NXT :: descendant of Bitcoin - Updated Information

[rickyjames]

I want to believe in NXT but following these threads makes me think there's a good chance I've dumped a good deal of money in the toilet. And yeah yeah, I'm just another speculator so who cares about me, but it's thousands of people like me who will make NXT a success or not. Dismiss us all you want but for NXT to be a success you do need us. Consider me a representative sample.

I'm right there with you.  

But one thing is for sure - this is a community that is chomping at the bit to make NXT work, and work right as the revolutionary invention it can be, not just make money off of it.  

One way or another things are going to be very different in six weeks.  CfB will be gone, the complete source code will be out (hopefully, and with or without comments) and we can take inventory on which of the original devs (if any, including BCNext himself) wants to stick around for Phase 2 of NXT.  And we WILL get a team together, and we WILL understand this code even if we have to reverse engineer line by line as some kind of alien tech we found in a UFO crash, and we WILL go to da moon.

CfB and BCNext are good, smart men who have my respect.  But even as my confusion grows from their cryptic words, my faith in this NXT community also grows because of the tangible acts I see it perform.  

Acts will persevere over words.  Wait and see.

[wesleyh]

I want to believe in NXT but following these threads makes me think there's a good chance I've dumped a good deal of money in the toilet. And yeah yeah, I'm just another speculator so who cares about me, but it's thousands of people like me who will make NXT a success or not. Dismiss us all you want but for NXT to be a success you do need us. Consider me a representative sample.

I'm right there with you.  

But one thing is for sure - this is a community that is chomping at the bit to make NXT work, and work right as the revolutionary invention it can be, not just make money off or it.  

One way or another things are going to be very different in six weeks.  CfB will be gone, the complete source code will be out (hopefully, and with or without comments) and we can take inventory on which of the original devs (if any, including BCNext himself) wants to stick around for Phase 2 of NXT.  And we WILL get a team together, and we WILL understand this code even if we have to reverse engineer line by line as some kind of alien tech we found in a UFO crash, and we WILL go to da moon.

CfB and BCNext are good, smart men who have my respect.  But even as my confusion grows from their cryptic words, my faith in this NXT community also grows because of the tangible acts I see it perform.  

Acts will persevere over words.  Wait and see.

jean-luc said something about releasing the code earlier to attract developers. Perhaps we should do this. His suggested date was march 1st. This will give us (well, not me) time to review the code, add comments, etc... Meanwhile CFB is still working for us and it gives us time to adapt to him leaving. It could also just be released to a smaller group of trusted individuals that will do a review, comment the code, etc..

[Fatih87SK]

[rickyjames]

I want to believe in NXT but following these threads makes me think there's a good chance I've dumped a good deal of money in the toilet. And yeah yeah, I'm just another speculator so who cares about me, but it's thousands of people like me who will make NXT a success or not. Dismiss us all you want but for NXT to be a success you do need us. Consider me a representative sample.

I'm right there with you.  

But one thing is for sure - this is a community that is chomping at the bit to make NXT work, and work right as the revolutionary invention it can be, not just make money off or it.  

One way or another things are going to be very different in six weeks.  CfB will be gone, the complete source code will be out (hopefully, and with or without comments) and we can take inventory on which of the original devs (if any, including BCNext himself) wants to stick around for Phase 2 of NXT.  And we WILL get a team together, and we WILL understand this code even if we have to reverse engineer line by line as some kind of alien tech we found in a UFO crash, and we WILL go to da moon.

CfB and BCNext are good, smart men who have my respect.  But even as my confusion grows from their cryptic words, my faith in this NXT community also grows because of the tangible acts I see it perform.  

Acts will persevere over words.  Wait and see.

jean-luc said something about releasing the code earlier to attract developers. Perhaps we should do this. His suggested date was march 1st. This will give us (well, not me) time to review the code, add comments, etc... Meanwhile CFB is still working for us and it gives us time to adapt to him leaving. It could also just be released to a smaller group of trusted individuals that will do a review, comment the code, etc..

This is the correct path to take - an intermediate group that acts as an advance scout whose main goal is to get the code ready for public circulation.

The WHOLE POINT of going open source with this code is to share it with others.  Open source code is useless to anybody who can't make sense of it.  Releasing it March 1st is a guarantee to make that happen.  Taking the month of March to show the code to a transition team of others whose sole job is to UNDERSTAND IT and COMMENT IT and DOCUMENT IT (and not ADD to it) is absolutely the right thing to do.

What is the ideal outcome we should be shooting for?  1000 new coders on April 5 that can pick up the NXT open source modules and immediately start adding many new features in a coordinated, cooperative fashion.  Are we currently on a path to achieve that ideal goal?  Hell no.  So let's use the time we've got on the clock to start moving in that direction.  Releasing undocumented, mystic / confusing code on March 1 instead of April 4 only makes the clusterf#@k happen a month early.  We don't want that.

