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NEM technical reference: https://drive.google.com/file/d/0B7wAe2jt1MMzYVJhUUFnMHQxZ1U/view

edit:

paper on node rewards released

thanks for this!! It looks really nice.

Now I need some time to read it and understand it ::)

i'll take my time to try  :)

NEM will be big, mark my words.   

I've read a lot of white papers before and none were that in depth, and none were that revolutionary since Bitcoin.  

This thing explains 3 new technologies to cryptocurrencies. PoI, P2P time synchronization among nodes, and Eigentrust++ among nodes.  

And don't forget new twists on old tech like now having blockchain based notifications for multisig, or a new kind of localized spam protection; both being firsts in crypto.  

Wow this white paper is pretty technical. In all my research NEM is the most interesting. I mean POI + talented dev team. It seems like though your community is sort of dead idk. Great paper and I look forward to the new economy's future. 

That because it mostly lives on telegram. The majority has abandoned the toxic pit that is btt.

so POS encourages hoarding, and those who have the most get the most.

to get around this NEM powers to be have created a equation so network activity adjusts the amount a user can earn (awards an importance score) so its not just a simple larger hoarder with the biggest holding wins.

yes? no?

I don't know, but I'm surprised he didn't draw butterflies and hearts on the damn thing. 
 
Satoshi's original white paper was simple, elegant, and the beauty lie in the information and proposed solution.  This arts-and-crafts project borders between advertising mailer and actual mathematics.

I don't see anything new in the NEM coins, it's just a copy altcoins, just ignore it.

yet ironically you responded to this rather then a genuine question i posed  :-\

What's to stop someone from simply owning many NEM addresses and passing coins around within those addresses to fake importance?   
 
If that's possible, what's stopping someone from automating this process?

So is it fair to say that not all holders are created equal then? In fact some holders are more important then others and should be given preferential treatment?

Wait...  "when everyone got their coins in the genesis"... is NEM a premine? 

 
 
So coins were sold prior to launch. 
 
I see.   
 
I think we both know that a coin that had pre-sales can never be one of the final and long term cryptos of the world, but I do wish you the best of luck with your NEM, and may you successfully convince other users to buy in. 
 
It's obvious a lot of work went into it, despite the crippling economic flaws it incorporates.   
 
Long live NEM.

Can you please explain vested vs unvested concept? Thanks

I read that page and didnt understand those terms hence the question

so a huge advantage to the exchanges.

we can interact and boast out importance but all along the way getting fees for doing so, (and with my tests i'm easily paying more fees then getting mined).

exchanges well they use the users coins to stake, get plenty of artificial network participation, yet their uses pay their fees, so exchanges have the edge and in any such system any player who has an edge has potential to own the system.


exchanges WIN WIN, users some WIN LOSE others LOSE LOSE .

Thanks kodtycoon. Always answering our POS queries..  :P

That's a big paper.. lot of work.. took a while to skim it, let alone digest it. A feat like that always deserves .. congratulations!

Here is the EigenTrust++ pdf , which I thought explained a few bits clearer.

http://www.cc.gatech.edu/~lingliu/papers/2012/XinxinFan-EigenTrust++.pdf

1) So with PoI a lower stake can have more importance, how does this affect the 51% attack ? How much stake and importance can you 'theoretically' get away with to have 51% power ?

2) If all the participants in the PoI scheme behaved similarly, this would mean a straight POS system ?

3) NEM's architecture vs NEUCoin's vs NXT ? (These seem the big POS boys) . I was just wondering whether we will ever get a 'definitive' POS algo that works better than all the rest.. ?

one piece anecdotal evidence is next to ZERO proof against the exploit possible by exchanges.

just saying one particular exchange at this point in time isn't fully exploiting its potential position doesn't say at all that exchanges can't exploit this, and sooner or later they will.

(and even in this case pol has any outstanding level of importance considering its its users coins its using to obtain such a level.)

well it is an issue, as non dumping types who support the network are disadvantaged.

often those sending to the exchanges aren't usually caring about the best interest of the network.

also with any crypto points of centralisation such as exchanges aren't in the balance of things a positive thing for currencies attempting to be truly p2p (though i can understand the benefits for the crypto community in its infancy).


you can not seriously call an exploit where a non holder can hold coins stake them and increase network participation based on other holders coin a non issue. especially when on the most part people gave them the coins to sell rather then to use for their own gain.

no exchange should be staking coins, thats a given in the crypto community, its bad for any POS coin.

tbh there is no point in the whole NEM equation if you want to pick and chose what is fair network participation, it defeats the main point of having a hard coded mathematical equation as the backbone of trust in a network.

(i must give NEM credit though you did solve a password software exploit, present in similar systems that I won't go into here, that's a pleasant surprise i have to admit, and shows there was some competence in atleast one of the devs).

answer; people working in their own best interest and not that of the network.

even in this case thats not the point, it is an exploit, because genuine users who wish to support the network are unfairly disadvantage by those who are out for their own interest.

i mean the whole point in NEM twigging existing POS system was to make it fairer for genuine network participates over hoarders, and its twig now makes the exchanges (who aren't even genuine holders) now have a huge advantage over genuine network participants.

1 step forward 1 step back, nil gain over existing rich get richer POS.

Since when do exchanges stake?

great questions and answers here. great job Kodty

so kodtycoon, you're an nxt guy as well right? Can you explain the differences between nem and nxt. (am aware that it is diff code).

If poi is so great then why couldn't nxt just adopt it? What can nem do that nxt can't? (I don't buy the nem is fairer distribution argument, and am not trying to argue that atm)

NEM and NXT both deaded, not even Chechen mountain tribe not trade their 3rd daughter for it...

Real difference is ascertained by quality of code.  For many years I worked on gaming modifications, for 12 years now, and NEM code is among best in crypto...  You know this especially when you write and look at scrypts, commands, et cetera - I was like NEM code so clean and easy to follow, just like professional studio!  NXT code I read was dogs breakfast in comparsion..  (many ppl thought this so NXT capitalization decreased after open source..)

but NEM nobody buy it...  they rather buy $hitcoins..

As developer / programmer I / you can appreciate the QA (quality control) but I still see nothing to wow me or anyone yet..

Jguar needs to get that fashion one / big foot stuff into NEM. 

CfB is a core dev at NXT, some think he is the one that actually came up with POS as it is in NXT, but if not he is definitely on record as leading NXT for the first 6 months.  

Here are his words.  https://bitcointalk.org/index.php?topic=654845.msg10688964#msg10688964  And interestingly enough, since NEM's white paper came out, he hasn't logged into any accounts but instead left a comment that he was getting back to work coding on JINN.  

Nxt was never closed source.

Wrong, not for a long while. He was under contract until Apr 2014, then worked 50/50 for Nxt/own projects (most likely Jinn). Then went off line to work solely on Jinn.

If being the operative word. If it works, we will all benefit. Fingers crossed!


Aww, I missed you guy! :D :D :D

The thing why NEM doomed is because the beginning of NEM is a liar, you can't blame people.