Nexty Review  -  The true future of payment  method

in #cryptocurrency6 years ago (edited)

Note: This is an active blockchain project which has successfully raised their funds and, after a period of development progress, they are now working on raising the community awareness of the project to widespread it and educate potential users. Therefore, in this Nexty review, I won't mention the "Market" section as usual but jump right to the problem this project is aiming to solve.

The problem:

The problems addressed here are the fundamental ones that most cryptocurrencies are facing now: High transaction fee (Some cost users even higher than using conventional payment methods) together with the delay in transaction processing (Days of waiting for it not uncommon anymore), which is even worse when we think of scalability. Moreover, the considerable price fluctuation would be a huge concern for business and individuals when considering any cryptocurrency to be their payment method.
Average Transaction Time in 2017 (blockchain.info)

And when it comes to using cases, a giant market for adaption like eCommerce would decline this innovation since high cost and transaction delay are the last things that those companies would offer to their customers. (Why do I mention eCommerce? That's the primary sector that Nexty is aiming at)

The Nexty Solution:

The Nexty platform provides you with:

  • Instant Transfer
  • Zero Transfer Fees
  • Price Stabilization System

Here's their comparison with other cryptocurrencies

First, please have a look at this Nexty instant transfer & zero transfer fee direct test:

Here's another one (with zero fees confirmed - fact check on explorer):

How do they achieve that?

Which fund is used to maintain and sustainable growth the network then?
This instant transfer with zero fees can be achieved thanks to their invention of Dual Cryptocurrency Confirmation System (DCCS) working on a peer-to-peer network that meets specific requirements. This DCCS includes 2 tokens working parallelly:

  • The first NTY call is the primary one being used in daily transactions.
  • The other called NTF (Nexty Foundation Coin) is for the transaction confirmation system.

Now, instead of charging transaction fee as the incentive for validators, they would receive that NTF token which would monthly reward its holder a small amount of cryptocurrency at the lower rate. So both sides are happy: users don't need to pay transaction fees and miners' benefits are guaranteed.

What's even more: the Smart Staking, which helps you still get coins even when your wallet is offline when joining their program. The bonus you receive would depend on which duration and time range in the calendar year you choose to participate in.

Another benefit when choosing NTY as the daily payment method is its price stabilization system which ensures the low volatility - You don't want to pay daily costs in ETH or BTC, whose values could go up or down within minutes, do you? In the first year, the system is managed by a group of expert economists, then the automation and decentralized system is integrated operate it.

Token economics

Token Symbol: NTY
Total Supply: 180,000,000,000 NTY
Exchange: IDAX

My thought

With a total supply of 220,000,000,000 NTY, they would be a great fit for global payment cryptocurrency as their goal since that would keep the price of each NTY stable, especially not so high that people are afraid to use in daily life.( Just think about it, would you pay in the form of a $500 worth cryptocurrency for a meal? it could easily go up to like $600 the day after)
For now, the current price of NTY is $0.000356 USD which is way too underestimated yet understandable since it is presently tradable only on IDAX with ETH. With a project aiming at becoming a global-wise used payment currency, would it be that low? At least, it could go up to $0.0356 USD when accessing a wider community - FYI, they are also planning to list on certain big exchanges in this June!

Links

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I have tried using Nexty wallet app to transfer the fund and it was freaking instant. Awesome project!

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