NXT :: descendant of Bitcoin - Updated Information

[Come-from-Beyond]

Ok... so we can direct aliases to websites, crypto clients, etc., can someone expand on the characteristics of NXT assets?

Read http://en.wikipedia.org/wiki/Asset and http://www.coindesk.com/colored-coins-paint-sophisticated-future-for-bitcoin/

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[Bitventurer]

Ah, forgot to mention that min fee for asset issuance is 1000 NXT

Edit: I'll forging like crazy...

a good way to redistribute the coins a bit...

[landomata]

Maybe, but not necessarily.  Person A would be able to issue and redeem an asset named "MSFT" and person B would be able to issue and redeem an asset named "Microsoft".  "MSFT" or "Microsoft" could both represent the same thing or different things.

Someone may register "Microsoft2" and state that it's better than "Microsoft".

1) so then why would someone pay more for microsoft when they can pay alot less for Microsoft99

2) How would I be able to state that microsoft99 is better than microsoft....will there be some built in criteria of asset ranking?

[Nyx]

how can I easily copy my address? On a slow mac book air, it's a pain to copy it from the website...

[2Kool4Skewl]

Ok... so we can direct aliases to websites, crypto clients, etc., can someone expand on the characteristics of NXT assets?

If you are familiar with Ripple, this will sound very similar.

An asset is an IOU that represents a certain item (BTC, usd, gold oz).  There are gateways that will issue these assets on the Nxt network.  Only the register of the asset name "BTC" will be able to issue an IOU with the name "BTC".  Other gateways can still issue bitcoin, but they have to use a different name that is still available (ex. BTC2, BTCTWO).  These assets can be bought or sold on the Nxt network for Nxt or other IOUs.  You can redeem your IOUs by sending them back to the issuer.  The issuer will then send you the physical or digital asset.

[GCInc.]

I thought your node was hallmarked, but I guess not.  You would know if your node was hallmarked.  You have to manually setup your hallmark.

Yeah, I tried it once but it didn't seem to work so was left in uncertain state.

The 4.0 client crashes very often, we're managing it this way but I cannot risk making any bold maneuvers like hallmarking whose result could make the situation worse.

[landomata]

Ok... so we can direct aliases to websites, crypto clients, etc., can someone expand on the characteristics of NXT assets?

If you are familiar with Ripple, this will sound very similar.

An asset is an IOU that represents a certain item (BTC, usd, gold oz).  There are gateways that will issue these assets on the Nxt network.  Only the register of the asset name "BTC" will be able to issue an IOU with the name "BTC".  Other gateways can still issue bitcoin, but they have to use a different name that is still available (ex. BTC2, BTCTWO).  These assets can be bought or sold on the Nxt network for Nxt or other IOUs.  You can redeem your IOUs by sending them back to the issuer.  The issuer will then send you the physical or digital asset.

good thing i blocked gateway alias! 

[2Kool4Skewl]

Maybe, but not necessarily.  Person A would be able to issue and redeem an asset named "MSFT" and person B would be able to issue and redeem an asset named "Microsoft".  "MSFT" or "Microsoft" could both represent the same thing or different things.

Someone may register "Microsoft2" and state that it's better than "Microsoft".

1) so then why would someone pay more for microsoft when they can pay alot less for Microsoft99

2) How would I be able to state that microsoft99 is better than microsoft....will there be some built in criteria of asset ranking?

Because most people will search for the asset called "microsoft" on the Nxt exchange and not the asset called "microsoft99".

[Come-from-Beyond]

1) so then why would someone pay more for microsoft when they can pay alot less for Microsoft99

Microsoft99 can't be issued, this is 11 chars.

2) How would I be able to state that microsoft99 is better than microsoft....will there be some built in criteria of asset ranking?

U can always see the complete trade history of an asset.

[2Kool4Skewl]

I thought your node was hallmarked, but I guess not.  You would know if your node was hallmarked.  You have to manually setup your hallmark.

Yeah, I tried it once but it didn't seem to work so was left in uncertain state.

The 4.0 client crashes very often, we're managing it this way but I cannot risk making any bold maneuvers like hallmarking whose result could make the situation worse.

At this point in time, hallmarking your node would make you more susceptible to DDoS attack which would make you fall out of sync with the network.  The network disruption is being caused by non-hallmarked nodes mainly relying on hallmarked nodes to stay in sync, but these hallmarked nodes are under attack and cannot keep up with the requests.

[Bitventurer]

Maybe, but not necessarily.  Person A would be able to issue and redeem an asset named "MSFT" and person B would be able to issue and redeem an asset named "Microsoft".  "MSFT" or "Microsoft" could both represent the same thing or different things.

Someone may register "Microsoft2" and state that it's better than "Microsoft".

1) so then why would someone pay more for microsoft when they can pay alot less for Microsoft99

2) How would I be able to state that microsoft99 is better than microsoft....will there be some built in criteria of asset ranking?

