NXT :: descendant of Bitcoin - Updated Information

[Sebastien256]

Why some old block are still with only 4 confirmations?

http://blocks.nxtcrypto.org/nxt/nxt.cgi?action=1000&blk=12319052187693912582

I don'T get it.

[allwelder]

Announcing the first online NXT Wallet

https://wallet.mynxt.info

Features:

- Easy to use
- Access your NXT from anywhere
- Responsive layout: works in PC/Mac, Tablets and Phones
- Send/Receive NXT
- See your balance in NXT, USD and BTC

Is it safe?

We made it as secure as possible, keeping in mind that as we all know nothing in the online world can be claimed to be 100% secure.

If you want the details: All accounts are 50 random generated characters long, we use AES256 to encrypt each account address twice (once using a site-wide key and once using your master password). We also only accept SSL connections and hash all passwords (salted).

There have been discussions on the main NXT Bitcointalk thread around possibly making it even safer by doing the encryption/decryption of the account on the client side (as opposed to the server side) and we are looking into this.

Launch Promo

To make things more exciting, as a launch promotion we are giving away NXT in the following way:

• The first 100 people to create an account at https://wallet.mynxt.info and post their NXT account ID (from the mynxt.info wallet) here: https://bitcointalk.org/index.php?topic=477526.new#new will get 10 NXT.
• In addition, ONE of these 100 people will get a grand prize of 1000 NXT. The winner of the grand prize will be determined by the last 2 digits of the NXT Block ID of height 75000 (you can check the latest blocks here: http://www.mynxt.info/blockexplorer/)

nice,easy to use,registered.

[allwelder]

Swarm information going out... letting the media know we're out there and we're already making news:

http://www.kspr.com/news/local/Community-Closeup-Raising-money-to-inspire-kids/21051620_24582392


If you're interested in helping contact media outlets, and not already on the swarm list, please drop me a PM.  This will be a multi day promotional event!

so cool

[msin]

I am getting close to an alpha release of the automated multisig gateway. I was hoping there was somebody here who is both familiar with gateway software and C, who could review my code.

I will be setting up three servers doing automated multisig for DOGE trading directly into NXT AE testnet. It will be real DOGE, but test assets, so just test it with small amounts. Since losing a few hundred DOGE isnt a disaster, I will be testing the basics myself.

The code is only two days old, so I have concentrated on just getting it working. Assuming people want to use it for real, I will keep improving it. Adding any coin that is a bitcoin fork should be a matter of changing a single #define file. At some point, it could probably do gateway services for many coins at the same time.

James

Awesome work, getting excited for this!

[msin]

I am getting close to an alpha release of the automated multisig gateway. I was hoping there was somebody here who is both familiar with gateway software and C, who could review my code.

I will be setting up three servers doing automated multisig for DOGE trading directly into NXT AE testnet. It will be real DOGE, but test assets, so just test it with small amounts. Since losing a few hundred DOGE isnt a disaster, I will be testing the basics myself.

The code is only two days old, so I have concentrated on just getting it working. Assuming people want to use it for real, I will keep improving it. Adding any coin that is a bitcoin fork should be a matter of changing a single #define file. At some point, it could probably do gateway services for many coins at the same time.

James

James, this is great but don't you think using Doge is a bit Oxymoronish? Would it be a good idea to create a currency on top of NXT for this exact reason. A real coin but primarily designed for in-house testing, but open to the public. I'd much rather use a NXT based coin than promote Doge.

I'm sure you agree that people need to see what NXT is capable of. Perhaps a Hybrid POS/POW coin that would be of interest to many people and draw in more investors for both NXT and the 'test' currency. It will make NXT stronger and imagine having a NXT generated coin on exchanges. A fair distribution could work wonders for our brand too. It could be simply be called 'Dime'.

+1 on this, but not sure James has time to develop coin on top of Nxt.  I think it will come soon and I really like the idea of a fairly distributed coin built on Nxt.

[jl777]

I am getting close to an alpha release of the automated multisig gateway. I was hoping there was somebody here who is both familiar with gateway software and C, who could review my code.

I will be setting up three servers doing automated multisig for DOGE trading directly into NXT AE testnet. It will be real DOGE, but test assets, so just test it with small amounts. Since losing a few hundred DOGE isnt a disaster, I will be testing the basics myself.

