NXT :: descendant of Bitcoin - Updated Information

[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

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 ).

Approach whom? Is Aurora coin centralized?
It probably wouldnt hurt to start posting on threads of other coins to let them know about NXT's AE capabilities.

Could someone please help me rephrase the text of James? Then we can spread the news amond the other coins to let them know about the functionalities.

I don't exactly know what Geateways are or what they do. If MR. James would care to give a little more explanation, I will try to help. Does this mean that People will be able to  transfer a balance from their wallet directly to the AE? with out creating a representative colored coin?

Yes. The gateway establishes a link between your wallet address and your NXT address. After it is linked, just send money from wallet to your deposit address and you will automatically get NXT AE Asset that corresponds. For withdrawal to your wallet, just do the AE transfer to the issuer of the Asset.

James

[abctc]

It doesn't *change* the *latency* to have more nodes.
The latency is due to the physical hardware of the internet itself and some of the software (in particular things like the GCF) that sit at the fairly low levels above that.
Adding "more hops" can actually only make things *slower*.

then What's the solution ?

- may be this? :

Instant means not waiting at all.

Instant transactions will be implemented after the Messaging feature.  That is how it will work:
1]  You publish on the blockchain a message saying that your account becomes a special account.
2]  You use the account for instant transactions.
3]  At some point you decide to empty the account, so you publish a message saying that the account becomes an ordinary one.
4]  Now you can't use instant transactions and have to wait for 1440 blocks (~24 hours) to withdraw all the coins.
...

[jl777]

Not dust, but small deposits. I am controlling the sweeping into the multisig acct though, so I can always combine the smallest unspent output for each new deposit. Then over time, there wont be any silly small unspents to deal with

Just be careful not to sweep amounts that are too small or that may end up "costing" you (if they are below 0.0001 I'd recommend not including them so maybe put up a warning about that to avoid complaints).

I havent dealt with deposits coming in that are smaller than the TXFEE, but to be clear, if I have a transaction with 2 inputs, couldnt I add the small amount as a third input without having to pay anything extra.

[Jerical13]

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

You are correct (and I was wrong) that Auroracoin is not an official Icelandic Government project or currency.  It is being promoted by an Icelandic entrepreneur named Baldur Friggjar Odinsson whose name is at the bottom of some of the Auroracoin.org text.  He is almost certainly goes by "balduro" here on bitcointalk - that is the moderator of the Auroracoin [ANN] thread and its <sniff> mere 31 pages since Feb 2.  It's a pretty good bet that Baldur himself is set up somehow to mine a good chunk of the other half of Auroracoins after the first half are "airdropped" to his people on March 25. (To non-Americans, the whole "airdrop" thing is kind of a joke because our former Central Banker Ben Bernanke said in a speech that it was so important to get cash in the hand of people to spend and break the ongoing  recession that he would drop it from helicopters, leading to his nickname of "Helicopter Ben").

https://bitcointalk.org/index.php?topic=446062.0

One angle that is very important here, I think, is inflationary vs. non-inflationary coins.  Iceland has been absolutely clobbered by inflation and that is at the heart of their problem in many ways.  Auroracoin is a litecoin clone and so is inflationary.    NXT is PoS and non-inflationary.  Somehow, if they're going to take a mass national plunge into cryptocurrency in the next month,  you could probably get a lot of Icelanders to prefer dealing with NXT rather than Auroracoin because if it's one thing they understand, it's dilution of their currency.  Iceland is a small, isolated group of people.  If we can't get NXT penetration into a group like that, we're never gonna make it in the big wide world with a hundred other altcoins all trying to get attention in their own way...

I say let's give Baldur a round of sincere hearty applause.  The guy runs a thread and coin pretty much by himself with only 31 pages, and yet comes up with a cryptocurrency that (1) is just behind NXT in market cap on coinmarketcap.com and (2) is about to be the first "official" cryptocoin for an entire nation.   We've got 5000+ members and 2000+ pages and have been working on establishing ourselves 3-4 times longer than he has, and we're just barely ahead of one guy...

