NXT :: descendant of Bitcoin - Updated Information

[2Kool4Skewl]

Assuming the NXT network is at 10% utilization, each block will have 25.6 NXT transaction fees.  ( 256 tx per block * 1 NXT tx fee * 10% = 25.6 NXT)  Half of this, 12.8 NXT, gets rewarded to the hallmarked nodes' accounts supporting the network.  At one block per minute, 18432 NXT will be distributed to all hallmarked node accounts per day assuming 10% network utilization.  If there are 1000 hallmarked nodes on the network, each node will earn 18.432 NXT per day and 6727.68 NXT per year.

As more transactions are issued on the network, more hallmarked nodes will come on-line to partake in earning the node reward.

Let's talk about the idea first before we get into numbers (because the idea should withstand changes in these numbers. And I want to get it right).

- We are now talking about incentives for hallmarked nodes
- You propose that we split block fees between the forger and the hallmarked nodes

Ok?

Yes, that is what I am proposing.

your idea is  fantastic .....

Thank you.  Let's see what Come-from-Beyond, Jean-Luc and CIYAM think about it.

[2Kool4Skewl]

NXT would be more sexy if price was higher.

As it rise it would atract attention of new investors. But sadly some whale(s) decide to sell on each price no matter what.

If price was 0.001 or so it would get on some radars, but whales do not allow price to rise.

HODL!

[marek3ball]

with the theme forging I propose the following

each time it is going to generate a block all accounts can forge, 100000 Nxt bags are grouped.

Accounts with more than 100000 nxt one goes

The smaller accounts 100000 nxt expressly not want to be grouped  go alone

Bob's account forging and is in a bag. Their fees are divided into the bag belonging.

This solution at least provoke everyone who wants to forge receive fees every 2-3 days maximum one week.

This at least solves that small accounts are equally motivated to forge that big.

I don't quite get your english

If you want to make differentiation of how big the accounts are and what fees they are getting, then the following will happen:

The big accounts divide their accounts, smaller divide their accounts, every one divides their accounts an in the end we have 1,000,000,000 accounts. And now tell me, what has changed?

Real world example:
When you turn on TV you will expect to see in 2 second some moving pictures.
Now imagine that you will have TV where you must wait 50 years before your favorite TV series will start.

This 50 years situation is today's situation with forging.
Automated grouping, Shared Forging, Leased Forging will show some progress in forging every day. Nobody will get rich from this, but it is about "It's good, I see every day what I forged" it is working and I will continue.

[bitcoinpaul]

Wiki

A hallmark is a "stamp of approval" for a Nxt node.  By creating a digital signature based on your IP address and secret passphrase (private key), you are verifying that your account "owns" a node and is accountable for it.  This helps protect the network from attack, and increases the network's trust in your node. You do not need to generate a hallmark if you are a casual Nxt user.  It is a very good idea for those who operate public Nxt nodes on dedicated, public servers. Hallmarks have no impact on forging.

Since running a hallmark right now brings no more than having no hallmark, your idea sounds good.

Could there be any downside of this, other than forging nodes get less?

[igmaca]

with the theme forging I propose the following

each time it is going to generate a block all accounts can forge, 100000 Nxt bags are grouped.

Accounts with more than 100000 nxt one goes

The smaller accounts 100000 nxt expressly not want to be grouped  go alone

Bob's account forging and is in a bag. Their fees are divided into the bag belonging.

This solution at least provoke everyone who wants to forge receive fees every 2-3 days maximum one week.

This at least solves that small accounts are equally motivated to forge that big.

I don't quite get your english

If you want to make differentiation of how big the accounts are and what fees they are getting, then the following will happen:

The big accounts divide their accounts, smaller divide their accounts, every one divides their accounts an in the end we have 1,000,000,000 accounts. And now tell me, what has changed?

with the theme forging I propose the following

each time it is going to generate a block all accounts can forge, 100000 Nxt bags are grouped.

Accounts with more than 100000 nxt go alone  

The smaller accounts 100000 nxt expressly not want to be grouped  go alone

Bob's account forging and is in a bag. Their fees are divided into the bag belonging proportionally.

This solution at least provoke everyone who wants to forge receive fees every 2-3 days maximum one week.

This at least solves as small accounts are equally motivated to forge as big ones.

divided into smaller accounts does not change your chances of forging only depends on the nxt you have.

My proposal causes everyone receives fees every 2 3 days maximum one week.

