The AOSP Android based software in Nokia X is based on Android 4.1 jelly bean. Rumors suggested the forked android version to be based on latest Android KitKat. Android KitKat has been optimized for power efficiency and also to run on less system resources (as low as 512 MB RAM)
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The Android KitKat would definitely make Nokia X more attractive and efficient. Although KitKat is capable of running on budget Android devices but it is less likely that we will see it on budget Android phones. Nokia X is among the rare few phones in this price segment which have upgradeable operating system and if Nokia chooses to go for a software upgrade, that will definitely give it a strong edge over the competition. How many phones Nokia sells will be a key determining option in how fast we see the platform updates. For now, the prospect for update seem quite likely. If you are a Nokia X owner, you can check for updates by going to Settings > About Phone > System updates and tapping Check Now.