[ANN] Nxt :: descendant of Bitcoin

[Geo_log]

I would like to get your feedback on Decentralized App Store ..

- it is a great idea, but maybe it should be "created on top of the core as 3rd party services" after the core Nxt software will be finished (and tested), including the security challenges of any PoS system.

[1714114797]

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[1714114797]

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[albitos]

http://5.135.165.137:7875/ up and running.

You can also use domain address: http://all-host.pl:7875

How can we get some coins to test everything?

[BCNext]

Unlock an account using any digit as the secret phrase ("1" works good).

[albitos]

Hah, I'm rich

[BCNext]

... including the security challenges of any PoS system.

That thread discusses a coin with completely different PoS algorithm.  The only argument that could be applied to Nxt is the Gavin's one.  But it's very doubtful that it is correct, it still requires a proof.  I could argue that a PoS coin is safer than a PoW one because PoW requires to waste electricity when PoS requires to waste time, which is a more scarce resource.

[Geo_log]

a PoS coin is safer than a PoW one because PoW requires to waste electricity when PoS requires to waste time, which is a more scarce resource.

- time is a deficient resource, but only for the human being. You can have a million copies of the same stake on the same computer, and perform an attack simultaneously, without wasting a human time.
Safety - is the question of the attacker's expenses. An attack on PoS system is much, much cheeper then on PoW system, so the security of PoS system need to be worked very well.
I think you plan to be a big stakeholder of the Nxt, and you predict the skyrocketing of the Nxt price. Imagine, what would happend with price in case of successful attack..

[BCNext]

Block generation is determined by previous blocks.  If you are doomed to generate next block in 3 hours you can prepare a block instantly, but you have to wait for 3 hours before you can reveal it (otherwise it will be ignored by the network).  You can build millions blockchains in parallel to find the best one for an attack, but at some point you will need someone else to generate a block (or wait again).  Nxt uses a novel PoS algorithm, not the one PPC, NVC and other altcoins do.  Nxt doesn't have their flaws.

[klee]

http://spectrum.ieee.org/computing/networks/whos-who-in-bitcoin-zerocoin-hero-matthew-green

Could zerocoin be adapted in a PoS scheme, especially yours? Is it needed or Nxt is inherently anonymous (blockchain analysis resistant)? What about CoinJoin?

Also what of the following are included in your proposal (as features):

https://bitcointalk.org/index.php?topic=279340.0

Thank you in advance.

EDIT: Some in the list have obvious answer (eg no PoW)

[BCNext]

Nxt has such features as

# Instant transactions ("0-confirmation transactions")
# Anonymity of IP address send transactions & mining blocks (with Tor or the cloud client)
# P2P exchange BTC (with colored coins)
# Faster difficulty changes (adjusted each block)
# Name doesn't contain "coin", "cash", "kash", "money", "dollar",  nor "bit" (at least now, Nxt is a codename)

VISA scale volume can be achieved with 32 Mbps connection.

I can not give an answer regarding Zerocoin/CoinJoin now, I am not very familiar with these concepts.

[stdset]

1,000,000,000 coins

I had a coversation with, I beleive, BTC-e owner, in Russian segment of the trollbox, about a year ago. That time we mostly talked about adding PPC to the exchange. From that conversation, I understood, that they have a prejudice against abundant cryptocurrencies having low exchange rates. That was the only reason why they were not willing to add such a remarkable coin as PPC. Even now you can see, they have at least one currency with good trading volume, whose price fell dramatically (FTC), which now experiences shortage of decimal places in its price (the smallest step is more than 2% of current exchange rate), but they don't bother helping this situation anyhow.

[Geo_log]

If you are doomed to generate next block in 3 hours you can prepare a block instantly, but you have to wait for 3 hours before you can reveal it ..

- you can instantly prepare not a block, but a consecutive chain of, say, 100 blocks in order to orphan the last existing 100 blocks.

[BCNext]

You can't.  If you own less than 50% of the stake your chain will have smaller cumulative difficulty and will be ignored by other peers.  Even worse, due to lesser number of generating accounts you will face long delays more often.  One such delay can make you to wait for a hour ruining progress of 60 prior blocks.

[hamiltino]

if any1 gives this guy bitcoin. I feel sorry for you.

[BCNext]

Follow me on Twitter @BCNext.

[klee]

Follow me on Twitter @BCNext.

Cannot find it...

[BCNext]

Try again later, please.  That is the way distributed systems work, you have to wait for changes to propogate on the network.

[klee]

Stalking you!

[bybitcoin]

Out of curiousness: what will be your own stake, will you own a predetermined number of coins, or you ll also send some btc to that address following the cap?
PS: seems putting that cap accelerated the sending speed and amounts  

[BCNext]

My stake is/will be 1 BTC worth.  I will not get any NXT for free.

P.S.  We are still too far from desired 250 users.  Maybe we will attract more people after I show colored coins in action...

[bybitcoin]

You ll need some advertisement, media projection, like in reddit and twitter+ an article in coindesk.
250 users is the minimal necessity, 1000 is an average good number.