Irvine, CA, Nov. 11, 2022 (GLOBE NEWSWIRE) — NXT TECHNOLOGIES, INC. (COIN: NXT), an Irvine, California company, has announced a November 1-30 presale of both its NXT coin and its standalone node, NXTreme.
NXT has built a robust permissioned Layer 1 blockchain, working with the Linux Foundation’s Hyperledger software, aimed at bridging the gap between blockchain and enterprise. NXTChain is fundamentally supported by user-distributed Validator Nodes in the form of NXT’s flagship product, NXTreme, which creates a decentralized validator node ecosystem.
“Blockchain as a technology is transformative,” explains NXT CEO Rondell Fletcher. “However, there are many significant issues preventing mass adoption, such as lack of flexibility, high transaction fees, slow speed, lack of accountability, network congestion and rising costs.”
NXT’s blockchain is built to solve many of these problems, says Fletcher, using software backed by IBM, Intel and other industry giants.
“NXTChain is a far more superior solution than the traditional permissionless blockchain architectures used by Bitcoin and Ethereum,” he says. “And the consensus mechanics behind NXTChain is Proof-of-Authority.”
Real business solutions require specific features that only permissioned blockchain networks like NXTChain can provide. A few examples that Fletcher cites:
• Authentication, authorization and accounting (KYC) requirements: Unlike the permissionless environment of Bitcoin and Ethereum, all participants in a permissioned network must be identified and tracked, with clearly defined roles. On NXTChain, KYC and the role are referred to as Certificate of Authority (CA). CAs also ensure dishonest activity in the chain because the user is held accountable.
• Accountability: On NXTChain, access permissions are granted based on business role, and network members are known and identified by cryptographic member keys. This is important because in the real world, companies must comply with specific standards and laws such as the General Data Protection Regulation of 2018 (GDPR) and the Health Insurance Portability and Accountability Act of 1996 (HIPAA).
• Privacy: While network participants are aware of each other, on NXTChain only members who are required to have information about a specific transaction are notified of it.
• Flexibility: 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.
The above features are just a few of many necessary standards for the enterprise community to mass adopt blockchain technology. NXTChain provides these necessary capabilities, while providing many more features that are further elaborated in the NXT Whitepaper. (
In summary, NXT Technologies aims to build a bridge between blockchain and business. NXT’s Layer 1 protocol, referred to as NXTChain, is specifically designed with features necessary for easy enterprise integration. The global decentralized NXTreme node network gives NXTChain the ability to customize and allocate a specific number of nodes to specific projects, resulting in a more robust and unencumbered network tailored to each client. NXT is ushering in a new generation of multiparty systems to execute its vision of an empowering ecosystem where like-minded entrepreneurs and new business opportunities thrive.
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NXT Technologies Inc.
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