nxt

Nxt Foundation launches full suite of Smart Transactions
5 1 1 Tuesday, July 12, 2016 4:40 AM UTC
After 4 years of Nxt development, the Nxt Core Development Team is launching its full suite of templated Smart Transactions, commercially tested and ready for widespread business use. It eliminates Smart Contract insecurity, and cuts coding costs.

Smart Transactions are pre-coded Smart Contract templates, stored on every Nxt Blockchain node, making them decentralized and more secure. They are:

Secure: The code is built into blockchain nodes ensuring safer and more reliable transactions

Easy to code: There’s no need to code new contracts every time, merely enter the correct parameter. This dramatically reduces the chance of human error

Lightweight: Everything is on the node, so there's no need to refer to a third party eliminating centralization risks

The Nxt Core Development team has solved security concerns by creating templated Smart Contracts that are easy to make, fast, and secure. These new, non-turing complete Smart Contracts are called 'Smart Transactions’
The templates have been tested rigorously over 3 years of development, ensuring that the expensive parts of Smart Contracts have already been coded and proven safe. Smart Transactions only require users to enter the right parameters to complete a Smart Contract, reducing costs as less-specialized programmers can create Smart Transactions that are safe and reliable for you.

Smart Transaction templates cover almost all business needs. Businesses receive the benefits of Smart Contracts at a fraction of the time and cost of creation. All the benefits of Smart Transactions will be available and easily transferred to Ardor, Nxt's blockchain 2.0 project, to be launched in 2017. It is currently open to investment through holding NXT.

“After the DAO hack proved Turing-Complete Smart Contracts have big risks for businesses, Nxt's Smart Transactions are a breath of fresh air. As time passes we'll see more businesses choose Smart Transactions given how cost effective and safe they are. There's no arguing with the huge Return-on-Investment Smart Transactions give businesses”, Mitchell J. Loureiro, Marketing Strategist with the Nxt Foundation, said.

Following recent concerns related to flawed contracts, the Nxt Foundation is offering businesses assistance getting started with Smart Transaction technology. Parties interested in Smart Contracts can contact the Nxt Foundation for expert assistance. The Nxt Foundation offers inductions on how Smart Transactions can save money and make your Smart Contract project safer.