Nxtblg (OP)
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Activity: 924
Merit: 1000
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June 26, 2015, 07:46:58 PM
Last edit: August 07, 2015, 01:21:12 AM by Nxtblg |
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Announcing...
HZNxtty!
100'000 Issue, Fully Backed By 105'000 Nxttycoin
Redeemable On Demand
Buy, Sell Orders From Issuer
Matched To Nxt Asset Exchange
NOTE: HZNxtty is issued independently of Nxtty. There is no relationship between me and the Nxtty crew.
Nxtty is a neat little chat app that you can waste a lot of time with.  In addition to private chats with contacts you've invited, Nxtty has many public-chat channels and news feeds that'll give you the headlines and items to talk about. The public chat is organized like a bulletin board: state a subject and read others' comments to it. It's a great way to pick up contacts for very secure private chats!
Right now, Nxtty is available in Android. Just open up Google Play, search for "Nxtty," and you'll find it. It's a quick download if you're on LTE. Click this link and you'll see what it offers. You'll also see that it's reached the milestone of 10,000 - 50,000 Installs.
HZNxtty ASSET DETAILS:
NAME: HZNxtty
ASSET ID NUMBER: 8928320007544843141
ISSUING ACCOUNT: NHZ-HQTK-AH8J-WWU4-ASCUX. Balance inspectable at the HZ Block Explorer.
NUMBER OF UNITS: 100'000
BACKING: Dedicated Nxt account NXT-KDCA-U92R-9FSG-7KS4F. Holdings of Nxtty identified at bottom of the block explorer page. Just look for the "Assets" tab and click it.
BENEFIT: Each unit of HZNxtty is redeemable on demand for a minimum of one Nxttycoin sent to the redeemer's choice of Nxt account. Since Nxttycoin's issuer send out "coin dividends" monthly, the amount of Nxttycoin per unit of HZNxtty will rise over time. It's already 1.05 Nxttycoin per unit. The issuer has placed sell and buyback orders for HZNxtty on the HZ Asset Exchange and is adjusting them according to market conditions as specified by the Nxttycoin orderbook in the Nxt Asset exchange. These market-making orders are also adjusted by the amount of Nxttycoin in the backing account, so the buyback order carries a premium (currently 105%) reflecting Nxttycoin's "coin dividends." The sell orders are adjusted in the same way. The issuer will make a reasonable effort to keep up with the current orderbook in the Nxt AE so as to assure a reasonably fair price for HZNxtty, and will readjust the buyback orders upwards to reflect the value of any future in-kind dividends.
PRICE: Will vary according to market conditions. The same pledge made just above applies to the issuing prices of HZNxtty tranches, as does the same reasonable-effort proviso.
To see the orderbook for this Asset: fire up your Horizon wallet, click "Asset Exchange" on the left-hand menu, look for the "Add Asset" button in the top-right area of the wallet, click it, put in the Asset ID number 8928320007544843141 into the form, and the orderbook for HZNxtty will show. You will see buy and sell orders from me, the Asset Issuer. As pledged above, both orders will be a reasonable match for the high bid and low ask for Nxttycoin in the Nxt Asset Exchange. You can confirm this at any time by checking the HZNxtty orderbook, comparing it to the Nxttycoin orderbook, the last price of NXT at Poloniex, and the price of HZ at the same exchange. Calculation formulas are below.
If you want me to prove I have control of the Asset Issuer account NHZ-HQTK-AH8J-WWU4-ASCUX: just send me your own HZ Account ID and I'll send you an Arbitrary Message that'll prove it's my account. If you don't have an HZ Account, just download a new Horizon wallet here.
PRICING:
I'm offering HZNxtty in tranches, as tied to Nxttycoin's low ask on the Nxt Asset Exchange. Here's the formula: (low ask for Nxttycoin) * (NXT price in satoshis) / (HZ price in satoshis) * (quantity of Nxttycoin in the backing account) / (number of HZNxtty units in total.)
For example: at the time of this writing, the low ask for Nxttycoin was 0.013 NXT, and Nxt itself was selling at 3848 satoshis at Poloniex. HZ's last-trade price there was 59. The number of Nxttycoin in the backing account was 105'000, and HZNxtty's total issue is 100'000. By the above formula, my offer on the HZ Asset Exchange would be 0.013 * 3848 / 59 * 105'000 / 100'000 = about 0.89 HZ per unit of HZNxtty.
This calculation is only an example: if market conditions change, the offer will change with it.
The same procedure applies to the buyback bid, also from me. It will be based on the high bid in the Nxt AE, although the buyback bid will be higher if Nxttycoin's slippage is large. The formula for calculating the buyback will be (high bid for Nxttycoin) * (NXT price in satoshis) / (HZ price in satoshis) * (quantity of Nxttycoin in the backing account) / (number of HZNxtty units in total.)
