NXT :: descendant of Bitcoin - Updated Information

[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.

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

No one

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[Come-from-Beyond]

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

Pure trust. Reputation System may help in the future. But u have to remember about pirateat40.

[abctc]

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

- Reputation System.

[achimsmile]

23695   14228885836867306405    24.12.2013 11:22:42    2    28370.84%    2    0

confirmed?

[Pablito89]

hmmm i'm at 23715   4065%

[laowai80]

23718 here 14305341584206105393   1676%

[Bitventurer]

23718 here 14305341584206105393   1676%

Hi , do I have an hallmarked node @ https://nextcoin.info:7875  ?

[achimsmile]

hmmm i'm at 23715   4065%

thanks, I forked.

Will redownload and try to catch up with yours

[laowai80]

23718 here 14305341584206105393   1676%

Hi , do I have an hallmarked node @ https://nextcoin.info:7875  ?

If you didn't send me your hallmark, then it's not hallmarked. I think you didn't.

[laowai80]

hmmm i'm at 23715   4065%

thanks, I forked.

Will redownload and try to catch up with yours

or with mine,
hope you guys having fun with all this forking

23724 just arrived  id 402018334358506244    2177 %


this is on a hallmarked node with 10 Weight value, so apparently, hallmarking with 10 is not that large of a target for DDOS, and still syncs.

[abuelau]

Is it possible to restart the server from the client (i.e. without having to ssh to the server)?

EDIT: Obviously I mean restart the NXT server without having to SSH to the actual Linux server.

[masterOfDisaster]

[...]
So maybe we all agree to setup nodes with similar weights?

Yes, many 100 Weight nodes, or any other small number will do. Someone should manage the donation fund for that purpose specifically and verify that hallmarked nodes with paid out amounts are indeed running with the paid out Weight value.

I'm not sure if I understand the system properly.
Does the weight of a hallmarked node adjust if the balance on that account changes? If so, the attackers could misuse that by creating a new abomination in the form of "hallmarked zombies" with a higher weight and adjust their weight once the 'regular' hallmarked nodes try to adjust their weight. That will cost the attackers some money, but they already seem to be willing to spend some...
And if even if you need to create a new hallmark after the account has been funded with more Nxt this would be a feasible attack vector.
This would be a way to create points of failure...
If you leave the choice to prefer hallmarked nodes to clients, only the clients that avoid hallmarked nodes are safe in that scenario.
The agreement on a certain weight should then not be the way to fight the attackers (at least not at the moment).

This seems to be much more easy, scalable and "distribution network" like:

Once a node makes a request and doesn't get a response in 'x' time, it then needs to try another node until it receives a response.  It should try nodes in increasing ping time order.

Wouldn't that be an easy way to get rid of the 'simple' zombies?

And I see a problem with that approach as well.

Well, hallmarks would work if everyone used them. Wait for a few hours and I'll release a version with disabled hallmarks.

I hope disabled hallmarks are the default. But as hallmarking needs some action and you can't force people to do that the only safe way seems to be to remove hallmarking until there's a workaround to deal with zombies without hallmarking. I consider anything that requires user action not very well at the moment.

[Come-from-Beyond]

hope you guys having fun with all this forking

After Transparent Mining is switched on we'll get more fun, coz we will see what part of the network is on another fork(s).

[Pablito89]

should we increase the timeout on our hallmarked nodes?

[utopianfuture]

It seems that people need to disassociate as fast as possible the whole Online Marketing/SEO relation that aliases unavoidably have and realize that it is not the title of the Asset that could/might give it value but what it consists of. 

I feel like we have too much going on too early. The alias system has an incredible potential as it could be a totally new gateway people using to get to the Internet. But most people even already owing Nxt still don't understand what it is.

Now throwing in the mix the asset exchange which is a much more complicated system. I am an economist by profession and I have been teaching classes of Money and Banking at college level here is U.S for the last 3 years. This asset exchange could be very exciting but is is very wild and it could be very misleading for users. A name tag like Microsoft or Bitcoin means NOTHING without a real assets backing it. In real life, a Microsoft share represents a percentage of ownership of Microsoft and entitles its owner dividend from Microsoft profit. In order for Nxt asset exchange to work, each type asset here would have to represent some values assigned by the the asset name tag owner. There need to be a clear social contract that the asset issuer have to announce to the public before they issue the asset.
I believe we need to compile the documentation of rules and protocols for the asset exchange. Don't let it just happen without few people understand what they are into.

