NXT :: descendant of Bitcoin - Updated Information

[jl777]

CfB,

A while back you asked which of a list of features the dev team should implement next. I need more info before I can make a recommendation.

In essence it would be ranked by the (expected transactions fees) / (time left to complete)

From an investors standpoint, it is all about the transaction fees. Assuming all the projects are independent and there are no dependencies, the most bang for the dev time will front load NXT valuation increase. If we want to slow down the increase of fair market value and all of these features will eventually get implemented, then we do the opposite. Deadlines and software dev being what it is, I think it best to optimize for more fair market value sooner, rather than later. Usually we discover even better things to do when we see something actually deployed.

So, I had a flash of insight on how we can integrate utopianfutures IPO plan with the upcoming features. This also partially solves the question of what type of companies we will have doing IPOs.

I suggest that we encapsulate each new NXT feature that generates its own transaction fees into a NXTcompany. I am assuming we can accurately track each NXTcompany's transaction fees and that is the equivalent of the traditional revenue statement. A NXTcompany will usually have no, or minimal costs, at least I think that is the case as once the software is developed, we might need a few custom servers, but mostly just manpower to nurture each NXTcompany. The profit calculation will simply be the difference between total transaction fees minus whatever costs, if any. If any additional costs are needed, it could be funded from sales of IPO shares, individual contributions, etc.

Who gets to be in each NXTcompany? My answer is anybody! Of course, each person needs to be a valuable team member and the way to allocate "ownership" is by voting of all the peers. Each person votes for all the other people, say a scale of 0 to 10, or maybe a simpler full share, half share, no share, each NXTcompany should decide how each person's contribution will be ranked. Tally up the totals and you have the prorata ownership of the NXTcompany. Integrate over time to calculate the lifetime ownership percentage. A company in need of funds for costs could recruit investors who would get an agreed upon percentage. Anyway, you get the idea. We can have a generic NXTcompany template, but it would just be a set of guidelines to start from. Each NXTcompany can and probably should mutate as best fits their goals.

Something like that. Each NXTcompany should get its own wiki page that is updated with important things like what the feature is, why someone will want to use it, what it costs and an estimated (or actual) usage percentage and transaction fee estimate.

This will allow everyone to see which NXTcompany they would want to put their time into. Basically we will start a new IPO for each new feature and IPO shares are up for grabs for all the NXT stakeholders. Just pick the few projects you really believe in and can contribute meaningfully.

I don't think it would be so healthy to have a competition, but maybe some sort of founder sponsored bounty that is issued to each NXTcompany that achieves key milestones would be a nice reward for the hard work.

NXT the investment will be valued at the sum total of the value of all the NXTcompanies. The more companies we have, the more NXT will be worth. Everybody wins, except the ones who don't participate.

Everybody has a chance to get in on the ground floor of a NXTconomy startup!!

utopianfuture, we need an "investment bank" equivalent to track the different NXTcompanies and have a standardized presentation of "financials". Since this is your baby, maybe you can take this on? I am sure you will get voted some shares in all the companies by helping smooth the process.

The fantastic thing about the NXTconomy is that everybody can make a significant contribution, regardless of your specific skill set. I think that it is the NXT community that is so vibrant and active that is the "secret sauce" that none of the other NXTclones will ever have. After all, why would anybody want to work on a clone when they can easily join the original?

I can envision making a presentation to potential investors with pages upon pages of NXTcompanies, each generating transaction fees and when the light bulb goes off they will want a piece of the NXTeconomy. Every NXT represents a share of the NXTconomy, not just a single NXTcompany, but all NXTcompanies present and future.

 BCNext designed a frictionless economy so the velocity of money can be extremely fast. Every NXT that is spent automatically recirculates, within a minute or so. Simply incredible.

James

P.S. Even the alias system could use a NXTcompany. I could see a domain listing site as a first step, with many other possibilities.

[idev]

...and Service Providers!  

This is not such important. Just instant messages and distributed filestorage. We already have Skype and Mega.

I was under the impression that Service Providers would strengthen the network.

Same here, i thought the Service Provider feature would incentivise public node operators.

