[ANN] Nxt :: descendant of Bitcoin

[kriwest]

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

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

I dunno.. Anoncoin has a roof of 4,2 million coins (right now only about 450k). CGB ~1 million total. TBH I don't think the number matters that much, and has nothing to do with the legitimacy of the currency.

[Shad3dOne]

interesting ideas....
and glad to see progress.

[BCNext]

There will be 1,000,000,000 coins.  And amounts can be only whole numbers.  Later we can add fractional numbers but now it would be inconvenient.

[BCNext]

I see someone is adding transactions non-stop.  Is it a stress-testing or a DoS attack?

[kriwest]

I see someone is adding transactions non-stop.  Is it a stress-testing or a DoS attack?

Or someone thinking they can take all of the nxt for themselves by doing multiple 10k transactions until they reach 1,000,000,000 in their own account.

[Come-from-Beyond]

100 % base target equals to the target that lets to generate one block per minute with 1,000,000,000 coins on the balance.

The base target is around 40% for the last 20 blocks. Shouldn't it bounce around 100% coz total supply of money stays the same?

[BCNext]

No, higher dispercy of coins = higher odds to generate a block.  With 10 accounts holding 100 mil coins each the base target should be 76.8%

[BCNext]

UPDATE

A version with working MY TRANSACTIONS section deployed.  Now you can see the history of your transactions.  The blockchain was reseted to block 0.

P.S.  http://88.198.210.245:7875

[wezelvis]

UPDATE

A version with working MY TRANSACTIONS section deployed.  Now you can see the history of your transactions.  The blockchain was reseted to block 0.

P.S.  http://88.198.210.245:7875

haha, how big a dick am I? I sent real btc to my account. I don't think I'm getting NXT so far, but still enjoying the ride

[Come-from-Beyond]

haha, how big a dick am I? I sent real btc to my account. I don't think I'm getting NXT so far, but still enjoying the ride

Man, what r u talking about? It's an alpha-test.

[BCNext]

I'm working on blockchain synchronization and have to decide the maximum number of transactions in a single block.  I think that a small number will lead to fee competition, which is good for miners but bad for users.  Any suggestions?

[Come-from-Beyond]

I'm working on blockchain synchronization and have to decide the maximum number of transactions in a single block.  I think that a small number will lead to fee competition, which is good for miners but bad for users.  Any suggestions?

600 tx in block == 10 tps. Looks good to me.

[BCNext]

255 transactions is a good number.  255 fits 8 bits and 255 * 128 b fits 32 Kb.


UPDATE

Added a button to generate authorization tokens that can be used on third-party websites.  Such token identifies an account owner and removes necessity in registration.  Using a token any website can get the account id (for withdrawals and other needs) and make sure that a user is the legitimate owner of the account.

Authorization workflow
1]  Unlock an account in Nxt client
2]  Press KEY button and enter the website url
3]  Copy a token (160 chars) and paste it on the website to log in

[kriwest]

Interesting ideas being developed here. Is there a desktop client in the works or is the focus mainly on the protocol and web client for now?

[BCNext]

Web client is the desktop client as well.  Users will run a java-application and work with it using a web browser.

[wezelvis]

haha, how big a dick am I? I sent real btc to my account. I don't think I'm getting NXT so far, but still enjoying the ride

Man, what r u talking about? It's an alpha-test.

Yeah, I get that now. I'm still trying to get my head around Nxt. The penny will drop soon I hope

[BCNext]

UPDATE

Generated blocks are now propagated over the network.  Bootstrapping and main branch switching are the only unimplemented features left.


I got some offers, on the launch or shortly after it we will have the following services:

1]  Faucet.  It will be funded by our donations
2]  Currency exchange.  Classical BTC-to-NXT-n-back exchange
3]  Stock exchange.  If I got it correctly this is going to be a simplified (for non-pro traders) version of a stock exchange, can be used for crowdfunding
4]  Virtual goods store.  The goods will be provided by ordinary users (books, links, game codes, anything represented as plain text)

[matt608]

Ok I just sent 0.2985 BTC.  Hope I did it right!

[gorgorom]

0.05 sent with 256 hash

[kriwest]

This is an interesting problem, posting it here for the dev to see.. maybe Nxt can offer a solution?
https://bitcointalk.org/index.php?topic=312680.msg3349376#msg3349376