NXT Technologies, Inc. is a Layer 1 permissioned blockchain company that is creating a global decentralized validator node ecosystem that will work directly with enterprise solutions, small business, and WEB 3.
In contrast to the permissionless environment of Bitcoin and Ethereum, all participants in a permissioned network must be identified and tracked, with clearly defined roles. On NXTChain, the KYC and role is referred to as the Certificate of Authority (CA). Furthermore, CAs ensure any dishonest on-chain activity can hold the user accountable.
On NXTChain, access permissions are assigned based on business role, and network members are known and identified by cryptographic membership keys. This is important because real-world enterprise must abide by specific standards and laws such as General Data Protection Regulation of 2018(GDPR) and Health Insurance Portability and Accountability Act of 1996 (HIPAA).
While network participants are aware of each other, on NXTChain, only members who are required to have information about a specific transaction are notified about it.
With the global node network of NXTremes, NXTChain is easily able to allocate nodes to specific projects and tailor the blockchain protocol rules to meet a client’s specific needs.
Proof-of-Authority: Environmentally Friendly and Sustainable protocol
The consensus mechanism on NXTChain is Proof-of-Authority. Validators and Delegators work together to power NXTChain enabling the economy by staking within the network and acting according to the consensus rules. Participants receive rewards for successful validation of blocks to the NXT Network. Validators and Delegators are not responsible for ensuring the compliance of a transaction, only that the transaction has been properly completed by protocol rules.
Permissioned vs Permissionless
Unmatched Security And The Preparation For A Trustless World: NXT Technologies enables safe interaction of transactions between any actors, even those who do not know or trust one another. It provides a platform for creating trust where it might not otherwise exist, creating completely new markets and business prospects. NXT Technologies is demonstrably secure against malicious actors and Sybil attacks thanks to our consensus mechanisms -- PBFT, Federated, Round-robin.
NXTChain has an incentive system that compensates users for their engagement, either as stake pool operators or stake delegators, in order to preserve the network's lifespan and health. Any NXTChain user with a proven identity can join and propose to any committee. Proposals need to be staked to prevent the system from spamming council or committee members. The Governing Council is operated by network participants and members and will be decentralized over time.
- Governing Council --> Oversees all Committees
- Technical Team --> Oversees Technical Upgrades
- Economic Committee --> Overseeing Network Economy
- Corporate Governance and Nominating Committee
Scalable and Sustainable
Proof-of-Authority allows NXTchain to scale to satisfy demands with low energy consumption. A mix of new strategies, such as multi-ledger, side chains, and parallel transaction processing over multi-party state channels, are used to accomplish the performance-sustainability balance. As the number of stake pools rises, the network expands and parameters are defined and tweaked to gauge the allure of various stake pools. This network immediately rewards involvement. NXTChain is made to make sure that people who act in the network's best interests also act in their personal best interests. This guarantees the growth of a healthy ecosystem, which in turn protects the network's durability, health, and resilience both today and in the future. NXTChain is able to achieve the throughput necessary to satisfy the changing requirements of global systems, including financial, logistical, identity, and societal systems, because to the combination of sustainability and scalability.
Check out our Roadmap for the upcoming year!
4th Quarter 2022
NXTChain Mainnet and Testnet deployed
NXT listed on CEX
Website, NXTScan, NXTWallet
Node 1 Pre-Development
Initial marketing push
1st Quarter 2023
Wrapped NXT and bridge development
100 machines delivered and connected as validators for our network
NXTtreme Node-tier 1-delivery and deployment
2nd Quarter 2023
Start of staking mechanics for validators/nodes
Upgrade blockchain to our users specific needs
200 NXTreme nodes deployed
CMC/CG Listings Completed
3rd Quarter 2023
Staking mechanics integration within NXTWallet
NXTSafe integration within NXTWallet
500 machines delivered and connected as validators/nodes
Embark and vetting of new projects to create beta version for Testnet
New CEX Listing