NXT :: descendant of Bitcoin - Updated Information

[allwelder]

all parallel chains use the same Nxt Wallet?

You do realise that Nxt *doesn't have a wallet*?

Just stupid question:
I just mean whether can use NSR to send coins which are based on parallel chains.

[CIYAM]

I just mean whether can use NSR to send coins which are based on parallel chains.

I think as it is being planned currently you could just use a setting (like testnet) to select "which chain" the NRS will use at startup (i.e. no different code - just a different blockchain).

[allwelder]

I just mean whether can use NSR to send coins which are based on parallel chains.

I think as it is being planned currently you could just use a setting (like testnet) to select "which chain" the NRS will use at startup (i.e. no different code - just a different blockchain).

really great if like as you said.

[barbierir]

Is this 1626 words dictionary enough now or should we go with a bigger one, also to allow less words?

Why?

If crypto.getRandomValues is working properly then 1626 is just perfect. If crypto.getRandomValues  isn't working then even 20,000 words won't be enough, as real entropy will be limited by the random number generator.

Some people are having difficulty comprehending that 128-bit is a very big number.

Lets assume the worst case.

Lets say in two years, 1 billion people are using wesleh'sy client and  everyone created their pass phrase using these randomly generated words.  

Now lets assume that every bitcoin miner in the world  (millions of dollars of electricity per day)  all work together to find just one of these 1 billion randomly generated pass phrase. The current hash rate on bitcoin network is 3 million GH/s.

How long would it take for the entire bitcoin network combined to find just one of 1 billion pass phrase?

Total number (aprox 128-bit)  1626^12 = 3.4×10^38

1 billion users, 3.4×10^38 / 1000000000 = 3.4 x 10^29

Now the entire bitcoin network combined works to find just one pass phrase   3.4 x 10^29 / 300000000000000000  =  1133333333333 seconds

that's 36,000 years (36 thousand years).

lets assume they get very lucky and find one pass phrase only after 1% of search, that's still  3 thousand years

And after all that work (and electricity) and 3 thousand years later,  they might discover that the account they did find only had 2 Nxt  in it.

The point is that  the problem (if there is) will be with random number generator -- not with number of words, which are just fine.

That's why I keep saying you don't need 50 or 100 character password  (not even 35, actually  -- 25 is fine). . It doesn't add any more security. If there is a security hole (like for example keyloggers) even 1 million character password isn't going to help.

You're right, bitcoinpaul was only suggesting that, from the end user point of view, a 10 words passphrase is a little more convenient than a 12 words one. This is possible with a larger dictionary.

[bitcoinpaul]

I've completed the 1st draft of my article about forging from a probabilistic point of view: http://www.docdroid.net/9yub/forging.pdf.html

Comments, suggestions, (and donations ) are welcome!

Please, discuss it here: https://forums.nxtcrypto.org/viewtopic.php?f=17&t=836 (or send me a PM). Unfortunately, I won't be able to follow this thread in the next few days.

Me when somebody uses latex

[bitcoinpaul]

Any suggestions about Parallel Chains? If not then I'll stick to BCNext's draft.

A question:

can parallel chains be 1min blocks and 1s, 5s, or 10s out of sync so every 1s, 5s, or 10s one chain is forging?

this might be an interesting answer to the latency problem of 1min
and provide more opportunities for clients to get quick confirmation of transactions...

Interesting thought.

[Eadeqa]

Is this 1626 words dictionary enough now or should we go with a bigger one, also to allow less words?

Why?

If crypto.getRandomValues is working properly then 1626 is just perfect. If crypto.getRandomValues  isn't working then even 20,000 words won't be enough, as real entropy will be limited by the random number generator.

Some people are having difficulty comprehending that 128-bit is a very big number.

Lets assume the worst case.

Lets say in two years, 1 billion people are using wesleh'sy client and  everyone created their pass phrase using these randomly generated words.  

Now lets assume that every bitcoin miner in the world  (millions of dollars of electricity per day)  all work together to find just one of these 1 billion randomly generated pass phrase. The current hash rate on bitcoin network is 3 million GH/s.

How long would it take for the entire bitcoin network combined to find just one of 1 billion pass phrase?

Total number (aprox 128-bit)  1626^12 = 3.4×10^38

1 billion users, 3.4×10^38 / 1000000000 = 3.4 x 10^29

Now the entire bitcoin network combined works to find just one pass phrase   3.4 x 10^29 / 300000000000000000  =  1133333333333 seconds

that's 36,000 years (36 thousand years).

lets assume they get very lucky and find one pass phrase only after 1% of search, that's still  3 thousand years

And after all that work (and electricity) and 3 thousand years later,  they might discover that the account they did find only had 2 Nxt  in it.

