It sounds like we can't go much past 100TPS, thats 100KB of bandwidth. If a node every falls behind, how will it catch up?
This sounds like a fundamental limitation if the total TPS is limited by the slowest node. Or maybe only a few nodes can keep up with the 1000TPS and there is a way for slower nodes to catch up somehow? If BCNext solved this, it will be total NXT domination.
Lightweight clients don't need full blockchain. That's why we need public nodes that will become Service Providers in the future. Ah, so to be a public node, you need to have 1Mbps. Otherwise you never sync up to blockchain so you might as well run lightweight client. A raspi with 1Mbps will be more useful to NXT infrastructure than massive server without 1Mbps. Any idea how many 1Mbps public nodes we need for strong stable NXT network to sustain 1000TPS. (That is just such a mind boggling number, but here we are planning for it!) James |
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Can you politly ask him to write something down? we NEED this desperatly !
Asked ages ago, his position sounds like that (my wording): Satoshi's whitepaper has never been critically reviewed. This led to the situation when serious problems like Centralization, Selfish Mining, etc. were revealed too late. More problems will arise in the future (Huge Fees, Ecological Catastrophe). By refusing to write the whitepaper BCNext forces us to analyze Nxt concept as deep as possible.[offtopic] Had you noticed that when writing Satoshi and BCNext both used double spaces after periods? Just sayin'. [/offtopic] That gives away their age. Back in the good old days of last century, it was how it was done. |
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To gain a 1% share of NXT during ipo:
-Send .22btc from one account
To gain a 1% share of NEM during ipo:
- you would have to create 40 accounts
- You have to be actively logged in to each new account for 4+ hours before you can post in the NEM thread. This means 4x40 = 160 hours of login time
- send .4 btc to 1.4 btc OR promote NEM in 40 different places
It's obviously pretty time-consuming and more expensive for someone to gain a 1% share of NEM.
NEM ipo is one of the strictest and hardest to game that I've ever seen. Most ipos open up investment with no restrictions and say "go nuts!"
- Some people gained a 4.5% share of NXT by sending 1btc at launch
- I highly doubt anyone will create the 180 accounts necessary to gain a 4.5% share of NEM
- If someone does take the insane amount of time, effort, and money to create 180 accounts and gain 4.5% of NEM...bravo! They strongly believed in the concept and should be rewarded for their effort, investment, and risk-taking
there are guys who can automatically create new accts, any number of them and control them very easily. For anybody that has this tech, less than 10 minutes work. Maybe they deserve disproportionate share, but it goes against the NEM philosophy I think James |
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I also am a nembie, i mean uh newbie...  I also dislike using social networks like facebook as a verifier. There must be some other way. Could there be any way to audit of accounts, or somehow do an action through the forums that would feret out any whales among the stake holders? Perhaps offer a bounty for an account audit and someone could do it. By this I imagine looking through all stakeholder accounts and check transactions a few layers down. Sounds like a lot of work, and I have no envy if a few people have 10 stakes more than me. 500 to one of course would spoil the whole thing for everyone. Have a set of preannounced times, well in advance. You need to send a PM from the registered acct at exactly that time +/- few seconds. Only 1 PM per IP address. Max possible sockpuppets will equal the number of preannounced times - 1 If you are sharing IP address with someone, you would need to PM at different preannounced time. Not perfect, but even a sockpuppet master (like you know who), would have a hard time arranging multiple IP addresses and coordinated simultaneous PM's Probably a horrible mess on the receiving end, but it would remove a lot of doubt as to whether there are indeed thousands of unique NEM stakeholders. James |
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Does that mean that all nodes have to have 1Mbps or just the forging node? What happens if the forging node doesn't have that much bandwidth?
