Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

Nxt Foundation becomes first alternative cryptocurrency foundation to join Hyperledger project

The Nxt Foundation, a non-profit organisation that provides education and information about the Nxt Blockchain Platform, has announced that it has become an Associate member of the Hyperledger Project with the Linux Foundation.

The Nxt Foundation is the first alternative cryptocurrency foundation to join the Hyperledger project. Nxt is an advanced, open and completely decentralized application platform which builds on and improves the basic functionality of the first wave of pioneering cryptocurrencies. The Nxt platform includes many advanced features, including the NXT digital currency, which currently has a market capitalization of $21.53 million (at press time). NXT acts as the fuel for the Nxt eco-system. It can be used as an external currency and even internally to power Nxt features.

Hyperledger Project, a collaborative cross-industry effort created to advance blockchain technology, has over 70 members which includes IBM, JP Morgan Chase, Intel and the Moscow Exchange. Nxt will participate in creating open standards for distributed ledgers and advise on industry-specific applications that support businesses with its years of proven case studies and expertise.

"We are very excited about the increasing acceptance of Blockchain within the Financial Services and FinTech sectors. Admittance to the Hyperledger Project will enable Nxt to inform and influence new standards for distributed ledgers and transactional applications for the next generation”, Bas Wisselink, board member at the Nxt Foundation said.

The Hyperledger Project is making an open interoperable community for blockchain technology so businesses can build industry-specific applications, platforms and hardware systems with an open source distributed ledger framework and code base. It is making the world standard for future blockchain technology.

“This is why Nxt joined: The Nxt Blockchain provides a powerful combination of advanced blockchain technologies and proven use cases. Nxt blockchain expertise is proven with years of successful operation and will contribute significantly to the success of Hyperledger”, the official announcement reads.

As a leading decentralised financial platform launched in 2013, Nxt has created a whole financial ecosystem complete with successful use cases in crowdfunding, IPOs, asset and currency trading, corporate voting, encrypted communication, and much more.

By Shampa Mani
  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.