Over the last several years we have seen the rise of Bitcoin as the stand out Digital Currency of choice, but there are alternative Blockchain solutions that also have their own currency and associated coloured coins. Bitcoin has long held the number one spot, but recently Ethereum has launched with a number of financial institutions trialing it for everything from smart contracts to digital identity. But what of NXT? The little known Blockchain that has its heart in Europe has been been around for well over 2 years is well matured and has more native services than Bitcoin and Ethereum combined. So why is it seemingly overlooked in an evolutionary market where technology is changing daily and no one can guarantee which technology will sink or swim?
NXT has rarely been mentioned in the media even though it has been the crypto sponsor of choice at some of largest banking and blockchain events 2 years in a row, including Payexpo and has featured in reports by the ECB “European Central Bank” and Esma “The European Securities & Markets Authority”.
3 conclusions become apparent:
Suppression from the Bitcoin / Wider blockchain community, in which Bitcoin is now a power play by it’s investors, due to Bitcoin investors owning the Crypto media and a very large amount of VC Funding in to Bitcoin means they just cannot allow something like NXT to get in front of the world.
NXT was created by 100 people investing 1 BTC per person to start building it as a very strong, open source, community led project. It therefore hasn’t had the multi-million Dollar investments and crowdfunding like Bitcoin or Ethereum and therefore doesn’t have quite the same financial appeal.
NXT is doing what Bitcoin and currently Ethereum cannot do, based on it being the blockchain with the most features coded into the core, and therefore is seen as a very real threat to the money already invested in these two competing Blockchain solutions. With more to come from NXT though how long can this last?
So how has NXT really survived this long is the real question and where will it go? Many projects regardless of technology have failed to make the impact of some of the high profile start-ups out there today, but with the investment market changing, the infighting between the bitcoin community and the fact that Ethereum needs at least another year to mature existing Bitcoin and Blockchain projects are starting to realise the power of NXT. So, hold on tight as 2016 could be the year this will change and we see the emergence of a new Blockchain powerhouse?