NXT :: descendant of Bitcoin - Updated Information

[mcjavar]

Texas Bitcoin Conference NXT Marketing Brochure

I would like to thank bitcoinpaul, w4llace, LiQio, EvilDave and especially mvag for their prompt and generous assistance in revising my primitive, clumsy attempt at an NXT marketing brochure into this thing of beauty:

http://nxt.sx/images/resources/NXT-Brochure-4.pdf

It's still wordy, and that's my fault.  Still, This Is A Great Job.

And thank you again, generous donor, in funding 5000 copies of this to be printed at Austin, TX for my pickup there on Tuesday.

NxtMinnow, I will be sending you what I don't use in Austin for you to hand out in San Francisco.  Mail 'em on to the next Conference when you're done with them.

https://bitcointalk.org/index.php?topic=345619.msg5398685#msg5398685

Very professional material, respect!

[Uniqueorn]

OK...  someone needs to tell Andreas that the Bitcoin future he envisions is already a REALITY with Nxt...  SERIOUSLY!!!   

https://www.youtube.com/watch?v=wzwWIDIVSTo#t=3128    ...watch at least until 53:54...

I would love to have some of these Bitcoin giants take a look at NXT, but it seems they are too partial towards Bitcoin due to having huge investments there so I guess they just think "Bitcoin is too big to fail" so they don't care about NXT.

Would be worth a shot though.

[jl777]

I will be releasing a test version of automated multisig gateway this weekend. It doesnt quite work the way you describe, but it achieves the same result and with better security. You establish a BTC account for withdrawals and get assigned a custom deposit address.

Can you say more about security?

1. If Account B is made by a human, would this lead to trust problems?

Yes, it is centralized gateway with need of trust to owner of private key of address B.

My initial version will be using 2 of 3 multisig. I would have used 4 of 5, but dogecoind network doesnt automatically accept anything more than 3.

Each gateway server is envisioned to be managed by an independent person and only that person knows his passkey (1 of 3) for the deposit acct where all the deposits end up. Deposits that dont go into the multisig acct are easily found, plus you can always incrementally deposit via multiple gateways if there are concerns on the deposit side.

The automated code requires 100% consensus from all of the independent bitcoind before allowing a withdrawal to occur. Then at least 2 of the gateways need to sign it. So, everybody can see the deposits, but without two independent gateways signing it, no funds are moved.

Actually, the required number of gateways reaching consensus is independent from the number of signers required. But for now I am keeping things on the simpler side. As the deposit acct grows, it becomes more and more of a target for hackers. I have a solution for that, but it requires an additional layer on top of the basic 2 of 3 multisig. The idea is to compartmentalize the deposits so that only a fraction of the total deposit is in any multisig acct.

Another idea is to go to 3 of 3 multisig and have one of the keys in escrow, only to be used in case of emergency.

As long as we can get Hub servers to run NXT services code, then I will be able to design a fragmented multig gateway that will not have any large deposit acct and all of them requiring multisig. If we have 10 independent NXT hub operators, no multisig will have more than 10% of all deposits. If we have 100 independent NXT hub operators, no multisig acct will have more than 1% of deposits.

That is what I mean by security. Reduce temptation and increase difficulty. Also, notice the trust required is dramatically less. We just need to trust that the NXT services servers will continue operating and no 2 or 3 will collude to steal 1% of deposits. Since these servers are the backbone of the NXT infrastructure, I think it is almost at the same trust level as trusting NXT.

James

[punkrock]

Code:

"D:\Install document\Java\bin\java.exe" -Xmx1024M -cp nxt.jar;lib\*;conf nxt.Nxt

It works fine in my WIN7.

Yes, this works for me:

Code:

"C:\Program Files (x86)\Java\jre7\bin\java.exe" -Xmx1024M -cp nxt.jar;lib\*;conf nxt.Nxt

THX!

[Jerical13]

Has there been any thought or moves to marketing directly to groups that may benefit from using NXT? i.e. Trade Unions, Chambers of Commerce maybe Small or local government bodies? This type of marketing would be fairly cheap; Only involving time and not much $ to get rolling on. NXT could be made to seem very appealing to these types of organizations if presented in the right way.

I think we would lose all credibility if we were being used by local government bodies.

I was thinking not in terms of direct use of the NXT currency, but by use of the asset exchange. Trade unions, and government bodies can by means of contract or legislation create demand for assets that they could generate on the AE. For example a union could negotiate into their contract that a portion of their pension be funded with an asset that they create, and any signatory contractor that employed any of that unions workers would be bound to invest in that asset. This would benefit the unions in the same way that the original block genesis of NXT benefited the stake holders. They would have control of the assets availability and thus the value of the asset. The contractor would not be at a disadvantage as they would have to pay the same amount out for the pension wether it were paid in FED. RESERVE notes or cryptos. The holders of the asset would gain from the increase in value of the asset as it were sold on the market, and could generate the asset for free and have control over its availability. It could work in a similar way for any body that could leverage a demand through contract or legislation. They wouldn't be endorsing the NXT currency directly, but would be forced to participate to a certain degree to use the AE. These types of groups may be easy to influence as they stand to profit with very little investment and could have direct control over the asset.

