Made you look

Did I get your attention with my last article about why NXT is underappreciated?

I surely hope so, because I consider NXT to be one of the platforms you should take a look at when you are looking into blockchain technology.

Right now, there are over 600 nodes running NXT all over the world. The network is secure and has been running since Q4 2013. In that time, it has seen numerous innovations, like the Asset Exchange, which easily dominates other platforms like Counterparty or Omni when it comes to sheer ease of use.

Of course, NXT has many other features. In this series I want to introduce you to several features that will certainly be of interest.

Phasing: enhanced Multisig

NXT is introducing a powerful new feature called "Account Phasing" in version 1.7 of the software.

"Phasing" was introduced for normal transactions in version 1.5 of the NXT software, and allows users to submit transactions that are conditional on a vote. The vote can be further defined by several parameters, as can be seen in the following video:

In the 1.7 version of the NXT Software, you will be able to make this kind of transaction mandatory for a complete account. This opens up the possibility to create accounts that are much more secure, and also allows accounts that are only able to send when certain groups of people are involved.

Combining NXT Features

In my last article I mentioned that the different features of NXT do not only work in isolation, but can be combined. With Account Phasing, you can see how this works.

Let's imagine a simple small company that wants to involve its investors directly in the decision making process. It can create NXT Assets, and put up a simple sell order from this account.

This account is then set to "Voting by Asset", making it impossible to transact without at least a 50% approval by Asset owners. Any funds entering the account are now safely under lock and key and cannot be transacted in any other way than by a Phased transaction. The only way this condition can be removed is by the same voting process that is set for the transactions.

It's easy, it's safe, and it's eminently useful, not only from the native NXT account, but once again, also via the NXT API.

Of course, these are different models available. Phasing itself is a type of transaction that is based on the NXT Voting System.

Jump right in

The brilliant part of all this is that it requires no extensive coding, and it is not something that will be developed in the future.

All these features are usable now and can be implemented immediately. With over two years of development behind it, NXT is a solid choice when you want to work with blockchain solutions right now.

For more information, contact me at bas@nxtfoundation.org.