Translated into numbers

if a block has 256 transactions
and 1440 blocks are generated each day

a bag (grouping of accounts) with 100000 nxt generated 52.6 blocks per year
if a Nxt equals 1 Dollar
Blocks 52.6 x 256 = 13,455, dollar per year

in the worst case nearly every week 256 dollar received a bag (grouping of accounts) with 100000 nxt

Bob would receive the ratio as a function of the nxt he had in the bag.

[Jean-Luc]

How I can stop the server 0.8.x safely?
pkill -9 java? :S

Code:

 kill -9 #ID PROCESS

No, no, no, don't do that! There is nothing safe about kill -9. You have to use kill -15, and should see "Database shutdown completed" in the log before shutdown.

[2Kool4Skewl]

Wiki

A hallmark is a "stamp of approval" for a Nxt node.  By creating a digital signature based on your IP address and secret passphrase (private key), you are verifying that your account "owns" a node and is accountable for it.  This helps protect the network from attack, and increases the network's trust in your node. You do not need to generate a hallmark if you are a casual Nxt user.  It is a very good idea for those who operate public Nxt nodes on dedicated, public servers. Hallmarks have no impact on forging.

Since running a hallmark right now brings no more than having no hallmark, your idea sounds good.

Could there be any downside of this, other than forging nodes get less?

Hallmarking does not give you additional forging power.  It was originally implemented to prevent zombie node attacks.

The only "downside" of this, that I can think of, is that forging nodes get less.

[redsn0w]

How I can stop the server 0.8.x safely?
pkill -9 java? :S

Code:

 kill -9 #ID PROCESS

No, no, no, don't do that! There is nothing safe about kill -9. You have to use kill -15, and should see "Database shutdown completed" in the log before shutdown.

Oh i'm sorry ^[GS]^   ,  Thank for correct me Jean-Luc 


This is the code for killink safely the  client :

Code:

 kill -15 #ID PROCESS

[Jean-Luc]

I seem to have some config param missing in my raspi - when I start 0.8.1e using:       java -Xmx128M -Xmx480M -cp nxt.jar:lib/*:conf nxt.Nxt

[2014-02-25 10:05:16.833] nxt.uiServerHost = "127.0.0.1; 0.0.0.0"

This is the problem, you cannot have multiple addresses there. You have to put the network interface on which to accept UI requests - 127.0.0.1 if localhost only, 0.0.0.0 if all interfaces.

[w4llace]

Guys, i think we should use the actual problems of the Bitcoin(-ecosystem) to point out the improvements which come with NXT.
I believe that it would be a great idea to set up a press release and to send it to the known journalists of main newspapers and magazines who published in the last few months about cryptocurrencies.

During 2013 along with the uprising price of BTC media attention grew fast. Now we have the situation, that a lot of people heard at least once about cryptocurrencies and this idea is in the media.
I can speak only about german media attention, but here we have frequent articles about falling or rising BTC-price, Gox-Problems, Transaction malleability, etc.
If we now provide a pressrelease in which we're pointing out the differences and enhancements between NXT and BTC, this information will maybe flour in an overview-article or something else and NXT will gain some attention.

What I can provide: If somebody writes an english press release I will translate it in good German and distribute it to the journalists of big and middle newspapers and to online-magazines, etc.

[iruu]

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.

Assuming the NXT network is at 10% utilization, each block will have 25.6 NXT transaction fees.  ( 256 tx per block * 1 NXT tx fee * 10% = 25.6 NXT)  Half of this, 12.8 NXT, gets rewarded to the hallmarked nodes' accounts supporting the network.  At one block per minute, 18432 NXT will be distributed to all hallmarked node accounts per day assuming 10% network utilization.  If there are 1000 hallmarked nodes on the network, each node will earn 18.432 NXT per day and 6727.68 NXT per year.

As more transactions are issued on the network, more hallmarked nodes will come on-line to partake in earning the node reward.

This can't work in current PoS because this gives each node the incentive to ignore as many hallmarked nodes as it can (ie. those without sizeable balances).
Multimillion nodes gain nothing by allowing poor hallmarked nodes.

Basically, this would introduce the problem with selfish mining from bitcoin

[igmaca]

with the theme forging I propose the following

each time it is going to generate a block all accounts can forge, 100000 Nxt bags are grouped. network nxt would group together automatically.

Accounts with more than 100000 nxt one goes

The smaller accounts 100000 nxt expressly not want to be grouped  go alone

Bob's account forging and is in a bag. Their fees are divided into the bag belonging.