All nodes must have at least so much bandwidth. Forging nodes must have more coz not all transactions r included into blocks. If nodes don't have enough bandwidth then they'll face "event horizon" effect. That doesn't sound practical. smartphones won't have that sort of bandwidth. Most wifi wouldn't support that much bandwidth. A lot of ISP's especially in countries without broadband everywhere wouldn't have that much bandwidth. It sounds like we can't go much past 100TPS, thats 100KB of bandwidth. If a node every falls behind, how will it catch up? This sounds like a fundamental limitation if the total TPS is limited by the slowest node. Or maybe only a few nodes can keep up with the 1000TPS and there is a way for slower nodes to catch up somehow? If BCNext solved this, it will be total NXT domination. James |
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Can you estimate if our current servers are enough to handle 1000TPS? Do we need a lot more servers or are we fine with current levels? I want us to be efficient with NXT usage, but I want to make sure the network can handle the 1000TPS. That sounds like a really good number
If we can determine the cost of supporting 1000TPS, then we can allocate the funds ahead of time and even get ready to ramp up the servers, but only deploy them as the TPS actually starts climbing. This way, we can grow the NXT network most cost effectively.
Once we have that budgeted, then we can see what other costs the NXT community can reach consensus on.
James
I can tell u the lowest bound of bandwidth requirement: Min transaction length = 128 bytes 1000 tps = 1000 * 128 byte * 8 bit/byte / 1 s = 1 Mbps Does that mean that all nodes have to have 1Mbps or just the forging node? What happens if the forging node doesn't have that much bandwidth? James |
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CfB,
Please confirm that unclaimed funds used to be 9 million NXT, but BCNext increased it to 10 million NXT and said that he expected the community to fund servers.
That is what I remember and the implication is certainly that 1 million NXT of unclaimed funds should go toward NXT infrastructure, eg. servers.
9'223K NXT + 10 BTC is yet available. Reserved from the amount above: 10 BTC - NRS crypto algo audit 250k NXT - Whitepaper 100k NXT - fatal flaw reward 100k NXT - AM contest rewards 100k NXT - fiat gateway rewards 100k NXT - minusbalancer's bounty for the client (Edit: It will be paid from the Development fund) X NXT - 1st SMS-to-NXT gateway reward So up to 8.5M could be spend for the infrastructure, not necessarily 1M. Can you estimate if our current servers are enough to handle 1000TPS? Do we need a lot more servers or are we fine with current levels? I want us to be efficient with NXT usage, but I want to make sure the network can handle the 1000TPS. That sounds like a really good number If we can determine the cost of supporting 1000TPS, then we can allocate the funds ahead of time and even get ready to ramp up the servers, but only deploy them as the TPS actually starts climbing. This way, we can grow the NXT network most cost effectively. Once we have that budgeted, then we can see what other costs the NXT community can reach consensus on. James good point, take into account the amount of VPS we have running on NXT fund, how long can we maintain them. I remember there was some kind of war chest but can not find it. We risk if we do not maintain them they will be shut down one by one, so I would like to have view on that I think 100% of NXT community will agree that we must keep the server infrastructure running and be able to support 1000TPS. I need input from people that know about current server loads if we are anywhere close to saturation now, etc. How many VPS servers do we have? How much do they cost? It could be that the thousands of NXT servers running on people's computers are providing enough infrastructure, or maybe we desperately need more hallmarked power servers. I just have no visibility into this. Anybody? Ideally, we will know enough to be able to budget properly for this. It is certainly mission critical. James |
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CfB,
Please confirm that unclaimed funds used to be 9 million NXT, but BCNext increased it to 10 million NXT and said that he expected the community to fund servers.
That is what I remember and the implication is certainly that 1 million NXT of unclaimed funds should go toward NXT infrastructure, eg. servers.
9'223K NXT + 10 BTC is yet available. Reserved from the amount above: 10 BTC - NRS crypto algo audit 250k NXT - Whitepaper 100k NXT - fatal flaw reward 100k NXT - AM contest rewards 100k NXT - fiat gateway rewards 100k NXT - minusbalancer's bounty for the client (Edit: It will be paid from the Development fund) X NXT - 1st SMS-to-NXT gateway reward So up to 8.5M could be spend for the infrastructure, not necessarily 1M. Can you estimate if our current servers are enough to handle 1000TPS? Do we need a lot more servers or are we fine with current levels? I want us to be efficient with NXT usage, but I want to make sure the network can handle the 1000TPS. That sounds like a really good number If we can determine the cost of supporting 1000TPS, then we can allocate the funds ahead of time and even get ready to ramp up the servers, but only deploy them as the TPS actually starts climbing. This way, we can grow the NXT network most cost effectively. Once we have that budgeted, then we can see what other costs the NXT community can reach consensus on. James |
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Hello XCP peoples!
