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161  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 18, 2013, 05:06:43 PM
I want you to consider such early adopter bonus

All payments prior beta-testing (planned to start in a week) are counted with 300% multiplier.
All payments prior some Bitcoin block (will be announced later, in a month after the beta-testing) are counted with a multiplier scaled from 300% down to 100%.
All payments after the announced block are counted with 100% multiplier (until the genesis block generated).
162  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 18, 2013, 09:08:43 AM

In PoW currency you can remine a block to build a longer chain.  In Nxt the order of generating accounts is determined, you can't create a long chain that contains blocks generated solely by you.  With 51% of the stake the odds to generate a longer chain with 10 blocks are less than 0.1%.  If someone buys a car with NXT they can wait a little bit longer to counteract even 90% attack.

I like that you plan to make things deterministic. My ideas for pure PoS have also been deterministic.

There is a potential problem here though.

How do you deal with AWOL coin-owners? If I can't make a winning chain with 51%, then can the chain continue at all if 49% of coins are lost?

Looking forward to the details so I can see how you address this and other issues.

It's a good chance to tell the details...

Each block has "generationSignature" parameter.  An active account signs "generationSignature" of the previous block with its private key.  This gives 64 bytes which are hashed with SHA256.  The first 8 bytes of the hash gives a number (I call it a "hit").  The hit is compared to the current "target" (64bit number).  If the hit is lower than the target then next block can be generated.

The target for each account is proportional to the balance.  Someone holding 1000 coins gets a 50 times bigger target than someone with 20 coins. Thus the owner of 1000 coins will generate 50 times more blocks than the owner of 20 coins (in the long run).

The target is not constant, it grows each second passed since the timestamp of the previous block.  If noone generated a block on the first second then the target becomes 2 times bigger and so on.  The base target is the target on the 60 second mark.  If there is only a few active accounts then after a long time someone will generate a block because the target will become very big.  If you open the client and log with any funded account you can see a ticking timer in BLOCKS widget.  It shows when the target will become greater than your hit.
163  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 18, 2013, 08:50:20 AM
While you keep everything open to negotiate and going forward modestly, it will be much more effective and eye-catching if you be more clear and exact about some parameters: how many coins total, how many coins per BTC, exact release time, bonus-reward for early buyers, the cap of buy-in (since it will be POS). With numbers being fixed and openly public, people will have a better idea about if it is a valuable thing or not.
At the moment it is just some kind of interesting rumor Wink

1,000,000,000 coins will be distributed proportionally to sent amounts if an early adopter bonus is not applied.  3rd of January is a good day for the launch.  I am still thinking of the bonus.  The cap is set by common sense, noone will trade a lot of BTC for NXT because of uncertainty the project won't fail.
164  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 18, 2013, 08:43:18 AM
Are you going to put out a whitepaper, so whatever you are doing can be peer reviewed?

There are not so many differences between Bitcoin and Nxt.

1]  Nxt uses Ed25519 (http://ed25519.cr.yp.to/)
2]  Nxt is 100% proof-of-stake currency.  I will publish technical details in this thread soon.
3]  100% of coins is premined in the genesis block.  No a whitepaper required for that I believe.

Core defeciency of PPC in my opinion was a lack of transparency in the POS design and a lack of receptiveness to criticism.

I will explain how PoS works in Nxt.  The source code will be published when Nxt is launched.

I don't think you will have much luck persuading people to switch unless you explain exactly what you are doing in precise detail. 

I agree.  Ask and be answered, later I will put FAQ into the OP.

Comparing an established opaque system to a novel opaque system, I think the established opaque system wins every time.

Nxt will be transparent.  After all main features are implemented I will find time to explain all important details.  You will be able to check everything using beta version of the client.

Also, do not start rewarding early adopters until everything has been made transparent. Otherwise you will be criticized as an opportunist scamcoin creator. You want your early adopter group to be serious about the coin's long term future. if you start putting in incentives etc., then you will attract speculators rather than real enthusiasts.

True.
165  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 18, 2013, 08:32:42 AM
How does one claim ownership of Nxt funds once the genesis block is mined? They just put in the password? Since there's no signature confirming the initial TX, I suspect anyone else can also attempt to redeem the coins (in the same way redeeming an output like "OP_SHA256 <hash> OP_EQUAL" can be stolen by a miner, as there is no way to validate intended outputs).

I will run a web site.  Everyone will enter the hash of their secret phrase and a Nxt account id to claim nxts to.  The software will calculate SHA256(hash) to check it matches any of the hashes attached to the sent bitcoins.  Obviously, only a legitimate sender knows the hash.  Then I will publish collected data here for community approval.  Yes, I will know the hashes but I won't know the secret phrases.  Thus I can't claim someone's else nxts, if I attempted this the legitimate owner would easily prove his ownership by publishing the secret phrase.

What happens to the BTC sent to your address? You keep them?

After the genesis block is approved I will use them for further development of the project (advanced features and services).

