NXT, pronounced "next" or "N-X-T", is an example of crypto-coin or crypto-currency; other cryptocurrencies you might have heard of are bitcoin (BTC), litecoin (LTC), Dash (DASH), Monero (XMR), to name only a few. But what is the only king within the vast realm of cryptocurrencies? Not sure, but NXT is certainly a crown prince, that will shake up our whole life in the nearest future.
What is so good about NXT? As with bitcoin NXT is also centered on the cryptographic blockchain and this one is different from that one of btc. However, unlike bitcoin the nxt network does not use PoW scheme to validate transactions, it is a Proof of Stake (PoS) system based on algorithm that validates transactions (generating corresponding block) upon an amount of active coins within the network and gives the the proportional chance to all not empty wallets to get reward of transaction fees included in that block. Such architecture does not require much computations to run thus securing power effective nodes. But the most exciting difference between NXT and bitcoin systems is that within the next the certain transactions may be marked with different names and in this way represent something else, for example, other assets. In fact. using the nxt network you can trade anything.
NXT is divisible to eight decimal places. The smallest part of NXT is called NxtQuant or NQT, that is 1 NXT =108NQT. So nxt network is capable to transact in fractional values, down to 1 NQT.
Initially one billion NXT were created in the Genesis Block, and no new NXT will be ever created. Those one billion coins were deliberately distributed among 73 backers (who invested 21 btc into NXT platform before its launch) to secure sustainability of the system. Now NXT coins are circulating in the system, moving from one owner to another by payments, purchases, voting etc..