NXT :: descendant of Bitcoin - Updated Information

[ChuckOne]

@chuckone

Thanks for the explanation. I wish AE was out of alpha so that I could work on betting for this year's March Madness. Alas, maybe next year.

Donations are welcome. Just kidding.

[Damelon]

Nope, I have mostly completed the messenger and friend functions, they both piggyback onto the block-chain in a really lightweight manner.

So you have to pay 1 nxt to send a message or friend somebody?

Yep. But, one could bundle several messages into one AM.

and the fees are planning on dropping to .01

right? i keep reading this.

Correct.

Nxt Facebook

That's what I'm working on  !

I keep thinking "Diaspora".
What makes your project different?

[joefox]

If my PC is compromised, attacker could simply activate sniffing soft on it and just wait for me to issue an asset... couldn't it be done via https?

Wesleyh's client, once it is included with the Nxt software, is intending to implement the client-side Javascript Curve25519 library.  This will allow the server (even on your localhost) to return RAW transaction data to you, which your web browser can sign with your private key LOCALLY.  The signed transaction is then broadcast by the server.

In that scenario, risk is minimized.  There is, however, no universal fix for dealing with a compromised computer (where malware is capturing keystrokes or clipboard data).

Even more simply: you can always enable https in your nxt/conf/nxt.properties file.  You can see the settings here: http://wiki.nxtcrypto.org/wiki/Nxt-default_properties_configuration_file .  To do this, create a file called nxt.properties in nxt/conf, and copy the updated settings you want to that file from nxt/conf/nxt-default.properties.

[ChuckOne]

If my PC is compromised, attacker could simply activate sniffing soft on it and just wait for me to issue an asset... couldn't it be done via https?

Wesleyh's client, once it is included with the Nxt software, is intending to implement the client-side Javascript Curve25519 library.  This will allow the server (even on your localhost) to return RAW transaction data to you, which your web browser can sign with your private key LOCALLY.  The signed transaction is then broadcast by the server.

In that scenario, risk is minimized.  There is, however, no universal fix for dealing with a compromised computer (where malware is capturing keystrokes or clipboard data).

Even more simply: you can always enable https in your nxt/conf/nxt.properties file.  You can see the settings here: http://wiki.nxtcrypto.org/wiki/Nxt-default_properties_configuration_file .  To do this, create a file called nxt.properties in nxt/conf, and copy the updated settings you want to that file from nxt/conf/nxt-default.properties.

I still do not get why the client does not create a raw transaction on his own completely.

[L5Society]

Someone needs to set this up, and that costs money. For their work they deserve the juice.

Yes, but, to a regular joe, what's the difference between nxt betting and Las Vegas? Or some offshore online casino? The juice. I've talked to so many gamblers that I thought were stupid, but had a very solid understanding of how the juice impacts their bottom line. Lots of gamblers think they can make the correct choice 50.0001% of the time. Most know that they cant make the correct choice 52% or 56% or whatever it is that you need to beat the juice (which is commonly 5% or 10%). Presenting a juice-less betting service would draw new users by the thousands.

A nxt holder would see the price go to the moon in such a situation. The person that sets it up just needs to be a stakeholder (or buy in before setting it up) to get paid.

[swartzfeger]

What can you build for Nxt?

Nxt Facebook

A decentralized Panopticon, with selfies. I love it.

[intmain()]

What makes your project different?

Asymmetric client side encryption.

[L5Society]

I keep thinking "Diaspora".
What makes your project different?

That's what I thought, too.

But I'd sign up for his service, and I never signed up for diaspora. I don't think it will be nxt's "killer feature", but it would add value to the nxtwork, even if it is no more than a proof of concept. (Is it OK to say nxtwork? I got the phrase stuck in my head, and I can't get it unstuck.)

[jl777]

Nope, I have mostly completed the messenger and friend functions, they both piggyback onto the block-chain in a really lightweight manner.

So you have to pay 1 nxt to send a message or friend somebody?

By design messages are not sent on the blockchain as AM's to avoid bloating (in the implementation I'm designing).

