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Planned features of Nxt include:

  • Currency Exchange
    • To exchange cryptocoins right now, you have to sign up for an account on a centralized platform such as Cryptsy/BTC-E/Bter/etc, transfer coins to them and then pay them for transactions. This brings in a large concern: it’s possible that the exchange could just bail with everyone's deposits. This recently happened when the Sheep Marketplace did just that with 96,000 bitcoins. The developers of Nxt are developing a peer-peer exchange into the software to allow for decentralized trading which will eliminate this trust point. It will also eliminate trading fees! Obviously this is all still completely secure and anonymous as are current bitcoin transactions.
  • Colored coins
    • Understanding the concept of colored coins requires a fairly deep view into the mechanics of bitcoin transactions. With bitcoin, each transaction's output hashed address is based on a previous receiving address that originally received that coin. So with the blockchain, a set of bitcoin transactions can be traced: an individual coin or pieces of that coin can be traced back on a transaction by transaction basis. Since this is the case, if it were possible to expand the protocol to allow a person to designate or "color" a particular coin, then we could build a bridge from the virtual crypto-currency world to the physical world. In effect that coin could then be used to represent some physical entity here on earth. Property, stocks/bonds, commodites, or really any concept that can be concretely identified could be used, meaning that the Nxt network could be used to trade almost anything.
  • Asset Exchange
    • A built-in mechanism for trading assets. The API is likely to be completed in mid-January, with a software client released at the end of January.
  • Marketplace
  • Arbitrary Messages
    • Planned to be implemented at a block height of 30,000 blocks
  • Voting System

Next: Find out how to get started with Nxt !

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