I am James, active member of the NXT community and I really like what you are doing. Burned some BTC so I am also one of the XCP peoples.
I believe there is room in the growing crypto world for many different solutions to succeed. Of course, XCP must dominate mastercoin!
I just wanted to reach out and maybe there are ways we can help each other. NXT is already on many exchanges and has close to 20,000 accounts. Maybe it makes sense for XCP to be listed in NXT Asset Exchange? This would create a market for XCP and avoid all the fiat hassles as there is also a path from NXT -> ripple -> fiat.
I am busy managing the NXTcommunityfund, which just received over 2 million NXT so I personally don't have the time, but I am sure I can find somebody over in NXT community who would love to help or become an XCP gateway into the NXT Asset Exchange.
Still getting up to speed with XCP, so not sure if it is possible to get NXT listed within counterparty. If it is possible, I am interested in seeing how that can be done, etc.
James
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Please add Drupal Commerce!
Integration with WooCommerce for Wordpress would be cool too. I'm glad there is a bounty on this. I'll probably ask for donations if he can deliver  He might as well hold some Nxt for his work. Can you make a list of most important shopping carts to support? I want to make sure we get good broad coverage and I have no clue what is actually used on websites James |
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CfB,
Please confirm that unclaimed funds used to be 9 million NXT, but BCNext increased it to 10 million NXT and said that he expected the community to fund servers.
That is what I remember and the implication is certainly that 1 million NXT of unclaimed funds should go toward NXT infrastructure, eg. servers.
I would like to create a NXT infrastructure advisory committee from the people that had the most to do with creating the current NXT infrastructure. I think we have the structure now to properly manage the 1 million NXT from unclaimed funds to use for NXT servers and infrastructure. We can just make the 1 million NXT a directed donation toward NXT servers and infrastructure to be used over timeframe of 2 years (or tbd?)
I am first to admit I do not know how much more servers we need to properly handle 1000 TPS network. What type of servers, how many, etc. These are the sort of things that should be solved before April so we can make sure we are ready and have it in place, just in time. I expect I will just agree to the advisory committees recommendation, unless I see something totally wrong with the proposed budget.
If anybody in the community objects to this, please post specific objections.
James
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I was on a boat today and I got to thinking about shipping costs. I also was thinking about the really cool solar powered raspis and how it would make a big splash at trade shows. I also found out that it costs ~$300 to go to these tradeshows. Pretty expensive. If we can create a NXT swarm at the tradeshow with everyone wearing matching shirts all of them carrying solar powered raspis, we won't need our own booth The booths are kind of expensive, but they do give a discounted price for additional tickets. In addition to ticket cost, there is the travel and lodging costs. The I came up with a crazy idea, lets say we somehow found people in the cities with the trade shows who were willing to host people. what if we found people who have large cars and would drive people from other major cities to where the trade show was. What if we had 50 to 100 people who signed up to get a solar powered raspi? The production costs go way down. It would make a buzz if just a fraction of those people showed up at the trade show, certainly if they all had the same shirts and were all carrying solar powered raspis all forging NXT over wireless! This also saves on the shipping costs as each person would take home their own solar raspi. See how shipping costs triggered all this OK, so maybe hard to find any hosts who would invite anonymous forum peoples into their home, but many people sharing hotel would drastically reduce costs. If you would get a solar raspi for attending the trade show and help spread the word about NXT and promised to use the raspi for forging when you got back, would you make the troubles to attend? Not sure if the current NXT network needs another 100 raspis added to it, but if it did, this also helps the NXT infrastructure. 3 things solved at the same time! Crazy idea or would you consider going to trade show in exchange for NXT shirt and solar raspi? James |
