NXT :: descendant of Bitcoin - Updated Information

[BaiMangal]

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.

thats true!

I meant to write to have some low balance but then I put 0.

[jl777]

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

For purpose of marketcap just use 1 billion NXT. All the NXT is already here. Forging just recirculates, doesnt create new NXT

[Alias]

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!

Hello tyme,

All the NXT coins that will ever be created are in existence right now (and have been since the network launced). That number currently is 999,997,104 NXT coins (from here http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=1739068987193023818). Though technically that number can go down over time, it can't ever go up.

Regards,
Al

[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!

Hello tyme,

All the NXT coins that will ever be created are in existence right now (and have been since the network launced). That number is 999,997,104 NXT coins (from here http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=1739068987193023818).

Regards,
Al

Thank you very much Al, appreciated. I think we will add it before this week ends.

Best, tyme.

[Eadeqa]

I can see the issue but I cannot tell you the answer - if I knew the answer I would be building it perhaps between us we will find it.

Unfortunately there is no "easy answer" - basically retailers will still have to take "risks" on blockchain confirmations the same as they do when accepting credit cards (that could be stolen) or even cash (that could be fake).

The counter example would be Ripple which is instantaneous, secure, and transactions are irreversible.

I still don't fully understand how Ripple works though.

[wakasaki808]

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!

Hello tyme,

All the NXT coins that will ever be created are in existence right now (and have been since the network launced). That number is - 999,997,104 NXT coins (from here http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=1739068987193023818). Here is a link to a NXT Block explorer anyway - http://87.230.14.1/nxt/nxt.cgi?action=1.

Regards,
Al

NXT started with 1 billion NXT. But there were person(s) that sent NXT to the genesis account. http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=1739068987193023818 to destroy a few NXT.

[BrianNowhere]

Well all things considered, I think I now know why the the management team an Inatrode were so interested in those TPS reports.
(I can't be the first to make this joke)

[^[GS]^]

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 )

Like NXTio... the only one automatic platform.



http://www.nxtio.org

[Alias]

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!

Hello tyme,

All the NXT coins that will ever be created are in existence right now (and have been since the network launced). That number is - 999,997,104 NXT coins (from here http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=1739068987193023818). Here is a link to a NXT Block explorer anyway - http://87.230.14.1/nxt/nxt.cgi?action=1.

Regards,
Al

NXT started with 1 billion NXT. But there were person(s) that sent NXT to the genesis account. http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=1739068987193023818 to destroy a few NXT.

Or do I have it wrong?

You are right. My wording was poorly chosen. I have edited my post now. I hope tyme sees this. Though it shouldn't make much difference for a long while.

[chanc3r]

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.

Yet...

[Jerical13]

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.  

Lewis and Clark

[BrianNowhere]

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.

Well Ripple is obviously flouting some law of physics that can't be breached, or is lying that they are planning to become decentralized.
I've been asking this question about ripple for a while now in different forums and you are the first person to offer an answer that I can chew on.

& I wasn't trying to be a jerk. I just figured that's the way y'all talk to each other from reading these threads and I'm just trying to fit in.

[jl777]

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?

NXT Assets currently are issued with all of them created at once. Kind of in the spirit of NXT. However, for creating a 1:1 correspondence between the NXT AE Asset and something tangible, this issue all at once model is not quite right.

For example, in the gateway I have to exchange deposited DOGE with NXT AE DOGE. Since there are 100 billion DOGE and only 1 billion NXT AE DOGE possible, that would create a problem if more than 1% of all DOGE is deposited. For a NXTcoins that are mined at a rate of 100,000 per day it is quite important that the number of NXT assets in circulation match the number that was mined.

In order to make it easy for people to deal with these type of cases, I am creating a NXTcoins development kit where you will be able to specify (within reason) the properties of the coin, especially as it pertains to total authorized, total in circulation, creation criteria, etc.

James

[Come-from-Beyond]

Well Ripple is obviously flouting some law of physics that can't be breached, or is lying that they are planning to become decentralized.
I've been asking this question about ripple for a while now in different forums and you are the first person to offer an answer that I can chew on.

Perhaps u missed a big campaign initiated by http://ripplescam.org/

Read it just to outbalance https://ripple.com/ propaganda.

[jl777]

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.

Well Ripple is obviously flouting some law of physics that can't be breached, or is lying that they are planning to become decentralized.
I've been asking this question about ripple for a while now in different forums and you are the first person to offer an answer that I can chew on.

& I wasn't trying to be a jerk. I just figured that's the way y'all talk to each other from reading these threads and I'm just trying to fit in.

If ripple (or anybody) could get google to run rippled on a server in all of their different data centers, then it would probably be possible to get much faster blocktimes. The big problem it seems is China's laggy connections, oh, and google is banned there too...

[Jerical13]

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.

That's BS. It ain't over til its over. If your statement held any weight then there wouldn't be a Ripple or NXT because Bitcoin was first. The more animal that has evolved to be more adaptive will eventually feast on the flesh of the lesser adaptive.

[Anon136]

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?

NXT Assets currently are issued with all of them created at once. Kind of in the spirit of NXT. However, for creating a 1:1 correspondence between the NXT AE Asset and something tangible, this issue all at once model is not quite right.

For example, in the gateway I have to exchange deposited DOGE with NXT AE DOGE. Since there are 100 billion DOGE and only 1 billion NXT AE DOGE possible, that would create a problem if more than 1% of all DOGE is deposited. For a NXTcoins that are mined at a rate of 100,000 per day it is quite important that the number of NXT assets in circulation match the number that was mined.

In order to make it easy for people to deal with these type of cases, I am creating a NXTcoins development kit where you will be able to specify (within reason) the properties of the coin, especially as it pertains to total authorized, total in circulation, creation criteria, etc.

James

sounds good james. i was just going to issue myself as many silver nxt tokens as there were above ground ounces of silver in the world but it would be nice instead to just issue tokens as i actually produce the bars.

[chanc3r]

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.

That's BS. It ain't over til its over. If your statement held any weight then there wouldn't be a Ripple or NXT because Bitcoin was first. The more animal that has evolved to be more adaptive will eventually feast on the flesh of the lesser adaptive.

Ripple need to make something work soon... They must be burning through all that investor cash at a hell of a rate... and its not made any big announcement or deals yet ... always tomorrow.

[RucksackSepp]

Question to the pro's here:

How much nxt do I reasonably need for forging? I am a bit confused. My estimated block generation time always changes with every new block...

[DrearyUrbanite]

What for? Just to have the 1st letter "A"? What about Mixing Service then? U'll spend a lot of sleepless nights trying to find a good word that starts with "A" but is related to mixing...

Amalgamation?

or perhaps Alloy?

Or maybe aggregate?