Same here, we can just do point to point networking and only use blockchain for things that need a permanent record

[Mistafreeze]

Hi,

I have a few questions:


1. Issue asset

from: http://wiki.nxtcrypto.org/wiki/Nxt_API

http://localhost:7876/nxt?
     requestType=issueAsset&
     secretPhrase=SECRET&
     name=ASSETNAME&
     description=DESCRIPTION&
     quantity=QTY&
     fee=FEE&
     referencedTransaction=REFTX

Does one sends his own private key in the open??
(attacker might just need to activate WireShark on the attacked remote computer to sniff it...)

2. I read somewhere that BCNext had made a few tweaks to a well known elliptic curve algorithm.

    Why did he do it? (one minus that I see is that It is not "proven" and we needed auditing).

3. Can someone send assets from one account to the other without going through the asset exchange? (for example from one account that I have to the other)

http://localhost:7876 localhost is your own computer using loopback. I dont think it even goes out on your LAN cable, just processed internally. So, unless your PC is compromised, no problems. However, if your PC is compromised to the point where the attacker has access to the loopback data, then you are already screwed

The "tweaks" were porting to Java, including an implementation bug. This bug has been identified and fixed and the code has been reviewed by Dr. Evil himself, aka Jesse James. Also, the encryption choices BCNext made were a bit ahead of time, now openssl is making the same type of choice.

There is the transferAsset API call that lets you send assets to any account

Thanks for the well written answers!

Yes, if my PC is compromised, attacker could simply activate sniffing soft on it and just wait for me to issue an asset... couldn't it be done via https?

If your PC is compromissed, Https wont help at all.

[jl777]

If my PC is compromised, attacker could simply activate sniffing soft on it and just wait for me to issue an asset... couldn't it be done via https?

Wesleyh's client, once it is included with the Nxt software, is intending to implement the client-side Javascript Curve25519 library.  This will allow the server (even on your localhost) to return RAW transaction data to you, which your web browser can sign with your private key LOCALLY.  The signed transaction is then broadcast by the server.

In that scenario, risk is minimized.  There is, however, no universal fix for dealing with a compromised computer (where malware is capturing keystrokes or clipboard data).

Even more simply: you can always enable https in your nxt/conf/nxt.properties file.  You can see the settings here: http://wiki.nxtcrypto.org/wiki/Nxt-default_properties_configuration_file .  To do this, create a file called nxt.properties in nxt/conf, and copy the updated settings you want to that file from nxt/conf/nxt-default.properties.

https is certainly better, but not totally secure. Also destination server is possible weak spot.
For any acct doing this sort of thing, make sure it is a temporary acct with only the funds you need to use

Edit: if your PC is compromised, nothing will help other than turning it off. Sometimes even that isnt enough

[NxtMinnow]

Can someone send me some testNXT? Thanks. 957183466007778257

[rdanneskjoldr]

Can someone send me some testNXT? Thanks. 957183466007778257

10k sent

[ebereon]

CIYAM, What do you see the value of NXT being longterm? I partially agree with you, but only to a certain extent, I think the value of NXT can be a few USD max in the next 2-4 years, I'm sorry guys but 500USD isn't going to happen, unless supply is cut off.

Salsacz, I watched your video! Great work! We think a lot alike, I really appreciate the work you're doing. I'll send a tip your way when I get to a safe computer.

MyNxt.info works great, who created it? I will be passing it along to friends and family so they don't complain in a year when they "missed out" because it was too difficult to create an account.

At this moment in time the most important project for NXT's success is automated multisig gateways for the AE. Is there currently a group working on this? I can help out if you guys need a cross-language dev. If I can buy LTC or BTC with NXT I would never use BTER/Cryptsy/BTC-E again. There is a massive market here.

No outsiders care about it all anymore, development has halted, frustrated discussions without any results, prices are going to the bottom and everyone except the initial IPO holders have lost a large amount of their invested money --- is it as good as dead?

No, pull yourself together man.