Anyway, I think if we don't reach out to make contact with Baldur and somehow try to do a cooperative effort with him at NXT, I think we will be missing out on a big, big opportunity.  Just thinking out loud and trying to spark some brainstorming here....

Hell, we've got whales that could give 3 NXT to everybody in Iceland for the same price Klee made a donation to a brain fund.  No disrespect to Klee, who did a WONDERFUL thing with a science angle to boot, but if an NXT whale matched Baldur's attempt to get everybody in Iceland a cryptocoin start with NXT to get out of their rut, which event do you think the media would cover more?  And which event would do more to reinforce the reputation of NXT as a premier pioneer in the cryptocurrency world?

I tell ya, we gotta figure out some way of connecting with Baudur ASAP for our mutual best interests...




 

Technically, Iceland could create a currency with the AE and cut out the middleman altogether. If they were aware of that option.

[wesleyh]

Just to remind everyone; there is a chat channel available on irc.freenode.net - join us in #nxtalk

[bitcoinpaul]

Ah, what about this:

As soon as there is an unconfirmed transaction from the same (special) account, the merchant doesn't accept anything from that account until there is some confirmation.


edit: yeah, crap.

[CIYAM]

I havent dealt with deposits coming in that are smaller than the TXFEE, but to be clear, if I have a transaction with 2 inputs, couldnt I add the small amount as a third input without having to pay anything extra.

Just depends upon the total size you are going to end up with (and the "coin age" as that can affect the "priority").

[User500]

What is the advantage of limiting the block size to 255 txs?

I know increasing block size won't increase convenience, but what is the possible limit?
Is it limited by computing power by the forging node?

[CIYAM]

may be this?

Instant transactions will be implemented after the Messaging feature.  That is how it will work:
1]  You publish on the blockchain a message saying that your account becomes a special account.
2]  You use the account for instant transactions.
3]  At some point you decide to empty the account, so you publish a message saying that the account becomes an ordinary one.
4]  Now you can't use instant transactions and have to wait for 1440 blocks (~24 hours) to withdraw all the coins.

Aha - yes I do recall about this now that you mention it although I don't recall the exact details of how this is supposed to work.

There may still be the problem of a "race condition" although I think the idea was that you had to have something like "double the amount" of balance in case you try to spend twice (but for sure something much safer for a retailer that doesn't have time to wait for confirmations).

Double spends are actually a very different creature in Nxt because it doesn't use UTXOs.

[CIYAM]

What is the advantage of limiting the block size to 255 txs?

Am pretty sure the current limit is actually 250 - but that would not be expected to stay down the track (think of it as being currently "in beta").

[martismartis]

This public node resides in stick in my TV, behind the router with static IP and forwarded ports 7874 and 7875 to the stick home LAN ip.

If you're using a direct or secured WiFi connection to the router only from *inside* your home then you should be okay (depending upon your level of paranoia) but of course there could always be keylogger's or the like which "https" isn't going to help you from anyway.

My thought was to use my public node as online wallet for my account and connect to it from outside world. Keylogger fucks things independently, it is private or public node. Another question is: is there a difference to forge on private or public node? Or it is no difference?

[igmaca]

is there any explanation step by step how laowai80 performed
to update nrs 0.7 to nrs 0.8 on a VPS?

[CIYAM]

My thought was to use my public node as online wallet for my account and connect to it from outside world. Keylogger fucks things independently, it is private or public node. Another question is: is there a difference to forge on private or public node? Or it is no difference?

Don't use "http" to access your node from *outside your home* - it is not secure to do that.

[NxtMinnow]

The good news is I just got the first automated multisig successfully cross validated on all three servers and generated a properly signed transaction.

James

BAM!   

jl777,

Those words are music to my eyes!  Thank you and KEEP IT COMING! 

[nexern]

Good morning from the West Coast NXT community,

First, great work on the tri-fold marketing brochure with special thanks to rickyjames, bitcoinpaul, w4llace, LiQio, EvilDave and especially mvag to create this great looking marketing material.

With regards to Auroracoin, the fact remains it is STILL a Proof of Work Clone and still suffers from the same geometrically increasing energy rate required to secure the network. The NXT Asset Exchange development has critical momentum; it is imperative this momentum is maintained.