The code is only two days old, so I have concentrated on just getting it working. Assuming people want to use it for real, I will keep improving it. Adding any coin that is a bitcoin fork should be a matter of changing a single #define file. At some point, it could probably do gateway services for many coins at the same time.

James

James, this is great but don't you think using Doge is a bit Oxymoronish? Would it be a good idea to create a currency on top of NXT for this exact reason. A real coin but primarily designed for in-house testing, but open to the public. I'd much rather use a NXT based coin than promote Doge.

I'm sure you agree that people need to see what NXT is capable of. Perhaps a Hybrid POS/POW coin that would be of interest to many people and draw in more investors for both NXT and the 'test' currency. It will make NXT stronger and imagine having a NXT generated coin on exchanges. A fair distribution could work wonders for our brand too. It could be simply be called 'Dime'.

DOGE is a bitcoind fork and perfect for experimenting and debugging mainnet usage. As soon as we get DOGE working, I can add any other bitcoin fork in about an hour, plus testing. I envision supporting dozens of altcoins all with automatic gateway into NXT AE.

Totally decentralized crypto/NXT trading in AE and automated almost trustless gateways.

James

P.S. I am also working on a coin development kit, so people can quickly create whatever coin they want. I also have quite a few other things in the works, but I have been told to only talk about one at a time.

[wakasaki808]

I am getting close to an alpha release of the automated multisig gateway. I was hoping there was somebody here who is both familiar with gateway software and C, who could review my code.

I will be setting up three servers doing automated multisig for DOGE trading directly into NXT AE testnet. It will be real DOGE, but test assets, so just test it with small amounts. Since losing a few hundred DOGE isnt a disaster, I will be testing the basics myself.

The code is only two days old, so I have concentrated on just getting it working. Assuming people want to use it for real, I will keep improving it. Adding any coin that is a bitcoin fork should be a matter of changing a single #define file. At some point, it could probably do gateway services for many coins at the same time.

James

James, this is great but don't you think using Doge is a bit Oxymoronish? Would it be a good idea to create a currency on top of NXT for this exact reason. A real coin but primarily designed for in-house testing, but open to the public. I'd much rather use a NXT based coin than promote Doge.

I'm sure you agree that people need to see what NXT is capable of. Perhaps a Hybrid POS/POW coin that would be of interest to many people and draw in more investors for both NXT and the 'test' currency. It will make NXT stronger and imagine having a NXT generated coin on exchanges. A fair distribution could work wonders for our brand too. It could be simply be called 'Dime'.

DOGE is a bitcoind fork and perfect for experimenting and debugging mainnet usage. As soon as we get DOGE working, I can add any other bitcoin fork in about an hour, plus testing. I envision supporting dozens of altcoins all with automatic gateway into NXT AE.

Totally decentralized crypto/NXT trading in AE and automated almost trustless gateways.

James

P.S. I am also working on a coin development kit, so people can quickly create whatever coin they want. I also have quite a few other things in the works, but I have been told to only talk about one at a time.

Sounds awesome.

Little confused about how this works though...not really a techy...

So we can directly trade NXT for DOGE/etc in this AE if it works as planned? No middle man?

[msin]

I am getting close to an alpha release of the automated multisig gateway. I was hoping there was somebody here who is both familiar with gateway software and C, who could review my code.

I will be setting up three servers doing automated multisig for DOGE trading directly into NXT AE testnet. It will be real DOGE, but test assets, so just test it with small amounts. Since losing a few hundred DOGE isnt a disaster, I will be testing the basics myself.

The code is only two days old, so I have concentrated on just getting it working. Assuming people want to use it for real, I will keep improving it. Adding any coin that is a bitcoin fork should be a matter of changing a single #define file. At some point, it could probably do gateway services for many coins at the same time.

James

James, this is great but don't you think using Doge is a bit Oxymoronish? Would it be a good idea to create a currency on top of NXT for this exact reason. A real coin but primarily designed for in-house testing, but open to the public. I'd much rather use a NXT based coin than promote Doge.

I'm sure you agree that people need to see what NXT is capable of. Perhaps a Hybrid POS/POW coin that would be of interest to many people and draw in more investors for both NXT and the 'test' currency. It will make NXT stronger and imagine having a NXT generated coin on exchanges. A fair distribution could work wonders for our brand too. It could be simply be called 'Dime'.

