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Author Topic: How is NXT decentralized?  (Read 1049 times)
newrad
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July 30, 2015, 05:08:58 AM
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Excuse my ignorance, but I can't seem to find an answer from the internet.

If NXT is a decentralized currency, why do I need to download their client to store my coin? That doesn't feel safe to me.

For example with Bitcoin,Monero,Litecoin, etc I can generate a random wallet and put it in cold-storage, but from what I understand NXT wallets are only stored online?

Am I missing something here?

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July 30, 2015, 05:20:13 AM
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Excuse my ignorance, but I can't seem to find an answer from the internet.

If NXT is a decentralized currency, why do I need to download their client to store my coin? That doesn't feel safe to me.

For example with Bitcoin,Monero,Litecoin, etc I can generate a random wallet and put it in cold-storage, but from what I understand NXT wallets are only stored online?

Am I missing something here?


In Bitcoin you use a wallet.Dat file, which in essance is a file that holds a passphrase, like you would use in nxt.

You can generate offline nxt accounts just like you would bitcoin, using http://jnxt.org/vapor the vapor wallet.

Nxt is just as decentralized as bitcoin or any other altcoin, imo it's more decentralized, but that's another topic.
barbierir
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July 30, 2015, 05:51:08 AM
 #3

Excuse my ignorance, but I can't seem to find an answer from the internet.

If NXT is a decentralized currency, why do I need to download their client to store my coin? That doesn't feel safe to me.

For example with Bitcoin,Monero,Litecoin, etc I can generate a random wallet and put it in cold-storage, but from what I understand NXT wallets are only stored online?

Am I missing something here?


You don't store the coins in Nxt client exactly like Bitcoin, Litecoin, etc..., the only difference is that in Bitcoin your keys are saved in the wallet.dat file while in Nxt there's no .dat file, you have a passphrase and you write it on paper or memorize it. Personally I very much like this way because I don't have to worry about backup or hd failures and I can access my account from anywhere.

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July 30, 2015, 07:08:06 AM
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You mean "how decentralized is it"
Your phrasing has connotations to it.
Excuse my ignorance, but I can't seem to find an answer from the internet.

If NXT is a decentralized currency, why do I need to download their client to store my coin? That doesn't feel safe to me.

For example with Bitcoin,Monero,Litecoin, etc I can generate a random wallet and put it in cold-storage, but from what I understand NXT wallets are only stored online?

Am I missing something here?


Right, Bitcoin is also stored online, you are only keeping the passwords in the wallets.

monsterer
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July 30, 2015, 07:17:26 AM
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For example with Bitcoin,Monero,Litecoin, etc I can generate a random wallet and put it in cold-storage, but from what I understand NXT wallets are only stored online?

NXT wallets are always in cold storage until you log in. Someone could steal your computer and your funds would still be safe.
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July 30, 2015, 01:56:01 PM
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For example with Bitcoin,Monero,Litecoin, etc I can generate a random wallet and put it in cold-storage, but from what I understand NXT wallets are only stored online?

NXT wallets are always in cold storage until you log in. Someone could steal your computer and your funds would still be safe.

Yes but someone could steal your coins without stealing your computer if your password is weak.

I don't see how any of this pertains to decentralization though Huh

monsterer
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July 30, 2015, 02:27:07 PM
 #7

Yes but someone could steal your coins without stealing your computer if your password is weak.

I don't see how any of this pertains to decentralization though Huh

Don't make a weak password?

He was asking whether it was a server-side login, rather than a client side.

barbierir
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July 30, 2015, 05:14:28 PM
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Yes but someone could steal your coins without stealing your computer if your password is weak.


The client has a secure passphrase generator similar to the seed for the Electrum Btc wallet

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July 30, 2015, 06:01:38 PM
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Yes but someone could steal your coins without stealing your computer if your password is weak.

I don't see how any of this pertains to decentralization though Huh

Don't make a weak password?

