REPOST:: PSA: Condensed (not really) redundant info that keeps being asked for newbies that don't want to read 300+ pages (info will be repeated on every other new page)Because so many people are failing to read about what nxt has to offer and offering premature conclusion which mostly mirrors negative aspect of "alt coins" This writeup is needed badly and will be repeated from page to page.
--BCnext started all this and is following in the footsteps of satoshi, Come-from-beyond serves as the connecting link now, see:
https://bitcointalk.org/index.php?topic=345773.msg3832234#msg3832234--NXT is 100% proof of stake,
NOT AN ALT COIN ( fork of bitcoin) and there is no "
COIN" in NXT, Just simply NXT!
--The software is currently java based, and closed source for now that it is in the alpha stage. Still, pieces of the code are available for review upon permission of the devs, but the full code will not be released until Jan 3, 2014 official launch.
--Nxt is a brain wallet, a very long and secure passphrase MUST be used to generate your account. You much use more than 30 uppercase, lowercase and special characters for your password to be safe from brute force attacks.
--NXT will be divisible up to 2 decimal places, but it is not active yet.
Nxt currency distribution: NXT WAS NOT PRE-MINED, there is no such thing as mining in nxt. The initial nxt distribution process was completely fair and VERY PUBLIC! The public was advised to send bitcoin to the genesis address in exchange for NXT. Only about 71 people did so on time. These people paid fair and square to be in the position there are in. You could have been one too, but you were probably on another thread. ( If anyone has a better idea lets hear it). They were rewarded as the main starting founders and all NXT were distributed amongst them. It is now their prerogative and in their best interest to redistribute the funds as nxt is not as valuable if not accessible to the market. (And I was not one of the 71 by the way…why does it make sense to me and not you, please stop trolling) Please see all give away attempts :
Bounties: https://bitcointalk.org/index.php?topic=345773.0 we need several nodes on vps at the moment
Giveaways: https://bitcointalk.org/index.php?topic=347927.0Faucet: http://www.coinarea.net/faucet.phpIf you are running a separate giveaway I pm me and i will update in the next couple of pages
CFB'S take on the creation of coins based on facts about 100% POS system:
"
Actually there is only 1 way to create a secure 100% PoS coin - issue all coins at once. If u subsidize block forging (like 25 BTC in Bitcoin now) then u make ur coin vulnerable to different types of attacks. The only way to fix this is to add proof-of-work which doesn't make sense in 100%PoS coin. Mathematical proof is very sophisticated and wasn't peer reviewed, so this statement may be wrong. U still could mention that if not all coins r premined then the currency may be vulnerable to attacks."
for newbies: watch these videos
http://www.youtube.com/watch?v=zALTChPsXhQ,
http://www.youtube.com/watch?v=f8dLMoZLMzM ,
and visit this site:
http://www.coinarea.netMining: There is no "MINING" in NXT, just forging: collecting transactions into blocks and earning transaction fees…block you forge is dependent on the amount of NXT you own. This is called FORGING and it is exactly what bitcoin will be doing 100 years from now.
--The price jump was due to an innovative feature named "aliases", this enables a competitive "namecoin-like" distributed DNS functionality
If you want to do aliases do this : https://localhost:7875/alias.html, fill the fields and hit OK
--Nxt is only 3 weeks old, nothing is released yet, because this is the alpha testing phase. Source code and official client will be released on jan 3rd with colored coins, voting, decentralized asset trading.
--how the consensus works in next :https://bitcointalk.org/index.php?topic=345773.msg4063478#msg4063478
Detailed feature sets:- Decentralized DNS / Alias System (Starting at block 22000) ( this is already in effect and it raised the NXT market cap)
- Transparent Mining (Partially starting at block 25000) IN A COUPLE OF DAYS !
- Decentralized Asset Exchange / Colored Coins (Starting after block 30000) Jan 2014
This allows gateways to issue other currencies (fiat or crypto) on the Nxt network.
- Decentralized Marketplace / Auction
- Decentralized Mixing Service
- Encrypted Messaging / Chat
- DDoS Protection - Project Kharon
- Voting
----Decentralized exchange is ready, we are just waiting on a frontend, easy to use UI to be released in january by a guy named nexern (cfb)
For stakeholders and if you want nxt to get stronger and continue to be superior:The NXT network is being blasted by a >40 gbps DDOS attack. Nxt is a superior technology and its fighting off attack right now. CFB and Bcnext say the attack could easily be quenched but they choose to use this experiment as learning experience for when NXT catches up with bitcoin. They have chosen to remain neutral and let the network resolves its own issues. But it can do way better if we strengthened the network by everyone contributing
What you can do--We need more nodes to mitigate DDOS attacks, you can do either of these:
https://bitcointalk.org/index.php?topic=345619.msg4103726#msg4103726 Use this Guide to starting vps by "iaowai80" or
https://bitcointalk.org/index.php?action=profile;u=181968 Pay/ hire "Ferment" to set up the nodes for you if you lack the time
UPDATE :: We have raised 400k nxt to support the nxt initial bootstrapping of the network. See the ledger here:
https://docs.google.com/spreadsheet/ccc?key=0AgAGADgnQcrtdHRrV3V3Z1lzOXVEMWtqdElUaEtqV1E#gid=5This was accomplished through donation from people like you and me..If you believe in the game-changing, innovative potential of nxt and the tireless work of the developers, support the network by donating to the common fund provided by "Pouncer" : please use this address: 14122495560166494500 . The fund will be used to support server infrastructure that will initially continue to help bootstrap the network, essentially keeping your NXT valuable
confirm the nxt account address from this post :
https://bitcointalk.org/index.php?topic=345619.msg4119640#msg4119640
