NXT :: descendant of Bitcoin - Updated Information

[jl777]

- build a great gateway á la james
- work hard on AT and atomic cross chain transactions

Without a doubt if we can achieve atomic cross-chain txs then we will have basically got rid of the business model for all exchanges that don't do fiat.

IMO "this is our job".

The future will not be centralised!

ANY detailed info about atomic cross chain transactions ?

Let us assuming AT supports the same secret sharing methods that bitcoin scripts do. That will allow the method previously described to work, IF the external blockchain is accessible.

Since AT is in a sandbox, this data is not directly accessible, so I think it will need to coordinate with some external process (gateways!) that will put the required info in AM that the AT can access. I also think this means AT will need to support writing of AM, which to my knowledge is not yet on the list of current AT features. I am sure CIYAM is working out the details. In order to support automatic cross chain transactions, a lot of pieces need to be in place.

Since there is now a GIANT bounty for cross chain support. I think we might as well get started on it!

Due to constraints by dogecoin network and impracticality of lots of independent gateways, I limited the multisig to 2 of 3. However, for data validation purposes there is no need to limit to 3, we can have a larger number of peers to validate the external blockchain. I doubt there is much utility in going to more than 1 per geographic area. The idea is to have each bitcoind on whatever the local fork is. Then as soon as any forking is detected, all withdrawals stop. The only time withdrawals get processed will be when all the gateway bitcoinds are in agreement.

The multisig gateway is the first step toward automatic cross chain. What I hope is that the community recognizes this and we can create a standard set of software to run on hallmarked nodes. If all the hallmarked nodes have bitcoind, dogecoind, altcoind installed now, then that is the first step. I know the multisig gateway sure could use such an infrastructure in place.

Then we can create a layer of software that cross validates all the crypto daemon's blockchains (at least the subset we care about) and provide AM interface for AT and NXT clients.
In addition to crypto blockchain services, we can easily add market price information for everything and provide AM services for price data. AT can then be written to implement options, bets, etc.

This is why I have been saying that we need NXT layer. The multisig gateway is just the first alpha version of the full NXT layer. So, I hope it is not to controversial to ask the hallmark server guys to get a set of bitcoind, litecoind, dogecoind, etc. installed. Then when I make a release of multigateway, you can easily fill in the wallet addresses for the three gateways and public keys. This determines the multisig address and change a few strings and constants for the coin, recompile and new multisig gateway.

As far as error handling goes, I have not figured out how to deal with the network disappearing for 2 days

Anybody that sent in DOGE, the deposit got swept into the multisig, but the unspent txout trigger is gone. I think I have to reconcile every transaction and use any discrepancies to further investigate a manual transaction. I will put in a NXT network down flag to prevent this in the future

James

[pandaisftw]

I was just looking up Auroracoin, and now I know why it's marketcap is insanely inflated: There are only 98251 coins in circulation, but coinmarketcap is also including all 10,500,000 (50%) of the premine coins for a total of 10,598,521 coins.

The true value of the Auroracoin marketcap is currently $2,672,427. The moment the airdrop happens, expect the price to eventually plummet to less than 1% of it's current value when the airdrop is finally complete. If I were an Icelander, I'd grab my free ~$900 USD and dump it right away, the price is only going to drop as the supply inflates by %10,000 in less than a year's time.

I'm almost considering creating a warning post outside of this thread... people don't seem to realize that currently, one entity controls 50% of the total Auroracoin supply (10,500,000) while there are only ~100k coins being traded by everyone else.

[jl777]

I was just looking up Auroracoin, and now I know why it's marketcap is insanely inflated: There are only 98251 coins in circulation, but coinmarketcap is also including all 10,500,000 (50%) of the premine coins for a total of 10,598,521 coins.

The true value of the Auroracoin marketcap is currently $2,672,427. The moment the airdrop happens, expect the price to eventually plummet to less than 1% of it's current value when the airdrop is finally complete. If I were an Icelander, I'd grab my free ~$900 USD and dump it right away, the price is only going to drop as the supply inflates by %10,000 in less than a year's time.

I'm almost considering creating a warning post outside of this thread... people don't seem to realize that currently, one entity controls 50% of the total Auroracoin supply (10,500,000) while there are only ~100k coins being traded by everyone else.

But the marketcap of AUR is only 3% of Iceland's GDP. Are you saying that it wont go to 300% of Iceland's GDP??

Edit: Dont people realize AUR is not supported by Iceland govt? Not sure that people can actually transact in AUR in Iceland. My guess is that people are selling their DOGE to buy AUR

[longzai1988]

Cryptsy just added NXT

https://twitter.com/cryptsy/status/440315862294081536

[wakasaki808]

Cryptsy just added NXT

https://twitter.com/cryptsy/status/440315862294081536

it's official

https://www.cryptsy.com/markets/view/159

[longzai1988]

it's official

https://www.cryptsy.com/markets/view/159

Don't sell cheap please, 

[CIYAM]

Alright. Hmm, so, we have no empirical data so far.