He was asking whether it was a server-side login, rather than a client side.



Yes. I wasn't trying to point out a flaw or anything. Just why I don't like brainwallets.

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July 30, 2015, 09:03:09 PM
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Make at least a password of 32 characters. i have got a couple of NXT accounts for different use cases and every account has a password longer than 100 characters. they are very likely unhackable Wink

Yes but someone could steal your coins without stealing your computer if your password is weak.

I don't see how any of this pertains to decentralization though Huh

Don't make a weak password?

He was asking whether it was a server-side login, rather than a client side.


patmast3r
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July 31, 2015, 05:46:46 AM
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Make at least a password of 32 characters. i have got a couple of NXT accounts for different use cases and every account has a password longer than 100 characters. they are very likely unhackable Wink

Yes but someone could steal your coins without stealing your computer if your password is weak.

I don't see how any of this pertains to decentralization though Huh

Don't make a weak password?

He was asking whether it was a server-side login, rather than a client side.



So I'm guessing you can't remember all of them. Do you store them somewhere in an encrypted file ? You see at that point there's really no difference to a "wallet.dat" anymore Smiley

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September 02, 2015, 03:36:05 PM
 #12

NXt is not decentralized, it´s project of one person
i am not more interested in it
monsterer
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September 02, 2015, 03:41:44 PM
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NXt is not decentralized, it´s project of one person
i am not more interested in it

You mean like bitcoin?
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September 02, 2015, 07:55:57 PM
 #14

upcoming account controls feature is coming on the next release along with anonymizing your account.

its one of the few coins if not the only with the ability to setup a Multi-factor authentication mechanism. Say you access your nxt account on your desktop, and now you want to send coins out. You cannot unless you authorize it with another account you have on your mobile phone. But you can use multiple accounts, say you and 3 other friends need to approve before the coins get spent.

Looks something like this:



You need approval by another account first. Unlike bitcoin with multi-signature, you would need to create a transaction info and then send it over via email/message to another person to sign it. Since nxt has built in messaging system, it will just show up in the other account.

if you want to test it out in testnet go here:
http://x.drupul.com:6876  ---- Login with: NXT-KZT3-BTPQ-H38B-3MYLH
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September 02, 2015, 08:07:11 PM
 #15

i store all my passwords / keys using a password program like keepass what is however encrypted, too, with a more simple password but still hard to guess  Cheesy

So I'm guessing you can't remember all of them. Do you store them somewhere in an encrypted file ? You see at that point there's really no difference to a "wallet.dat" anymore Smiley
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September 02, 2015, 10:12:27 PM
 #16

i store all my passwords / keys using a password program like keepass what is however encrypted, too, with a more simple password but still hard to guess  Cheesy

So I'm guessing you can't remember all of them. Do you store them somewhere in an encrypted file ? You see at that point there's really no difference to a "wallet.dat" anymore Smiley

keep in mind popular password savers are going to be a target for hackers as they know the mother load of passwords is going to reside there. one trojan keylogger and your done.... its best to always have a secondary device to give authorization. its much harder to comprise your phone + your desktop.
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September 03, 2015, 08:15:52 AM
 #17

Store it in your head. The key is in the name: 'brainwallet'
patmast3r
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September 03, 2015, 08:25:11 AM
 #18

i store all my passwords / keys using a password program like keepass what is however encrypted, too, with a more simple password but still hard to guess  Cheesy

So I'm guessing you can't remember all of them. Do you store them somewhere in an encrypted file ? You see at that point there's really no difference to a "wallet.dat" anymore Smiley

keep in mind popular password savers are going to be a target for hackers as they know the mother load of passwords is going to reside there. one trojan keylogger and your done.... its best to always have a secondary device to give authorization. its much harder to comprise your phone + your desktop.

KeyPass stores passwords in encrypted files not Servers so that isn't really an issue. It does prove my point though that many people still have files where they "key" is stored for brainwallets, just like they would with "wallet.dat" wallets.

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