Because most people will search for the asset called "microsoft" on the Nxt exchange and not the asset called "microsoft99".

will it be possible to sell the assets name? like an alias .. other wise I dont see any reason to register an microsoft/anycorp asset name , since the owner of the asset name wont be able to sell those assets since he doesnt owns MS/any corp ))

[landomata]

Maybe, but not necessarily.  Person A would be able to issue and redeem an asset named "MSFT" and person B would be able to issue and redeem an asset named "Microsoft".  "MSFT" or "Microsoft" could both represent the same thing or different things.

Someone may register "Microsoft2" and state that it's better than "Microsoft".

1) so then why would someone pay more for microsoft when they can pay alot less for Microsoft99

2) How would I be able to state that microsoft99 is better than microsoft....will there be some built in criteria of asset ranking?

Because most people will search for the asset called "microsoft" on the Nxt exchange and not the asset called "microsoft99".

so it seems like there will be multiple levels of search in the Nxt client....as people can search for Microsoft alias or Microsoft asset

Assets would be searchable in Nxt asset exchange only....which will clearly be part of the Nxt client

[GCInc.]

At this point in time, hallmarking your node would make you more susceptible to DDoS attack which would make you fall out of sync with the network.  The network disruption is being caused by non-hallmarked nodes mainly relying on hallmarked nodes to stay in sync, but these hallmarked nodes are under attack and cannot keep up with the requests.

So it's a chicken-egg situation? Would be beneficial for the network to hallmark but with only one node and high volume not good at all for NXT that DGEX would be rendered unable to process payments. I think it's better to stay put, wouldn't you suggest?

[loonsert]

NXT sent to another account last night, and did not work (tried several times). Account from which you are sending the money is not written off, looked here http://87.230.14.1/nxt/nxt.cgi?action=100 nothing to write off. Version 0.4.2 What to do?

[Come-from-Beyond]

NXT sent to another account last night, and did not work (tried several times). Account from which you are sending the money is not written off, looked here http://87.230.14.1/nxt/nxt.cgi?action=100 nothing to write off. Version 0.4.2 What to do?

What deadline was set?

[loonsert]

NXT sent to another account last night, and did not work (tried several times). Account from which you are sending the money is not written off, looked here http://87.230.14.1/nxt/nxt.cgi?action=100 nothing to write off. Version 0.4.2 What to do?

What deadline was set?

24 hours

[utopianfuture]

Ok... so we can direct aliases to websites, crypto clients, etc., can someone expand on the characteristics of NXT assets?

If you are familiar with Ripple, this will sound very similar.

An asset is an IOU that represents a certain item (BTC, usd, gold oz).  There are gateways that will issue these assets on the Nxt network.  Only the register of the asset name "BTC" will be able to issue an IOU with the name "BTC".  Other gateways can still issue bitcoin, but they have to use a different name that is still available (ex. BTC2, BTCTWO).  These assets can be bought or sold on the Nxt network for Nxt or other IOUs.  You can redeem your IOUs by sending them back to the issuer.  The issuer will then send you the physical or digital asset.

Who and what mechanism can enforce that the issuers would keep his promises to redeem his IOU/ assets ?

[Come-from-Beyond]

Some info about asset issuance, read it carefully, if u r going to take part in squatting u have to devise the most optimal strategy.

Asset name can contain 3-10 letters/digits.
Asset may have a description (up to 1000 unicode chars).
Asset has a quantity from 1 to 1'000'000'000 units (it can't have fractional numbers).
Min issuance fee is 1'000 NXT.
Deadline is set to 24 hours, only 1 of ur transactions will be confirmed (unlike aliases where multiple transactions were considered as reassignments).

It is NOT planned that u will be able to change number of asset units or transfer the asset to other account.

[2Kool4Skewl]

At this point in time, hallmarking your node would make you more susceptible to DDoS attack which would make you fall out of sync with the network.  The network disruption is being caused by non-hallmarked nodes mainly relying on hallmarked nodes to stay in sync, but these hallmarked nodes are under attack and cannot keep up with the requests.

So it's a chicken-egg situation? Would be beneficial for the network to hallmark but with only one node and high volume not good at all for NXT that DGEX would be rendered unable to process payments. I think it's better to stay put, wouldn't you suggest?

I would recommend that you do not hallmark at this point in time.  If you hallmark, you will come under DDoS attack.  When a node comes under DDoS attack it loses sync with the network.  But because it is still hallmarked, other nodes with smaller hallmarks and no hallmarks still request data from it even though it is completely overwhelmed and out of sync.

If you don't hallmark you might lose sync with the network, but you can always delete and redownload the blockchain and get back in sync.  As long as you are in sync, you should be able to process payments.

Currently, everyone is trying to figure out the best way to deal with the DDoS attack.  We could stop using hallmarks, but then we are opening the network up to zombie nodes.  We could force everyone to use hallmarks, which would make a DDoS attack more expensive for the attacker, but it would also prevent legitimate non-hallmarked nodes from syncing up.

Because hallmarked nodes seem to be doing the majority of the synchronization for the network, we need more hallmarked nodes to distribute the workload.

[Come-from-Beyond]

24 hours

After this period expires u should resend the transaction.