I've heard criticism and doubts:
. the code is not public, so cannot be trusted
. there is not enough devs, look ethereum. they have 10 - 12 developers
. the invested money can fly away easily after the project crashes in may or june.
What should be answered to those?
1. The code for NEM isn't even finished yet. 2. It's about quality not quantity. 3. How is that different from any other project ? That buy in is quite low as well. If you're not willing to risk 300NXT then you shouldn't be investing in cryptos anyway. Everything could potentially fail.
1. It should be clear that we are in an exploratory mode, so no code for now but NEM's codes will be public when they are available.
2. Stay tuned on this front because more updates are coming. But Ethereum is an entirely different animal. While Ethereum is a very ambitious project, at this point it is not much different from NEM in the development milestones.
3. Invested money goes nowhere until we launch the genesis block. Development fund up to that point comes from development stakes and my personal fund if needed.
Thanks for both answers ... will be forwarded  About the codes: as NEM follows NXT, it has been critized NXT that its code is not yet public. Or the public code is not working. Clearly some details or news have not been understood, eg. about the injected flaws in the NXT code. It doesn't matter if the code that has been officially released to the public is flawed incomplete or whatever. NXT uses non obfuscated Java which means that anyone can look at the most recent clients code by simply decompiling the jar. None of the clones are using the "open source code". If they are they are they are doing it wrong Of course NXT will make quite a "jump" with 0.6.0 because the code has been refactored which is why they are holding it back for as long as possible - so the clones can't profit from that refactor. |
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is this an ipo, with mining?
afaik there is no mining involved. |
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Counter sockpuppet measure: Sending address could be checked and if there were already two payments made to NEM's addresses before, then the third payment would be considered a donation. This measure comes into effect at page 81 and does not apply retroactively. So DO NOT SEND the fee to NEM from an exchange, you would need to withdraw to your account first. Thanks for your understanding.
This parts need changing imho. page 81 refers to the old thread so this measure is actually already in affect |
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This looks very interesting and I do like gofers.
Any news on how coins will be distributed ? Is it going to be a stakeholder type of thing like NXT and alike ?
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I do not understand this system. I have even a share but what:
- Makes NEM from?
- For what is NEM?
- Which raises NEM from over the other 100 Coins?
-where NEM seeks to distinguish against Nxt?
-what is the purpose of NEM?
Another aspect:
I would like to see if NEM knows where it wants to do a fundraiser.
It would be cool if each shareholder $ 100 for a huge advertising campaign donate that has not seen the world before
Sounds crazy? YES but it works! For all!
Here is the fundamental thing I can see in NEM in a next few months. NEM would be the first pure POS blockchain that starts with a huge and equal user-base right from the start. Another thing: I believe that NEM's development team can deliver a very solid written from the ground code bases that allows for superior features that have not been implemented anywhere else. Stay tuned on this front because there will be many updates in the futures. Another thing: I think the NEM's initial incentive design would be very appealing to many developers and helpers so that many talented people would come to help us. Last thing: I believe in transparency, community building, equality and open source community . NEM embody all of these ideas in a form of a cryptocurrency. I've heard criticism and doubts: . the code is not public, so cannot be trusted . there is not enough devs, look ethereum. they have 10 - 12 developers . the invested money can fly away easily after the project crashes in may or june. What should be answered to those? 1. The code for NEM isn't even finished yet. 2. It's about quality not quantity. 3. How is that different from any other project ? That buy in is quite low as well. If you're not willing to risk 300NXT then you shouldn't be investing in cryptos anyway. Everything could potentially fail. |
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Have you a project timetable? What and when are the nxt steps?
Yes. We now look at the code and make changes NXT. For us it is important how the community interested in our idea. After we update the code, we will present a more detailed plan. Now we need more developers. We are only 3 at the moment. I think to the Middle of February, we will show the result of a concrete plan Are you fellas adapting the most recent releases from the official NXT Client or have you guys started developing a completely new client from scratch ? |
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@Jaguar and Theis. Some thoughts from a friend.
There are things that I don’t like about NXT or that I think could be done differently.
1. Storing whole blockchain in memory.
imo, “app” should be split into 3 parts:
1. server, storing blockchain and all related info in DB - this one would be used for all the SERIOUS stuff (so exchages, faucets, and any other apps like that would run this)
2. lightweight IN-BROWSER client - I think CfB has similar idea - that one, would have ZERO knowledge itself it, but I think it’d be possible to do whole singing in-browser.