[Passion_ltc]

Today CoinArea.net received a big update.

Frontpage Changes:
· Small visual improvements
· Newest NXT client (0.4.7e)
· New beginner video "How to get started?"
· New Advertisement Section (Write us an email with your price!)
· Updated the Get started guideline with new Wikipedia Links
· Added the following new links:
  - Reddit /r/nextcoin
  - NXT Coin Flip
  - Automatic NXT Faucet
  - NXT Node List Generator
  - NextCoin.org Links (News & Alerts, Instructions & Help, Giveaways, Short/Long Term Priorities)
  - peercover.com

Other Changes:
· New news section with the latest news around CoinArea.net and NXT. (Blogsystem is still under development through!)
· A few improvements to the toplist, which will come in the near future. You will get some new information about it soon!

(The faucet is dry! Go over to the nxtra faucet! )

I will soon drop the faucet if there are no huge donations. Then it will become a pure link list site with a casino later.

[ZeroTheGreat]

What do you guys think of this?

http://nxtra.org/nodes/

I noticed everyone seems to copy the same "easyCopyString" for the list of server nodes (wellKnownPeers) in web.xml - however, wouldn't it be better if that list of server nodes was different for everyone?

That's what my tool does, it gives back a random sampling of the well known server nodes. That way there'll be no overloading and everything will be less centralized. Now of course, I'd like to know CFB's opinion on this (and anyone else's).

Good thing!

[Come-from-Beyond]

Shouldn't we get a stable client 1st.  How many people are able to actually run it non stop.

We can do it in parallel.

[Come-from-Beyond]

Hey CfB... it was suggested that if you run java, unlock browser, and then close browser while your account is unlocked that forging will continue.  

Is there such possibility?

I know that as long as java is running the block chain will be up to date, but can you forge without the browser open?

That's correct. U can unlock ur account and just close the browser and u'll be forging, coz real forging is done inside the java program.

[Come-from-Beyond]

I was under the impression that Service Providers would strengthen the network.

Correct.

[pinarello]

Today CoinArea.net received a big update.

Frontpage Changes:
· Small visual improvements
· Newest NXT client (0.4.7e)
· New beginner video "How to get started?"
· New Advertisement Section (Write us an email with your price!)
· Updated the Get started guideline with new Wikipedia Links
· Added the following new links:
  - Reddit /r/nextcoin
  - NXT Coin Flip
  - Automatic NXT Faucet
  - NXT Node List Generator
  - NextCoin.org Links (News & Alerts, Instructions & Help, Giveaways, Short/Long Term Priorities)
  - peercover.com

Other Changes:
· New news section with the latest news around CoinArea.net and NXT. (Blogsystem is still under development through!)
· A few improvements to the toplist, which will come in the near future. You will get some new information about it soon!

(The faucet is dry! Go over to the nxtra faucet! )

I will soon drop the faucet if there are no huge donations. Then it will become a pure link list site with a casino later.

links to video tutorials are broken, here is one for all tutorial videos

https://www.youtube.com/my_videos?o=U

Pin

[greyw00lf]

Since most transaction fees obtains the one who has the most to the NXT account.
I established this account: 5116094607402271611
It is a fund (or pool if you want).
I plan to collect on it as much as possible NXT.
If you find this interesting and want to join, send as many as you like NXT (min.10 that it had any relevance)
Once mined some NXT will be divided in the ratio of investment by individual contributors.
Thanks to all for your interest.

Epic....

Why?
Do you think it's a bad idea?

its a bad idea. there is no difference if you mined with 10 coins or pooled your 10 coins. you'll earn the same amount. and not have just sent them off to a stranger.

It makes a difference. If i had 1,000 NXT and my chance of generating a block is let's say 0.001%. I would have to wait 100 days (just example) on average to generate a block and earn the fees.

If i put my NXT into a pool, which has 10,000,000 NXT, the pools chance of generating a block would be 10% and it would generate 100 blocks per day on average. Then it would pay the dividend every day (or week), so i would get my share more often than waiting 100 days to generate a block. It wouldn't be more of course, but it would decrease the factor of luck.