The point is that  the problem (if there is) will be with random number generator -- not with number of words, which are just fine.

That's why I keep saying you don't need 50 or 100 character password  (not even 35, actually  -- 25 is fine). . It doesn't add any more security. If there is a security hole (like for example keyloggers) even 1 million character password isn't going to help.

You're right, bitcoinpaul was only suggesting that, from the end user point of view, a 10 words passphrase is a little more convenient than a 12 words one. This is possible with a larger dictionary.

That will require about 7200 words. That's 4.4 times more words. wesleyh will have to find a lot more words that are still simple every day words.  

[ShroomsKit_Disgrace]

What happened to BTC38 adding NXT to their exchange? Anything new? 

[bitcoinpaul]

That will require about 7200 words. That's 4.4 times more words. wesleyh will have to find a lot more words that are still simple every day words.  

http://en.wikipedia.org/wiki/Diceware

with different language support!

[Eadeqa]

That will require about 7200 words. That's 4.4 times more words. wesleyh will have to find a lot more words that are still simple every day words.  

http://en.wikipedia.org/wiki/Diceware

with different language support!

Some of the diceware words are really weird (include special characters)  so you have to pick the easiest everyday words (no duplicates). Most of the words should be at least 3 character

http://world.std.com/~reinhold/diceware.wordlist.asc

Make a list of 7200 words in this format

http://nxtra.org/nxt-client/js/passphrasegenerator.js

with "" and separated by ","

and I am sure he can copy and paste it. That will reduce the number from 12 to 10
 

[marek3ball]

Jimmy Wales is discussing wikipedia potentially accepting bitcoins on reddit

http://www.reddit.com/r/Bitcoin/comments/201fa6/hello_from_jimmy_wales_of_wikipedia/


Interesting quote

What I've said for a long time continues to be true. I'm "cautiously pessimistic" about Bitcoin.
What I mean by that is that I'm loving the idea but I see a lot of real problems. One of my concerns is that the complexity of it all will hinder adoption.
I also have concerns that are perhaps born out of a lack of full understanding. What happens when BTC mining returns drop significantly lower than costs? Will transactions fees be sufficient to induce miners to continue participating?
But I'm not forecasting doom for BTC. I'm cautious. I don't know enough to say for sure.

It looks like he is afraid of Bitcoin and he's right. Maybe he would like Nxt gateway. Use it for NXT, BTC, and altcoins? He should at least know about our possibilities.

[Come-from-Beyond]

can parallel chains be 1min blocks and 1s, 5s, or 10s out of sync so every 1s, 5s, or 10s one chain is forging?

Not sure.

[gimre]

Old, but in case someone missed it

http://techcrunch.com/2014/03/09/mt-gox-hack-allegedly-reveals-bitcoin-balances-customer-account-totals/

http://bgr.com/2014/03/10/mt-gox-fraud-accusations-hackers/

According to the hackers, Karpeles still controls all of the cryptocurrency he says was stolen recently in the biggest heist of bitcoin’s brief history.

http://pastebin.com/8gbUXLN3

[wesleyh]

Someone needs to make this for Nxt, it's not hard (it's already included in my client.. you can send money to an alias)

https://www.onename.io/?a=1

[Come-from-Beyond]

Any suggestions about Parallel Chains? If not then I'll stick to BCNext's draft.

maximum parallel chains is ?
all parallel chains use the same Nxt Wallet?

According to BCNext all chains r secured by the same stake.

[TwinWinNerD]

http://www.reddit.com/r/NXT/comments/204j5b/xpost_from_rbitcoin_paypal_freezes_account_of/

Paypal freezes account of Vaporizer merchant. Now takes cryptos, including NXT!

[martismartis]

Is testnet down? I cannot connect with Wesleyh client.

EDIT: strange, but working now.

[wesleyh]

Well people thought it was too long. I've changed it now. Try it at http://nxtra.org/nxt-client/ (click on don't have an account, then click on "want to choose your own secret phrase")

I disagree...   

If it's less than 50 characters, you will still get an error asking you to use upper and lowercase and numbers.

[wesleyh]

Is testnet down? I cannot connect with Wesleyh client.

Works for me. Error? Which browser?

[w4llace]

Is testnet down? I cannot connect with Wesleyh client.

Works for me. Error? Which browser?

I can register a new acc, but can't log in.
It says "Could not connect."

Chrome, btw.