Designate a code documenting transition team that starts interfacing NOW with the current devs.  Ground rule number one is that devs drop all the cryptic mumbo jumbo talk and come clean with the transition team where everything actually stands as of right now.  Then we can all start picking up the pieces to build something even more wonderful.  

[wakasaki808]

I want to believe in NXT but following these threads makes me think there's a good chance I've dumped a good deal of money in the toilet. And yeah yeah, I'm just another speculator so who cares about me, but it's thousands of people like me who will make NXT a success or not. Dismiss us all you want but for NXT to be a success you do need us. Consider me a representative sample.

I'm right there with you.  

But one thing is for sure - this is a community that is chomping at the bit to make NXT work, and work right as the revolutionary invention it can be, not just make money off or it.  

One way or another things are going to be very different in six weeks.  CfB will be gone, the complete source code will be out (hopefully, and with or without comments) and we can take inventory on which of the original devs (if any, including BCNext himself) wants to stick around for Phase 2 of NXT.  And we WILL get a team together, and we WILL understand this code even if we have to reverse engineer line by line as some kind of alien tech we found in a UFO crash, and we WILL go to da moon.

CfB and BCNext are good, smart men who have my respect.  But even as my confusion grows from their cryptic words, my faith in this NXT community also grows because of the tangible acts I see it perform.  

Acts will persevere over words.  Wait and see.

jean-luc said something about releasing the code earlier to attract developers. Perhaps we should do this. His suggested date was march 1st. This will give us (well, not me) time to review the code, add comments, etc... Meanwhile CFB is still working for us and it gives us time to adapt to him leaving. It could also just be released to a smaller group of trusted individuals that will do a review, comment the code, etc..

Agree. I believe its in NXT best interest to at the least have Jean reveal the complete code sooner rather than later to select trusted individuals so that we can have some of the dedicated transition dev's know all the info they need of NXT after CfB, etc. are gone.

Not much a coder but from what I see not waiting to reveal the code would have much negativity on NXT especially if its for the transition team of devs. 

[BrianNowhere]

We can reduce. But if u set gap between blocks to 10 sec then u'll need 6 times more confirmations to get the same reliability.

Exactly what I was trying to explain (perhaps you'll accept it when it comes from CfB rather than me).

This is exactly the problem that so many of the "alts" have - they think that you can just reduce the confirmation time and everything is fine.

Why can Ripple have 3 second transactions and NXT can't?

[mr_random]

Can we not change from a blockchain to a blocktree?

A recently written paper suggested if Bitcoin turned to this approach the transaction times could be reduced to less than 10 seconds, if i recall correctly.

[Come-from-Beyond]

Why can Ripple have 3 second transactions and NXT can't?

Coz Ripple is distributed and Nxt is decentralized.

[wakasaki808]

Can we not change from a blockchain to a blocktree?

A recently written paper suggested if Bitcoin turned to this approach the transaction times could be reduced to less than 10 seconds, if i recall correctly.

like eMunie then? Also wonder if this would be possible to do in NXT or does what NXT have is better?

what a blocktree is

http://ecoinomist.com/emunie-block-tree-transaction-chain-infographic

eMunie now uses multiple chains, think of the ledger as more of a block tree, than a block chain. There may be many 1000′s of small, interconnected chains, all holding valid transactions, and all able to validate transactions across other chain sections.

“Forks“, or new chains in eMunie are good, they strengthen the system and make a 51% attack impractical if not nigh on impossible, as there are so many chains, taking them all over is difficult. Transactions are signed and verified in multiple blocks, with many “hatchers” (or miners as is the lingo here) in the system verifying the same transaction over and over and including a reference to that transaction in many blocks, within many chains.

Double spends are EXTREMELY difficult with eMunie, as the system favors a rolling balance over a “transaction in/out” method such as Bitcoin. As soon as you create a transaction, that transaction is distributed to the network as an intention, and it is logged. All nodes now know about this intended transaction and will include it in any subsequent balance calculation should they need it.

Upon the transaction clearing, that transaction is included in 1 or many blocks, and your rolling balance will calculate to the same as when performed using the transaction intention.

[tyme]

Hey guys,

I am one of the admins of AltCoins Market. It's a new website about cryptocoins where you can see instantly all the information about your coins. We want to add NxT to our website but we need a blockchain where I can get the total coins mined (forged in this case) so we can calculate the market cap and the USD value. Do you know any site where I could get it using json? It would be nice to have it.

Thank you in advance and I hope you like AltCoins Market!

[BrianNowhere]

Why can Ripple have 3 second transactions and NXT can't?

