NXT :: descendant of Bitcoin - Updated Information

[Ola]

Nxt might have competition for features soon: Open Transactions desktop software platform for bitcoin and other currencies..they have been hard at work for months / years but I believe the new videos is a re-assertion of their place in the marketplace in light of the recent popularity of nxt…If they launch before our other advanced features, we will still have the speed and green forging advantage..not to mention it will actually take time for other crypto's devs to coordinate and start integrating.. thought this was worth sharing.
http://www.reddit.com/r/Bitcoin/comments/1tqepn/new_opentransactions_videos_of_new_desktop_app/

https://docs.google.com/file/d/0B1elJotjR_t6UlJjbG5wSmFJT1E/edit?pli=1-----payments and invoicing
https://docs.google.com/file/d/0B1elJotjR_t6OS1pV3duMEpWSGs/edit?pli=1----app store, dec market (barzaa), dec exchange, virtual corporations( stocks and dividends), asset exchange, escrow,  scripted agreements, smart contracts, voting pools, chairman cash: tokens and voting

THIS DEVELOPMENT SHOULD NOT BE UNDERESTIMATED.

OLA can you please track this closely.

Tracked!! 

[klee]

I vote for Mixing too, not having to rely on external mixing services for anonymity. After the Asset Exchange, that would be a killer feature that no other currency has at the moment.

Concept is not ready, hard to find good cryptographers these days...

Matthew Green and his team (Zerocoin) are very helpful with coin developers reaching them for help - I bet they will have bigger interest to see how their concept can be implemented in a PoS coin.

I will try to reach them, any developer here interested should contact me - I plan to make a bounty about this (maybe paying Zerocoin team too for helping).

Another team should investigate CoinJoin + NxT..

[abuelau]

Since we are deciding about features... what about reversible transactions? Mastercoin is planning to have this..

How are they planning to secure Merchants?

I don't remember the details, but essentially a transaction can be marked as reversible or not.

If it is marked, then there's a timespan for it reversible (maximum of 365 days).

[Framewood]

Since we are deciding about features... what about reversible transactions? Mastercoin is planning to have this..

Reversible? Sounds weird.

If you want it to become main stream it is a must.

[Jean-Luc]

Since we are deciding about features... what about reversible transactions? Mastercoin is planning to have this..

Isn't that what Two-Phase Payments is about? Like an escrow, the payment is released to the seller only after the buyer confirms receipt of the purchase with a second transaction.

[wakasaki808]

Since we are deciding about features... what about reversible transactions? Mastercoin is planning to have this..

Isn't that what Two-Phase Payments is about? Like an escrow, the payment is released to the seller only after the buyer confirms receipt of the purchase with a second transaction.

But I guess this is an example of if you send to the wrong account that may not have a "buyer". Like what just happened to someone. The ability to cancel the transaction so your funds don't get lost in a random account.

Kinda like what Paypal does in a way. But hopefully find a way to improve it. 

[marcus03]

This morning when I looked it was not their, the address I sent to was wrong and now it is sitting in some random account I cannot get to 13643712185318669838.

Complete NIGHTMARE... will have my fingers crossed the devs are able to help you.   

They rn't able. This is the world of cryptoanarchy.

The problem is that if we want this coin to be main stream, mums and dads and even grandma are going to have to use the system and they will make mistakes.

True. It happened before: The account 100000 has 100.000 NXT in it and I doubt anyone has the password for that...

[Come-from-Beyond]

Does Distributed Asset Exchange have an escrow option of some sort? How does it work anyway? If someone sends some asset and requires payment for it, but the other party doesn't provide the payment. Or vice versa. Is that accounted for in the code to make sure both parties can't cheat each other? For centralized exchanges, the exchange itself is the escrow, what about the distributed exchange?

It's an atomic transaction. U pay for a share and get it. Both or nothing.

[Come-from-Beyond]

Since we are deciding about features... what about reversible transactions? Mastercoin is planning to have this..

Isn't that what Two-Phase Payments is about? Like an escrow, the payment is released to the seller only after the buyer confirms receipt of the purchase with a second transaction.

Right

[Ola]

Since we are deciding about features... what about reversible transactions? Mastercoin is planning to have this..

Isn't that what Two-Phase Payments is about? Like an escrow, the payment is released to the seller only after the buyer confirms receipt of the purchase with a second transaction.

Your comment makes the most sense and hits the nail on the head..two phase payment is way better than any arbitrary reversible transaction..it safer too...making a transaction arbitrarily reversible opens up nxt to the floodgate of fraud and we will see so much fraud develop, the likes of which paypal can't even imagine

[Jean-Luc]

But I guess this is an example of if you send to the wrong account that may not have a "buyer". Like what just happened to someone. The ability to cancel the transaction so your funds don't get lost in a random account.

