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Step-by-step guide: how to take advantage of NXT – Coindoo

What is NXT?

NXT is a blockchain platform that aims to improve on blockchain at the forefront of Bitcoin. With the use of their cryptocurrency called NXT, they aim to change the way financial technology, crowdfunding and governance work.

Since it is a fully pre-dated cryptocurrency, many are wondering how it is actually possible to extract NXT from the "miners" to receive block premiums derived from the total sum raised by the platform (generated by the commissions).

The NXT forging process, as it is called, charges a certain fee for each transaction that is made. The minimum commission is usually less than 1 NXT.

All your transactions must be recorded in order to receive the coins you earn through mining. When extracted consistently with a Proof of Stake protocol, it means that you get coins by giving away those you already own.

Step 1: Create an NXT portfolio

Before starting the extraction, first you need to register an NXT portfolio. For this, you need to access the official NXT website, indicate on which operating system the PC is running and download the latest software version available for the system.

Step 2: Install the software in the language and folder of your choice. The process should not last long. Wait for the installation process to complete.

Step 3: Now you have to open the NXT server and create your account. The NXT software will create a seed that you can use to back up your account if necessary and use it to access another device. Be sure to save this special key in a safe place. When you click Next you will also be asked to provide the seed.

If you followed these steps accordingly, you should now have your NXT account. The platform has several useful functions in addition to those necessary for forgery, and when you have time you absolutely have to go and explore them.

Step 4: Fund your account. Since this encryption uses a Test Game algorithm, the more coins you have in your wallet, the more disadvantages you will generate.

To send coins from your wallet's address to your account on the NXT server, you can use Shapeshift or any other exchange you prefer.

Funds should be credited to your account after this, but you will not be able to extract the coins yet. Before you can bring your NXT into play, you must meet some requirements:

  • You must have at least a total of 1000 NXT in your account.
  • You have to wait for 1,400 blocks from your initial deposit before being allowed to bet on your coins.
  • You must have a public key.

To be able to extract, you only have to fulfill two of the three requirements. The first to follow is that you have to wait 1400 blocks. This requirement can not be avoided, all you can do is wait. Once this is satisfied, you can start creating a public address. This can easily be done by sending an outgoing transaction.

Please note that there is a fee to pay for each transaction you make. An NXT will be sufficient for the creation of a public address.

Step 5: Start an outbound transaction so that it generates a public key. Press the "Send NXT" button and provide the requested information. Since we do not want to be wasted with our NXT tokens, we will send 1 NXT along with 1 NXT for transactional commission on the exchange account used to fund our portfolio.

Step 6 : Send your NXT and wait for the transaction to complete. Before starting to extract coins, you will need to receive 1440 confirmations (on the first inbound transaction performed to generate the public key and the most recent outgoing transaction).

Step 7: Once the transaction has been confirmed, click on the "Do not fake" button. Now enter the passphrase and click on the "Start to Forge" button. This is all you need to start the mining process.

If you do not know if the process was successful or not, run it, check the button in the upper left corner of your server and see if it is green or red.

To see how many coins you have forged, go to the Accounting Accounting section located on the Dashboard.

Mining Pools

For those who do not have many mineral resources at their disposal, they can join the mining pools, which combine and use the individual hash power of multiple computers to generate coins.

There are several NXT mining pools to which you can join:

  • org- can be used by scrypt ministers and uses SHA-256.
  • org – Written and SHA-256 NxtCoin mining pool.

Data Mining Calculator

If you want to calculate only how many NXTs you can forge with your specific resources, there are a number of sites that you can use:

At the time of writing, NXT is quoted at $ 0.067760 USD and has a market capitalization of $ 67,692,505 USD, according to data provided by CoinMarketCap.

Conclusion

If you followed our simple instructions, you should already be on your way to forging NXT coins. If you have more coins in your wallet than you can dispose of, why not put them to good use and create more NXT tokens. You can extract it on a brand new computer or an old PC, the only requirement is that you have your NXT server open.

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