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I guess the best way to explain it is (taken from Peachy on emunie forums) "Think of the emu "ecosystem" as a giant ball tank. http://25.media.tumb...jd5ryo1_500.jpg Once your "inside" the ecosystem there are a fixed number of balls. You can trade them around with each other and eventually there will be different colors (asset types) that will be freely traded "within" the ecosystem ball tank. Thus hatcher-to-hatcher transcations are happening "inside" the walls of the ball tank and thus no need to expand (inflate) or shrink (deflate) the walls of the tank since there is "just enough" density so that everyone can transact easily (ie optimized level of fun). The only way balls are added into the tank are by those wanting to "jump in" from outside the ball tank. As they exchange fiat for balls (and no one inside the tank wants to sell them any of their balls) then the ecosystem senses this and creates new balls for everyone (50% to the hatcher / 50% evenly and proportionally to every kid in the tank based on how many balls they already own). Once someone in the tank says "Yeah, I think I'll sell some of my balls for fiat" he places a sell order and it is distributed to the new kid who then gives him the fiat (with a minor txn cost to the dealer). Lot of features NXT has planned (Decentralized P2P exchange, Secure P2P messaging system, etc.) has been implemented or will soon be in eMunie client. I know for sure that the messaging system and ENS(eMunie version of Alias) have been implemented in the client, as well as profiles and other social stuff. Don't follow NXT or eMunie as much as I used to as I have had classes start up again...so not sure what has and haven't been implemented in both yet  . I have and I can create a "Alias"(known as ENS in eMunie) in eMunie client which replaces my account number and I can do something like ["Jack" sent a transaction to "Jill"] instead of [13131ed1d2312312 sent transaction to 1343ldler2j3u3423]  . As someone who has had access to the eMunie client for the past month I find it enjoyable to just play around with. Don't use it as much though anymore as I haven't had much time on my computer. I am someone that enjoys both NXT and eMunie though...as weird as it is The above is a very simplistic explanation, but it allows a way to visualize how the system works." Thanks for the info wakasaki808. The thing I don't get with eMunie is what happens when there is a mass selling (if stakeholders lose confidence for instance) which causes the price to drop. I remember reading that the system will try to prevent a price drop by buying up EMU if the price starts to go down, using some kind of reserve of currency (BTC, USD, other cryptos, other fiat? I don't know). However, this reserve supply can't be limitless, and once its limits are reached, the price will drop. However, once the price has dropped, it won't be able to increase again, because the eMunie system prevents it from appreciating more than 5% per year by introducing new EMU. So I don't see how Dan plans to avoid a situation of progressive depreciation coupled with inflation: when supply outweighs demand, depreciation happens; when demand outweighs supply, inflation happens. So how does this not end up with a ton of EMU that are worth next to nothing? EDIT: I suppose I should be asking this on the eMunie forum. I tried asking. All I got was the standard Dan will do magical things because he is such a great guy. OK, so he is a nice guy, people trust him. emunie beta is probably pretty solid, but due to the length of the emunie IPO, everybody who will want to invest will already have invested. Where will the post IPO demand come from? Not sure. With hatchers (mining) taking 50%, it seems almost as bad as the etherium setup for investors. We just need to make sure NXT has all the cool features emunie has and we can watch to see one of the greatest economic experiments ever, conducted by Dan the man. My guess is that he makes a super complicated system that nobody can possibly understand. publish the whitepaper at the very last minute (after he has banked millions) so nobody can complain that they had no idea what the money supply algo was (emunie is totally closed source) and then whatever happens, Dan is a guy with a lot of money and even more emunie if it stays stable. If it goes down, Dan is a guy with a lot of money and a bunch of worthless emunie. Either way Dan is brilliant. Investor pockets not so much in most scenarios. If you want emunie, I suggest to wait until aftermarket and the first big selloff. Unless nobody is buying the IPO, then wait until whitepaper comes out so you understand how dilutive emunies money supply magic is. emunie seems to want to be an electronic fiat equivalent and it could well achieve its goals. Think about that before putting any significant amount into emunie. James |
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Who manages the bounties/donations?
If there are several people on several funds list them all please.
I want to discuss contributing to these.
Currently I am the trustee and rickyjames is the treasurer. Only rickyjames has access to the NXT. I openly post spending ratios, plans, etc. and when somebody satisfies the bounty, rickyjames will disburse the NXT. There is a TBD portion because I am not smart enough to know all the things that might need help getting funded. The NXTcommunityfund will also accept directed donations. If you want all your donation spent in a certain area or even a specific project, just say so and your wish is our command. The golden rule applies. He who has the NXT, makes the rules. As trustee I will not receive any of the NXTcommunityfund and will do my best to make sure it is spent wisely. The goal is to maximize the long term value of NXT. Always open to feedback. I am thinking of having field specific advisory committees to decide exact spending details in their areas of expertise. For example, NXT server infrastructure. However, the fund, large as it is, is still too small to really branch out too much. With the 5 DAC initiative that is almost 25% of the fund. James |
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Is this the fund for NXTcash?