I would keep such a feature out of the core. A user-friendly client may implement something like that entirely in the client - after clicking on send, the transaction goes into a list of "ready to send" transactions, and the user has to click on a second "confirm" button after double checking everything again. And the client may show a warning if the receiving account is not in personal address book, etc.

[EpicThomas]

that could be a good idea to prevent people losing nxt.
like the sender can put in a timelimit for the buyer to accept and if he doens't the transaction is not executed.

[superresistant]

In continuation of the announcement that we r looking for more Nxt core devs, there are features we r planning to implement till block 525960 (in alphabetical order):
- Alias System (done) - similar to DNS
- Arbitrary Messages (partially) - any soft can send messages in custom format
- Asset Exchange (done) - currency/stock exchange
- Distributed Computing (concept not ready) - similar to BOINC
- Distributed Storage - similar to Torrent
- Instant Transactions (requires peer review) - transactions with guaranteed confirmation
- Mixing Service (concept not ready) - laundering service
- Multisignatures - multisignatures
- Service Providers - off-chain services
- Shrinking - shrinking of bloated blockchain
- Smart Contracts (concept not ready) - http://en.wikipedia.org/wiki/Smart_contract
- Transparent Mining (partially) - can't describe in few words
- Two-phase Payments - payments with extra confirmation
- Voting System - good old democracy
I'd like to get ur opinions what features should be implemented in the 1st place.

It is chaos to vote like this, you should make a new thread.

I am for finishing the partially done features. People criticize NXT because there is too much features planned and not much working.

Anyway NXT is such a bad-ass-killer-coin.

[rickyjames]

There are active peers and known peers. If your client runs long enough, you will see EVERYONE forging as an known peer.

So does this mean that some who are listed in the known peer list on a particular desktop client are actually active peers, and the given desktop client hasn't figured that out yet?  Just how long does it take for a desktop client to sync up and see all of these new VPSs out there on the cloud?

no, that means, that node chose to only take these nodes as active peers. The number of active peers is limited and the peers are chosen randomly if i am not mistaken.

So you will be an active peer somewhere

Ok, so the is client decentralized and distributed.  Got that.  But...is there anywhere to go and get a master list of everybody that is currently forging at that moment?  

[wakasaki808]

But I guess this is an example of if you send to the wrong account that may not have a "buyer". Like what just happened to someone. The ability to cancel the transaction so your funds don't get lost in a random account.

I would keep such a feature out of the core. A user-friendly client may implement something like that entirely in the client - after clicking on send, the transaction goes into a list of "ready to send" transactions, and the user has to click on a second "confirm" button after double checking everything again. And the client may show a warning if the receiving account is not in personal address book, etc.

That sounds good too. We just need some way to help people from getting their funds lost. Since we are all human there are some that will make mistakes.  

[wakasaki808]

that could be a good idea to prevent people losing nxt.
like the sender can put in a timelimit for the buyer to accept and if he doens't the transaction is not executed.

Kinda like in any online game that requires a group. You have to get verification for groups and such, Someone sends an invite -> other person accepts the invite. If the other person doesn't accept then the invite is cancelled.

Would definitely help with accounts of no owners. Add that to the two step verification. Click to "Send" -> (Gives you a review your order page) Click "Confirm to Send". So at least they can get verification of who/how much being sent to whom.

[Come-from-Beyond]

I am for finishing the partially done features. People criticize NXT because their is too much features planned and not much working.

Arbitrary Messages will be delivered very soon. Migration to Transparent Mining requires months till we get full potential.

[greyw00lf]

that could be a good idea to prevent people losing nxt.
like the sender can put in a timelimit for the buyer to accept and if he doens't the transaction is not executed.

+1

Or the sender puts a timelimit for how long it could be reversible and only after that time limit the receiver can be sure the amount is definitely in his account...

[greyw00lf]

Never ever use online password generators!

please enlighten us

Maybe you could use this kind of password generators, but generate 3-5 passwords and mix them together in a random way and/or change some characters... that would be more secure. You never know if the website host does not save all generated passwords in a database for some kind of bruteforce attack later.

[Framewood]

Never ever use online password generators!

please enlighten us

Maybe you could use this kind of password generators, but generate 3-5 passwords and mix them together in a random way and/or change some characters... that would be more secure. You never know if the website host does not save all generated passwords in a database for some kind of bruteforce attack later.

Maybe it is only buggy alpha version client?