NXT :: descendant of Bitcoin - Updated Information

[landomata]

Basically TF is useful for handling very large TPM rates and not much else.

I thought with TF we also have some security measurement against certain attack attempts.

I also thought the same.

[redsn0w]

I Found a bug  in the client 0.8.8 (test)

Code:

{
    "balance": 100097400,
    "effectiveBalance": -100,
    "unconfirmedBalance": 100097400
}

Why the effective balance is :


 "effectiveBalance": -100,

Not a bug, effectiveBalance can be negative.

I'm reading this :

Code:

{
    "balance": 98597300,
    "effectiveBalance": -1500200,
    "unconfirmedBalance": 98597300
}

This is my Test account : 4940924250576724047 , why can the balance  be negative?

423539966622014338
please.
cheers

Sent 15 k TestNxt , enjoy it .

[CIYAM]

I thought with TF we also have some security measurement against certain attack attempts.

Basically if you have enough "honest" stakeholders and/or evenly enough spread stakes then you don't need anything else (so things like "maximum forging power" and whether you can "allocate forging" would also come into this).

The "penalty" system in TF provides extra safety but understand that it is only needed because of the fact that TF is intended to favour a low number of very powerful forgers.

[verymuchso]

Sure, but I think it's all unnecessary.  Why not just call SecureRandom 12 times to pick 12 random numbers (range  0 to 1625 ). You can use that to choose 12 random words from array. That will be pretty simple and no security/implementation complications.  The words would be chosen randomly and entropy would be 128-bit.

Thats how I did it already. Your approach intrigues me because I don't know how to do that, I dont like that  

Microsoft patent actually describes  how to represent any number as words (1626)
https://www.google.com/patents/US5892470

In this example, the number is 3,481,269,321. The table of words contains 1626 words, which are indexed from 0 to 1625. To encode this number, the ME system divides the number by the radix, 1626, ... encoding "DRUM ART BUS," which has indices 1316, 1186, and 69, respectively, represents the number that is the result of 1316 * 1626.sup.2 +1186 * 1626.sup.1 +69 * 1626.sup.0.

Cool thanks for looking that up. I share your view that the SecureRandom approach is simpler.
For anyone wondering here seems to be a java implementation https://code.google.com/p/bitcoinj/source/browse/core/src/main/java/com/google/bitcoin/crypto/MnemonicCode.java

[bitcoinpaul]

I thought with TF we also have some security measurement against certain attack attempts.

Basically if you have enough "honest" stakeholders and/or evenly enough spread stakes then you don't need anything else (so things like "maximum forging power" and whether you can "allocate forging" would come into this).

I don't want to rely on others in such a way. What's the downside of TF?

[CIYAM]

I don't want to rely on others in such a way. What's the downside of TF?

It was designed to favour a smaller number of very high powered machines - so it is much more centralised.

Also when it comes down to it PoS *forces* you to rely upon the stake holders - of course there is no reason why a parallel chain couldn't be PoW/PoH instead.

[bitcoinpaul]

I don't want to rely on others in such a way. What's the downside of TF?

It was designed to favour a smaller number of very high powered machines - so it is much more centralised.

With TF there will naturally emerge some centralization (pools?) but it is secure, without TF we have to be careful to get no centralization (pools?) otherwise it is not secure?

[mcjavar]

Ok, here's the current NXT distribution as of today.



As you can see, it's pretty horrible. The whales rule almost 85% of the whole coin, and I guess most of them are the initial investors.

Excluding the ~85% of the total NXT the whales have, here's the distribution of the remaining 15%:

Pretty horrible against what? "Fainess"? NEM? We'll see when NEM hits 10k-20k, 100k+ accs. And "fairness" simplycan't be reached, even if u'll magically distribute wealth (in any coin, if so) proportionally to everyone living now. Next seconds: some thousand "poor" people'll be born; next minute: millions'll spend there shares for nothing an so on.

Nothing horrible, IMO. Even nothing bad. It's capitalism.

I think NEM will be successfull because of the large number of account holder. Nxt has around 200 people in the core community. If 10% is doing something for Nxt, that´s 20 people. If NEM has the tenfold of investors, they have more people to build things around NEM...

That´s why we would need the price of Nxt to go up, because that would draw in more investors. The stable price in this phase of Nxt is not a benefit.