The NXT cryptocurrency ecosystem is LIGHT YEARS ahead of ethereum.  I read through the ethereum forum last night and reviewed all of their problems attempting to implement their first basic clients, problems and delays and bad publicity at attempting to issue a $30 million "ether" IPO, and potentially running afoul of US SEC securities laws related to IPO issuance.

When I explain cryptocurrencies to my friends, one of the first questions is: will cryptocurrencies replace dollars, euros, etc?  My answer to them is always a resounding NO; all assets including cryptocurrencies, fiat, precious metals, land, etc will all continue to exist and be traded in parallel with the new cryptocurrencies through the NXT Asset Exchange.

HOWEVER, NXT is not just a cryptocurrency asset; but rather a powerful tool to enable transactions between all classes of assets and all groups of people.

So many people globally are locked out of the ability to conduct basic economic transactions, let alone complex transactions due to the expense resulting from the greed of the global banking cartel. The NXT ecosystem has the ability to free these underbanked and underserved people to finally join the world economic system free from the constraints of fractional reserve banking, capital controls, central banker greed, and computing arms races.

NXT is reaching critical mass.  It is true we need to organize, coordinate, keep calm and code on.  It is my vision that with the full implementation of the NXT Asset Exchange System, eventually all other energy unsustainable cryptocurrencies (All BTC and LTC clones) will be built on top of the NXT ecosystem as Proof of Work/Proof of Stake Coins.  The Proof of Stake NXT ecosystem provides the leanest, cheapest method to conduct secure cryptographic transactions and DATA GOES WHERE IT IS CHEAPEST!

well said NxtMinnow. came to the same conclusion. following ethereum also from beginning and there are some nice ideas but mostly as concept/ideas,
nxt is here and now, no reason to overestimate ethereum. Q4 2014 is planned to launch but i guess we won't see them before Q1 2015. ethereum is also
more gearing into financial api, mostly usefull for old school finance, therefore the big interest from this side but nxt is far more people/user orientated.
nxt will have all they want fully operational before they launch thier basic structure.

[jcrubino]

Is multisignatures available  in the public api?

[msin]

well said NxtMinnow. came to the same conclusion. following ethereum also from beginning and there are some nice ideas but mostly as concept/ideas,
nxt is here and now, no reason to overestimate ethereum. Q4 2014 is planned to launch but i guess we won't see them before Q1 2015. ethereum is also
more gearing into financial api, mostly usefull for old school finance, therefore the big interest from this side but nxt is far more people/user orientated.
nxt will have all they want fully operational before they launch thier basic structure.

Speaking of, how is your client coming along?

[chanc3r]

I'll try again...

Would one solution be to have a sequence of nodes, where the next 'n' forging nodes are always known not necessarily in parallel but in close sequence, so node 1 identifies node 2 and node 2 identifies node 3 (based on 1 & 2), node 3 identifies 4 (based on 1,2,3), this would create a forging mesh within the network and clients could choose which node to send to based on latency and forging window. (mobile networks and phones do something like this all the time - yes I know about dropped calls its not perfect!)

The choice of node not just based on the current params but also its awareness of the network topography would mean a continual distribution of nodes resulting in statistically a node being close in latency and forging window to a client that wanted to transact...

Depending on the capacity required the nodes would seek an optimum connection with other nodes to achieve that capacity, also if the network can advertise its current processing capacity based on its current demand and ask for more nodes who might be sleeping because not needed before.

You don't have to deploy static network models like hub/spoke or regional or whatever...

Normally people think the a system is stronger than any one single part but what I read here is how for a moment one part has to stand out from all the rest and that makes it vulnerable.

[chanc3r]

The good news is I just got the first automated multisig successfully cross validated on all three servers and generated a properly signed transaction.

James

BAM!   

jl777,

Those words are music to my eyes!  Thank you and KEEP IT COMING! 

Yay - go James....

[EmoneyRu]

is there any explanation step by step how laowai80 perform
to update nrs 0.7 to nrs 0.8 in VPS?

Check this.