NXT :: descendant of Bitcoin - Updated Information

[pinarello]

See how simple it is... stop selling and price goes up.

[mthcl]

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 #).

OK, but, if we want to be able to calculate probabilities, there must be a good math model of how these weights can be simulated (i.e., something like this: "one can assume that weights of accounts are independent Exponential random variables with expectations equal (or proportional?) to their balances"). Without such a model, it would be difficult to proceed...

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".

How the "weight of the blockchain" is defined? Do you just add the weights of all blocks? Or, say, last k blocks? Can it be a weighted sum?


Also, a question about the network topology: how is it decided, who will connect to who? In particular, can a "bad guy" just choose, to which nodes it will be connected?

[abuelau]

As NXT is growing and getting stronger marketing should schift focus from IT nerd tech guys-------> to real investors.

We should swarm investor sites like Ihub etc... and talk about NXT and possible ROI.

or we have to attract the mining community in some kind of way.

the well you all pumping now is DRY

And most of all whale should stop selling and turn of them bots.

I like this

[Eadeqa]

Does anyone agrees Nxt community got scammed by Mintpal exchange? They should have not added Nxt for voting if they didn't have technical skills to add it.

They need to refund the money.  

Relax, they are on it, I think.

That was  not the purpose of voting. The voting was intended  to pick up the next winner. Who cares if they add it two months later?

I am calling it a scam

[Coinonaer]

NXT Newsletter #3 

http://nxter.org/nxt-newsletter-3/

Excellent work Sir, than you! I like the picture of the funding committee 

[redsn0w]

Does anyone agrees Nxt community got scammed by Mintpal exchange? They should have not added Nxt for voting if they didn't have technical skills to add it.

They need to refund the money.  

Relax, they are on it, I think.

That was  not the purpose of voting. The voting was intended  to pick up the next winner. Who cares if they add it two months later?

I am calling it a scam

no , it isn't scam .... relax .

[Eadeqa]

Does anyone agrees Nxt community got scammed by Mintpal exchange? They should have not added Nxt for voting if they didn't have technical skills to add it.

They need to refund the money.  

Relax, they are on it, I think.

That was  not the purpose of voting. The voting was intended  to pick up the next winner. Who cares if they add it two months later?

I am calling it a scam

no , it isn't scam .... relax .

Too late to call it "not scam" -- the winner had to be chosen that exact day and implemented.

Scam

[l8orre]

Sorry if this issue has been discussed already - when I try to SELL an asset (placeAskOrder) I do get a 'not enough funds' error if the price exceeds the balance on the account!!!

When the account has more money than the Order would require, then it is possible.

This should not happen, because I have sufficient amount of the asset to be sold, and of course the balance is not relevangt for SELLING something (except for the fee, but that is only 1 nxt)


 
trying to place SELL order for 3 UniGots at 1000 nxt = 100000 in the Price field:




Can't place order, reasong not enough funds?
 

[pinarello]

NXT Newsletter #3 

http://nxter.org/nxt-newsletter-3/

Nice work again apenzl, easy to read and catch up.

thank you

[igmaca]

Power forged for account and node maximum  100000 Nxt

Accounts with more than 100000 Nxt if they want to forge gradually will be divided into fractions Nxt 100000

accounts with less than 100000 Nxt will share their rights fees in pools. If bob account forge his fees will go into the pool.
Bob would receive a fraction fees as a function of the nxt he had.

The network in the worst case would reach 10 000 nodes

1000000000/100000 = 10000 Nodes

Translated into numbers

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

a pool 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 pool (grouping of accounts) with 100000 nxt

Bob would receive a fraction fees as a function of the nxt he had in the pool.

if for example the pool is formed by 256 equal  accounts each account will receive 1 dollar per week

Do not forget that you have also mantein your PC if you usually use for other things.

The 256 dollars are to maintain only your actives nodes per week

chances of forging only depends on the nxt you have

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.

my thoughts are wrong?

[redsn0w]

Power forged for account and node maximum  100000 Nxt

Accounts with more than 100000 Nxt if they want to forge gradually will be divided into fractions Nxt 100000

accounts with less than 100000 Nxt will share their rights fees in pools. If bob account forge his fees will go into the pool.
Bob would receive a fraction fees as a function of the nxt he had.

The network in the worst case would reach 10 000 nodes

1000000000/100000 = 10000 Nodes

Translated into numbers

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

a pool 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 pool (grouping of accounts) with 100000 nxt

Bob would receive a fraction fees as a function of the nxt he had in the pool.

if for example the pool is formed by 256 equal  accounts each account will receive 1 dollar per week

Do not forget that you have also mantein your PC if you usually use for other things.

The 256 dollars are to maintain only your actives nodes per week

chances of forging only depends on the nxt you have

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.

my thoughts are wrong?

if a Nxt equals 1 Dollar  .. but 1 Nxt  doesn't equals 1 $

[igmaca]

Power forged for account and node maximum  100000 Nxt

Accounts with more than 100000 Nxt if they want to forge gradually will be divided into fractions Nxt 100000

accounts with less than 100000 Nxt will share their rights fees in pools. If bob account forge his fees will go into the pool.
Bob would receive a fraction fees as a function of the nxt he had.