I am the only one coding the core of the multisig gateway, but antanst who created NXT tipbot and http://testnet.nextblocks.info/ is helping with the web side, including google authenticator verification of withdrawals

I am a simple C programmer, so it would be great to have somebody who can refactor it into a different language. I am currently doing a total refactor now that I got the proof of concept working. Based on antanst's feedback (he didnt like the single gateway reliance for 1 second on deposit into sweep acct), I am in the process of abstracting and generalizing acct creation so it will be possible to manage a separate multisig acct for each user's deposits. As they trade assets, their deposit acct balance wont correlate to their holdings, so the deposit accts add up to being a single virtual acct for the entire gateway.

I plan on balancing the multigateway deposits so that over time, it will be evenly spread out across the accounts to provide minimal incentives for hackers to try to crack multiple hardened server locations at the same time. Fragmented multisig!

If there was an independent implementation of the multisig gateway, then when all three servers come to consensus as to a withdrawal, any bug in my code wont be replicated on all the servers, so while it might take a while to totally synchronize the algorithms, it will provide yet another redundancy.

As far as NXT price goes, It is hard to imagine that NXT wont reach $1 USD at some point in the future, however NXT is under attack as evidenced by the large amount of recent trolling, some a lot more convincing than emule. Expect volatility ahead as the anti-NXT guys that have accumulated a large amount from previous spikes and dumps still have reserves. NXT represents a big threat to the establishment, bitcoin and fiat, and it does not take much to double the price or halve the price. A volatile price shakes confidence. Look at what the fiat guys did to bitcoin!

As far as active developers on major crypto goes the following is my ranking:
1) Bitcoin - not sure, but assuming there are quite a few
2) NXT - I know of at least a dozen devs, probably a lot are working in stealth mode
3) Ripple - 10 devs/tech guys https://www.ripplelabs.com/team/
4) etherium -
5) counterparty - 3 devs
6) mastercoin - 3? devs not as good as counterparty but they have thousands of BTC)
7) DRK - 1 dev + 1
8  Anoncoin - 1 dev maybe 2?
9) emunie - 1 dev

There are other coins with a couple of devs, but most altcoins dont even have a single fulltime developer! I apologize to things like colored coins and others that I am sure exist, but I only use coinmarketcap to get candidates (other than ETH and emunie)
<rant>
Those of you that are not programmers, I ask a favor. Please stop complaining. It really doesnt help morale at all and it is counterproductive. If you want to help, test. If you cant test, then just lurk instead of bitching. You do want to help dont you?
</rant>
Now if you are invested in NXT to quickly double your investment, please join emule. The scope of NXT is quite a bit larger than a 3 week project. If you do not understand this, I suggest sell. If you like centralized organization, there is mastercoin and emunie for you. They are very centralized. You could always invest in XRP, but then again there is that 55 billion they have promised to giveaway, but that still leaves another 45 billion that could hit the market at any time. People complain about a few accts with 50 million NXT??? What is a few people having 5% each compared to a single organization controlling 93% of inventory???

NXT price will not go in a straight line. People will buy the rumor and sell the news, like what happened with mastercoin. It is no surprise that the price goes down when they release. The reason is that it was preannounced, everybody knew it was going to come out. So everybody who is into that sort of thing already purchased it before the release, who was left to buy it? Nobody. That is why the price went down. Day trading 101.

NXT is a currency. Yes of course it is. Everybody can see their NXT balance. There is a price in the markets. You can send NXT to people. Anybody that says NXT is not a currency is being silly.

NXT is a platform. Yes of course it is. I built nodecoin not out of thin air, but on top of NXT. It took a day of coding. This shows the power of NXT, I am just a simple C programmer. Imagine what somebody with real skills could do!

NXT is a decentralized asset exchange. Yes of course it is. We can all see it on testnet.

NXT is a <fill in the blank>. Yes of course it is. NXT enables things. NXT is like the internet. Does anybody say that email IS the internet or that the internet IS email? Is the internet http? Is http the internet? Is bittorrent the internet? Is the internet bittorent? Is ...

