NXT :: descendant of Bitcoin - Updated Information

[twistelaar]

People how can I access my wallet??! I have IOS.. thanks!

[rickyjames]

rickyjames do you want to post your findings on there?

Sure, I'll post some thoughts over there.  I was a member at the raspberrypi.org forum from day one.  And I always have something to say.  

OK, just for the record, below are the two postings I have made in Ola's forum post at the Raspberry Pi forum, which was approved for publication by a totally bewildered mod that couldn't figure out if it was a joke, spam, or cry for help: http://www.raspberrypi.org/forum/viewtopic.php?f=63&t=64229&p=474419#p474419

"This is a long story, bear with me a second. The people that wandered in above [Ola and landomata] asking for help are in the middle of a war, fighting for something they care about very much (and I do too), so they are sleep deprived and a little shell shocked and perhaps sound a little crazed. Before I go on with a few paragraphs of background below in my next post, here's what any responding Raspberry Pi owner is being asked to do, posted as a dispatch from the middle of the struggle:

https://bitcointalk.org/index.php?topic ... msg4140793"

AND

"OK, background to all of this.

Maybe you've heard of Bitcoin (http://en.wikipedia.org/wiki/Bitcoin) in the news lately, maybe not. It's a new kind of digital money that was started five years ago that has grown into a billion-dollar business today. It depends on volunteers running computers in the background (for a Bitcoin profit) to solve increasingly harder cryptographic puzzles that secure the holdings of its (explosively) growing user base. Although Bitcoin is reasonably healthy today, it is a distinct possibility that in the next few years it will fail as the scaling of the background computers becomes too much to sustain. In the meantime, since the original bitcoin source code is public domain, there have been 50-75 "me-too" competitors to Bitcoin that have popped up. They tweak relatively minor aspects of the Bitcoin code to claim an advantage, but bottom-line they all share the same "need-ever-more-computers-to-solve-harder-crypto-puzzles (Proof-of-Work or PoW)" feature / flaw of the original Bitcoin.

NXT (pronounced "next") is a proposed alternative to Bitcoin. It has been written from the ground up in Java by a huge and growing group of developers (read about them here: https://bitcointalk.org/index.php?topic=303898.0 and here: https://bitcointalk.org/index.php?topic=345619.0 ) and uses the end-user wallet software in a peer-to-peer network to secure the transactions, not a separate class of "miner" computers running separately in the background. It also has many new features that Bitcoin lacks. Many people, me included, think it is the future of digital money and the logical successor to Bitcoin. It is currently in beta test among limited users and is to be publically released on January 3, 2014 - the 5th anniversary of the Bitcoin launch.

There's multi-millions of real dollars at stake here, and Bitcoin is not going to give up the throne without a fight. To that end, the ongoing beta test of NXT has been sabotaged by an unknown assailant launching a DDoS attack against NXT and trying to spoil its rollout next week. This attack floods the internet with junk packets aimed at the (currently relatively few) computers running the NXT software, swamping them and causing fatal loss of communication in the NXT network. If only there were LOTS more computers that could quickly be added to the NXT network and keep it going...

That's where the Raspberry Pi and Raspberry Pi users come in. The NXT developers have come up with a tweaked package of their software that will run on a Raspberry Pi. If you run this software, load the resulting wallet with 1 to 10 NXT coins, and leave the Raspberry Pi running and hooked up to the internet, then you have helped the NXT network grow stronger. Thank you.

What's in it for you? Getting in on the ground floor of a new digital currency that may well become as big as Bitcoin, a lot faster than Bitcoin did. Maybe you read this story: http://www.theguardian.com/technology/2 ... -oslo-home . There's no guarantee that will ever happen again, but it might. As an initial investor in NXT, you can get some initial free coins to run in your Raspberry Pi NXT wallet from many sources (https://nextcoin.org/index.php/board,29.0.html) and even buy significantly more if you choose from official exchanges like dgex.com. However, at this stage you should view NXT as nothing more that a SPECULATIVE INVESTMENT; don't risk money you can't afford to lose!

NXT is a deep subject and this is a very brief overview. But if you investigate it and decide to help by turning your Raspberry Pi into a NXT node for a few weeks through the January 3 launch, you would be getting the appreciation of many fine people. And possibly helping to create the future."

Hope this helps.

[davethetrousers]

People how can I access my wallet??! I have IOS.. thanks!

Well, you can't run the server there on the phone... You have to have it running somewhere else in your network, then access its client site from the iOS device.

[notsoshifty]

I have a bunch of dedicated servers, but all at one data center. Is there any benefit from deploying the server code on more than one of the servers?

What would the typical CPU load be? These are compute oriented servers, so not much bandwidth for each, maybe 10mbps.

How much would this help?

James

cpu load is negligible.
every node helps to split the load.

it is java memory intensive though.  yes!  putem up!

I never understood this. On a hallmarked node in AWS with 3.7GB RAM (2GB heap) I'm seeing very good memory performance out of the NRS application; looking at GC charts it really seems like it wouldn't benefit from any more than 1GB or maybe even 768GB heap on a 1GB server. If anyone is truly seeing memory issues at medium/large heaps then I'd be really interested in seeing the GC logs from that - please feel free to link me a pastebin of the GC logs after running a while using GC log settings such as:

-verbose:gc -Xloggc:gc.log -XX:+PrintGCDateStamps -XX:+PrintGCDetails

[Pablito89]

Stucking at 24483    304%


@CfB  When next not-experimental version will be avaible?