[salsacz]

All: Please watch this video about the future of Nxt and comment it (here), thank you very much!

http://youtu.be/RtTWUwRL9mQ

Nxt Decentralized Internet video - alfa version:
http://youtu.be/RtTWUwRL9mQ

(created between 20 Feb-8 March)

I would be very grateful for any comments and suggestions. It still needs some time, but it already can be commented

Based on the paper:
http://justpaste.it/decentralized-internet
(created between 12-18 Feb)

And good night, its almost 6 AM here

There is no evidence Nxt is ever going to implement zerocoin. It's incompatible  with 1000 TF

Zerocoin has a number of serious limitations:
- It uses cutting-edge cryptography which may turn out to be insecure, and which is understood by relatively few people (compared to ECDSA, for example).
- It produces large (20kbyte) signatures that would bloat the blockchain (or create risk if stuffed in external storage).
- It requires a trusted party to initiate its accumulator. If that party cheats, they can steal coin. (Perhaps fixable with more cutting-edge crypto.)
- Validation is very slow (can process about 2tx per second on a fast CPU), which is a major barrier to deployment in Bitcoin as each full node must validate every transaction.
- The large transactions and slow validation also means costly transactions, which will reduce the anonymity set size and potentially make ZC usage unavailable to random members of the public who are merely casually concerned about their privacy.
- Uses an accumulator which grows forever and has no pruning. In practice this means we'd need to switch accumulators periodically to reduce the working set size, reducing the anonymity set size. And potentially creating big UTXO bloat problems if the horizon on an accumulator isn't set in advance.

parallel blockchains would make it possible

The video is big to find parts that should be deleted. But - it should be inspirational and be used as an invitation. If there is a guy who could create a Zerocoin for us, he could find us thanks to that video, thank's to its geek/mainstream aims. There are functions and apps and there are invitations for devs to come here, join us and help us build those features + apps. Then it invites all geeks + freedom fighters. So the video can be divided into 2 groups aswell

[landomata]

I don't want to rely on others in such a way. What's the downside of TF?

It was designed to favour a smaller number of very high powered machines - so it is much more centralised.

Also when it comes down to it PoS *forces* you to rely upon the stake holders - of course there is no reason why a parallel chain couldn't be PoW/PoH instead.

Can't we plug NODECOIN into this setup?

[CIYAM]

With TF there will naturally emerge some centralization (pools?) but it is secure, without TF we have to be careful to get no centralization (pools?) otherwise it is not secure?

I would think that for a non TF chain you would not want to allow accounts to "allocate their forging power" to help with this potential issue.

We might also want to have a max. forging power "limit" available.

[bitcoinpaul]

I think NEM will be successfull because of the large number of account holder. Nxt has around 200 people in the core community. If 10% is doing something for Nxt, that´s 20 people. If NEM has the tenfold of investors, they have more people to build things around NEM...

Don't forget the Beyoncé, I mean, Ringelmann effect.

[EvilDave]

Unique is being blunt as fuck here, but he does have a point. More big stakeholders opening their wallets would be good, even if only to show that they do give a fuck. But we've down this road before without much results, we can't force people to fund NXT even if it is in their own best interest to do so. So lets put selfish stakeholders on the list of things to ignore, for the moment.

I thought a group of big stakeholders started a fund managed by rickyjames for jl777 to use on all his projects. Correct me if I'm wrong, but I think some of those donations were quite large. I think klee and pouncer (and others?) have funded other projects too (one involving CIYAM?).

Who & what need funding right now who aren't getting it, or aren't just about to get it from the three committees?

From my reading of this thread it sounds like we're still in the planning stage, and we already have funds for the three committees, plus the extra private funds for jl777 etc on the side.

Instead of criticizing the big stakeholders, why not focus on getting agreement on the final plan/direction for NXT, then organise that into a set of projects with a shopping list, then ask for stakeholder donations when they know who and what they're paying for.

I think many fat cats will contribute when the time comes, and I base that on past evidence. There's too much bad blood at the moment IMO, and we don't have a clear road map with a leadership group. Save the stakeholder bashing for if & when the leadership group's pleas for donations for specific projects are being ignored. Try and stay positive on the main task - the NXT roadmap!

+1

I'm with u here, some stakeholders, (Klee and Pouncer spring to mind immediately, 747..... and others) have done a lot for NXT.
Others have done nothing so far, but may well step in later if needed (like the mysterious 747....)

It looks like we have enough funding for the short term, and I totally agree that we need to prioritise spending those funds on useful projects to get NXT further down the road to world domination  .
Lets concentrate on the positive, get some useful work done, and not be distracted by something that is not that much of an issue.
I vote that we put stakeholder bitching on the ignore list for now.


Next couple of steps for the committees:

Pick a spokesperson. Guess who is the spokesthing for Infrastructure?......
Organise and publish an 'application for funds' process.
Define which committee is responsible for certain NXT components: for example, are clients Infrastructure or TechDev ?

[bitcoinpaul]

With TF there will naturally emerge some centralization (pools?) but it is secure, without TF we have to be careful to get no centralization (pools?) otherwise it is not secure?

