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Author Topic: [ANN] Nxt :: descendant of Bitcoin  (Read 380351 times)
BCNext
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October 24, 2013, 10:33:22 PM
 #281

I would like to get your feedback on Decentralized App Store (https://bitcointalk.org/index.php?topic=317607.0)
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The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
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October 25, 2013, 06:12:27 AM
 #282

1]  Implement Ed25519 signature in JavaScript  =>  Users do not need to install a client ..
- doesn't user in any case need to install (and run) a client in order to make some profit from PoS mining with his stake?






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October 25, 2013, 06:32:10 AM
 #283

Yes, they do.  But if someone owns a little stake they can choose not to bother.
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October 25, 2013, 07:02:50 AM
 #284

Could anyone point me to a fast Ed25519 implementation in Java?  The current version uses a reference implementation and spends more than a whole second to verify a single signature.  This creates a lot of problems with transaction processing.  I could use C++ but this would lead to necessity to split the client into Linux and Windows branches.
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October 25, 2013, 08:07:29 AM
 #285

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.






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October 25, 2013, 02:33:36 PM
 #286

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?
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October 25, 2013, 02:40:00 PM
 #287

Unlock an account using any digit as the secret phrase ("1" works good).
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October 25, 2013, 02:43:57 PM
 #288

Hah, I'm rich Cheesy
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October 25, 2013, 02:45:17 PM
 #289

... 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.
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October 25, 2013, 06:01:29 PM
 #290

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..






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BCNext
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October 25, 2013, 06:20:37 PM
 #291

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.
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October 25, 2013, 08:48:03 PM
 #292

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)
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October 26, 2013, 05:23:02 AM
 #293

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.
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October 26, 2013, 11:16:12 AM
Last edit: October 26, 2013, 12:42:31 PM by stdset
 #294

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.

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October 26, 2013, 12:11:55 PM
 #295

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.






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BCNext
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October 26, 2013, 06:22:36 PM
 #296

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.
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October 26, 2013, 08:27:19 PM
 #297

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


stacking coin
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October 26, 2013, 08:36:43 PM
 #298

Follow me on Twitter @BCNext.
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October 26, 2013, 09:27:12 PM
 #299

Follow me on Twitter @BCNext.
Cannot find it...
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October 26, 2013, 09:34:29 PM
 #300

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