Also it may be convenient as you could turn off your PC, because the pool is forging for you. On the other hand that would maybe weaken the network if more people stop forging and therefore stop using the NXT client.

Another con would be the trustfactor. You must trust the pool-owner that he wouldn't run away with your NXT

[jl777]

A red/green light on nexerns page for acct would be really nice. That way you can see if you are still forging from any browser, for instance from Uruguay

James

[ferment]

NXT Alias based URL Shortener!

Decided to take a break from node-mania and wrote a little app to use nxt aliases as shortened URLs. Take a peak at http://22k.io.

You can use nxt aliases to make tiny URLs like http://22k.io/UR_ALIAS. Just create an alias and set a proper HTTP or HTTPS uri.

For example....

This thread:  http://22k.io/bigassnxtthread
Download latest nxt: http://22k.io/downloadnrs
A public node: http://22k.io/publicnode
The goog: http://22k.io/google

Please play around with it and let me know if it works for you. I think this is a great way to use Aliases and draw attention to NXT (once I add some fancy txt to the home page). The site needs a little polish but I figured I'd let y'all go ahead and play with it. I'm working on some more fun alias tricks too.

Thanks!

22k acc: 4915862015826193000

PS - CFB - can we get ".", "_", and "-" in alias names please?

[Passion_ltc]

Today CoinArea.net received a big update.

Frontpage Changes:
· Small visual improvements
· Newest NXT client (0.4.7e)
· New beginner video "How to get started?"
· New Advertisement Section (Write us an email with your price!)
· Updated the Get started guideline with new Wikipedia Links
· Added the following new links:
  - Reddit /r/nextcoin
  - NXT Coin Flip
  - Automatic NXT Faucet
  - NXT Node List Generator
  - NextCoin.org Links (News & Alerts, Instructions & Help, Giveaways, Short/Long Term Priorities)
  - peercover.com

Other Changes:
· New news section with the latest news around CoinArea.net and NXT. (Blogsystem is still under development through!)
· A few improvements to the toplist, which will come in the near future. You will get some new information about it soon!

(The faucet is dry! Go over to the nxtra faucet! )

I will soon drop the faucet if there are no huge donations. Then it will become a pure link list site with a casino later.

links to video tutorials are broken, here is one for all tutorial videos

https://www.youtube.com/my_videos?o=U

Pin

Please send the correct link.

[User705]

Shouldn't we get a stable client 1st.  How many people are able to actually run it non stop.

We can do it in parallel.

The concern is that currently the attacks don't have anything to focus on.  If I understand what you want to do with transparent mining it will be like a big red target for attacks.

[Come-from-Beyond]

CfB,

A while back you asked which of a list of features the dev team should implement next. I need more info before I can make a recommendation.

Ask questions.

[greyw00lf]

Today CoinArea.net received a big update.
...

Cool, thanks! Looks really nice

[jl777]

Will all the proposed features eventually get implemented?

Is there any rough idea of the time needed to complete each feature?

Are there any estimates as to the amount of transaction fees each feature is expected to generate?

James

[Come-from-Beyond]

Is there any way we could include that timer in the cmd window and/or is there any other way we could check that we are still forging?

I could add some API calls. Remind me after the release plz.

[PGPpfKkx]

daily report about aliases (give up thread):

its been the fourth consecutive day i have been trying to register some aliases that are not registered (and will not be if the system persists in randomness).

what happens is that i send 50 words to say with 1440 (as advised by CfB) deadline and 1 nxt for example.

a day later some 20% of them are registered and the rest are free.

this is completely random and sad. before implementing kick-ass features like assets and whatever make sure this wonderful coin is not ridiculed by such bugs.

[jl777]

My understanding is that separate features don't really depend on each other or interact with each other. Kind of like email and http coexisting. Just because email might have some bugs, it doesn't make sense to stop work in http, unless they are both being worked on by a single person.

James

[Come-from-Beyond]

Will all the proposed features eventually get implemented?

All except marked as "concept not ready". We must have a concept before implementation.

Is there any rough idea of the time needed to complete each feature?

Ask Jean-Luc.

Are there any estimates as to the amount of transaction fees each feature is expected to generate?

No.