[ANN] Nxt :: descendant of Bitcoin

[Hazard]

Obvious scam.

Please don't send any money to an account created 4 days ago.

[1713490997]

1713490997

[BCNext]

I think it's a good idea to tell about block generation in Nxt.

Alice has 2500 nxts on her account.  Last time she found a block 4 days ago.  Her money is like a mining rig with hashpower equal to 2500 * 4 = 10000 GH/s.
Bob has 1000 ntx on his account.  He was on vacation and hasn't opened his account for 20 days.  His money is like a mining rig with 1000 * 20 = 20000 GH/s hashpower.
Each time Alice or Bob opens their account they have a chance to generate a block.  More money they have, higher a chance to do it.  More time passed since the previous generated block, higher a chance to generate a new one.
Even a small amount can generate a block by accident.
An exchange that holds coins of its customers can afford to provide the service with 0% fee.  It will still earn money via block generation.

[BCNext]

I created a small program for address generation.  https://mega.co.nz/#!94IETDZL!FRbFAnAi4uu4G5dh6HUSvmHfgK5GXKsh4NWdgY2avJ0

How to use it

1]  Download "naig.class" file
2]  Type "java -cp . naig SECRET_PHRASE"

You must have Java RE installed.

The secret phrase should be very long, it will be truncated to the first 100 chars though.  You'll get a number that can be used to receive coins (address).  Number's length may vary from 1 to 20 chars depending on the secret phrase.  While you are waiting for the release you can try to generate a short memorable address

[klee]

Nice! I will test it...

[BCNext]

Important note

I decided to use Ed25519 instead of the standard Java ECDSA.  It means that "naig.class" shouldn't be used for vanity address generation anymore.  But you can use Nxt web client to choose a cool-looking address.  The client is being developed so account locking/unlocking and peer handling are the only features implemented yet.

At the moment only one boot-strapping server is available:  http://88.198.210.245:7875

How to generate an address:
1]  Visit http://88.198.210.245:7875
2]  Click on the orange lock in the top left corner
3]  Type a secret phrase, later it will be used to unlock your account
4]  Hit OK button
5]  The address will appear next to the lock icon


PM me if you can contribute to the project development by providing a server that will be used as a boot-strapping node.

[BCNext]

Alice has 2500 nxts on her account.  Last time she found a block 4 days ago.  Her money is like a mining rig with hashpower equal to 2500 * 4 = 10000 GH/s.
Bob has 1000 ntx on his account.  He was on vacation and hasn't opened his account for 20 days.  His money is like a mining rig with 1000 * 20 = 20000 GH/s hashpower.
Each time Alice or Bob opens their account they have a chance to generate a block.  More money they have, higher a chance to do it.  More time passed since the previous generated block, higher a chance to generate a new one.
Even a small amount can generate a block by accident.
An exchange that holds coins of its customers can afford to provide the service with 0% fee.  It will still earn money via block generation.

After thinking about the mining algorithm I came to conclusion that original proof-of-stake used by PPC and NVC is a bit flawed.  Bob could accumulate small amounts on different accounts during a long period of time and then attempt a 51% attack.  Artificial limits like max 90 days don't seem to work as intended.  Nxt will use a different proof-of-stake approach, I need time to nail some details and then I'll post them here.

[klee]

Awesome, keep us updated!

[matt608]

Do we have any proof this 100% POS coin even works?  I am very suspicious.  If it's so easy to design a secure 100% POS coin why didn't Satoshi do it?

[BCNext]

Let me cite Bitcoin Magazine (http://bitcoinmagazine.com/6528/what-proof-of-stake-is-and-why-it-matters/)

The reason why Satoshi could not have done this himself is simple: before 2009, there was no kind of digital property which could securely interact with cryptographic protocols. Paypal and online credit card payments have been around for over ten years, but those systems are centralized, so creating a proof of stake system around them would allow Paypal and credit card providers themselves to cheat it by generating fake transactions.

[Come-from-Beyond]

16 transactions to 1BCN1ugdKdWd9pQ8Am9hMhtHZfmbXzxE8a == 16 participants. What the point to launch a coin with such a small userbase?

[Come-from-Beyond]

Nxt needs a critical mass to start attracting users. U said that u would use collected bitcoins for promotion. As a promotion u could, for example, return 50% of deposited coins of the first 100 ppl. I suspect a lot of bitcoiners would like to get some NXTs but most of them will wait till the very last day. Just in case if the project fails.