The network in the worst case would reach 10 000 nodes

1000000000/100000 = 10000 Nodes

Translated into numbers

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

a pool 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 pool (grouping of accounts) with 100000 nxt

Bob would receive a fraction fees as a function of the nxt he had in the pool.

if for example the pool is formed by 256 equal  accounts each account will receive 1 dollar per week

Do not forget that you have also mantein your PC if you usually use for other things.

The 256 dollars are to maintain only your actives nodes per week

chances of forging only depends on the nxt you have

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.

my thoughts are wrong?

if a Nxt equals 1 Dollar  .. but 1 Nxt  doesn't equals 1 $

the cost per transaction is an example
can be adapted as a function of the value of nxt

[CIYAM]

OK, but, if we want to be able to calculate probabilities, there must be a good math model of how these weights can be simulated (i.e., something like this: "one can assume that weights of accounts are independent Exponential random variables with expectations equal (or proportional?) to their balances"). Without such a model, it would be difficult to proceed...

So for each account we take the first 8 bytes of an SHA256 hash of the "previous block sig + your account #" to get a "base target" (so an unpredictable 8 byte value that changes with every block). We then multiply this by your account's balance and the time (in seconds) since the last block to come up with your "current target".

There is also a "minimum target" value set in order to prevent spam (i.e. we don't want the network clogged up with people broadcasting "losing tickets"). This value is not overly important so I wouldn't worry too much about including it in the model (or just pretend it is a constant maybe).

Note that the time multiplication is really just to "widen" everyone's chance so that it won't take more than 60 seconds for "someone" to have a "current target" > "minimum target" and then broadcast their block.

When considering what is a "better block" time would be removed from the equation (so best "block target" is always the "base target" multiplied by "account balance") so the whole "time" thing could be left out of the model (just want you to be clear how the system works).

How the "weight of the blockchain" is defined? Do you just add the weights of all blocks? Or, say, last k blocks? Can it be a weighted sum?

The weight is simply the sum of each "block target" in the chain (as far as I am aware - will reply again if I've got anything wrong).

Also, a question about the network topology: how is it decided, who will connect to who? In particular, can a "bad guy" just choose, to which nodes it will be connected?

Each node will generally connect to as many nodes as it can within max. limits set and it will ask each node it connects to for that nodes connections also but of course a bad guy could choose to only connect to certain nodes.

A node will disconnect from another if that node "spams" it or has gone "quiet" for too long (to prevent wasting memory on non-functioning connections).

[VanBreuk]

NXT Newsletter #3  

http://nxter.org/nxt-newsletter-3/

Thanks! reading it now and looking good as usual.

-----

And just a thought I wanted to leave here. With the last debacle in MtGox, twitter is seething with references to P2P, decentralized exchanges. I'm seeing links to http://www.coinffeine.com/ all the time. We have a wave to ride there now. I understand people is upset with mintpal (a damn fine exchange site, imo) and any swarm efforts are good and getting into new exchanges is always good and all, but right now it does not seem a priority when we have assets of our own, pun intended, that will return much more.

Regarding implementation of asset exchange, new tests and developments, what news do we have to show? Statements, screenshots, articles... we should keep producing materials around it. Translate for the crowd the progress being made. Other than "tests keep coming nicely and neurons keep sparking" what can we show? We have a great momentum out there.

[ChuckOne]

How the "weight of the blockchain" is defined? Do you just add the weights of all blocks? Or, say, last k blocks? Can it be a weighted sum?

The weight is simply the sum of each "block target" in the chain (as far as I am aware - will reply again if I've got anything wrong).

It's the sum of 1/targets.

[bitcoinpaul]

nostalgia: https://bitcointalk.org/index.php?topic=444.msg3866#msg3866

[bitcoinpaul]

We have a wave to ride there now.

...


We have a great momentum out there.

+1

[CIYAM]

It's the sum of 1/targets.

Yes - just checked with CfB it is the sum of 1 / "block target" for all blocks (although for the modelling purposes the sum of "block target" values would be fine as the use of fractions here is presumably just to deal with numerical limits).

[mcjavar]

NXT Newsletter #3  

http://nxter.org/nxt-newsletter-3/

Thanks! reading it now and looking good as usual.

-----

And just a thought I wanted to leave here. With the last debacle in MtGox, twitter is seething with references to P2P, decentralized exchanges. I'm seeing links to http://www.coinffeine.com/ all the time. We have a wave to ride there now. I understand people is upset with mintpal (a damn fine exchange site, imo) and any swarm efforts are good and getting into new exchanges is always good and all, but right now it does not seem a priority when we have assets of our own, pun intended, that will return much more.

Regarding implementation of asset exchange, new tests and developments, what news do we have to show? Statements, screenshots, articles... we should keep producing materials around it. Translate for the crowd the progress being made. Other than "tests keep coming nicely and neurons keep sparking" what can we show? We have a great momentum out there.

I think we should try to get off BTC and start trading Nxt for FIAT. If the price of BTC goes down, so goes the price of Nxt, although the whole MtGox-stor has nothing to do with Nxt.

[msin]

any opinions on skycoin? scam? it looks legit sorta to me but not very well supported??

I believe this is the Nxt thread last time I checked.