Just a thought.

Yeah, I see that, I like the ideas nonetheless.

This approach could be taken to influence other entities to get involved as well. Private businesses could also benefit from using the AE in this way (though if implemented in this way would hold less weight and arm twisting power of contracted demand or legislated demand). Example: if Netflix were to issue an asset on the AE and require customers to pay with the asset, or offer it as an alternate form of payment. They would not be directly endorsing NXT or transacting with NXT, but there would be an association through the AE. The NXT currency would be the base currency to the Netflix coin. Netflix could generate the coin for free and be enriched by the sale of the coin on the open market, and it would put them in on doing some of the leg work in spreading NXT, which of course would help our network. The could also be applied to the "gaming coin" you had suggested. There would be no need to burden the development of the AE in developing an AE centralized "gaming coin", if we could interest an already established gaming entity to get involved and generate there own coin. They make money, do some of the leg work in promoting NXT, and the investment would be minimal to them and to the NXT community. Sort of like Microsoft does with Xbox live, only with out the overhead and cost that Xbox live has as the asset generation is free, (or almost free) leaving a high ceiling for profit. If we could use this approach, and market to groups like this and let them profit, and let NXT reap the effects as they trickled down through exchanges on the AE it would be a more economical and faster strategy to spreading NXT, and really use NXT for what it is.

[mcjavar]

Since I'm not going to achieve psychic mindlock today with CfB and BCNext to get the information dump we all need, I'm gonna change the subject.  (Squirrel!!! : http://www.youtube.com/watch?v=SSUXXzN26zg )

There is a new coin on coinmarketcap.com just below NXT in market cap and that is Auroracoin.  If you don't know about Auroracoin, you should take a minute and read some about it.  It is a litecoin clone that is about to become an official government currency for Iceland.  Without going into gory details, the banking system in Iceland has had huge problems over the past few years and the government is desperate to engineer a reboot.  Thus Auroracoin.  It has a 50% pre-mine that is being held in trust and will be given out to the people of Iceland in 25 days.  They are encouraging activity to get tools in the hands of Icelanders to allow their easy use of this new currency.  


http://www.auroracoin.org/

http://theconversation.com/free-cash-for-iceland-but-it-pays-to-keep-cool-about-auroracoin-23061

The 64,000 NXT question is - could NXT somehow get on this bandwagon and become part of the Auroracoin management system via AE?  If we can get EVERYBODY IN ICELAND (population 300,000) owning NXT as a part of helping to manage their new Auroracoins...

How could we help them? What is the next step? Should we contact the developers offering them our support?

James, how should we proceed?

[martismartis]

Is it safe to unlock account and forge on public node? Even that this node is my personal?

[Mario123]

https://bitcointalk.org/index.php?topic=468258.0

66%, deadline tonight!

[nxtru]

Is it safe to unlock account and forge on public node? Even that this node is my personal?

It's not recommended.

http://wiki.nxtcrypto.org/wiki/FAQ#Are_there_public_servers_I_can_use_for_forging.3F

[jl777]

Since I'm not going to achieve psychic mindlock today with CfB and BCNext to get the information dump we all need, I'm gonna change the subject.  (Squirrel!!! : http://www.youtube.com/watch?v=SSUXXzN26zg )

There is a new coin on coinmarketcap.com just below NXT in market cap and that is Auroracoin.  If you don't know about Auroracoin, you should take a minute and read some about it.  It is a litecoin clone that is about to become an official government currency for Iceland.  Without going into gory details, the banking system in Iceland has had huge problems over the past few years and the government is desperate to engineer a reboot.  Thus Auroracoin.  It has a 50% pre-mine that is being held in trust and will be given out to the people of Iceland in 25 days.  They are encouraging activity to get tools in the hands of Icelanders to allow their easy use of this new currency.  


http://www.auroracoin.org/

http://theconversation.com/free-cash-for-iceland-but-it-pays-to-keep-cool-about-auroracoin-23061

The 64,000 NXT question is - could NXT somehow get on this bandwagon and become part of the Auroracoin management system via AE?  If we can get EVERYBODY IN ICELAND (population 300,000) owning NXT as a part of helping to manage their new Auroracoins...

How could we help them? What is the next step? Should we contact the developers offering them our support?

James, how should we proceed?

I am already proceeding and have been for a while. These market developments are not a surprise to me.

I can add auroracoin to the automated gateway, so anybody with aurora coin just establishes their NXT acct <-> Aurora addresses. Then we essentially extend AE to include the aurora wallet. This is why I am working so hard on the automated gateway. It instantly leverages whatever we connect to it with AE powers. Also AE gets extended with whatever is added.

