When the world's first cryptocurrency Bitcoin was launched in 2009, it was called a peer-to-peer electronic cash system that can be used as a payment method for goods and services. However, nearly ten years later, it is still struggling to seek widespread adoption among the public. Although a few companies, including Microsoft and Expedia, accept cryptocurrency as a payment method, the adoption rate in physical stores is almost non-existent.
The transaction fees of mainstream digital currencies such as Bitcoin and Ethereum are usually high, even if the amount is small. Just a few months ago, in December 2017, the online technology publication Ars Technica reported that the cost of Bitcoin was as high as $28. Recently, after the Ethereum network faced record congestion and deceleration in the digital currency, the charges have reached the highest level of $5.5. Although these fee values ​​do not necessarily represent the main issues involving transfers of larger amounts, they are the main limitation of daily business and payments. A transfer of this nature usually does not exceed a few dollars at a time.
Nexty, a blockchain startup, believes that it has now solved this and other problems currently facing digital currencies in the market. Compared with the previously mentioned cryptocurrency, it has zero transaction fees, which will make it the best choice for daily use. In addition, Nexty transfers can be completed and confirmed within a few seconds. On the other hand, the Bitcoin network can take up to an hour to verify that payment has actually been made.
The Nexty platform achieves these advantages with its unique algorithm that uses the Foundation's proof-of-consensus mechanism. In a typical cryptocurrency, miners are rewarded for verifying transactions and sealing blocks. Therefore, there is a risk of dishonest miners blocking the network in an attempt to increase transaction fees for others. Nexty's algorithms intelligently detect this type of spam and prevent it from affecting the rest of the network, thereby making it permanently ineffective.
The adoption of cryptocurrencies in daily business is also hindered by large price fluctuations. For example, in the past six months alone, Bitcoin has lost more than 60% of its valuation, and most other digital currencies have followed suit. For merchants accepting cryptocurrency, this loss is not only infeasible, but also potentially catastrophic. This is a big problem for technology startups that host their ICOs on specific cryptocurrency platforms, as the funds they raise may one day drop significantly.
Nexty also solved this problem with a feature called Smart Staking, which can automatically adjust supply and demand to maintain a stable price. The platform will effectively incentivize its users to sell, buy or hold Nexty tokens (NTY) based on current market conditions. Nexty has reserved a total of 5.4 million pNTY resources for this purpose only.
When the pool is finally exhausted, Nexty plans to introduce a feature called Smart Holding to reward holders of NTY tokens. The program is open to anyone who holds at least 1,000,000 NTY tokens in a wallet and is willing to lock up their balance within three months. Individuals who decide to participate will receive a range of benefits, including voting, as well as the ability to obtain discounts and access to certain luxury services. They will also receive airdrop tokens from the ICO hosted on the Nexty platform within 12 months. The development team believes that these benefits will encourage users to stay in the ecosystem.
Nexty also released initial versions of mobile wallets for Android and iOS. In the near future, the team aims to launch a fully functional e-commerce integration demo and an official mining pool.
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