3. ‘normal’ client - for users, that want to participate in the network, but don’t want to deal with DB setup. This one would keep blockchain in memory, BUT it would rely on “snapshots”
a. snapshot would be created every X days (I was thinking about X=10)
b. they would contain information about state (of accounts), but would drop all the history
c. snapshots (for new clients) could be propagated in torrent-like fashion.
2. TPS rate. I’ve seen somewhere info, that Nxt could handle 100_000 TPS. I have some doubts about it. (current hardcoded limit for tx in block is 255, that would imply ~400 BLOCKS per sec).
I think software, should be thought upfront to handle large amount of transactions per second. (so for sure, somewhere “in future” there should be switch to binary protocol, also it might be beneficial to use UDP to propagate information). what do you think about GHOST?
Also I got interesting idea, but I’m not sure how it would work in practice...
3. Lack of Wallet. People simply got used to this. I don’t think generating Secret Key by doing SHA on a string (like Nxt is doing currently) is a good idea.
4. Curve. You’ve already written, you’d like to switch to Ed, so I guess you think the same.
A. Server as a servlet - I think this is good choice for initial implementation (before adding binary protocol, also servlet, would still be needed if one would like to have IN-BROWSER client). But I’d change one simple (and quite obvious) thing: instead of embedding type of query in json, It should be in URL itself.
Interesting thoughts. But I have two questions... Do I understand this correctly that the blockchain would only be stored on the "server version" of the client and not by every client ? I'm not sure that's a good idea. I don't know how people would feel about that and also doesn't that make the whole thing less secure especially in the beginning where fewer servers are running ? Say 10 servers are runnin initially. What if i whip up 20 VMs on my computer and make them servers....could I then not controll the network ? Not to mention that if the client doesn't hold the blockchain mim attackes could to a crapload of damage especially if coordinated well. What's the point of having outdated snapshots in the client ? So the update from the DBs won't take as long ? I do like the "return of the wallets". Brainwallets have me so paranoid that I check my balance everyday. |
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I want to have nemcoin.info and nemcoin.com up before the media campaign but that is not absolutely necessary.
Why do we even need 2 ? Wouldn't it be better to have one which would also enable people to focus on making that one awesome instead of creating 2 potentially not as awesome ? |
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I just don't know all of these will be started on what time.
NEM is supposed to have 3 to 4k stakeholders. That's the latest that registration will be closed I guess. I could also imagine that once the first relaese is ready to go public less stakeholders could be accepted. |
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just posted a few comments on Nxt- related videos on YT to spread the word. I dont have any crypto to buy into stakes hopes this helps!
cheers
I think you're going to have to proof that somehow which will be hard with comments on YT  |
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[[Development Update]] Hi all, For now, I'll be using this thread to share development status. If there is a lot of interest in the development discussion, I might create a new thread. There are currently two developers working on this project - Thies1965 and myself. If anyone is interested in contributing, please PM me. We're always happy to get more help , and we do have a few development shares to give out for people who help out. NXT is the inspiration of this project, but the current plan is not to use the NXT code without making significant changes. For one, I would like to rewrite / refactor much of the NXT code to make the code compliant with development best practices (including unit tests). My background is in enterprise software, so I'm confident that we can improve off of NXT and make it better. Right now, we have a simple git repo: https://github.com/NxtEM/nem. It's empty at the moment aside from two versions of NXT: the "official" 0.4.7e released by Jean-Luc and the decompiled 0.5.10 version. Both are browsable and we don't have any plans on taking them down until NEM is near completion. Depending on who wants to join the development team, I'll be keeping the language choice open until the weekend. The current preference is Java (like NXT), but I would be open to changing it depending on the interest. The first chunk of work will be around building all the classes that comprise the blockchain. - I'm planning to change the signing algorithm from NXT's non-standard curve25519 based implementation to ed25519 ( https://github.com/geir54/ed25519-java/blob/master/ed25519.java). - I will also change the account numbers to be more bitcoin-like Let me know what you think. @Jaguar and Theis. Some thoughts from a friend. There are things that I don’t like about NXT or that I think could be done differently. 1. Storing whole blockchain in memory. imo, “app” should be split into 3 parts: 1. server, storing blockchain and all related info in DB - this one would be used for all the SERIOUS stuff (so exchages, faucets, and any other apps like that would run this) 2. lightweight IN-BROWSER client - I think CfB has similar idea - that one, would have ZERO knowledge itself it, but I think it’d be possible to do whole singing in-browser. 