Nxt Monetary System allows anyone to create new currencies

The Nxt Monetary System (MS) will be fully available this week. It will allow users to create new decentralized crypto-currencies on top of the Nxt blockchain, choosing the parameters that can be set to govern their properties and use.

It’s a new step for Nxt, becoming a platform for coins developers who can easily create “niche currencies for highly specific applications, crowdfunding coins, ‘regular’ altcoins, reward points, coins pegged to fiat currencies or precious metals”.

To create an Altcoin, users will have to lock an amount of NXT, used to back the new coin.”This means that MS coins will always have a floor value and can be redeemed for that amount of NXT if desired. However, MS coins will trade at their market value, so they could appreciate significantly depending on adoption and demand.”, explained Nxt. A fee is associated with the creation of a new coin, depending on the length of its name: 40 NXT (5 letters), 1,000 NXT (4 letters) or 25,000 NXT (3 letters).