DOGE is a bitcoind fork and perfect for experimenting and debugging mainnet usage. As soon as we get DOGE working, I can add any other bitcoin fork in about an hour, plus testing. I envision supporting dozens of altcoins all with automatic gateway into NXT AE.

Totally decentralized crypto/NXT trading in AE and automated almost trustless gateways.

James

P.S. I am also working on a coin development kit, so people can quickly create whatever coin they want. I also have quite a few other things in the works, but I have been told to only talk about one at a time.

Hopefully we can get some C++ devs to help out.

[jl777]

I am getting close to an alpha release of the automated multisig gateway. I was hoping there was somebody here who is both familiar with gateway software and C, who could review my code.

I will be setting up three servers doing automated multisig for DOGE trading directly into NXT AE testnet. It will be real DOGE, but test assets, so just test it with small amounts. Since losing a few hundred DOGE isnt a disaster, I will be testing the basics myself.

The code is only two days old, so I have concentrated on just getting it working. Assuming people want to use it for real, I will keep improving it. Adding any coin that is a bitcoin fork should be a matter of changing a single #define file. At some point, it could probably do gateway services for many coins at the same time.

James

James, this is great but don't you think using Doge is a bit Oxymoronish? Would it be a good idea to create a currency on top of NXT for this exact reason. A real coin but primarily designed for in-house testing, but open to the public. I'd much rather use a NXT based coin than promote Doge.

I'm sure you agree that people need to see what NXT is capable of. Perhaps a Hybrid POS/POW coin that would be of interest to many people and draw in more investors for both NXT and the 'test' currency. It will make NXT stronger and imagine having a NXT generated coin on exchanges. A fair distribution could work wonders for our brand too. It could be simply be called 'Dime'.

+1 on this, but not sure James has time to develop coin on top of Nxt.  I think it will come soon and I really like the idea of a fairly distributed coin built on Nxt.

Actually, a lot of the development I am doing are all components of a MUCH larger cohesive plan. I wrote about NXTlayers before, this is the evolution of that. From trustless gateways, datafeeds, NXTcoins, all the way to end use applications. I just dont do user interfaces or web sites.

I will ANN a new coin soon that builds on top of NXT, it be the first coin that directly performs useful work and essentially encapsulates a business model. This coin will be a demonstration of a three layer architecture I am developing for coins on top of NXT.

There is a platform layer that directly interfaces to NXT and provides services for coins to allow coin developers to concentrate 99% of their time on what makes their coin unique. No need to reinvent the wheel, eg. jumpstarting decentralized network, exchange, pools, even some promotion from being one of the platform coins.

Then to show the world how a coin should be done, eg. make it do something useful so it can directly make money, I will jumpstart an application layer that utilizes my coin. This is because my coin will provide a generic service that has uses in many different fields, but it always help to have a working example to fully understand it.

I think I have solved the presale problem with new coin distribution. On the one hand, a presale provides capital for development and marketing, but it also creates a large overhang of low cost coins that can really impact price negatively. Of course, this means that early investors wont get a windfall overnight, but in the long term ensuring a healthy environment for all the coins will generate much more profits. Especially since I am advocating making each coin actually directly generate revenues.

The answer is so simple, not sure why nobody has done it. Lets say pre-release investors get 10% of a coin. Instead of issuing all the coins at genesis, just give the investors 10% of what is mined. This way, nobody gets a large amount of coins. Also, the difficulty shouldnt go through a dramatic nonlinear increase. That really skews things.

I wont be doing any presales, premine or any pre with my coin, but I am open to investors to participate in the platform layer. I got the domains cpucoins.info and gpucoins.info and the platform company will use them. The current plan is for the platform company to get 10% of all the different coins that utilize it, as the coins are mined.

I dont need external investment to do most of this myself, but if there is enough interest I would consider opening it up for external investments. Any investments in *coins.info platform would need to be in NXT. PM me if you are interested. I would be more interested in sweat equity arrangements, especially for GUI, website and marketing.

James 

[Anon136]

jl777 are you talking about building another blockchain that uses the value of the nxt blockchain to grant it more security than it could achieve on its own? (since the security of a proof of stake coin is a function of the cost of purchasing 51% of the stake) or are you talking about stuffing the information relevant to your meta layer on the nxt blockchain and simply writing protocols to interpret that data?

