Future Coin (translated by: Naixtercoin) is considered to be the second generation of cryptocurrencies. It is written based on the new code and has improved many of the features of Bitcoin, such as replacing the proof of work (POW) with a brand new 100% proof of equity (POS) design, avoiding many defects of the first generation of cryptocurrencies, such as resource consumption, vulnerability, etc. Issued in the community for public subscription. Confirmed in 1 minute, 1 billion total.

Project Highlights

It is not like litecoin, peercoin and some other altcoins, whose codes are based on bitcoin's source code. Nxt is brand new and has its own algorithm.

It provides inherent features such as decentralized peer-to-peer swap, color coins, information/chat, decentralized DNS (host domain name), and instant transaction options.

It is a 100% proof of equity, while most other currencies are based on workload mechanism proof. Compared with other currencies, this effectively removes inherent security risks, because 51% of attacks or other inherent vulnerabilities will lead to the demise of these PoW currencies. And one more thing to say is that the protocol is energy consumption-friendly, so PoS does not require a lot of hashing calculations.

The characteristics of future coins

The most distinctive feature of future coins is the adoption of a proof of stake mechanism [1]  . Anyone who knows Bitcoin knows that virtual currencies based on the principles of blockchain technology are susceptible to 51% attacks (if a person or organization's mining computing power exceeds the sum of all others, then this person can manipulate the blockchain of the virtual currency at will). However, under the proof of stake mechanism, the output of the new block mining depends on the amount of the virtual currency already owned by multiplying the time of ownership. If you want to implement a 51% attack, the attacker must own a majority of the virtual currency before the attack, otherwise the attack will not be able to be implemented, which actually becomes an attack on yourself. Therefore, the proof of stake mechanism can effectively resist attacks, and this mechanism makes mining not evolve into a fierce arms race like Bitcoin, thus saving energy.

In addition, Future Coin also has unique functions such as "transparent forging" function, asset transactions, message sending, account leasing, decentralized domain names, etc.

The common points between future coins and Bitcoin

First, there is no physical form. Like Bitcoin, future coins are also virtual currencies and have no physical form. Second, decentralization. Like Bitcoin, future coins are also a decentralized architecture, without central institutions, and no intermediary tail colors such as central banks and commercial banks. Third, blockchain technology. Like Bitcoin, Future Coin also adopts blockchain technology, but due to the use of proof of stake mechanism, Future Coin does not have a 51% attack problem.

The difference between future coins and Bitcoin

First, the proof of work model is different, and the future coins adopt a proof of stake mechanism, rather than the proof of work mechanism of Bitcoin. The proof of stake mechanism can effectively resist 51% attacks, and the mechanism makes mining not evolve into a fierce equipment race like Bitcoin, which indirectly saves energy.

Second, the unique "transparent forging" function of future coins does not require "mining", but uses the balance of old accounts to "forge" new blocks. Accounts participating in "forge" new blocks are entitled to receive transaction fees as rewards. This mechanism allows each client to automatically determine which server node is responsible for generating the next block. In this way, the client can save intermediate links and send transaction records directly to the node, which can shorten the transaction confirmation time to the shortest. In addition, the transparent forging function also allows for the punishment of temporarily clearing the "forging force" of nodes that try to create malicious branches.

Third, the "color coins" function unique to future coins allow for "coloring" to be "colored" a special currency. The colored "color coins" can represent bonds, stocks, property, commodities or any concept, and can trade anything. This is the asset trading function of future coins.

Fourth, the message generation function starts from the 40,000 block, allowing the user to send a small amount of information, which can be text information or other data not exceeding 1,000 bytes.

Fifth, the account rental function unique to future coins can be rented out to others, and this function can be used to form a forging mining pool.

Sixth, in the future, the decentralized domain name function unique to the future coin can register names and obtain the URI assigned by the system, and the domain name can participate in transactions.

Seventh, the block intervals are different in the future, and the block intervals of the currency are faster. The block intervals of the future are only 1 minute, while Bitcoin only generates a new block every 10 minutes, with a 10-fold difference in speed.

Eighth, the total amount limit is different from the total amount of coins in the future, and the total amount of Bitcoin is 21 million.

Ninth, different ways of coining, new coins with Bitcoin are issued in dispersed ways, and future coins are centralized coins. The total amount of 1 billion coins in the future was created at one time when the first block (the Genesis block) was just born.

And the distribution of all currencies is completed through IPO, which was publicly raised by the founder of Future Coin on the Internet. 73 people participated in the future coin's industrial PO, and a total of 21 bitcoins were raised. In other words, the total amount of Future Coin was 1 billion. The initial possession of the 73 people participated in the IPO. This centralized coining method is obviously more elegant than the Ripple coin, which is another centralized coin, and is no less than the Bitcoin issued in distributively.

Tenth, the account control function of future coins is unique to Bitcoin. The account cannot be frozen even if it participates in illegal transactions or money laundering; however, the functions that future coins plan to implement in the future coins are allowed to freeze special accounts.

In addition, the functions that Future Coin plans to implement in the future include unique functions such as instant transactions, automatic transactions, voting systems, multi-signature transactions, two-stage payments, multiple gateways and cross-chain transactions, digital commodity stores, distributed computing, distributed file storage and other unique functions.

Application Scenarios

Currency Exchange

Colored coins
In order to understand the concept of color coins, you need to have a relatively deep understanding of Bitcoin transactions, which most people do not know about. For bitcoin, the hash address generated by each transaction is based on the address that was last accepted by the currency. Therefore, for data blockchain, bitcoin transactions can be traced. Without reminding others, this means that individual or series of transactions of a currency can be traced through the trading benchmark. Because this is a fact, if the protocol can be extended so that people can specify or “color” a specific coin, we can build a bridge for virtual cryptocurrencies to the physical real world. In fact, this currency can be used to represent physical beings on Earth. It can represent property, stock/bond, commodity or any concept that can be specifically specified.

Stock Trading

Market

Information

Warranty