I hope you get the idea. There are literally a thousand things that can be built on top of NXT. One of the reasons why I starting coding again is that I wanted to create a developers kit to make it easy for other simple C programmers to create stuff. I was a little rusty at first and all this crypto decentralized stuff was new so I had a steep learning curve, but I am getting in to gear so if I can stop getting distracted by all this nonsense in this thread I could be pretty productive.

However, when there is a serious threat to NXT, I need to respond and the level of insidious undermining of confidence in NXT that is going on has gotten to a point where I have to take time out of programming.

If NXT is dead, then everything other than bitcoin is dead. BCNext is gone, but was he ever really here? Actually I dont think he was ever on this thread. In any case, jean-luc is our BCNext now. He is here to stay and if you havent noticed, he keeps cranking out release after release. His code is so nice and clean, I am even tempted to learn Java! If jean-luc was the only developer, NXT would still survive. However, we have so many more contributors. True many left for other projects, but that only makes sense if you are after the big score. Going from nothing to a few millions. Sure, nice if you can get it, but what happens when the price of the new fantastic NXT clone comes out and ** gasp ** nobody becomes a millionaire? The people that jumped ship wont stick around long as they have proven that they are quick to abandon.

Anyway, we all know that the initial distribution wasnt great. However, it is much, much better than ripple. NXT isnt perfect, it is what it is. If you dont like it, please sell and leave us in peace. For whatever its worth, it is my opinion that NXT is better than any of the alternatives and my multisig gateways and other add on services will not be available for any NXT clones, regardless of who makes them. Without real world gateways, NXT is confined to crypto land. With real world gateways, NXT can expand into the real world. The multigateway to other cryptos is just a start.

Anyway, please bookmark this or whatever and use it for anti-FUD. I am tired of repeating myself. gotta get to work

James

P.S. back to the NXT is like the internet analogy. Assuming you agree with me on that, please estimate how much owning some percentage of the actual internet would be worth. Owning NXT would be like that. Long term real estate thinking is what you need to have. NXT is raw land now, bulldozers, construction workers, big mess. If you dont like messy things, sell NXT

+10'000     (still 20 pages behind, but that was nice to read after so much FUD, thanks James!)

[punkrock]

What is this bot on BTER doing?

Code:

0.00004629 | 6,799.433 | 0.31475

This order is automatically cancelled and opend since hours. Always 0.31475 BTC. I had a "fight" with it at 0.00004900. When I placed my buy order at 4900, the bot always put it's order one satoshi above mine. Now the bot is still active at ~4600...

[EvilDave]

Reposted from the InfCom thread:
https://bitcointalk.org/index.php?topic=506757.0


Infrastructure Committee decisions.

Girls/guys/undecided:

The InfCom has been seriously busy over the last few days, and we have finalised two of the issues presented to us.

Most of our decision-making process can be seen on BitBucket, with some debate/input happening here on BTT.
PMs have been kept to a minimum to ensure complete transparency, and any relevant info from PM exchanges has been posted either here or on Bitbucket:
https://bitbucket.org/nxtinfrastructure/committee/issues?status=new&status=open

On to the decisions:

After a lot of debate, InfCom has rejected opticalcarriers request for funding for SSL certification for VPS, we feel that TOR provides a better level of security/privacy:
https://bitbucket.org/nxtinfrastructure/committee/issue/30/public-api-nodes-could-support-ssl-for

After even more debate, InfCom has approved an initial bounty payment of 2000 NXT to secondleo (+Matthew C, collaborator on the paper) for his paper on energy efficiency in the NXTwork:
https://bitbucket.org/nxtinfrastructure/committee/issue/19/nxt-energy-efficiency-paper-secondleo
There is a further 3000 NXT bounty ready to go for an improved version of the paper, based on feedback from InfCom.

That's about it for today, keep up the good work. Any questions, feedback, requests, get in touch.....

NXT Infrastructure Committee members:

EvilDave (spokesthing)
Marcus03
chanc3r
ChuckOne
ferment [/i]

[DrearyUrbanite]

Reposted from the InfCom thread:
https://bitcointalk.org/index.php?topic=506757.0


Infrastructure Committee decisions.