[chanc3r]

I can set up multiple copies of nxt on virtual servers but I only have one IP onto the internet through my firewall, so each copy won't get a unique ip onto the public internet.

so will these multiple copies make a contribution to the network through my firewall like my current single running copy of nxt hopefully does? - if they will I'm happy to set them up

Second do they need to be connected to an account and if they do can they all be connected with the same account i.e. passphrase?

Let me know and I can probably add a number of copies of nxt if this will work.

cheers.

[GCInc.]

Who all these ppl who buy NXT? Was there an article somewhere recently?

Just wait for the articles to appear. The number of people from all over the world getting in is growing exponentially, and virtually nobody wants to sell their NXT currently.

[S3MKi]

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[coinrevo]

Can someone explain to me why Nxt is getting so much value if the source isn't opened yet? That worsens pump&dumpy possibilities, because the first judgement has to be with regards to quality of source code. But hey, the market fill figure out (after a lot of people will lose a lot of money). I think a lot of development is diluting the concept of alt-coin, or rather the current on-boarding stream for coins.

[davethetrousers]

Current:
   
24490      4071545868996394636      25.12.2013 21:51:36   
2      25'300 + 2      256 B   
1      1076223165758466293      449 %

below are the two postings I have made in Ola's forum post at the Raspberry Pi forum, which was approved for publication by a totally bewildered mod that couldn't figure out if it was a joke, spam, or cry for help

I can totally imagine the mod being overwhelmed there right now, trying to hold on to his sanity

"... but I only read about glorified cell phone hardware all day."


New:

24497      4747512364439223888      25.12.2013 22:02:37   
0      0 + 0      0 B   
1      17481804194834374797      585 %

[Come-from-Beyond]

Stucking at 24483    304%


@CfB  When next not-experimental version will be avaible?

No idea yet. It seems to me that Transparent Mining will be activated a little bit later, we had too much fun last few days.

[Ola]

Current:
   
24490      4071545868996394636      25.12.2013 21:51:36   
2      25'300 + 2      256 B   
1      1076223165758466293      449 %

below are the two postings I have made in Ola's forum post at the Raspberry Pi forum, which was approved for publication by a totally bewildered mod that couldn't figure out if it was a joke, spam, or cry for help

I can totally imagine the mod being overwhelmed there right now, trying to hold on to his sanity

"... but I only read about glorified cell phone hardware all day."


New:

24497      4747512364439223888      25.12.2013 22:02:37   
0      0 + 0      0 B   
1      17481804194834374797      585 %

+1 His response was priceless

[Come-from-Beyond]

Can someone explain to me why Nxt is getting so much value if the source isn't opened yet?

Actually the source code is open. All that u need is just to run a disassembler against Nxt binaries. Nothing is obfuscated, u'll get almost 100% copy of the source.

[Ola]

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=347927.0
Faucet: http://www.coinarea.net/faucet.php
If 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.net

Mining:  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:

Head over to this forum to help try to get people installing and using nxt on raspberryPis : http://www.raspberrypi.org/forum/viewtopic.php?f=63&t=64229&e=0

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=5

This 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

[relm9]

Can someone explain to me why Nxt is getting so much value if the source isn't opened yet? That worsens pump&dumpy possibilities, because the first judgement has to be with regards to quality of source code. But hey, the market fill figure out (after a lot of people will lose a lot of money). I think a lot of development is diluting the concept of alt-coin, or rather the current on-boarding stream for coins.

Probably a result of increased awareness towards cryptocurrencies in general. And honestly, right now - I think the price is still a bargain considering what people pay for junk like Dogecoin that has no long-term value.

[davethetrousers]

All cryptos will rise strongly in a few days again, only due to it's not being Xmas anymore. No more /a little less: buying presents, celebrating, eating, getting drunk...

More time, more money -> more resources for fun stuff like cryptos

[superresistant]

Can someone explain to me why Nxt is getting so much value if the source isn't opened yet? That worsens pump&dumpy possibilities, because the first judgement has to be with regards to quality of source code. But hey, the market fill figure out (after a lot of people will lose a lot of money). I think a lot of development is diluting the concept of alt-coin, or rather the current on-boarding stream for coins.

Probably a result of increased awareness towards cryptocurrencies in general. And honestly, right now - I think the price is still a bargain considering what people pay for junk like Dogecoin that has no long-term value.

Totally agree with that.

[S3MKi]

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[ZeroTheGreat]

People how can I access my wallet??! I have IOS.. thanks!

Unsecured way only: WEB. For now at least, wait for client. Java making iOS version coming sooner.

[nexern]

Can someone explain to me why Nxt is getting so much value if the source isn't opened yet? That worsens pump&dumpy possibilities, because the first judgement has to be with regards to quality of source code. But hey, the market fill figure out (after a lot of people will lose a lot of money). I think a lot of development is diluting the concept of alt-coin, or rather the current on-boarding stream for coins.

Probably a result of increased awareness towards cryptocurrencies in general. And honestly, right now - I think the price is still a bargain considering what people pay for junk like Dogecoin that has no long-term value.

Totally agree with that.

me too, besides all great nxt features, there is another (intended or not) very important factor -> right time, right place.