Why not take all the public keys from transactions to your 'exodus'-esq address and assign them values at launch? All a user needs to do is import her privkey for the address they sent funds from and you have a more decentralised setup phase which doesn't require using a hash in a private database stored as a 'public message'.

Nxt keys are not compatible to Bitcoin ones.  Nxt uses Ed25519 and there is no a way to convert a Bitcoin key into a Nxt key.

On an economic tangent, you say there's no need to send large amounts to your address, but if the amount of Nxt you receive is proportional to the amount of BTC you send, you end up with the same wealth distribution we have in Bitcoin now (or similar enough - those who can pay more will, and thus control a similar-ish chunk of the Nxt pie).

Is it bad?  Nxt is a descendant of Bitcoin.

Economics is not my area of expertise.  I can say nothing about the issue.

Then why are you trying to design a currency?

I follow Satoshi's vision of the best currency.  Nxt gives a way to skip Bitcoin's inflation age and jump straight to the time when there is 21,000,000 coins.  Do I need to be an economist for that?
166  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 17, 2013, 09:52:20 PM
To those who is developing services.  Use [Decode token] request to authorize users, please.  Get rid of your own registration/authorization.  Nxt authorization tokens provide a safe way to log into a site without prior registration.  If you send money only to the user's account obtained from the token you don't even need a 2-factor auth.
167  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 17, 2013, 09:37:01 PM
Quote
This was not stated in your original post. That is an important point.

Good advice, I will do it.

Quote
If your system is based purely on proof-of-stake, what prevents me from executing a sybil and getting 90% of the NXT coins on release?

This hasn't come to my mind...  Any ideas how to counteract sybil attack?
Maybe now, when you revealed such problem, someone else will try it too and you both have to compete and this will be too expensive?  If 10 people will try to buy a lot of NXT they will get 10% in average...

Quote
What prevents people from gaining 51% of stake in NXT if there are no new coins created and there is no mining in this system?

In PoW currency you can remine a block to build a longer chain.  In Nxt the order of generating accounts is determined, you can't create a long chain that contains blocks generated solely by you.  With 51% of the stake the odds to generate a longer chain with 10 blocks are less than 0.1%.  If someone buys a car with NXT they can wait a little bit longer to counteract even 90% attack.
168  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 17, 2013, 09:03:23 PM
There will be NO way to get NXT coins from their BTC after the genesis block is created.

Edit: Oh, they can buy NXT for BTC from someone who owns NXT.  But we are talking about other issue, aren't we?
169  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 17, 2013, 08:57:52 PM
I think blockchain.info suits well enough.  We need it only for 2 months until the community approves the genesis block.  After that it will be published here to be quoted by anyone.

Edit:  I have no spare time to work on a light version of Bitcoin client.  There is still a lot of work to be done to launch a currency that can be used not only for speculation.
170  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 17, 2013, 08:27:31 PM
I created a thread for Nxt API (https://bitcointalk.org/index.php?topic=313082.0).

I will split my time between bootstrapping and API so those who is developing services for Nxt can complete the development as soon as possible.
171  Alternate cryptocurrencies / Altcoin Discussion / [Nxt] API of Nxt on: October 17, 2013, 08:22:35 PM
This thread is dedicated to discussion of Nxt API.  Information about Nxt can be found at https://bitcointalk.org/index.php?topic=303898.0


Requests to Nxt software are done using HTTP GET requests.  Parameters are passed as HTTP parameters.  Responses are returned as JSON objects.  If something goes wrong a response will look {"errorCode": 6, "errorDescription": "Blah-blah-blah"}.

The list of all requests is below, I will update it each time I add new ones.


Decode token
Decodes an authorization token.

Request:
http://localhost:7876/? request=decodeToken & website=www.domain.com & token=StringOf160Chars

Response:
{ "account": "398532577100249608", "timestamp": 622, "valid": true }

Note:
This approach should be used to authorize users on web sites.


Get balance
Retrieves the balance of an account.

Request:
http://localhost:7876/? request=getBalance & account=398532577100249608

Response:
{ "balance": 5000, "unconfirmedBalance": 4200 }

Note:
"unconfirmedBalance" is the balance minus all unconfirmed sent transactions.  It doesn't include double-spending and unconfirmed received transactions.  A user sees the unconfirmed balance in the client.


Get block
Retrieves block data.

Request:
http://localhost:7876/? request=getBlock & block=12726165958299924733

Response:
{ "height": 16, "generator": "398532577100249608", "timestamp": 504, "numberOfTransactions": 149, "totalAmount": 17400, "totalFee": 24, "version": 1, "baseTarget": "54029906605928", "previousBlock": "3483738553242041290", "nextBlock": "9200836476619146595", "payloadHash": "32BytesRepresentedInHexadecimalForm", "generationSignature": "64BytesRepresentedInHexadecimalForm", "blockSignature": "64BytesRepresentedInHexadecimalForm", "transactions": ["2590525739676698091", "5436057910978689871", "8815617645011985536", ...] }

Note:
"generator" is the account that generated the block.
Payload length = "numberOfTransactions" * 128 B.
"previousBlock" absents for the genesis block.
"nextBlock" absents for the last block in the blockchain.
"transactions" is an array of transaction ids.