Girls/guys/undecided:

The InfCom has been seriously busy over the last few days, and we have finalised two of the issues presented to us.

Most of our decision-making process can be seen on BitBucket, with some debate/input happening here on BTT.
PMs have been kept to a minimum to ensure complete transparency, and any relevant info from PM exchanges has been posted either here or on Bitbucket:
https://bitbucket.org/nxtinfrastructure/committee/issues?status=new&status=open

Thanks and keep up the good work!

[MyZhre]

An simple idea that seems to have been ignored on the official forums...

Wouldn't it be easier to just allow dots in the asset names (hint:  Global_trade_repo's hierarchy idea)?

That way BTT.UNIQUESILVER and BTT.RARECOIN would not collide with someone else's UNIQUESILVER and RARECOIN?
As suggested by Global_trade_repo, the asset names with dots in them could cost less to issue.

Not only that, but the buyers could be more confident that the assets were issued from BTT without rechecking/verifying the description/catalog.  An impostor could issue a VERYRARECOIN with a description poiting to BTT's catalog for example.  But the impostor cannot fake a BTT.VERYRARECOIN asset if it's required to own the BTT asset first.

We should also allow other characters such as #, $, %, and digits after the dot in the asset names.  So BTT can issue BTT.SILVER$100  or BTT.GOLD#1906 for example.


Otherwise, assuming a business can issue 100000+ assets, how does it go about organizing/tracking assets efficiently?  It much easier to match BTT.GOLD#1906 or BTT.RAREGOLD#18394 from a catalog than to search for BTT.GOLDXFR and BTT.RAREGOLDSXR to identify the asset.


If Counterparty is a protocol like TCP/IP, then we will need a flexible asset naming scheme that works almost like the domain naming system.

Borrow from XCP, I think this is really a good idea, Ripple style Asset Name is a disaster

[jl777]

Just saw a really good idea on XCP forum:
https://bitcointalk.org/index.php?topic=395761.msg5773807#msg5773807

It is about asset naming and it is very simple and I think quite effective.
Basically once you own an Asset Name, then you can create a subasset for a much lower fee. this essentially allows branding of the root name and then people will know that anything that starts with that is from the same issuer

So Anon gets his Anon136 asset name. Now he can issue:

Anon136.silver1oz
Anon136.silvershot
Anon136.silveretc

It still has a squatting issue with it, but now the squatters have to squat on the names of the issuers, not the target asset. This is far riskier as if a specific name is taken, there are always others that can be used. Unlike "BTC", which is unique.

If we are going to change the NXTcore for asset names, this one might be worth doing.


James

[jl777]

An simple idea that seems to have been ignored on the official forums...

Wouldn't it be easier to just allow dots in the asset names (hint:  Global_trade_repo's hierarchy idea)?

That way BTT.UNIQUESILVER and BTT.RARECOIN would not collide with someone else's UNIQUESILVER and RARECOIN?
As suggested by Global_trade_repo, the asset names with dots in them could cost less to issue.

Not only that, but the buyers could be more confident that the assets were issued from BTT without rechecking/verifying the description/catalog.  An impostor could issue a VERYRARECOIN with a description poiting to BTT's catalog for example.  But the impostor cannot fake a BTT.VERYRARECOIN asset if it's required to own the BTT asset first.

We should also allow other characters such as #, $, %, and digits after the dot in the asset names.  So BTT can issue BTT.SILVER$100  or BTT.GOLD#1906 for example.


Otherwise, assuming a business can issue 100000+ assets, how does it go about organizing/tracking assets efficiently?  It much easier to match BTT.GOLD#1906 or BTT.RAREGOLD#18394 from a catalog than to search for BTT.GOLDXFR and BTT.RAREGOLDSXR to identify the asset.


If Counterparty is a protocol like TCP/IP, then we will need a flexible asset naming scheme that works almost like the domain naming system.

Borrow from XCP, I think this is really a good idea, Ripple style Asset Name is a disaster

Great minds think alike