Indeed - and there was no empirical data presented to "justify" the penalty (or whatever we call it - the *name* of it is not an issue to me - so call it "a rose" but I still think it is a kludge and I am not convinced it will help with the security of the network).

By "fragmenting" the forks all over the place it will actually reduce the effectiveness of such attacks.

Why is that? Malicious nodes could spread forks all over the place and generate blocks very easily on top (because it's PoS not PoW) at the same time to suppress branches from other nodes.

The issue I am referring to is perhaps best illustrated like this:

A1 - B
A2 - B
A1 - C
A2 - D

So assuming that A1 and A2 have the "same weight" then B here is trying to keep both A1 and A2 branches going whilst C and D have each only built on the 1 branch.

Now here is a possible next step:

A1 - B
A2 - B - E
A1 - C
A2 - D - F

Here E and F have separately chosen A2 - B and A2 - D as being "their first choice" and only built upon those (being non-malicious nodes).

So now B's attempt to continue the A1 branch has failed (that fork will likely die now) simply because E did not try to forge 2 blocks at the same height.

Now if we were instead to use the "penalty" approach then in fact we would instead have this result:

A1 - B - E
A2 - B - E
A1 - C - F
A2 - D - F

As both E and F know they are going to get penalised by one or other branch they will forge on both branches causing the branching to continue.

I hope this helps clarify what I am seeing and why I think the idea of "only forging the 1 block at the one height" is a better approach (sure people can "cheat" but as shown provided those cheating are in the minority the effect is greatly reduced).

[allwelder]

wow,good news ,crypts has added Nxt

https://www.dropbox.com/s/ii1p3ib2285f84q/crypts%20nxt.jpg

[pandaisftw]

I was just looking up Auroracoin, and now I know why it's marketcap is insanely inflated: There are only 98251 coins in circulation, but coinmarketcap is also including all 10,500,000 (50%) of the premine coins for a total of 10,598,521 coins.

The true value of the Auroracoin marketcap is currently $2,672,427. The moment the airdrop happens, expect the price to eventually plummet to less than 1% of it's current value when the airdrop is finally complete. If I were an Icelander, I'd grab my free ~$900 USD and dump it right away, the price is only going to drop as the supply inflates by %10,000 in less than a year's time.

I'm almost considering creating a warning post outside of this thread... people don't seem to realize that currently, one entity controls 50% of the total Auroracoin supply (10,500,000) while there are only ~100k coins being traded by everyone else.

But the marketcap of AUR is only 3% of Iceland's GDP. Are you saying that it wont go to 300% of Iceland's GDP??

Edit: Dont people realize AUR is not supported by Iceland govt? Not sure that people can actually transact in AUR in Iceland. My guess is that people are selling their DOGE to buy AUR

[chinabreak123]

i don't look good at AUR,just someone sold them at high price,ther contrcol the price and market!

[CIYAM]

I hope this helps clarify what I am seeing and why I think the idea of "only forging the 1 block at the one height" is a better approach (sure people can "cheat" but as shown provided those cheating are in the minority the effect is greatly reduced).

In fact one possibly even better approach would be to add the following rule:

A1 - B
A2 - B

When faced with the above (two branches with the same height and weight) then the "correct" one is the one with the lowest previous account number (so lets say A1 - B wins).

This rule would continue "backwards" if A1 and A2 were the same account number.

Although some parts of the network still might only have seen A2 - B at least there would be no ambiguity for those that have seen both branches (so B's effort to confuse would be far less effective).

Also people who see both branches might decide to "disconnect B" from their list of peers.

[DrearyUrbanite]

Cryptsy just added NXT

https://twitter.com/cryptsy/status/440315862294081536

it's official

https://www.cryptsy.com/markets/view/159

Outstanding!

[rickyjames]

I JUST BOUGHT NXT AT CRYPTSY !!!

PRICE WAS 0.00009004

TO DA MOON !!!

[Fern]

it's official

https://www.cryptsy.com/markets/view/159

Don't sell cheap please, 

Great news. Still Hodling.

[seek4dream]

I JUST BOUGHT NXT AT CRYPTSY !!!

TO DA MOON !!!

at what price?

[TwinWinNerD]

HODL HODL HODL

and BYU BYU BYU

[rickyjames]

I JUST BOUGHT NXT AT CRYPTSY !!!

TO DA MOON !!!

at what price?

0.00009004

[Damelon]

Cryptsy just added NXT

https://twitter.com/cryptsy/status/440315862294081536

Glad I woke up in the middle of the night!  

[allwelder]

NXT FUNDING COMMITTEE VOTE IS NOW UNDERWAY UNTIL 12:01 AM MARCH 8 (UTC)

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Thanks for your works.

[xyzzyx]

Nice to see Cryptsy added Nxt.

This is their Nxt info page:


Here's something for Cryptsy: