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Nexty wallet (android)

As it is understandable from its name, the blockchain is a chain of blocks. Each new data is connected to the latest record of the blockchain, and each user can see that the very transaction really was provided.

In 2010, the creator of the first cryptocurrency - Bitcoin -  limited the block size to one megabyte, which means that blocks larger than one megabyte will be automatically considered by the algorithm as non-compliant. This is a security measure that should prevent DDoS attacks from hackers creating large and even unlimited block sizes to paralyze the network.

However, this solution has a bad long-term effect on the total blockchain capacity.

Each transaction consists of much data: the sender, the recipient, the quantity of coins transferred and so on. This data takes up very little space and may seem insignificant when it comes to a single transaction. But when 100 transactions take place in one second, the blockchain is filled with a lot of “extra” data.

To date, the volume of the block is limited to one megabyte. This is enough for the successful implementation of 3-7 bitcoin transactions per second. This is quite enough for the network at the moment, but bitcoin is becoming more popular, new participants are added to it, and the network is often overloaded.

In general, the bitcoin network is able to work in a daily mode. However, sometimes the load becomes peak and the process becomes difficult. Many users have reported that they have to wait hours or even days to process their transactions.

Moreover, the rate at which miners approve a transaction depends on the size of fees sent by the sender of each operation. This cases a market for transactions: to process the transaction faster, you need to apply a larger commission than competitors do.

In the early years of the network, fees were set at only hundredths of a cent. That was almost zero, as Satoshi Nakamoto bequeathed. Today, to fasten the transaction, you need to pay much more or to wait for many hours. Meanwhile, during the day, the price for bitcoin can rise or fall, and your transaction can lose or gain in the value.

How does Nexty solve this problem?

Nexty is a new generation platform that is designed to remove commissions from the blockchain once and for all and make transactions instant. This is achieved through the use of the Dual Cryptocurrency Confirmation System. This system involves the use of two cryptocurrencies at the same time. All calculations in the system will be made in NTY tokens - you send money in their equivalent, you can buy these tokens on the exchange and buy goods for them. The second token, NTF, provides confirmation of transactions from inside the system. 

This is a completely different approach to commissions for a transaction on the blockchain. Those people who support the system will not receive a commission every time for the transaction - but they will receive a stable monthly income based on the share of participation in the system. Thus, they will not have to speculate and expose high commissions to earn in the Nexty system.

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