Get time
Retrieves current time.

Request:
http://localhost:7876/? request=getTime

Response:
{ "time": 417 }

Note:
"time" is measured in seconds since the genesis block timestamp.


Get transaction
Retrieves transaction data.

Request:
http://localhost:7876/? request=getTransaction & transaction=16244659048134841060

Response:
{ "block": "12726165958299924733", "timestamp": 417, "deadline": 900, "sender": "6330031667105067575",  "recipient": "398532577100249608", "amount": 1500, "fee": 5, "confirmations": 2, "signature": "64BytesRepresentedInHexadecimalForm" }

Note:
Data of an unconfirmed transaction doesn't contain "block" and "confirmations" parameters.  Double-spending transactions are not retrieved.


Send money
Sends money.

Request:
http://localhost:7876/? request=sendMoney & secretPhrase=IWontTellYou & recipient=398532577100249608 & amount=1500 & fee=5 & deadline=900 & referencedTransaction=13689168149259791567

Response:
{ "transaction": "16244659048134841060" }

Note:
"deadline" is specified in minutes.
"referencedTransaction" can be omitted.
172  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 17, 2013, 07:27:55 PM
Hm, I think I'll stick to the original solution.  Your way looks too complicated for average users.  Thank you anyway.
173  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 17, 2013, 07:08:16 PM
Could you offer a better solution?  It's not late to change the way we collect data for the genesis block.
174  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 17, 2013, 07:01:33 PM
Why would you use blockchain.info's message field to store the messages instead of having people sign messages and post them in this thread or on your website?

You're introducing an unnecessary step which is also a centralized solution to a problem that can be solved in a number of existing decentralized ways.

Blockchain.info is a public service, when the genesis block is published anyone will easily check that it matches transactions on the transfer address.  It's much easier to verify a SHA256 hash than a message signed with a Bitcoin address.
175  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 17, 2013, 06:56:19 PM
Cool twist on the PoS/Mastercoin idea.

You should clarify and put in the OP a specific datetime (blockchain time) by which the issuing stops.
Is 03/Jan/2014 the official launch date for Nxt?

Also, I think you should have used some incentive for early adopters.
Mastercoin gave 10% bonus per week before the deadline.
Here, everybody has the incentive to wait until the last possible minute before sending their satoshis.

Since the deadline is still about 3 months in the future, I think it's still ok to change the protocol and include such a bonus. I wouldn't use 10% per week though ... let's see we still have about 11 weeks to go. MSC had a ~40% bonus over 1 month, and the short investment period was criticized. I propose giving Nxt users 5% bonus per week prior to the deadline. Fractional week counts as the appropriate fraction of 5%.

It's actually an interesting experiment in game theory. You intended the sent amounts to be small, but you might gather up a non-trivial amount in your address.

I assume the funds sent to 1BCN1ugdKdWd9pQ8Am9hMhtHZfmbXzxE8a will be used for developing the protocol/related bounties? Is this stated anywhere? This should be added to the OP.

BTW, it's really too bad you didn't use a vanity address for your version of 1Exodus.

Good luck, I will be following this.
If you want we can chat sometime and you can tell me about the vision of this new alt (ping me at ron@bitblu.com).

I am thinking of setting an early adopter bonus, but I will do it after all main features are implemented and people can see it's not a vaporware.  The funds will be used to develop services accepting Nxt.

Btw, I did use a vanity address (1BCN1ugdKdWd9pQ8Am9hMhtHZfmbXzxE8a).
176  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 17, 2013, 06:50:39 PM
Economics is not my area of expertise.  I can say nothing about the issue.
177  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 17, 2013, 02:04:26 PM
Once NXT launches (correct me if I'm wrong) you'll get your account funded according to your BTC investment.

True.  All coins will be in the genesis block.
178  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 17, 2013, 12:57:37 PM
Nxt is being developed with payment privacy in mind.  I have not revealed details yet, but I can say that there is a special account in Nxt (recipient #0), later it will be used for advanced features (mixing, escrow, etc.)
179  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 17, 2013, 09:54:35 AM
UPDATE

Generated blocks are now propagated over the network.  Bootstrapping and main branch switching are the only unimplemented features left.



I got some offers, on the launch or shortly after it we will have the following services:

1]  Faucet.  It will be funded by our donations
2]  Currency exchange.  Classical BTC-to-NXT-n-back exchange
3]  Stock exchange.  If I got it correctly this is going to be a simplified (for non-pro traders) version of a stock exchange, can be used for crowdfunding
4]  Virtual goods store.  The goods will be provided by ordinary users (books, links, game codes, anything represented as plain text)
180  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 16, 2013, 08:29:46 PM
Web client is the desktop client as well.  Users will run a java-application and work with it using a web browser.
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