Bitcoin Competitor NXT Version 1.7.4 Goes Live: Decentralized Data Storage, Coin Mixing, and More

Place/Date: Amsterdam, Netherlands - January 21st, 2016 at 5:51 pm UTC · 2 min read
Source: Nxt Foundation

Over the last few months, the entire Nxt community has been working on what will be one of the most important Nxt updates to date. Nxt version 1.7.4 will bring a selection of important new features to the Nxt protocol and client, as well as a number of smaller improvements and enhancements, including more regular block times.

The new features will bring a range of new functionality to Nxt, allowing users to:

  • Create multi-signature accounts for ultimate security, using Account Control. Account Control allows transactions from an account to only be executed after they have been approved by a voting process, using the Nxt Voting System for enhanced multi-signature transactions.
  • Use the CoinShuffle system to anonymise Nxt funds. Nxt is the first cryptocurrency platform to natively incorporate a decentralised mixing/CoinShuffle service on its own blockchain, allowing users the option to completely anonymise funds held in NXT.
  • Store, retrieve and publish files, documents, or arbitrary data on the Nxt blockchain using the NXT Data Cloud. NXT Data Cloud will allow decentralized, censorship-free and tamper-proof publication and retrieval of small files, documents, or arbitrary data to the blockchain, with low costs/fees and options including automatic removal and encryption.

In addition to these three main new features, there are a number of incremental improvements designed to optimise the Nxt block generation/transaction confirmation algorithm, and a number of secondary features and improvements.

Development tools

NXT 1.7.4 is a major release for Nxt, and an important milestone in its development. With it, Nxt delivers a complete package of features that can be immediately picked up and used by developers and businesses who want to work with a trusted and proven blockchain.

Thanks to its comprehensive and easy API, coding for Nxt applications is simple and intuitive. Anyone who can code, even at beginner’s level, can start creating simple applications. With the blockchain industry still in the development stage, Nxt is an attractive proposition, delivering a powerful pre-defined toolset for crypto-currency/blockchain project developers.

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