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Author Topic: [ANN] Nxt :: descendant of Bitcoin  (Read 304862 times)
Come-from-Beyond
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October 09, 2013, 01:56:55 PM
 #61

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.

Well, I can create a gateway for 50 BTC. U could add 0.1% exchange fee and share this profit with the first contributors who help u to collect 50 BTC on Nxt transferring address. Kinda an early adopter bonus - send coins earlier to get some shares, isn't it?
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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October 10, 2013, 07:05:26 PM
 #62

UPDATE

Added transaction handling.  At http://88.198.210.245:7875/ you can see how it's implemented in the interface.

How to send money
1]  Go to http://88.198.210.245:7875/
2]  Click the orange lock to unlock an account
3]  Enter any digit into SECRET PHRASE field, for example "1" (the genesis block contains only 10 addresses with 100 mil coins on each)
4]  Click the purple arrow in the top right corner
5]  Fill the form, amount must be not greater than 10,000 and fee not greater than 100 (limited for testing)
6]  Deadline (in hours) can be less than 1, enter 0.1 to set it to 6 minutes
7]  See the balance adjusted and the transaction appearing in the unconfirmed transactions list

If a transaction is not included into a block (it's not because mining is in development yet) then after the deadline is reached it will be removed.  We tested that transactions are correctly propagated over the network (sent some from one peer and watched them appearing on another).

Now I'm working on the most interesting part -- the mining.  Stay tuned.
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October 10, 2013, 07:35:29 PM
 #63

This looks potentially interesting, I'm watching and hoping it keeps developing.  Smiley
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October 11, 2013, 12:43:38 PM
 #64

0.0995 BTC sent. I assume the "message" is blockchains public note, so I put my hash there.
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October 12, 2013, 04:35:41 PM
 #65

I have done with the mining.  Tomorrow I will have it implemented in the web client and you will be able to watch the blockchain growing.
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October 12, 2013, 07:26:53 PM
 #66

so this is alpha? and people who have offered btc?
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October 12, 2013, 09:50:24 PM
 #67

Anyone can test it.
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October 12, 2013, 11:30:56 PM
 #68

I have done with the mining.  Tomorrow I will have it implemented in the web client and you will be able to watch the blockchain growing.

Great work!! Looking forward to tomorrow. You'll get a lot more interest in Nxt once the web client is up and running.
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October 13, 2013, 10:55:30 AM
 #69

UPDATE

A version with mining is deployed.  Visit http://88.198.210.245:7875 and open BLOCKS widget.  Use any digit as a secret phrase to unlock one of the funded accounts and send some money to your own account (limited to 10,000 at once).  After a confirmation you will be able to generate blocks as well.

Now we are testing the retargetting.  100 % base target equals to the target that lets to generate one block per minute with 1,000,000,000 coins on the balance.  Actual generation time is displayed on BLOCKS widget in RECENT BLOCKS section.
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October 13, 2013, 11:39:44 AM
 #70

Nice. Just sent myself some NXT.  Grin
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October 13, 2013, 12:06:20 PM
 #71

Nice. Just sent myself some NXT.  Grin

How much time to generate a block is shown on ur account? I see 175+ days on mine, it has 10 kNXT.
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October 13, 2013, 12:13:20 PM
 #72

Nice. Just sent myself some NXT.  Grin

How much time to generate a block is shown on ur account? I see 175+ days on mine, it has 10 kNXT.

Mine shows 239 days.

Edit: oh, not anymore.. now it says 42.
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October 13, 2013, 12:15:27 PM
 #73

Mine shows 239 days.

After a new block I have only 13 days left. I bet it's changed each block.
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October 13, 2013, 12:18:25 PM
 #74

Mine shows 239 days.

After a new block I have only 13 days left. I bet it's changed each block.

Yeah, I updated my post. 239 was from my first login after I sent myself the 10k. Second login (just now) showed 42 days.
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October 13, 2013, 12:18:47 PM
 #75

Estimated time changes each block due to retargetting and different block hashes.  10'000 NXT gives you 0.001% to generate a block.
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October 13, 2013, 12:25:07 PM
 #76

What are you meant to put in the Tag field? Just a message? It doesn't seem to be working yet though? (if I enter anything it says "One of the fields is filled incorrectly")
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October 13, 2013, 01:11:20 PM
 #77

Estimated time changes each block due to retargetting and different block hashes.  10'000 NXT gives you 0.001% to generate a block.

If I may suggest, when releasing Nxt, don´t make the amount of coins to high. In general if you have a low coin "cap" (1 million or something in that range) it has a good physiological effect of being something "rare".
While if you have  1 trillion coins (or similar), it for one has the affect of being something "cheap" aswell as being difficult to trade against BTC (and almost impossible to trade against USD/fiat).
Well, just my thoughts Wink
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October 13, 2013, 02:42:55 PM
 #78

What are you meant to put in the Tag field? Just a message? It doesn't seem to be working yet though? (if I enter anything it says "One of the fields is filled incorrectly")

I believe u can put there any 64-bit number:

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.
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October 13, 2013, 03:29:15 PM
 #79

I noticed there are already a lot of domains with nxt in it that are taken. It kinda surprised me.
And interestingly enough nxt.com forwards to http://www.merchantlink.com

Some domains that are already registered:
nxtbox.com
nxtfile.com
nxtpay.com

and many more.
matt608
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October 13, 2013, 03:54:44 PM
 #80

Estimated time changes each block due to retargetting and different block hashes.  10'000 NXT gives you 0.001% to generate a block.

If I may suggest, when releasing Nxt, don´t make the amount of coins to high. In general if you have a low coin "cap" (1 million or something in that range) it has a good physiological effect of being something "rare".
While if you have  1 trillion coins (or similar), it for one has the affect of being something "cheap" aswell as being difficult to trade against BTC (and almost impossible to trade against USD/fiat).
Well, just my thoughts Wink

I actually associate low total coin amounts with scamcoins such as bitbar.  Obviously a trillion coins is far too many too.
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