NEM Technical Reference (White paper) Released!!!!!!

[kodtycoon]

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

edit:

paper on node rewards released

Announcement

The general plan for NEM node rewards has been drafted and is now ready for public comment. If you have any queries, comments or suggestions you would like to make to improve this program, please post them at the forum or at the blog.  You can download the draft here

[aleix]

thanks for this!! It looks really nice.

Now I need some time to read it and understand it

[aleix]

thanks for this!! It looks really nice.

Now I need some time to read it and understand it

if you can understand that math, i take my hat off to you sir... lol

i'll take my time to try 

[NoirSuccubus]

NEM will be big, mark my words.   

[jabo38]

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.  

[I am the guy]

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. 

[patmast3r]

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.

[kelsey]

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?

[americanpegasus]

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.

[Troonetpt]

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

[kelsey]

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

the logic of posting this in the very thread that proves your post invalid is astounding.. astoundingly bad!

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

[americanpegasus]

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?

[JohnnyBTCSeed]

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

the logic of posting this in the very thread that proves your post invalid is astounding.. astoundingly bad!

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

i didnt see your comment.

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?

yes thats how it is supposed to work.. so effectively someone who is active in the network that does transactions on a regular basis ends up with a higher importance, and thus reward, than someone who simply hoards their coins. its not just rewards that gets better distributed either. a users importance is the users level of control over the network, so those who use the network the most will inherently have a higher level of control the network than someone with an equal amount of coins that doesnt ever transact.

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?

[americanpegasus]

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

[americanpegasus]

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

 

if you mean there is no mining in nem by "premine" then yes.

there were >1500 users in nems genesis most of which are unique users and most of which only got 1/2 stakes, and the proof is in the current distribution. 3/4 rounds of stake holder analysis removed pretty much all sock masters, resulting in brilliant distribution.

ps: http://cointelegraph.com/news/114289/nem-technical-reference-introduces-reputation-enhanced-proof-of-importance

 
 
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.

[JohnnyBTCSeed]

Can you please explain vested vs unvested concept? Thanks

[JohnnyBTCSeed]

Can you please explain vested vs unvested concept? Thanks

Whenever an account receives XEM, the new XEM are added to the account’s unvested balance. When an account sends XEM, XEMs are taken from both the vested and the unvested balance, to retain the vested to unvested ratio. Additionally, every 1440 blocks, 1/10 of the unvested balance is moved to the vested part. - SEC 2.1

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

[kelsey]

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

the logic of posting this in the very thread that proves your post invalid is astounding.. astoundingly bad!

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

i didnt see your comment.

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?

yes thats how it is supposed to work.. so effectively someone who is active in the network that does transactions on a regular basis ends up with a higher importance, and thus reward, than someone who simply hoards their coins. its not just rewards that gets better distributed either. a users importance is the users level of control over the network, so those who use the network the most will inherently have a higher level of control the network than someone with an equal amount of coins that doesnt ever transact.

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 .

[spartacusrex]

Thanks kodtycoon. Always answering our POS queries.. 

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.. ?

[kelsey]

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

the logic of posting this in the very thread that proves your post invalid is astounding.. astoundingly bad!

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

i didnt see your comment.

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?

yes thats how it is supposed to work.. so effectively someone who is active in the network that does transactions on a regular basis ends up with a higher importance, and thus reward, than someone who simply hoards their coins. its not just rewards that gets better distributed either. a users importance is the users level of control over the network, so those who use the network the most will inherently have a higher level of control the network than someone with an equal amount of coins that doesnt ever transact.

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 .

this guy has 80m: http://nembex.nem.ninja/#/search/NA5PXB3KOIEQR3XLS6QHPNXZZ5LMLCJTGZJMBKTQ

this is poloniex's wallet  with 104m: http://nembex.nem.ninja/#/search/NBZMQO7ZPBYNBDUR7F75MAKA2S3DHDCIFG775N3D

polo(who has 104m) importance: 71%oo

guy with 80m XEM's importance: 84%oo ->    >20% less coins. nearly 20% higher importance.

in a proof of stake system, poloniex would have the higher stake and thus control and reward in the network. in proof of importance, that is not the case.

User: WIN
Exchange: LOSE

WIN for Proof of importance.

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.)