NXT :: descendant of Bitcoin - Updated Information

[bitcoinpaul]

NXTcash is not in the Nxt core but a service provider / gateway, afaik. Nobody in Nxt has to use it.

It's completely optional AFAIK.

Not only optional, also not in the core.

AM is optional, too

[bitcoinpaul]

paradigmflux

just to be clear. you know about and make this: https://nextcoin.org/index.php/topic,4399.15.html

[Damelon]

NXTcash is not in the Nxt core but a service provider / gateway, afaik. Nobody in Nxt has to use it.

It's completely optional AFAIK.

Not only optional, also not in the core.

AM is optional, too

Nitpicker! 

[El3k0n]

hey all

I am accepting applications to help me with some closed beta testing on a new pool that I am in the midst of setting up.  I hope to have the initial page up for the preliminary beta testers later today.

It is a mining pool that you can point your scrypt miners at, and use your NXT account ID as the worker name.  The pool will mine the most profitable of (eventually all of the altcoins) but during beta it will likely only mine the most profitable out of a small sampling of 3-4 different alts.
The coins that are mined will be liquidated on exchanges twice a day, and all of the BTC that they bring in will be used to buy NXT on the same exchange that the coins were sold on (to eliminate fees and time spent transferring coins between exchanges)
The NXT that is purchased with the BTC that was mined will then be sent out to all of the miners, divided up by the percentage of the total shares that each miner contributed to the pool.  There will be a 2.5% fee on the pool once it goes public (for the first 1 month) and afterwards the fee will drop to 2%.  During the closed beta period the fee will be 1%.  I have spent an enormous amount of time getting the various pieces to this all starting to work together, so I do not feel that it is an unfair fee amount.  The fee will be retained by the pool in the form of NXT, 100% of the coins mined will be liquidated for BTC and 100% of the BTC that is obtained will be immediately used to purchase NXT.

This will:

a) drive the price of NXT up by continually infusing BTC into the ecosystem
b) allow people to use scrypt miners to increase their NXT holdings.

Please message me if you're interested in testing the closed beta - as a warning, there will be limited visibility into the stats during the first part of the beta, although I will be more than willing to be in an IRC channel with the testers while they test.  Any coins that are mined will be liquidated and the NXT that they purchase will be distributed amongst the beta testers.  I am hoping to start the closed beta testing tonight, although there is the possibility that it may have to wait until early this week. 
--- Please include an approximate value for your hash rate if you're messaging about the closed beta testing.  I would like to be able to keep the beta to a reasonable hash rate, so please no huge 300 card mining farms or anything yet ---

+10^1000000000

I'll start mining on that immediately when you release it

[lumierre]

hey all

I am accepting applications to help me with some closed beta testing on a new pool that I am in the midst of setting up.  I hope to have the initial page up for the preliminary beta testers later today.

It is a mining pool that you can point your scrypt miners at, and use your NXT account ID as the worker name.  The pool will mine the most profitable of (eventually all of the altcoins) but during beta it will likely only mine the most profitable out of a small sampling of 3-4 different alts.
The coins that are mined will be liquidated on exchanges twice a day, and all of the BTC that they bring in will be used to buy NXT on the same exchange that the coins were sold on (to eliminate fees and time spent transferring coins between exchanges)
The NXT that is purchased with the BTC that was mined will then be sent out to all of the miners, divided up by the percentage of the total shares that each miner contributed to the pool.  There will be a 2.5% fee on the pool once it goes public (for the first 1 month) and afterwards the fee will drop to 2%.  During the closed beta period the fee will be 1%.  I have spent an enormous amount of time getting the various pieces to this all starting to work together, so I do not feel that it is an unfair fee amount.  The fee will be retained by the pool in the form of NXT, 100% of the coins mined will be liquidated for BTC and 100% of the BTC that is obtained will be immediately used to purchase NXT.

This will:

a) drive the price of NXT up by continually infusing BTC into the ecosystem
b) allow people to use scrypt miners to increase their NXT holdings.

Please message me if you're interested in testing the closed beta - as a warning, there will be limited visibility into the stats during the first part of the beta, although I will be more than willing to be in an IRC channel with the testers while they test.  Any coins that are mined will be liquidated and the NXT that they purchase will be distributed amongst the beta testers.  I am hoping to start the closed beta testing tonight, although there is the possibility that it may have to wait until early this week. 
--- Please include an approximate value for your hash rate if you're messaging about the closed beta testing.  I would like to be able to keep the beta to a reasonable hash rate, so please no huge 300 card mining farms or anything yet ---

Great project. I'll try out your pool once it is tested thoroughly. Got some 280x's to pump NXT. 