This solution at least provoke everyone who wants to forge receive fees every 2-3 days maximum one week.

This at least solves that small accounts are equally motivated to forge that big.

I don't quite get your english

If you want to make differentiation of how big the accounts are and what fees they are getting, then the following will happen:

The big accounts divide their accounts, smaller divide their accounts, every one divides their accounts an in the end we have 1,000,000,000 accounts. And now tell me, what has changed?

with the theme forging I propose the following

each time it is going to generate a block all accounts can forge, 100000 Nxt bags are grouped. network nxt would group together automatically.

Accounts with more than 100000 nxt go alone  

The smaller accounts 100000 nxt expressly not want to be grouped  go alone

Bob's account forging and is in a bag. Their fees are divided into the bag belonging proportionally.

This solution at least provoke everyone who wants to forge receive fees every 2-3 days maximum one week.

This at least solves as small accounts are equally motivated to forge as big ones.

divided into smaller accounts does not change your chances of forging only depends on the nxt you have.

My proposal causes everyone receives fees every 2 3 days maximum one week.

Translated into numbers

if a block has 256 transactions
and 1440 blocks are generated each day

a bag (grouping of accounts) with 100000 nxt generated 52.6 blocks per year
if a Nxt equals 1 Dollar
Blocks 52.6 x 256 = 13,455, dollar per year

in the worst case nearly every week 256 dollar received a bag (grouping of accounts) with 100000 nxt

Bob would receive the ratio as a function of the nxt he had in the bag.

Do not forget that the cost of maintaining a PC's you have also
if you usually use for other things.

The 256 dollars are to maintain only your active node per week

[bitcoinpaul]

Guys, i think we should use the actual problems of the Bitcoin(-ecosystem) to point out the improvements which come with NXT.
I believe that it would be a great idea to set up a press release and to send it to the known journalists of main newspapers and magazines who published in the last few months about cryptocurrencies.

During 2013 along with the uprising price of BTC media attention grew fast. Now we have the situation, that a lot of people heard at least once about cryptocurrencies and this idea is in the media.
I can speak only about german media attention, but here we have frequent articles about falling or rising BTC-price, Gox-Problems, Transaction malleability, etc.
If we now provide a pressrelease in which we're pointing out the differences and enhancements between NXT and BTC, this information will maybe flour in an overview-article or something else and NXT will gain some attention.

What I can provide: If somebody writes an english press release I will translate it in good German and distribute it to the journalists of big and middle newspapers and to online-magazines, etc.

Bad idea as long as transaction malleability isn't 'solved'. The journalist will jump at that immediately.

Or did I miss something?

[wesleyh]

Guys, i think we should use the actual problems of the Bitcoin(-ecosystem) to point out the improvements which come with NXT.
I believe that it would be a great idea to set up a press release and to send it to the known journalists of main newspapers and magazines who published in the last few months about cryptocurrencies.

During 2013 along with the uprising price of BTC media attention grew fast. Now we have the situation, that a lot of people heard at least once about cryptocurrencies and this idea is in the media.
I can speak only about german media attention, but here we have frequent articles about falling or rising BTC-price, Gox-Problems, Transaction malleability, etc.
If we now provide a pressrelease in which we're pointing out the differences and enhancements between NXT and BTC, this information will maybe flour in an overview-article or something else and NXT will gain some attention.

What I can provide: If somebody writes an english press release I will translate it in good German and distribute it to the journalists of big and middle newspapers and to online-magazines, etc.

Bad idea as long as transaction malleability isn't 'solved'. The journalist will jump at that immediately.

Or did I miss something?

CFB won't fix until someone makes some kind of improvement proposal, like bitcoin does.

[bitcoinpaul]

PROPOSAL

Please improve. Discuss.

 

[pinarello]

PROPOSAL

Please improve. Discuss.

 

nope we have to make an NIP!

We need this:

https://en.bitcoin.it/wiki/Bitcoin_Improvement_Proposals

[bitcoinpaul]

[redsn0w]

There is no solution xD

[oldnbold]

I'm so glad to see a real math person on the case. I just tipped you 10 Nxt. Please stick around to help sort though all this madness.

Thank you!

And it's not madness, I'm starting to find it very interesting  

A 10 NXT tip from me as well, just sent - thanks for getting involved 

[lucky88888]

Guys! We need more donation if anyone could spare few nxts!

 [NXT] $10K Charity Drive for Songs of Love

Deadline: Feb 27, 14
https://bitcointalk.org/index.php?topic=468258.0