[jl777]

I am getting close to an alpha release of the automated multisig gateway. I was hoping there was somebody here who is both familiar with gateway software and C, who could review my code.

I will be setting up three servers doing automated multisig for DOGE trading directly into NXT AE testnet. It will be real DOGE, but test assets, so just test it with small amounts. Since losing a few hundred DOGE isnt a disaster, I will be testing the basics myself.

The code is only two days old, so I have concentrated on just getting it working. Assuming people want to use it for real, I will keep improving it. Adding any coin that is a bitcoin fork should be a matter of changing a single #define file. At some point, it could probably do gateway services for many coins at the same time.

James

James, this is great but don't you think using Doge is a bit Oxymoronish? Would it be a good idea to create a currency on top of NXT for this exact reason. A real coin but primarily designed for in-house testing, but open to the public. I'd much rather use a NXT based coin than promote Doge.

I'm sure you agree that people need to see what NXT is capable of. Perhaps a Hybrid POS/POW coin that would be of interest to many people and draw in more investors for both NXT and the 'test' currency. It will make NXT stronger and imagine having a NXT generated coin on exchanges. A fair distribution could work wonders for our brand too. It could be simply be called 'Dime'.

DOGE is a bitcoind fork and perfect for experimenting and debugging mainnet usage. As soon as we get DOGE working, I can add any other bitcoin fork in about an hour, plus testing. I envision supporting dozens of altcoins all with automatic gateway into NXT AE.

Totally decentralized crypto/NXT trading in AE and automated almost trustless gateways.

James

P.S. I am also working on a coin development kit, so people can quickly create whatever coin they want. I also have quite a few other things in the works, but I have been told to only talk about one at a time.

Sounds awesome.

Little confused about how this works though...not really a techy...

So we can directly trade NXT for DOGE/etc in this AE if it works as planned? No middle man?

No middle man. There will be three gateways that will be monitoring all deposits and withdrawals and 2 of 3 need to approve all withdrawals. This is because bitcoind only supports a max of 3 for multisig and it needs to be one less than 3, so that in case one of the gateways disappears for whatever reason, the other 2 can do an emergency transfer into a separate account and add a replacement gateway.

Inside NXT AE, there will be all the cryptos and as long as you stay inside NXT, you just use AE and trade away. The only time you need to use the gateway is for deposit and withdrawal and while at first it is a bit nervous to be dealing with so much real money flowing, I am counting on the NXT community to help get it fully debugged. Eventually, we will be able to port the multisig gateway into NXT AT, but not the first release of it and I am the impatient type, so I pushed forward with a practical solution.

I am planning on putting in manual threshold limits so that any large transfers need to be manually approved. Still many details to work out, but now that I got the multisig distributed signing working, the rest should be much easier.

James

[CIYAM]

This is because bitcoind only supports a max of 3 for multisig and it needs to be one less than 3

^ This is not correct - you might want to have a play with this: https://coinb.in/multisig/

[Sebastien256]

This is because bitcoind only supports a max of 3 for multisig and it needs to be one less than 3

^ This is not correct - you might want to have a play with this: https://coinb.in/multisig/

3 gateways, that is only for the start? In the future they will be more?

[jl777]

jl777 are you talking about building another blockchain that uses the value of the nxt blockchain to grant it more security than it could achieve on its own? (since the security of a proof of stake coin is a function of the cost of purchasing 51% of the stake) or are you talking about stuffing the information relevant to your meta layer on the nxt blockchain and simply writing protocols to interpret that data?

NXT takes care of all the hard stuff like blockchains. I like simple, so my coin will just be a NXT Asset. I've figured out how to implement PoW with a minimum of redundancy, so instead of all miners competing against each other, they will be cooperating. "Mining" is just a familiar metaphor. Imagine if all computing resources spent on mining was actually doing useful computations. By useful, I dont mean some far future cure for cancer, but real world business computations.

The  hard part was solving a way to verify the PoW with minimum redundancy.

I think it will be easier to just start with a single pool, then I can just issue a fixed amount of coins on a timer. The coin issuing will be automated and tightly controlled. solo mining is pretty much obsolete anyway, so I will just need to create a secure way to allocate the coins to the pools. All participating pools would need to reach consensus on each pools payout, all automatically of course. Since owning more or less of the coin doesnt affect the ability to make new coins, I dont see there being any 51% attacks possible.