3. ‘normal’ client - for users, that want to participate in the network, but don’t want to deal with DB setup. This one would keep blockchain in memory, BUT it would rely on “snapshots” a. snapshot would be created every X days (I was thinking about X=10) b. they would contain information about state (of accounts), but would drop all the history c. snapshots (for new clients) could be propagated in torrent-like fashion. 2. TPS rate. I’ve seen somewhere info, that Nxt could handle 100_000 TPS. I have some doubts about it. (current hardcoded limit for tx in block is 255, that would imply ~400 BLOCKS per sec). I think software, should be thought upfront to handle large amount of transactions per second. (so for sure, somewhere “in future” there should be switch to binary protocol, also it might be beneficial to use UDP to propagate information). what do you think about GHOST? Also I got interesting idea, but I’m not sure how it would work in practice... 3. Lack of Wallet. People simply got used to this. I don’t think generating Secret Key by doing SHA on a string (like Nxt is doing currently) is a good idea. 4. Curve. You’ve already written, you’d like to switch to Ed, so I guess you think the same. A. Server as a servlet - I think this is good choice for initial implementation (before adding binary protocol, also servlet, would still be needed if one would like to have IN-BROWSER client). But I’d change one simple (and quite obvious) thing: instead of embedding type of query in json, It should be in URL itself. Interesting thoughts. But I have two questions... Do I understand this correctly that the blockchain would only be stored on the "server version" of the client and not by every client ? I'm not sure that's a good idea. I don't know how people would feel about that and also doesn't that make the whole thing less secure especially in the beginning where fewer servers are running ? Say 10 servers are runnin initially. What if i whip up 20 VMs on my computer and make them servers....could I then not controll the network ? Not to mention that if the client doesn't hold the blockchain mim attackes could to a crapload of damage especially if coordinated well. What's the point of having outdated snapshots in the client ? So the update from the DBs won't take as long ? I do like the "return of the wallets". Brainwallets have me so paranoid that I check my balance everyday. |
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Now late night question. I want to run an ad about NEM to bring more people to us.
Options? Let's talk bitcoin? Coindesk, bitcoin magazine? Or even forbre, business insider ?
cryptocoinsnews.com is rapidly growing and even has it's own investment club. I think that would be worth checking out ! |
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I don't like Version 2 and 7. The rest is really great. Props to your friend |
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How about we will check the sending address, if this address has sent money to NEM account before then the money sent will be considered a donation ?
Agreed, but I still think it should be done before page 81. It's not much, but at least it means using mutliple BCT.org accounts and multiple funding acounts. Also let's hear other opinions from the community. If you do anything retroactively its tricky cause you have already allowed a guy with accounts called 'sockpuppet-1' etc and said multiple accounts were allowed. People will cry foul then you'll have a headache of complaining people. I don't want my NEM diluted too much but I'm still happy at the idea of getting 1M. I was so annoyed I didn't get in on NXT, the distribution was crazy with some with 50M etc that's the same as like 200 accounts of NEM due to it having less coins overall. Even the most dedicated sock puppets maker couldnt do that, and if they do then maybe they deserve it! *snip Only people with multiple accounts would complain. Too bad for them, that is the point. But multiple accounts was 'allowed' in the first statement, I think my issue is if you change the game rules half way your going to get a lot of people pissed. With sock puppet accounts you get annoyed complainers upset with the idea that somone has more than them. But changing the rules halfway could seriously give the coin bad PR from the start. People here should be careful not to complain too much cause if they do they will destroy the coin then no one benefits, its hard to promote a coin on the idea of no envy when you have a ton of people full of envy on the forums  I also think you just not going to get too many massive holders. The majority will have one stake...hopefully. It's never too late to correct a mistake. Also it never said it was allowed. OP only said that they are not able to counter it properly. OP also stated that there could be changes so I don't see the problem. |
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How about we will check the sending address, if this address has sent money to NEM account before then the money sent will be considered a donation ?
Agreed, but I still think it should be done before page 81. It's not much, but at least it means using mutliple BCT.org accounts and multiple funding acounts. Also let's hear other opinions from the community. I don't want to sound negative but the fair distribution is pretty much all that sets NEM apart from NXT. Sockpuppets could render this moot and are therefore a serious problem that I think should be dealt with not matter what page we're at. |
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How many people already in now?
Over 1000. Check the stakeholder list linked in the OP. |
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Well, I'm interested. A rewrite of NXT might actually be something worthwhile if it's done right |
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