A deeper technical look at Nexty's feature

kennethdarren638 (28)in #crytocurrency • 6 years ago

Hello folks, so previously I have posted an article introducing the Nexty project to you. Yet some people seem to not understand the technical aspect of it throughly, which is why I've decided to bring you this article to look deeper into Nexty's technical feature.

First, let me sum up their performances with those tables again:

Nexty table.jpeg

They have also demonstrated their feature via these 2 videos:

You can download their wallet application, go to IDAX to buy a few NTY coins and try their instant and zero-fee features by yourself

iOS app

Android app
Screen Shot 2018-06-18 at 1.48.17 PM.png

If you think those are just what is shown on the app, you check actually check the transaction on their blockchain explore here:

Screen Shot 2018-06-18 at 1.47.03 PM.png

Here comes the technical look

So in the previous article, I mentioned that they achieved those amazing figures thanks to their Dual Cryptocurrency Confirmation System which contains 2 cryptocurrencies, NTY and NTF, parallelly in the network. And the operation of the Proof of Foundation (PoF) consensus protocol to pay monthly NTY to NTF holders. But how it works exactly?

Screen Shot 2018-06-18 at 1.46.13 PM.png

First, there is a metric you need to know: NTF token's total supply is 10,000,000 (yes, only 10 million). And as a reward for those who have trust in the Nexty project, that 10 million NTF tokens will only be distributed to the first 100,000,000,000 NTY holders who joined in the Smart Staking Program which I have also mentioned in the previous article.

And only NTF holders could build mining and confirmation machines for NTY.

Now, you would think if those people own all of 10 million NTF tokens, then where is the decentralization here?

Well, calm down, the Nexty team has counted this issue: The Nexty community would govern their actions and could conduct decentralized voting to kick out NTF holders if any malicious or dirty activities conducted by them are caught. In other words, NTF holders's one and only role is to seal the block - maintaining the confirmation system.

TL;DR: please have a look at this illustration:

Screen Shot 2018-06-18 at 1.38.14 PM.png

If you still want more, for example, need some Mathematical formulations to know how exactly the system works, please head to their yellow paper on Github, which is clearly stated and available for anyone: https://github.com/nextyio/yellowpaper/blob/master/Paper.pdf

Moreover, their team is always open for question on their Telegram, go down to the bottom of this article and hit in their channel link to chat directly with them. In addition to that, they also frequently conduct Q&A sections and post it on other social media platform like their Twitter or Facebook to educate the community and investors, so I think before asking any question, you could go there and check:

Prequently Asked Questions Part 2

And if you are persuaded with their innovative technical, I highly recommend you hold some NTY before its price goes to the moon since the team is planning to announce a big exchange listing this month:

Screen Shot 2018-06-18 at 1.52.07 PM.png