As of the time of this writing, the high bid for Nxttycoin on the Nxt AE was 0.011. Using the same figures for the rest of the values, the buyback price would be 0.011 * 3848 / 59 * 105'000 / 100'000 = about 0.75 HZ.
Like the first example's, this calculation is meant to be illustrative. The real buyback offer will be determined by market conditions via the same formula with up-to-date figures. If Nxttycoin's slippage is unreasonably high, the buyback bid will be higher than your figures show.
REDEMPTION POLICY:
Just open up your Horizon wallet, click "Asset Exchange" and "My Assets", then click the "Transfer Asset" link beside your holdings of HZNxtty, and then transfer the amount you want to redeem to my issuing account NHZ-HQTK-AH8J-WWU4-ASCUX. Please also send an attached message with the Nxt Account ID that you want me to send the Nxttycoins to, or let me know on this thread. I'll post every completed redemption here in this thread.
ABOUT NXTTY:
Nxtty is a neat little chat app with one benefit that makes it stand over the others: private chats are strongly encrypted. It comes with true client-to-client encryption, like Arbitrary Messages in Nxt itself (and in Horizon.) You can chat with someone else and not worry about anyone eavesdropping on your private conversations. Not even the Nxtty company (NMAC) can figure out what you're saying and what's being said to you. The very design of the system means that there's no backdoor possible. If this feature seems a mere frill, I suggest you keep up with the news.
In addition, Nxtty enabled automatic message destruction by default. No more need to worry about someone scooping up your cell phone and posting a snapshot of your intimate messages to 4Chan. 
There's also a huge number of channels in the Open Chat rooms, each categorized by a popular subject. There, you can use Nxtty to tip any post you especially like.
Getting Nxtty is easy! If you have an Android phone, just fire up Google Play, look for Apps, hit the Search icon and keyboard in "Nxtty" I'm sure you know what to do next.  As you'll find out, there's lots of rooms in Open Chat and lots of (inter)action. I hear there's more than a few goofy images in one of the rooms...
Nxtty's private chat is so private, automatically destroys the messages you receive! Unless you change it in Settings, the default time between receipt and destruction is one minute:
...and post them on 4Chan. FINAL SUMMARY:This Asset, HZNxtty,allows you to get some Nxttycoin for your HZ without enduring the hassles and slippage that would come with dumping your HZ and buying NXT. I'll adjust both the sell orders and buyback orders in accordance with the two formulas above; I'll also make sure that the slippage is reasonable by raising the buyback bid if called for. You'll have a chance to participate in any rise of Nxttycoin without leaving the HZ environment and enduring even more exchange slippage. This pledge, I'll hold good on both sides of the HZ-AE orderbook ....until HZNxtty is sold out. At that point, the only order I'll place is the buyback order good for all the HZNxtty I've sold.
And remember: you need only Transfer your holdings of HZNxtty to my issuing account NHZ-HQTK-AH8J-WWU4-ASCUX and I'll send you the Nxttycoin to whatever Nxt account you specify. You can audit the backing account NXT-KDCA-U92R-9FSG-7KS4F at any time by either clipboarding the ID into the Nxt wallet searchbox or by looking near the bottom of the page for it in the Nxt Block Explorer.
Just to remind you, basic terms of this HZ Asset are:
NAME: HZNxtty
ASSET ID NUMBER: 8928320007544843141
ISSUING ACCOUNT: NHZ-HQTK-AH8J-WWU4-ASCUX. Balance inspectable at the HZ Block Explorer.
NUMBER OF UNITS: 100'000
BACKING: Dedicated Nxt account NXT-KDCA-U92R-9FSG-7KS4F. Holdings of Nxtty identified at bottom of the block explorer page. Just look for the "Assets" tab and click it.
BENEFIT: Each unit of HZNxtty is redeemable on demand for a minimum of one Nxttycoin sent to the redeemer's choice of Nxt account. Since Nxttycoin's issuer send out "coin dividends" monthly, the amount of Nxttycoin per unit of HZNxtty will rise over time. It's already 1.05 Nxttycoin per unit. The issuer has placed sell and buyback orders for HZNxtty on the HZ Asset Exchange and is adjusting them according to market conditions as specified by the Nxttycoin orderbook in the Nxt Asset exchange. These market-making orders are also adjusted by the amount of Nxttycoin in the backing account, so the buyback order carries a premium (currently 105%) reflecting Nxttycoin's "coin dividends." The sell orders are adjusted in the same way. The issuer will make a reasonable effort to keep up with the current orderbook in the Nxt AE so as to assure a reasonably fair price for HZNxtty, and will readjust the buyback orders upwards to reflect the value of any future in-kind dividends.
PRICE: Will vary according to market conditions. The same pledge made just above applies to the issuing prices of HZNxtty tranches, as does the same reasonable-effort proviso.
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