I think that's a question for James, not me. NXTcash is a project he is very interested in, I think, but it is only one of many projects that would be vying for funds from this account. Alias NXTcommunityfund = NXT Account 13776816462073143763 NXTcash is currently funded by klee's 1 million NXT. As an active participant in that one, I am glad it is separate from the NXTcommunityfund. I am trustee of the NXTcommunityfund and I made a long post about it some pages back. I have made a commitment that I will not receive any of the NXTcommunityfund. rickyjames is the treasurer and he is the only one who has access to the funds. I am looking to the community for direction, but I am able to break ties. The current allocation for the fund is one third tech, one third marketing, one third TBD. I have asked for definitions of DAC's that will allow NXT to match up against etherium and the top 5 will get a 100000 NXT bounty attached to successful implementation. We need the NXT community, especially the people that actually understand DAC's to help define the list if most important DAC's to have. My goal is to make NXT untouchable. We match the competition feature for feature, toss in zerocoin and 1000 TPS. Goodbye competition! James |
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rickyjames is the treasurer of the NXTfund. I will not pay any of the NXTfund to myself, nor will I even be able to touch the money.
Now that I have been entrusted with 1.525 million NXT all of a sudden I have the responsibility of deciding the best way to allocate it. It is not easy. I am still not even sure which area it is best spent on. It is super important that the funds are spent as effectively as possible.
I want to show the NXT community that the NXTfund will do its best to maximize the value of NXT and to reflect the collective will of the community. As long as there is consensus, then my job is easy. However, if there is no consensus, then I will be forced to decide the exact allocation and if I make everybody equally unhappy then that probably means I am doing a good job.
James
The alias NXTcommunityfund has now been associated with NXT account 13776816462073143763. Whales, dolphins, minnows: Donate today. Your generous contribution will enable great things. What is the password? Long. Too short  NXT Community Fund Balance Total : 2,127,878 NXT USD Equivalent : 137998.78 http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=13776816462073143763Thanks to aldrin who put in 1 million NXT, Pouncer with another ~million and neer.g James |
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BOUNTY REQUEST TIP OFFER
Tipping software and API wanted. Give and ye shall receive! Details at https://forums.nxtcrypto.org/viewtopic.php?f=25&t=710jl777, is this compatible with the bounty contest you guys are running? I'd like, as an experiment, to see if this can work without a large guaranteed bounty. But at the same time, I don't like denying bounty hunters the chance of joining your contest. What do you guys think? I think a tipbot is a great idea! I am not familiar with how DOGE tipbot works, but clearly it works. I don't see how this affects the DAC bounties. We still need to define what DAC's will get the bounties. If you need more NXT in your bounty to get people to develop a NXT tipbot, let me know. I doubt anybody would be against having such a thing. You are right in that the creator of the tipbot will probably get the most tips of anyone, so the bounty will just be the first NXT gained from doing this. If there are more than one person involved and it is a big enough project, they might want to cooperate. Of course, we are decentralized, so each person gets to decide how they want to proceed. James |
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brief recap
Bounty 100000 NXT for each of top 5 DAC's
Need community suggestions for the set of DACs that will make etherium least relevant
James
I will list them up. Pin Thanks! Does eMunie have any features that NXT won't have after nexern's client comes out? I am not so worried as emunie's hatcher system seems to ensure supply will always be there to match demand, but not the other way around. I just can't see how that won't create a large downward pressure on price, but then I am no super economist like furseleer Just to be safe, I want to make sure NXT will match up feature for feature against all challengers. NXT's TPS will make it so that in all comparisons against other second gen crypto it will win as long as we can match all the top benefits of the competition. We just have to make sure we at least tie them on technical functionality and NXT will be to the other second gen crypto as BTC is to the other firstgen. James |
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This is a great article about NXT! Are we in contact with eco-friendly charities? If any of them accept bitcoin, they need to stop and switch to accepting NXT. James |
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