The whole bitcoin process is revolutionary, but needlessly inefficient. I want to tap into the massive computing that is there for altcoins and connect it to a paying business market. Miners will get a prorata revenue share from the revenues created by the mining calculations.

Since NXT Assets are created all at once, the miners would need to trust that I wont simply transfer some of them outside of the mining. Since even if NXT Assets could be increased incrementally, miners would have to trust that it wont be increased without mining, there is no difference with issuing all at once. There will be realtime reconciliation of the number of issued but unreleased coins vs mined coins. These should add up to the creation amount, so any malfeasance on my part will quickly destroy any value in any coin. I have the most incentive to make sure the correlation is always exact!

It might make sense to have coins put into escrow and time released to the bot, but that shifts the trust requirement to the escrow guy. Would you be interested in being escrow for entire future coin(s) supply?

James

[jl777]

This is because bitcoind only supports a max of 3 for multisig and it needs to be one less than 3

^ This is not correct - you might want to have a play with this: https://coinb.in/multisig/

Well, I was told that if it had more than 3, it would be rejected by a lot of the network as it is not considered standard. Also, for DOGE, it simply fails.

James

[CIYAM]

Well, I was told that if it had more than 3, it would be rejected by a lot of the network as it is not considered standard. Also, for DOGE, it simply fails.

I think your information is "out of date" when it comes to Bitcoin but it could well apply to clones based upon older source code.

[ZeroTheGreat]

Dev Response Requested

As I've mentioned prior, CoinPayments is working on adding Nxt to their offering. Please help me address this question:

"I've been working on NXT some more today and looking at this page
http://wiki.nxtcrypto.org/wiki/Handling_deposits it sounds like
transactions aren't really "safe" and can disappear until they get 720
confirms (~12 hours). Is that right?"

Yes, this is right. The same in Bitcoin.

means difficult to come true instant transaction ?

It's question about wanted level of security. 1 confirmation in Bitcoin - some pretty big hashrate needed to overwrite (less whole network's hasrate, cos block generator own only part of it + cos within 10 minutes not every each peer see every other one), 2 confirmations - some^2. And so on. 6 confirmations give us pretty good level. And after 20 hours (?) - with 120+ conf. (if so) u're completely safe.

In Nxt - some not hashrate, but cumulative stake involved. There goes 10 conf. as OK-level, 100 conf. as strong level and 720+ conf. (12-18 hours) as "u're safe" level. With TF, as I recall, level for strong security'll greatly reduce.

[jl777]

This is because bitcoind only supports a max of 3 for multisig and it needs to be one less than 3

^ This is not correct - you might want to have a play with this: https://coinb.in/multisig/

3 gateways, that is only for the start? In the future they will be more?

If there is demand, it is possible to create additional layers, eg. a trio of gateways for each third of withdrawal. However, since the gateways will be independently managed and they have to reach consensus before any funds can be withdrawn, any hacker would have to crack two separate facilities.

For deposit, I am initially just funneling all through a single gateway as I couldnt get listunspent to work on multisig transactions, even after I created account associations on each server with  addmultisigaddress. As it is, it was a great pain to implement a listunspent equivalent with gettxout's. Alpha version assumes no pending transactions, but once the basics are working it shouldnt be too hard to initialize to a correct state as all relevant gateway events are broadcast via AM. This way, not only can all the gateways monitor things in near realtime, so can anybody.

The whole multisig in bitcoind seems unfinished. Some things work fine, others not so good, and a lot just not at all. No wonder there is no end user wallet support for multisig.

James

[jl777]

Well, I was told that if it had more than 3, it would be rejected by a lot of the network as it is not considered standard. Also, for DOGE, it simply fails.

I think your information is "out of date" when it comes to Bitcoin but it could well apply to clones based upon older source code.

Cool! It wouldn't be too hard to add more nodes to the multisig gateway code, just want to start with a universal solution. Do you know what the limits are? What about the txfee?

[ZeroTheGreat]

Oooh parallel chains! ;-)

No

Local Signing? Blockchain Pruning? Shrinking? Morphing? Timetravel?
Come-ooooooooooon tell us-from-beyond the horizon!

))))