[wezelvis]

Nxt needs a critical mass to start attracting users. U said that u would use collected bitcoins for promotion. As a promotion u could, for example, return 50% of deposited coins of the first 100 ppl. I suspect a lot of bitcoiners would like to get some NXTs but most of them will wait till the very last day. Just in case if the project fails.

You could also do what Mastercoin did - set an end date for contributions, and then reward earlier contributors with some NXT bonus coins based on when they send you their btc.

For example, set bonus contribution time period to 4 weeks - 40% NXT bonus for anyone who contributes in the first week, 30% NXT bonus for second week, 20% NXT bonus for third week & 10% extra NXT bonus for the fourth week. After that have a contribution period without a bonus (maybe 2 weeks), then close.

People will then have an incentive to act early!!

I think the Mastercoin launch was a huge success (over 4k btc) because:
1- it's a good idea
2- early adopter bonus
3- set finish time to get on board

NXT is a good idea - add 2- & 3- and you'll have a successful launch too IMO. I know you only want people to send a small amount of btc to kick-off the genesis block, so maybe offer another incentive to early adopters, but some inducement to act, together with an end date, would be effective at generating user action.

[wezelvis]

Also, I'm in the process of getting a VPS. When I'm good to go I'll send you my IP address. I'm a newby, so it might be a while

[BCNext]

Nxt doesn't need 4000 BTC for a huge success, it needs 4000 participants.  I agree that critical mass is important, not sure about an early adopter bonus though.  First let's get something working.


To keep you updated, here are some technical details:

Address length - 8 B (max 20 chars in human-readable notation)
Private key length - 32 B
Public key length - 32 B
Signature - 64 B
Block header length - 192 B
Transaction length - 128 B

Each transaction has "deadline" value to limit time it can be added into a block.  Days when you send a transaction and wait a whole day to get it confirmed have gone for good.  Now you can set deadline to 5 minutes and if it's not confirmed then resend it with a higher fee.
Also each transaction can be marked with "id" (8 B length) to help merchants to identify your payment.  Not necessary to create a separate address for each customer anymore.

[BCNext]

We need someone to launch services available shortly after the Nxt launch.  An exchange, a gambling site, a faucet, etc.  Post in this thread your offer (what service, when planning to open and how much in bitcoins you want as a bounty).  Feel free to ask anything about Nxt API.

[kriwest]

An exchange, a gambling site, a faucet, etc. 

Or something unique, something no other coin has that people want, and that's exclusive to Nxt.
Sexcoin has the toys and DVDs - it has a niche. I think that's smart. There are already loads of gambling sites for almost every coin out there. Do we really need more?

I like that you're thinking of having services listed in the actual client though. It makes me think of Valve's Steam client - where many companies can list their games and sell them through Steam.
I could see Nxt doing something similar. Wouldn't it be handy to be able to find and buy something directly from the client? And giving vendors the tools to easily list their goods by just entering it directly in the client itself and having the payments go to their address, with shipping info and everything else the buyer filled in?

Maybe I'm going a little over board right now, but I'm just brain storming. I understand you have limited resources and that obviously limits what you can do.

[Come-from-Beyond]

We need someone to launch services available shortly after the Nxt launch.  An exchange, a gambling site, a faucet, etc.  Post in this thread your offer (what service, when planning to open and how much in bitcoins you want as a bounty).  Feel free to ask anything about Nxt API.

For 99.95 BTC my team can develop an exchange, a gambling site and a faucet by the end of this year. It will be a unified platform with the same account for the exchange and casino (and other services). U just have to find someone who will pay this money and will provide the technical support (hosting, etc.)

[BCNext]

I can not afford to spend 100 BTC.  What about 20 BTC for the exchange?

[bahamapascal]

I can not afford to spend 100 BTC.  What about 20 BTC for the exchange?

Why don´t you ask cryptsy.com if they will add it on release? If you can show them that you are serius about this coin (and show them maybe a preview of the new client), then I would think that they will add it on releas. Becous, I realy don´t see any reason to pay 20 BTC for a dedicated exchange if there are alrady exchanges out there. Aswell, most people won´t trust a new exchange and will (if at all) only send small BTC amounts. You could also contact mcxnow.com, might be that they will be willing to add it.

[BCNext]

I asked the support of one exchange.  They said Nxt API is non-standard, not like cookie cutter altcoin JSON-RPC API, and requires some effort to add it to the exchange.  Also I don't want Nxt to become just another pump-n-dump altcoin, Bitcoin-to-Nxt-and-back gateway is more preferable.  I'll think of it later.