmation of all transaction and paying miners. That is why all Nexty users are free from paying high commissions when transferring NTY coins on the network.
3) Quick transactions due to the fast block time
The Nexty is better than its competitors when it comes to an average block time and transaction per second. Compared to other decentralized coins, the Nexty’s transactions are happening only within 2 seconds. A Bitcoin transaction occupies 10 minutes on average, Ethereum – 15 seconds, NEM – 60 seconds.
4) Use of smart contracts
Just like Ethereum, Cardano and EOS blockchains, the Nexty system uses smart contracts. Only Bitcoins are not using smart contracts for decentralized applications.
5) Partially open source code
Right now, the Nexty ecosystem has a partially open source code. But in August of 2018, you can expect the Nexty platform to expose a fully sourced code of its blockchain and smart contracts.
To sum up, the Nexty platform has more beneficial features compared to the classic and most popular cryptocoins. It offers a really working payment method that can meet the requirements of ecommerce business owners, regular end users and investors. The Nexty project is going to support financially new startups and listed its NTY coins on exchange sites. I am going to use NTY coins for my future daily transactions because they are free from commissions and transferred very quickly.