I would think that for a non TF chain you would not want to allow accounts to "allocate their forging power" to help with this potential issue.

We might also want to have a max. forging power "limit" available.

How do you want to prevent people creating pools?

It seems to me that the comprehension problem I have right now is why would anybody want a PoS coin not to be secured by TF.

[mcjavar]

I think NEM will be successfull because of the large number of account holder. Nxt has around 200 people in the core community. If 10% is doing something for Nxt, that´s 20 people. If NEM has the tenfold of investors, they have more people to build things around NEM...

Don't foret the Beyoncé, I mean, Ringelmann effect.

Yep, but I think that the effect has only a visible consequences if the community is as small as ours.

[mcjavar]

Unique is being blunt as fuck here, but he does have a point. More big stakeholders opening their wallets would be good, even if only to show that they do give a fuck. But we've down this road before without much results, we can't force people to fund NXT even if it is in their own best interest to do so. So lets put selfish stakeholders on the list of things to ignore, for the moment.

I thought a group of big stakeholders started a fund managed by rickyjames for jl777 to use on all his projects. Correct me if I'm wrong, but I think some of those donations were quite large. I think klee and pouncer (and others?) have funded other projects too (one involving CIYAM?).

Who & what need funding right now who aren't getting it, or aren't just about to get it from the three committees?

From my reading of this thread it sounds like we're still in the planning stage, and we already have funds for the three committees, plus the extra private funds for jl777 etc on the side.

Instead of criticizing the big stakeholders, why not focus on getting agreement on the final plan/direction for NXT, then organise that into a set of projects with a shopping list, then ask for stakeholder donations when they know who and what they're paying for.

I think many fat cats will contribute when the time comes, and I base that on past evidence. There's too much bad blood at the moment IMO, and we don't have a clear road map with a leadership group. Save the stakeholder bashing for if & when the leadership group's pleas for donations for specific projects are being ignored. Try and stay positive on the main task - the NXT roadmap!

+1

I'm with u here, some stakeholders, (Klee and Pouncer spring to mind immediately, 747..... and others) have done a lot for NXT.
Others have done nothing so far, but may well step in later if needed (like the mysterious 747....)

It looks like we have enough funding for the short term, and I totally agree that we need to prioritise spending those funds on useful projects to get NXT further down the road to world domination  .
Lets concentrate on the positive, get some useful work done, and not be distracted by something that is not that much of an issue.
I vote that we put stakeholder bitching on the ignore list for now.


Next couple of steps for the committees:

Pick a spokesperson. Guess who is the spokesthing for Infrastructure?......
Organise and publish an 'application for funds' process.
Define which committee is responsible for certain NXT components: for example, are clients Infrastructure or TechDev ?

There were other stakeholders, who already did a lot for Nxt before january. I think of bybitcoin for example.

[CIYAM]

How do you want to prevent people creating pools?

If you can't "allocate your forging rights" then basically you are trusting them with your NXG (we have that situation now with NXT but I don't see any huge pools yet).

It seems to me that the comprehension problem I have right now is why would anybody want a PoS coin not to be secured by TF.

Those who are in favour of "forging on low-end equipment" and who are anti-pools would likely not care for TF.

As stated I think it would be *an option* which could be switched either way.

[bitcoinpaul]

I think I got it now.

What's with James idea of coins on top of Nxt?

[bitcoinpaul]

is there any site/thread where i can go to see if there is any nxt related updates? iv missed a bomb of pages nw and dnt have time to go through it :/

http://www.nxtcoins.nl/50-2/ maybe.

[ZeroTheGreat]

I think NEM will be successfull

That's possible.

because of the large number of account holder. Nxt has around 200 people in the core community. If 10% is doing something for Nxt, that´s 20 people. If NEM has the tenfold of investors, they have more people to build things around NEM...

We'll see. There's no qualitative difference between Nxt and NEM distribution. Only difference in quantity. And my point is: there can't be qualitative difference at all. Any imaginable distribution'd be unfair in some point of view. It'd not be goal and distribution just don't worth the attention.

Dynamics still mean something though: dynamics of distribution of limited resource always'll be better than dynamics of distribution of unlimited resource (unlimited for someone, some group or for everyone). For example, US Dollar unlimited for some well-known guys  

That´s why we would need the price of Nxt to go up, because that would draw in more investors. The stable price in this phase of Nxt is not a benefit.

Disagree. Price'd not be in attention zone neither. Market'll decide, regular high volumes'll stabilze. Only speculators'd care about the price.

For those who want Nxt to grow bigger (in aspects of adoption, amount of good code, volumes. liquidity and so on) right now and still've free time I've two words: become doers