NXT :: descendant of Bitcoin - Updated Information

[sparta_cuss]

So I've been following cryptocurrency for almost a year now.
I have been mulling over an idea and thought it was time to release it to see what people think.
I don't know how this could be done, and not sure if it could utilize nxt due to high TF.
Now that there has been discussion about making coins built on top of Nxt I can forget about the high TF for now.

The idea..
Tying digital image (or any file or digital content) ownership to a colored coin via smart properties (that's my current thinking on how to implement)
[...]

Definitely an interesting idea, could probably incorporate Alias, Messaging, and AE to tackle the project.  Any kind of DRM solution utilizing Nxt would be huge.

I agree, it's really a very good idea!

Very interesting!

morphers, are you thinking of storing the images themselves on the blockchain?

[abctc]

PLEASE, I need testnxt 18232225178877143084
I want to debug while the code is fresh in my mind

- 10k testNXT sent.

[rickyjames]

NXT FUNDING COMMITTEE VOTE IS COMING MARCH 1

Remaining eligible nominees with as-yet undeclared intentions (PM me if you want off this list):

2Kool4Skewl, Arckam_(frmelin), bitcoinpaul,  buybitcoinscanada, Cointropolis_JustabitTime, Come-from-Beyond
Damelon, davethetrousers, drevil,   ferment, Fry, hughmanwho, Jean-Luc, jl777, Klee, landomata, laowai80,  msin, mww
nexern, opticalcarrier, PeercoinEnthusiast, pinarello, Pouncer,  Ricot, salsacz, SecondLeo, smaragda,  VanBreuk,  ZeroTheGreat


Something Zahlen said:  A candidate does not need to be good at writing English. Some candidates may not have English as their mother tongue. If you're voting, don't confuse lots of writing for ability to judge the worth of a project. Remember that ultimately the committee's job is to decide which projects get funded.

If you are on this list and want to be on a NXT funding committee, go here:

https://bitcointalk.org/index.php?topic=479167.msg5280476#msg5280476

Background:

https://bitcointalk.org/index.php?topic=345619.msg5280786#msg5280786

Good luck to these nominees who have declared themselves candidates:


NXTmarketingfund: allwelder, Damelon,  Mario123, Asian Prepper, joefox, brooklynbct, CoinTropolis_NiftyNikel, Uniqueorn
NXTtechdevfund: EmoneyRu, Anon136, l8orre, abuelau
NXTinfrastructurefund: rickyjames, chanc3r, EvilDave, pandaisftw, ChuckOne, ^[GS]^


Yeah, you may have seen this before.  I'll be putting it up every ten pages or so.  It's one of those "legitimate, transparent process" things.

[nxtsky]

Need some test coin:9545913092692286202
Thanks

[allwelder]

can someone tell me how to access admin/alias/message/update html pages when using 0.8.1e?  I cant seem to nav to them.  I can forge though

Try port 7876.
http://localhost:7876/

why not https ?

[CIYAM]

Interesting, I could see many coins being built with this model in mind, a coin that provides a service, paid for in Nxt, and mined to keep the network strong.

Please note that just "running a node" is not the same as "forging" in terms of "protecting the network".

Although it can help with things like DDoS and for those that are blocked from accessing IP addresses the most important work is that done by "forging nodes" as only those nodes are "confirming transactions".

[lophie]

I just wanted to ask if it would be possible to introduce a dynamic fee scheme? I heard today that bitcoin will implement this in the future.

Basically that means, that if there are few transactions the fee drops, if the number goes up, so does the fee.

if I understand nxt correctly,, this is not going to happen in nxt. See it was built on a very different idea. the fees in my opinion should be 0.01 forever.

- lophie

[allwelder]

need some testcoin,
7191893623143661625
TKS.

[CIYAM]

1. How the "weight" variable is actually computed?

So - there is a # in each block and a math op is performed with this # + the account # of the "forger" to provide a new #. You can just think of that # as being the "best account #" so the account who's # is closest to the "best" would be the "best choice" to forge the next block (so would have the max. "weight").

If that account doesn't forge then an account "near" it can forge it instead (how near is increased over time to ensure that a block should always appear every minute). So "later forgers" have less weight (the exact weight being determined by their account #).

2. In particular, for what reason the weights on a "bad" branch are supposed to be much smaller than on the main one?

An unsuccessful branch (or fork) just has "less weight" than the "main chain" so basically it would likely have been forged by nodes that actually can't see the whole network (perhaps due to IP blocking or the like).

3. Assume that a node sees at least one neighbor with a different version of the blockchain (from the blockchain that our node has). How does it decide, which is the "correct" one?

The "correct" one is simply that with the most weight - so at any point a node could ask another node for the "height and weight" of their blockchain and if that answer is better than their own then they would ask for those blocks in order to "switch chains".

Then, do I understand correctly, that the main object of interest is the probability distribution of the length of the "bad" branch? That is, we should be able to issue statements like "given that the bad guy has X% of all NXT, he can grow a bad branch of length at least 10 with probability at most 0.00000000003", right?

Exactly - we need those figures.

On the side note, there is probably also a question about penalizing "suspicious" accounts. Because if the rules are too strict, then inevitably your would penalize some good guys too, and so maybe an attacker can invent a strategy to break the network because too many nodes are penalized. Is this a possible issue?

The whole penalty thing is something we are trying to figure out as it will inevitably penalise nodes that are not malicious and may "turn people off" helping the network by forging.

Once we have the math we can make a much better decision.

[allwelder]

Would there be any proof of stake in your coin? What happens when the coin is mined to capacity? To me the whole issue with people who mine is that they only mine for the coins. What will happen when there are no coins left to mine? They will move on to the next coin. The whole thing about the mining logic is that they are not in it for the network (which I can understand). To me it seems that POW is not the best answer in the long term. A mined coin may get a lot of initial support but in the long run, POW is not going to compete with POS..... especially when the asset exchange allows people who don't know how to write program to create there own coins. I think for a coin to be long term successful POS or some form of rewarding has to be used to keep people using running the network once the coins are mined out. I like your idea though.

I am currently planning for the NXTcoins platform Asset to have about a 10% stake in mining output. Unlike all other presale, premine,etc., it will start with 0 coins. However, as the miners are mining the coins, the platform company will get its share. These funds will be used to pay for whatever servers the platform requires, but most importantly marketing costs.

As far as the duration of mining
1 billion issued
100,000 minedper day
10800 days = 30 years

Maybe it should be 250,000 coins per day? I really dont like the exponentially decaying output that almost all the coins have. It shouldnt be constant, but close to it. Actually, why cant it be constant. That would make it easy to code
The early adopters get a big advantage as when the first dividend comes in, they will be the ones with the biggest percentage of the coin. I am still not decided on the coin mining rate, but since the number of coins is totally independent from network security, it can be any method at all. I could build in a lottery system. Miners could get extra on their birthdays, etc.

As the network gets bigger, its value increases and as long as the marketing arm of the coin is doing its job, it will be able to bring in more revenues. Which boosts the coin value, which increases the number of miners, which increases its value.

Nice little positive feedback loop going on. I will probably only do a few coins to show an example of how it can be done and assuming the business coin does well, it will be very easy for new coins to be created to plug into the NXTcoins layer. By providing marketing and technical support for the NXTcoins, it allows someone that is totally technical to concentrate on what makes their coin unique and not have to get bogged down in the day to day details of marketing and customer support.

This also means that the NXTcoins platform company will need to hire non-programmers to help with the customer support and other non-technical tasks. The 10% of the NXTcoins and the dividends in NXT those NXTcoins get should provide enough budget to pay for whatever staff is needed. As the enterprise grows, more funds come in to pay for the costs.

James

P.S. I am looking for people to help me with my business coin. I think I can do most all the tech myself as all the hard work is already done with NXT. I just dont have the skills to do a decent website, nor the time to market this.

good idea.
I can help to promote them in Chinese forumwww.nxts.info and Nxt websiteswww.nxt123.info if needed.

[wakasaki808]

just for an fyi to the people who run nxtcrypto

for the 0.8.1e client download it gives you a "404 error".

The download goes to http://download.nxtcrypto.org/nxt-client-0.8.10e.zip

but I found it worked when I entered in http://download.nxtcrypto.org/nxt-client-0.8.1e.zip

Guess there is a typo in the link?

[redsn0w]

Can someone please send some (test) Nxt my way?

12790521293207104739

Thank you!

some testnet for 9827273118446850628 please, thanks!

2036840723237273850, thanks a lot!

But please hold on, I didn't yet do anything useful   

could anybody send some testNXT to 14982679201235752929 please? thanks

could anybody send some testNXT to 14982679201235752929 please? thanks

Need some test coin:9545913092692286202
Thanks

need some testcoin,
7191893623143661625
TKS.

I've send you 1KTestNxt 

[redsn0w]

just for an fyi to the people who run nxtcrypto

for the 0.8.1e client download it gives you a "404 error".

The download goes to http://download.nxtcrypto.org/nxt-client-0.8.10e.zip

but I found it worked when I entered in http://download.nxtcrypto.org/nxt-client-0.8.1e.zip

Guess there is a typo in the link?

The correct link is http://download.nxtcrypto.org/nxt-client-0.8.1e.zip

[wakasaki808]

just for an fyi to the people who run nxtcrypto

for the 0.8.1e client download it gives you a "404 error".

The download goes to http://download.nxtcrypto.org/nxt-client-0.8.10e.zip

but I found it worked when I entered in http://download.nxtcrypto.org/nxt-client-0.8.1e.zip

Guess there is a typo in the link?

The correct link is http://download.nxtcrypto.org/nxt-client-0.8.1e.zip

Yeah was guessing that. Just letting the sites admin know there is a typo.

Version will probably change soon anyways though...so whatever's haha

[2Kool4Skewl]

NXT users should be rewarded for forging or running a node.  How about after fractional amounts are implemented, we split the transaction rewards 50/50 between the account forging and the NXT nodes that are hallmarked.  Every time a block is found, half of the transaction fees are credited evenly to the hallmarked nodes.

Let's say 1000 hallmarked nodes are on the network.  A block is found that has 10 NXT transaction fee.  The forging account gets 5 NXT.  The other 5 NXT gets divided up and distributed to the 1000 accounts running on hallmarked nodes.  Each node's hallmarked account would get 5/1000 = 0.005 NXT.  The 0.005 NXT would not be broadcast as a transaction, but simply credited to the account.

This would allow smaller accounts to provide a service for NXT, running a node, and get rewarded consistently at the same time.

I do not think accounts should be penalized for not forging.  NXT should reward people and not penalize them.

[mczarnek]

When is the decentralized exchange coming? I don't mean the asset exchange, I mean decentralized which allows Nxt to BTC directly, and hopefully eventually fiat though I don't know if I see that being easily implemented for a long time to come.

In the wake of this Mt. Gox catastrophy.. seems like it might be very nice to be able to say that you can directly buy coins from within the client and don't need to trust any exchanges or anyone else to hold onto them for you.

The other idea to throw out there is something like this decentralized insurance idea:
https://nextcoin.org/index.php/topic,4186.0.html

I think the decentralized exchange should be enough though.

Totally off-topic for this: Totally agree users should be rewarded for running a node, it doesn't need to be a whole lot but it needs to be worth their while.  You may still get volunteers otherwise but you want people to thing off forging as cool and something that helps draw people to this amazing coin, that is so much more than just a coin.

[hisun]

NXT users should be rewarded for forging or running a node.  How about after fractional amounts are implemented, we split the transaction rewards 50/50 between the account forging and the NXT nodes that are hallmarked.  Every time a block is found, half of the transaction fees are credited evenly to the hallmarked nodes.

Let's say 1000 hallmarked nodes are on the network.  A block is found that has 10 NXT transaction fee.  The forging account gets 5 NXT.  The other 5 NXT gets divided up and distributed to the 1000 accounts running on hallmarked nodes.  Each node's hallmarked account would get 5/1000 = 0.005 NXT.  The 0.005 NXT would not be broadcast as a transaction, but simply credited to the account.

This would allow smaller accounts to provide a service for NXT, running a node, and get rewarded consistently at the same time.

I do not think accounts should be penalized for not forging.  NXT should reward people and not penalize them.

Good idea, expect to achieve .

[Eadeqa]

When is the decentralized exchange coming? I don't mean the asset exchange, I mean decentralized which allows Nxt to BTC directly, and hopefully eventually fiat though I don't know if I see that being easily implemented for a long time to come.

It's impossible to do "decentralized" fiat exchanges. Fiat is not crypto currency, so I don't see how it can ever be possible to have decentralized fiat exchange without a trusted gateway.

[CIYAM]

It's impossible to do "decentralized" fiat exchanged. Fiat is not crypto currency, so I don't see how it can ever be possible to have decentralized fiat withot trusted gateway.

Indeed I wouldn't be holding my breath waiting for fiat but I think you'll find that crypto to crypto will be operating on Nxt within a few months.

[abctc]

If you can't donate, at least help spread the word!

- please stop beg here.     There is special thread for that: https://bitcointalk.org/index.php?topic=354239.new#new .