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NXT Monetary System Now Available for Test Drive

Avatar Yashu Gola 5 years ago

The NXT team recently announced the launch of its monetary system – an ecosystem that will allow users to issue private currencies – both POS and POW – on top of the NXT blockchain.

The developers further released a set of parameters under which the new monetary system will perform. As per the available information, users will be required to “lock” a certain amount of NXT coins as collateral for the “currency” they are planning to release. The NXT protocol will meanwhile ensure that each generated currency has a unique name and code. These currencies can be deleted, while their code can be reused under separate terms and conditions.

The NXT documentation further explains the currency supplying mechanism in detail. It says:

“The total currency supply is divisible into currency units. Like assets, currency units supports decimal positions implemented as a client side feature. The maximum number of currency units which can be issued per currency is similar to NXT i.e. 10^9 * 10^8. The actual maximum units supply is set by the currency issuer.

“The currency issuer is the account which issues the currency and pays the issuance fee. The issuer is responsible for setting the currency properties and in some configurations has additional control over the currency usage. Like asset balance, currency units can be transferred between accounts.”

The latter part of the document discusses a range of currency properties (exchangeability, controllability, etc.), as well as procedures to create and delete a currency. You can read the whole document here.

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN...

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