Nxt is an open-source blockchain platform which aims to build on and improve the basic functionality of the traditional cryptocurrencies through the use of decentralized applications on the blockchain. Building on Nxt gives the developers of applications the ability to create asset exchanges, digital assets, cloud storage, voting systems, and advanced account control features. It has a marketplace and messaging system built in. It utilizes a proof-of-stake consensus for confirming transactions and blocks, therefore there is no need for mining. This also means that a user can receive rewards for using their “stake” to confirm blocks. NXT is the token on the Nxt blockhain that is used to pay for transaction fees. It has a limited supply, since no new tokens are being created.