Coz Ripple is distributed and Nxt is decentralized.

That's a BS answer. According to Ripple Labs they will be just as decentralized as NXT is in the future. All that as to happen is for volunteers to host the servers instead of Ripple Labs, which is no different than asking users to pay for VPN services and running nodes. Right now Ripple is the only alt-currency/network that is ready for prime time when it comes to being point of sale capable and even if your argument were true, the merchants & users will give exactly two shits about which one is more decentralized. If it works, it works. End of story.

First one to the finish line gets to be Google. The rest will enjoy bing and yahoo status.

[redsn0w]

Currently, there is only 1 account that is able to forge at a certain time.
In the future, there shall be n accounts to do so in order to avoid DoS attacks.

Hmm, I need to look up where I read that...

Forging Groups.

Forging Groups = Pool ...( it's similar )

[Come-from-Beyond]

Why can Ripple have 3 second transactions and NXT can't?

Coz Ripple is distributed and Nxt is decentralized.

That's a BS answer.

Ok. Read http://en.wikipedia.org/wiki/CAP_theorem then and u'll see why 3 sec is impossible in a decentralized network.

[BaiMangal]

Could someone explain why Proof of Stake is better than Proof of Support?

Lets say I am shit poor and I have 1 NXT but I wanna support Nxt, and I keep my pc/phone/xbox(well lets say I am not poor but I am a teen) forging.
I keep the blockchain(s) and ensure stable Nxt network as much as a guy that has 10m coins keeps the network alive, infact the guy with 10m will have issues putting his forging account on any device as for me it wont matter. So why Proof of Stake is better than Proof of Support?
Sorry for the maybe simple stupid question, I am no crypto genius, just a mortal!

[BrianNowhere]

Why can Ripple have 3 second transactions and NXT can't?

Coz Ripple is distributed and Nxt is decentralized.

That's a BS answer.

Ok. Read http://en.wikipedia.org/wiki/CAP_theorem then and u'll see why 3 sec is impossible in a decentralized network.

Well this is progress. An actual answer & link to some documentation instead of a wave of the hand and a bow to the almighty. I will definitely read it. Thanks.

I will also post this information to the Ripple community and see what they have to say for themselves.

[salsacz]

Could someone explain why Proof of Stake is better than Proof of Support?

Lets say I am shit poor and I have 0 NXT but I wanna support Nxt, and I keep my pc/phone/xbox(well lets say I am not poor but I am a teen) forging.
I keep the blockchain(s) and ensure stable Nxt network as much as a guy that has 10m coins keeps the network alive, infact the guy with 10m will have issues putting his forging account on any device as for me it wont matter. So why Proof of Stake is better than Proof of Support?
Sorry for the maybe simple stupid question, I am no crypto genius, just a mortal!

you can buy million computers, you cannot buy million computers with million Nxt.

[bitcoinpaul]

https://bitcointalk.org/index.php?topic=468258.60

28000 NXT until goal. Few hours left.

[martismartis]

Hey guys,

I am one of the admins of AltCoins Market. It's a new website about cryptocoins where you can see instantly all the information about your coins. We want to add NxT to our website but we need a blockchain where I can get the total coins mined (forged in this case) so we can calculate the market cap and the USD value. Do you know any site where I could get it using json? It would be nice to have it.

Thank you in advance and I hope you like AltCoins Market!

Hi, you can start from here:

http://87.230.14.1/nxt/nxt.cgi?action=1

[Come-from-Beyond]

Well this is progress. An actual answer & link to some documentation instead of a wave of the hand and a bow to the almighty. I will definitely read it. Thanks.

I stated an obvious thing. Didn't expect that u need a lesson coz 99% of ppl here know what Ripple is.

[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

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

NXT is a decentralized, free market ecosystem that incorporates its own peer to peer asset exchange. The NXT Asset Exchange is a virtual market place that allows NXT users to generate assets that can be bought, sold or traded on the open market. These NXT based assets can hold a value of their own, like a crypto currency or loan marker, or be a representation of some thing physical, that has a value, like livestock, precious metals, or what ever NXT users have the creativity and capacity to imply to the asset. The NXT Asset Exchange is also capable of accepting deposits of assets that have been generated outside of the NXT blockchain such as Bitcoin, Litecoin and other crypto currencies. These deposited assets can be bought sold or traded on the NXT Asset Exchange in a similar fashion to conventional private exchanges like Cryptsy or Bter. To compliment and facilitate this free market, NXT also provides a common, decentralized currency. The NXT Asset Exchange provides a means for NXT users to buy, sell, or trade anything. Is this accurate?

I don't exactly follow what you mean when you mention unicorn assets and managing inventory. Is that just a reference to the AE being able to accept crypto deposits for trade as well as generate assets?