[bitcoinpaul]

Good idea.

[salsacz]

I just proposed to have NxtMinnow on LTB with Andreas Antonopoulos
https://twitter.com/aantonop/status/445268614673752064

[chanc3r]

In answer to the TPS (you should use TPM anyway) the 250 constant *is just that* (can be easily changed).

I think we can ramp up to at least 10 TPS right now (and therefore be faster than BTC). After TF is done I expect 100 TPS would not be a big problem - as for 1000 TPS that will probably take a lot longer (so marketing people shouldn't be *flogging* that as something that will be delivered in April - it won't).

Ian,
thanks for this - two questions if I may...
(hope you are still here!)

1. great to hear the 250 per block and therefore minute can be changed easily to add more capacity per minute?
2. can you clarify how TF helps. is that because clients can know where to send the transaction so it can get to the forging node quicker to be included or is there some other reason why TF enables more transactions per block?

3. we still have (worst case) 60s latency - is there any solution to this other than more blocks per minute?

Thanks,
Ian

[Damelon]

I just proposed to have NxtMinnow on LTB with Andreas Antonopoulos
https://twitter.com/aantonop/status/445268614673752064

Seconded that

[Armando]

hey all

I am accepting applications to help me with some closed beta testing on a new pool that I am in the midst of setting up.  I hope to have the initial page up for the preliminary beta testers later today.

It is a mining pool

+10^1000000000

I'll start mining on that immediately when you release it

i think just before this launches some one should start a new thread and maybe an article calling it "a second gen mining pool for a second gen cryptocurrency"

may aswell market it if we can!!

Nice. BTW I am thinking to try out such pool, but I never had a real mining experience, except some attempts to use my offices laptops)))) What hardware should I purchase? ASICs or.. ?

[pippo]

See the Price is falling and falling since a long Time.

NXT is Dead

NXT will never hit 1 Dollar.....

[wesleyh]

Someone should check this out:

http://okturtles.com/
https://github.com/FredericJacobs/safeweb/blob/master/paper.pdf?raw=true

[paradigmflux]

Good idea.

Please hold off on this for now.  The pool won't be going anywhere once it is open to the public, we can worry about getting positive publicity for it at that point.  The last thing I want to do is have it become overwhelmed with traffic on day 1.
Currently it is only a single VPS, I suspect that I will have to move towards making things a clustered configuration but again, I'm not even sure if people will use this pool so I'm just continuing on with my original plan.

An update would be that I've got the pool up and I've got all my hashpower mining on it (haven't found a block yet, but it's mining FTC currently.  I want to hopefully find a block before I even open up the closed beta just so i can verify the workflow for the coin liquidation and NXT aquistion are all flowing properly.  (but I have tested them quite a bit)

[paradigmflux]

See the Price is falling and falling since a long Time.

NXT is Dead

NXT will never hit 1 Dollar.....

Assuming that there is any profitability whatsoever in the altcoin markets, my pool should hopefully take advantage of that profitability and utilize it to directly infuse btc into NXT every single time the pool finds an altcoin block

[bitcoinpaul]

A new post by emule. Just ignore...

[El3k0n]

See the Price is falling and falling since a long Time.

NXT is Dead

NXT will never hit 1 Dollar.....

back when internet was created a handfull of people were convinced that it would be a global phenomenon but everyone told them that it will never catch hold and will never succeed... you are one of the nay sayers and shall be proven wrong!

You're talking to a troll with 0 activity who registered today.

[DrearyUrbanite]

See the Price is falling and falling since a long Time.

NXT is Dead

NXT will never hit 1 Dollar.....

You are entitled to your opinion however idiotic I think it is. Personally I think that NXT will not enter its infancy until it hit $1 per NXT. We are still in the distribution phase.

[swartzfeger]

OT: my 14 y.o. nephew is getting interested in programming and was talking about learning a skill for developing Nxt services... which direction should I push him? PHP? Python, Ruby, Java... something else?

Or should I just tell him to mow as many lawns and wash as many cars as possible and then buy as much NXT as he can afford?

[bitcoinpaul]

Nice. A trainee for james

[pippo]

will next hit in 1 or 2 years 1 Dollar or 10 dollar or 100 Dollar?

Whats your Prognostic?