NXT - What is the difference between an Asset and a Currency?

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Reading the NXT website, it talks about an Asset Exchange and a Monetary System. First seems to be regarding assets, while the second article one is talking about currencies. Is there any difference between those two, is one a subset of the other, or are they all the same?

ThePiachu

Posted 2015-01-15T19:51:27.317

Reputation: 42 235

1In some places, they seem to be drawing the distinction that a currency is a means for measuring the magnitude of assets while an asset has to have a specific location, issuer, or backer. But in other places, they seem to use the terms interchangeably. (Dollars are a currency. If I have a 10 dollars bill in my pocket, that's an asset, whose magnitude is 10 dollars. Currencies are how you measure how much of an asset you have.) – David Schwartz – 2015-01-15T20:02:53.097

I'll try to login tonight and more throughly explain. Functionally they are very different. Assets are like simple stocks. MS currencies have a whole slew of properties thaf allow you to customize your own token/currency. You could create a currency where you can create/destroy units (for usecases like arcades) or you could create dynamic scenarios where users can create coins when certain conditions are met. Many of the new MS currencies are full-fledged PoW coins. No code necessary. Spec the currency, pay the Nxt fee and you've created your own custom cryptocurrency. – RLH – 2015-01-15T21:20:22.767

No answers