We are already got blamed for initial distribution of Nxt which I think is just a moot point but you have to admit that the initial distribution does not look like it has a well-thought out plan at all. The alias system launch has been very exciting but all the documentation of the system usage and potential for new users still need to be done.
On top of that is the paramount question of network stability. We need to have a stable network going. If computer stopping very 30 minutes because the bockchain is out of sync, no advance features will be useful. I would suggest that the stability issue need to be number one concern right now. We need a more resilient system. Asset exchange should be tested, documentation and how to for it should be compiled before an official launch.

I plan to have a series of articles done for alias system and I could also write rules and protocols for the upcoming asset exchange. But I suggest that BCnext and Cfb need to slow down in rolling out features to get the groundwork done first. Done it right the first time so nobody get hurt during the process. That also give time for works on network stability.

I am going to launch my client now, hopefully it sync with the main blockchain this time.  

[Come-from-Beyond]

Does the weight of a hallmarked node adjust if the balance on that account changes? If so, the attackers could misuse that by creating a new abomination in the form of "hallmarked zombies" with a higher weight and adjust their weight once the 'regular' hallmarked nodes try to adjust their weight. That will cost the attackers some money, but they already seem to be willing to spend some...
And if even if you need to create a new hallmark after the account has been funded with more Nxt this would be a feasible attack vector.

Good idea. If ur node is overloaded then u can move money from the account that hallmarked it. Leave just 1-1000 NXT.

[abuelau]

It seems that people need to disassociate as fast as possible the whole Online Marketing/SEO relation that aliases unavoidably have and realize that it is not the title of the Asset that could/might give it value but what it consists of. 

I feel like we have too much going on too early. The alias system has an incredible potential as it could be a totally new gateway people using to get to the Internet. But most people even already owing Nxt still don't understand what it is.

Now throwing in the mix the asset exchange which is a much more complicated system. I am an economist by profession and I have been teaching classes of Money and Banking at college level here is U.S for the last 3 years. This asset exchange could be very exciting but is is very wild and it could be very misleading for users. A name tag like Microsoft or Bitcoin means NOTHING without a real assets backing it. In real life, a Microsoft share represents a percentage of ownership of Microsoft and entitles its owner dividend from Microsoft profit. In order for Nxt asset exchange to work, each type asset here would have to represent some values assigned by the the asset name tag owner. There need to be a clear social contract that the asset issuer have to announce to the public before they issue the asset.
I believe we need to compile the documentation of rules and protocols for the asset exchange. Don't let it just happen without few people understand what they are into.

We are already got blamed for initial distribution of Nxt which I think is just a moot point but you have to admit that the initial distribution does not look like it has a well-thought out plan at all. The alias system launch has been very exciting but all the documentation of the system usage and potential for new users still need to be done.
On top of that is the paramount question of network stability. We need to have a stable network going. If computer stopping very 30 minutes because the bockchain is out of sync, no advance features will be useful. I would suggest that the stability issue need to be number one concern right now. We need a more resilient system. Asset exchange should be tested, documentation and how to for it should be compiled before an official launch.

I plan to have a series of articles done for alias system and I could also write rules and protocols for the upcoming asset exchange. But I suggest that BCnext and Cfb need to slow down in rolling out features to get the groundwork done first. Done it right the first time so nobody get hurt during the process. That also give time for works on network stability.

I am going to launch my client now, hopefully it sync with the main blockchain this time.  

+1000

[utopianfuture]

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

- Reputation System.

Reputation doesn't work unless you have a history and convention. In early days, we have neither history or convention. You won't even sell Bitcoin to a stranger paying by Paypal. So you won't buy bitcoin tag from a stranger who promise to deliver you a Bitcoin after n days in the future.

[asdlolciterquit]

Even you are 5 years late to the start, you still can buy ASIC.

If you spend $5000 on ASIC now and receive it in March you'll barely make 5 BTC, which will give you 0.0000005% of all BTC market.

If you buy Nxt for $5000 you'll get 167000 Nxt which is 0.017% of all market.

Compare the numbers and do the right choice.

so 1 NXT values 0,029$?? where i can find the current value?? thx!

[Come-from-Beyond]

should we increase the timeout on our hallmarked nodes?

Maybe. U have to analyze logs to make a good decision.