Once we support the dozens of worthy altcoins, AE will be directly tied to all those wallets. Just like coinbase is linked to a checking acct. Once inside AE, there are all the crypto exchange possibilities, but more importantly real world trading, like POPPP's farm.

That is why I am developing the NXTcoins development kit that allows people to "configure" their NXT asset with coin type of properties. It is one thing to issue a bunch of Unicorn asset, another to properly manage the inventory, especially if it is tied into events outside the NXT blockchain. The gateway links offchain activities directly into AE.

Once we figure out how to get 10 second block times and make sure the cellphone apps handle QR codes, people can transact for real world goods in iceland using their cellphones. Now Aurora coin is not actually the official currency of iceland, more of a people's movement, but once we have 10 second block times, NXT hubs we can seriously start recruiting entire small countries to issue their currency as an AE asset.

James

[Sebastien256]

Another idea is to go to 3 of 3 multisig and have one of the keys in escrow, only to be used in case of emergency.

James

I think all three key need to be in different escrow for 3/3 multi-signing to work.

[wesleyh]

Texas Bitcoin Conference NXT Marketing Brochure

http://nxt.sx/images/resources/NXT-Brochure-4.pdf

I LOVE the Reverse Psychology tactic with the information provided in the green column!    

Very nice :-)

Typo? "Meet an NXT conference rep now:" (meet a?)

Btw, you should ask the guys at nxtcrypto.org to make a subdomain to the bitcointalk thread; http://thread.nxtcrypto.org or something like that. Much simpler to type.

[jl777]

Another idea is to go to 3 of 3 multisig and have one of the keys in escrow, only to be used in case of emergency.

James

I think all three key need to be in different escrow for 3/3 multi-signing to work.

Yes, you are right. Three different highly trusted escrows. That is why I am using (M-1) of M multisig. In case of disappearance of one of the signers,the other two just make a new multisig with a replacement third signer and transfer balance into the new multisig.

[brooklynbtc]

party like its 1999!

[mcjavar]

Since I'm not going to achieve psychic mindlock today with CfB and BCNext to get the information dump we all need, I'm gonna change the subject.  (Squirrel!!! : http://www.youtube.com/watch?v=SSUXXzN26zg )

There is a new coin on coinmarketcap.com just below NXT in market cap and that is Auroracoin.  If you don't know about Auroracoin, you should take a minute and read some about it.  It is a litecoin clone that is about to become an official government currency for Iceland.  Without going into gory details, the banking system in Iceland has had huge problems over the past few years and the government is desperate to engineer a reboot.  Thus Auroracoin.  It has a 50% pre-mine that is being held in trust and will be given out to the people of Iceland in 25 days.  They are encouraging activity to get tools in the hands of Icelanders to allow their easy use of this new currency.  


http://www.auroracoin.org/

http://theconversation.com/free-cash-for-iceland-but-it-pays-to-keep-cool-about-auroracoin-23061

The 64,000 NXT question is - could NXT somehow get on this bandwagon and become part of the Auroracoin management system via AE?  If we can get EVERYBODY IN ICELAND (population 300,000) owning NXT as a part of helping to manage their new Auroracoins...

How could we help them? What is the next step? Should we contact the developers offering them our support?

James, how should we proceed?

I am already proceeding and have been for a while. These market developments are not a surprise to me.

I can add auroracoin to the automated gateway, so anybody with aurora coin just establishes their NXT acct <-> Aurora addresses. Then we essentially extend AE to include the aurora wallet. This is why I am working so hard on the automated gateway. It instantly leverages whatever we connect to it with AE powers. Also AE gets extended with whatever is added.

Once we support the dozens of worthy altcoins, AE will be directly tied to all those wallets. Just like coinbase is linked to a checking acct. Once inside AE, there are all the crypto exchange possibilities, but more importantly real world trading, like POPPP's farm.

That is why I am developing the NXTcoins development kit that allows people to "configure" their NXT asset with coin type of properties. It is one thing to issue a bunch of Unicorn asset, another to properly manage the inventory, especially if it is tied into events outside the NXT blockchain. The gateway links offchain activities directly into AE.

Once we figure out how to get 10 second block times and make sure the cellphone apps handle QR codes, people can transact for real world goods in iceland using their cellphones. Now Aurora coin is not actually the official currency of iceland, more of a people's movement, but once we have 10 second block times, NXT hubs we can seriously start recruiting entire small countries to issue their currency as an AE asset.

James

Ok, but should we approach them now?
Could we put together a letter that we can send them? I am not a native english speaker (nor writer ).

[allwelder]

It may reach 2100 pages on April 1 2014

[wesleyh]

It may reach 2100 pages on April 1 2014

It'll reach that next week.

[landomata]

Once we figure out how to get 10 second block times

10 second block times would be great.

[Gaman]

On version 0.8.3, I notice that ssl is disabled.  Is my secret phrase still secure?

[punkrock]

Remember 2000: