NXT :: descendant of Bitcoin - Updated Information

[Asian Prepper]

Just wanted to say that 0.5.3 is running incredibly well for me.  Is anyone still having problems with stuck blocks?

mine keeps crashing or something cuz Firefox keeps asking me if I want to stop or continue the script... dont know whats the cause...

Yes that is at startup had the same problem with chrome, this needs to be fixed.

At startup with blocks.nxt and transactions.nxt missing or up to date?

If you are downloading the blockchain from scratch, or a significant number of missing blocks, it is to be expected that the browser UI cannot handle that many blocks. This will not be fixed as there is nobody working on the browser UI. You need to wait until the blockchain is up to date, and then open the browser. Or restart the browser only when it hangs, not the java process too.

Ok I understand that, than we have to warn users it will take some time to download the blockchain and they have to wait till complete download, surtenly on the client side this will be needed.

As NEW dummie user I dont bother restarting browsers pushing F5's and downloading blockchains, delete blockchains and restarting from scratch again. you or a good working dummy proof client has to do that for me.

Maybe the client should have a feature to delete .nxt files and replace them if corrupt, and at startup there should be a message to have patience and wait

but that is all client side.

Pin

Is it possible to create a notice or something on the client to let users know the problem so that new users dont get scared n confused? This would greatly enhance user friendliness.  Remember,  the biggest fear that new adopters of cryptos have is being scammed or ripped off.  If u r a client developer. .. a simple notice can eliminate a lot of fear for everyone even if u know there is a glitch or bug in the client n u havent figured out how to fix it... its ok just let everyone know.  Good job on the client.

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[coolfish]

I'm building an exchange for nxt, which aims to be trading/deposting/withrawing in automatic mode. But it seems like people can only send from one adddress to another rather than many-to-many like bitcoin, this will cause a huge transaction fee. 

so I'm wondering when will the official client support many-to-many transaction?  Is there a roadmap.

Each transaction, Let the customers pay the transaction fee .

[rickyjames]

I need a little advice: How can we calculate a daily cost of Nxt web?

Something like:
number of peers x watts of the average computer? and transfer kW in Dollars?

Do we know a number of forging computers?

I do a simple calculation for you as following:

Say 10, 000 nodes in the network for Nxt, as you know there are about 10,000 accounts.

Say each node is a Pi, say each pi consumes 10Watts, so total 100kW, it's 2400 kWh, which is just $600 a day with $0.25 per kWh.

Say each node is a server with 500 Watts, that's 50 times of the above calculation, so it is about $30,000 a day.

So I predict a total power consumption is in the range of $600 ~ $30,000 a day, and most probably below $10000.

Wow, that's the most efficient system in the crypto currency world.


Edit: go on a simple calculation of the price for Nxt. Presently a day's tx fee is ~ 5000 Nxt, if it should cover the power consumption, that is, $600/5000 ~ $30,000/5000, so the Nxt price in the range $0.12 ~ $6.

Yeah, my pricing for Nxt is $0.12 ~ $6.

But there are 300 nodes, not 10k:

http://peerexplorer.com/

donate(1), 22k(3), 22k.io(66), BEER(1), CentOS(2), FreeBSD(1), linux(6), NCC-1701-D(1), NCC-1864(1), nxt.now.im(12), nxt86(2), PC(121), PC BaiMang...(2), PC-2212(1), Raspberry(1), RaspNXT(1), Rpi(1), RPi Solari...(1), SPARC(1), strawberry(1), Unknown(43), VPS(17), xrp.pw/nxt(1):

(4+66+1+1+12+2+43+17+1)x20W = 3kW
+
(2+6+1+1+121+2+1+1+1+1+1+1+1)x5W = 0.7kW

= 4kW

24(hours)x4(kW)x0.15/kWh = 14 USD

A Raspberry Pi only uses 2W at most:  400ma @ 5V.  This has to come from a power supply that has some conversion efficiency of 50-80% or so.  Let's be conservative and say we're using a 50% efficient wall plug transformer.  Then each Raspberry is using 4W of wall power to generate the 2W it actually needs to run.  Say electricity is $0.15 per kWh.  Then in a year of 365*24 = 8760 hours, a single Raspberry Pi is going to use 8760 * 4 = 35,040 watt-hours or 35 kWh per year costing 35 * 0.15 = $5.25 of electricity per year.  

Thus the power to run a Pi is thus real but pretty negligible in the overall cost picture.  You can run 25 Pis nonstop for a solid year for the same amount of juice required to leave a 100W incandescent bulb on day and night for a year.

As a reasonable estimate, a single Pi costs around $120 as capital outlay to set it up for a year of service as an NXT node:  $35 for the Pi itself; $30 more for the memory card, cables, cluster support gear, etc; $ 5 for a year's worth of power; and say $50 per year (around $4 / mo) to park it in a server farm.  A network of 300 Pis thus costs $36,00 to set up and run for a year (of which $15,000 per year or $1250 per month is "office rental" and "human tech support" and "internet bandwidth").  

If there are truly 5000 NXT per day generated in transaction fees as assumed above, that's 365*5000 = 1,825,000 NXT per year.  If you are using 300 Pis at $36,000 per year to capture ALL those transaction fees, you are spending $36,000 / 1,825,000 NXT = $0.02 per NXT or around 2 pennies per NXT to capture the NXT using Raspberry Pis.  At 0.00005 BTC/NXT and $800/BCT, a NXT is currently worth $0.04 or 4 pennies each.  

Rough ballpark estimate: Capturing NXT with Raspberry Pis could double your money in a year at current NXT prices.  The Raspberry cost is fixed; the return-on-investment ROI gets better and better the higher and higher NXT goes.

http://coen.boisestate.edu/ece/files/2013/05/Creating.a.Raspberry.Pi-Based.Beowulf.Cluster_v2.pdf

I seem to recall that people are setting up VPSs for around $20 per month or $240 per year, which is double the cost of setting up a Raspberry Pi for a year as outlined above.  Thus while NXT is at its current $0.04 each, capturing NXT with VPSs is a break-even proposition.

These are actually great numbers.  The return-on-investment or ROI for forging NXT is positive NOW and will be even more profitable when NXT coins become more valuable.  Thus even with NXT as a Proof-of-Stake coin without mining, there is STILL financial motivation for people to run the nodes required to keep the NXT system going.  For a pre-mined coin, that is a remarkable statement.

Oh and the daily cost of the NXT support web running on 300 Raspberry Pi nodes is $36,000 / 365 = $98.63 per day, call it $100 per day.  Do it on 300 VPSs instead, and the daily NXT support web cost is around $200 per day.

[yan83]

To NXT devs and DGEX！To NXT devs and DGEX! It is very important !
The DEVs are thinking if the price of NXT is low, people are willing to buy NXT, but it is wrong, people would buy coins when see price rising！
希望NXT团队除了重视技术创新之外，也要兼顾市场运作。
重视市场运作不等于单纯的市场炒作，而是要把现在NXT存在的问题，即：过于重视技术、轻视市场的观念和做法纠正过来，让市场这条瘸脚发挥作用。
进入NXT这个市场的绝大多数人，他们的根本想法其实是想在NXT这一市场赚钱，而不是单纯为了NXT的技术有多好。
要想实现赚钱这一目标，就只有NXT的价格上涨才能实现，否则有多少人会进入NXT市场？
我们来看看，去年12月25号左右时，NXT价格在0.00012左右，为什么那么多人疯狂的买入，DGEX的24H成交量2000多万 NXT？
现在，1月12日，DGEX的24H成交量为什么才100多万NXT，只有原来的20分之一？

我早说过了，NXT最大的硬伤或说先天缺陷，就是原始股东股权太集中，只有解决了这个问题，NXT才能有长远的发展。
如果要解决原始股东股权太集中的问题，就只有让NXT币尽快从原始股东手中尽量多的分散出去这一途径。其实，这也是DGEX交易网设立的最重要使命。
但是，现在DGEX交易网的交易量缩到了地板上，这难道不是NXT发展的最大障碍吗？
造成这一现象的最根本原因，就是我前面说的，是NXT团队对于市场的错误认识和做法造成的。
所谓的错误认识是指：NXT团队错误的认为只有低价才会有更多人接受NXT，才会进入这一市场。看看NXT成交量的变化，我们就知道这一想法有多么的脱离现实！！
所谓的错误做法是指：NXT团队的原始大股东，利用自已手中的天量NXT币筹码来人为的压制NXT的价格，使NXT的价格无法更多的由市场的力量主导运行。
对NXT价格必要的干预是有益的，但象现在这样脱离市场实际的、完全的死死控制住NXT的价格，其结果就是我们现在最不愿看到的：NXT的价格和成交量已经死了！

正如前面所述，这正是NXT发展的最大障碍！
希望NXT团队尽快认识并立即开始解决以上问题：NXT团队原始大股东不要再利用手中的天量NXT币筹码来人为的压制NXT的价格，让更多的市场力量主导NXT的运行，

从而让NXT的价格和成交量再次活跃起来，让原始大股东手中的天量NXT币尽快的分散开来。这样，NXT才能健康稳定的发展。



To NXT devs and DGEX！To NXT devs and DGEX! It is very important !
The DEVs are thinking if the price of NXT is low, people are willing to buy NXT, but it is wrong, people would buy coins when see price rising！
Beyond hope NXT team apart from the emphasis on technological innovation, to balance the market.
Importance to the functioning of markets does not mean mere marketing hype, but to NXT problem now, namely: concepts and practices that are too technical, too little market corrected, and let the market play a role this lame.
Enter the NXT the vast majority of people in this market, their basic idea NXT this market to make money, not just for the sake of NXT technology has much good.
To achieving the goal of making money, only the NXT price increases can be achieved, or how many will enter the NXT market?
We'll see on December 25 last year at around, price around 0.00012 NXT, why do so many people buy DGEX 24H turnover of more than 20 million NXT?
Now, on January 12, the trading volume was more than 1 million NXT DGEX 24H, only one in 20 of the original?

I've already told you, NXT's biggest inherent problems or birth defects, is the original shareholders ' equity is too concentrated, only solves this problem, NXT to long-term development.
If you want to solve the problem of original shareholders ' equity is too concentrated, only the NXT dollars out of the hands of original

shareholders spread out that way as much as possible. In fact, this is the most important mission of DGEX trading network established by the.
However, the DGEX exchange trading volume now cut down to the floor, isn't that the NXT the greatest obstacle to development?
The most fundamental factor contributing to this phenomenon, is what I said earlier, is NXT team caused by misconceptions and the market practices.
So-called mistake means: NXT team mistakenly think only a low price would have greater acceptance of NXT, will enter the market. Changes in NXT turnover, we know how much this idea out of touch with reality!!
By wrong practices mean: NXT team's original shareholders, since trading volume was in the hands of chips to artificially suppress prices of NXT ,NXT currency, makes NXT cannot run more dominated by market forces.
Price of necessary interventions for NXT is useful, but the actual market and completely as is now the case out of the tightly controlled NXT price, the result is that we now wanted to see: price and volume of the NXT is dead! As mentioned earlier, this is the NXT the greatest obstacle to development!
Hope NXT team know as soon as possible and immediately began to address the above issues: NXT team days in hands of original shareholders not to use chips to artificially suppress prices of NXT NXT currency, more market power of the dominant NXT run, so NXT price and volume came alive again, volume was in the hands of original shareholders NXT spread in Canadian dollars as soon as possible. In this way, NXT to the healthy and stable development!

[Asian Prepper]

So if I understand correctly some kind of format like: "Asset exchange, powered by Nxt", where asset exchange could get it's own marketable trademark, too?

yes, something like that. We don't want to be marketing a swiss army knife. People will assume that each component is some limited version. We want to market a powerful "Asset Exchange", "Arbitrary Messages", etc. Each should be strong enough to standalone and even have its own non-generic identity.

We don't want it to be like seeing generic versions of many different types of products, but rather premium versions each in its own category. NXT is always there under the hood, powering things. Anybody that digs below the surface will find that NXT is powering a whole lot of things.

For example, a company like Johnson and Johnson has many recognizable brands, but they market each brand to its specific market. The fact that they are all Johnson and Johnson brands is not really a factor. Any investor that does research into JnJ will find out that it has all these brands and more: tylenol, visine, splenda, nicorrete, sudafed, listerene, band-aid, ben-gay, neosporin, etc.

Each of these brands could be an entire company all by itself.

Which is more impressive, a company with a dozen generic products or powerful brands in a dozen categories?

At some point, we probably should come up with a non-generic name for each of the new features. This can all be wrapped into a separate NXTIPO. Decentralized. Develop each brand independently. NXT becomes the sum of all the brands, but not just an additive sum, because NXT will be the ONLY crypto that has all these features and the smart investors will certainly figure this out

James

if u clearly understand these features n can explain iy in non tech terms to me on Skype,  I can use my sales/marketing background to come up with the necessary names to make it easy for people to understand n adopt.  I can not help on coding but I can definitely help on the sales/marketing aspect of nxt.

[MadCow]

The real Chuck Norris coin!

https://bitcointalk.org/index.php?topic=409696.0

If this guy is serious NXT might have a competitor.

[coolfish]

To NXT devs and DGEX！To NXT devs and DGEX! It is very important !
The DEVs are thinking if the price of NXT is low, people are willing to buy NXT, but it is wrong, people would buy coins when see price rising！
希望NXT团队除了重视技术创新之外，也要兼顾市场运作。
重视市场运作不等于单纯的市场炒作，而是要把现在NXT存在的问题，即：过于重视技术、轻视市场的观念和做法纠正过来，让市场这条瘸脚发挥作用。
进入NXT这个市场的绝大多数人，他们的根本想法其实是想在NXT这一市场赚钱，而不是单纯为了NXT的技术有多好。
要想实现赚钱这一目标，就只有NXT的价格上涨才能实现，否则有多少人会进入NXT市场？
我们来看看，去年12月25号左右时，NXT价格在0.00012左右，为什么那么多人疯狂的买入，DGEX的24H成交量2000多万 NXT？
现在，1月12日，DGEX的24H成交量为什么才100多万NXT，只有原来的20分之一？

我早说过了，NXT最大的硬伤或说先天缺陷，就是原始股东股权太集中，只有解决了这个问题，NXT才能有长远的发展。
如果要解决原始股东股权太集中的问题，就只有让NXT币尽快从原始股东手中尽量多的分散出去这一途径。其实，这也是DGEX交易网设立的最重要使命。
但是，现在DGEX交易网的交易量缩到了地板上，这难道不是NXT发展的最大障碍吗？
造成这一现象的最根本原因，就是我前面说的，是NXT团队对于市场的错误认识和做法造成的。
所谓的错误认识是指：NXT团队错误的认为只有低价才会有更多人接受NXT，才会进入这一市场。看看NXT成交量的变化，我们就知道这一想法有多么的脱离现实！！
所谓的错误做法是指：NXT团队的原始大股东，利用自已手中的天量NXT币筹码来人为的压制NXT的价格，使NXT的价格无法更多的由市场的力量主导运行。
对NXT价格必要的干预是有益的，但象现在这样脱离市场实际的、完全的死死控制住NXT的价格，其结果就是我们现在最不愿看到的：NXT的价格和成交量已经死了！

正如前面所述，这正是NXT发展的最大障碍！
希望NXT团队尽快认识并立即开始解决以上问题：NXT团队原始大股东不要再利用手中的天量NXT币筹码来人为的压制NXT的价格，让更多的市场力量主导NXT的运行，

从而让NXT的价格和成交量再次活跃起来，让原始大股东手中的天量NXT币尽快的分散开来。这样，NXT才能健康稳定的发展。



To NXT devs and DGEX！To NXT devs and DGEX! It is very important !
The DEVs are thinking if the price of NXT is low, people are willing to buy NXT, but it is wrong, people would buy coins when see price rising！
Beyond hope NXT team apart from the emphasis on technological innovation, to balance the market.
Importance to the functioning of markets does not mean mere marketing hype, but to NXT problem now, namely: concepts and practices that are too technical, too little market corrected, and let the market play a role this lame.
Enter the NXT the vast majority of people in this market, their basic idea NXT this market to make money, not just for the sake of NXT technology has much good.
To achieving the goal of making money, only the NXT price increases can be achieved, or how many will enter the NXT market?
We'll see on December 25 last year at around, price around 0.00012 NXT, why do so many people buy DGEX 24H turnover of more than 20 million NXT?
Now, on January 12, the trading volume was more than 1 million NXT DGEX 24H, only one in 20 of the original?

I've already told you, NXT's biggest inherent problems or birth defects, is the original shareholders ' equity is too concentrated, only solves this problem, NXT to long-term development.
If you want to solve the problem of original shareholders ' equity is too concentrated, only the NXT dollars out of the hands of original

shareholders spread out that way as much as possible. In fact, this is the most important mission of DGEX trading network established by the.
However, the DGEX exchange trading volume now cut down to the floor, isn't that the NXT the greatest obstacle to development?
The most fundamental factor contributing to this phenomenon, is what I said earlier, is NXT team caused by misconceptions and the market practices.
So-called mistake means: NXT team mistakenly think only a low price would have greater acceptance of NXT, will enter the market. Changes in NXT turnover, we know how much this idea out of touch with reality!!
By wrong practices mean: NXT team's original shareholders, since trading volume was in the hands of chips to artificially suppress prices of NXT ,NXT currency, makes NXT cannot run more dominated by market forces.
Price of necessary interventions for NXT is useful, but the actual market and completely as is now the case out of the tightly controlled NXT price, the result is that we now wanted to see: price and volume of the NXT is dead! As mentioned earlier, this is the NXT the greatest obstacle to development!
Hope NXT team know as soon as possible and immediately began to address the above issues: NXT team days in hands of original shareholders not to use chips to artificially suppress prices of NXT NXT currency, more market power of the dominant NXT run, so NXT price and volume came alive again, volume was in the hands of original shareholders NXT spread in Canadian dollars as soon as possible. In this way, NXT to the healthy and stable development!

+1

If low price, the original shareholders are not willing to sell their NXT.
But the trading platform is the main fault, unreasonable demands withdrawal fee.
Not all new players can profit from the investment.

[EmoneyRu]

Also, my understanding is that BCNext has spent more money than he has made with NXT.

Almost everybody made more money than they spent. Your statement looks fanatic

[Anon136]

volume drying up on dgex, 57.6439 btc atm for 24 hour volume. Hard to trust a price coming out of such low volume. Where is most of the trading happening right now? is peercover making up for dgex?

[EmoneyRu]

Okay guys, my public node is running: 95.85.31.25

You can add it to your web.xml, it will run 24/7 and is also working as a Online Wallet under wallet.nxtarea.com:7874.

It's safe, but I wouldn't recommend to login at my online wallet. Maybe someone will hack into my vps and change the client. So use it at your own risk. You can check the blockchain there.

We are not talking about smbd that will hack your VPS, we are talking about you modifying client to capture all passwords.

[Manwe]

BTW, DGEX is a shit, shit interface, and shit trading system. How can such a shit trading website charge so high fees?

[opticalcarrier]

Just read the draft whitepaper you guys are working on.  Im pretty stoked that you guys included material from my article 'whats nxt in the world of cryptocurrencies?'

https://forums.nxtcrypto.org/viewtopic.php?style=3&f=2&t=276

[landomata]

So if I understand correctly some kind of format like: "Asset exchange, powered by Nxt", where asset exchange could get it's own marketable trademark, too?

yes, something like that. We don't want to be marketing a swiss army knife. People will assume that each component is some limited version. We want to market a powerful "Asset Exchange", "Arbitrary Messages", etc. Each should be strong enough to standalone and even have its own non-generic identity.

We don't want it to be like seeing generic versions of many different types of products, but rather premium versions each in its own category. NXT is always there under the hood, powering things. Anybody that digs below the surface will find that NXT is powering a whole lot of things.

For example, a company like Johnson and Johnson has many recognizable brands, but they market each brand to its specific market. The fact that they are all Johnson and Johnson brands is not really a factor. Any investor that does research into JnJ will find out that it has all these brands and more: tylenol, visine, splenda, nicorrete, sudafed, listerene, band-aid, ben-gay, neosporin, etc.

Each of these brands could be an entire company all by itself.

Which is more impressive, a company with a dozen generic products or powerful brands in a dozen categories?

At some point, we probably should come up with a non-generic name for each of the new features. This can all be wrapped into a separate NXTIPO. Decentralized. Develop each brand independently. NXT becomes the sum of all the brands, but not just an additive sum, because NXT will be the ONLY crypto that has all these features and the smart investors will certainly figure this out

James

I like this idea. It allows for people to strike out on their own or in a group and pool all their energy to make one project really worthwhile.
Not everyone will be interested in all aspects anyway.

It also means you don't have to explain the whole project to every investor, but can focus on pitching the thing you are actually working on.

That's the exact thinking behind the Nxt Mobile Applications Company (Nxt Mobile App. Co.) which the community is now building.  The company is organized around the arbitrary message feature and will subsidize messaging fees to further drive feature adoption.

The subsidizing of messaging fees is an indirect distribution of Nxt, for example if a stakeholder wishes to donate to a responsible entity he simply deposits a million Nxt into the Nxt messaging fees pool account managed by the Nxt Mobile App. Co.  When a customer downloads the Nxt messaging app from the Google play or App store he will receive 30 Nxt which allows him to immediately begin sending messages from the app.

The Nxt messaging app is powered by the Nxt arbitrary messaging feature. To keep the company in the hands of the community it's shares/tokens will be freely traded on the Nxt Asset Exchange.

[swartzfeger]

Gang,

Would appreciate Chinese speakers looking this over for errors. Also, I know nothing about leading/kerning/spacing with Chinese characters and what's appropriate.

big image - snip

Also, full-size PDF is here

EDIT: sorry, forgot to credit Miramare from the nextcoin.org forum for supplying Chinese text.

There are more features without mention, for example, arbitrary message, voting system and so on.

Where is the original English text? Might make it easier for my friend to fix up the chinese if we have a comparison - only problem is she's not crypto inclined and it might be a little iffy making the proper connection (idk).

I was never given the original English text (i.e., I didn't draft it and then someone translated it). I'm assuming he wrote it in Chinese, or did an english draft and then translated. Regardless, I only received Chinese text.

Quick update -- in the flyer, NXT is known as 'future coin', which many readers are questioning because some other coins are called that, and because NXT truly is 'here and now' and not some distant vaporware crypto. I've already received some refined suggestions and will pass those along soon.

Also, a few have questioned why voting and arbitrary messaging wasn't mentioned -- the original writer didn't know enough about the features to write about it effectively. I now have those features written up and will add those to the original text.

[grizmoblust]

Will there be a mixing service, build in nxtcode?  like what stablecoin is working on.

[swartzfeger]

I seem to recall that people are setting up VPSs for around $20 per month or $240 per year, which is double the cost of setting up a Raspberry Pi for a year as outlined above.  Thus while NXT is at its current $0.04 each, capturing NXT with VPSs is a break-even proposition.

These are actually great numbers.  The return-on-investment or ROI for forging NXT is positive NOW and will be even more profitable when NXT coins become more valuable.  Thus even with NXT as a Proof-of-Stake coin without mining, there is STILL financial motivation for people to run the nodes required to keep the NXT system going.  For a pre-mined coin, that is a remarkable statement.

Oh and the daily cost of the NXT support web running on 300 Raspberry Pi nodes is $36,000 / 365 = $98.63 per day.  Do it on 300 VPSs instead, and the daily NXT support web cost is around $200 per day.

Ricky, I don't follow and clearly am missing some key info here... I hold 7,000 NXT. I can average about a 5 NXT forge with my account.

What does adding a Pi do? Does each Pi allow an opportunity to forge with an additive effect?

[pandaisftw]

Just wanted to let everyone know that my node has been running since:

[2014-01-08 20:37:00.879] Nxt 0.5.3 started.

And I only stopped it to update to 0.5.5.

Very nice!

[lophie]

Supercell: A Crypto Trading Platform.

EDIT: Just noticed the change log for 0.5.5. Thank you this api call is EXACTLY what I needed.

[Come-from-Beyond]

Although sendMoney in a thin JS client would be pretty cool. I wonder if anyone is working on that.  

This is why 100K bounty for JS implementation of sign/verify was offered.

[lophie]

Although sendMoney in a thin JS client would be pretty cool. I wonder if anyone is working on that.  

This is why 100K bounty for JS implementation of sign/verify was offered.

This is stupid not to be done already this is super easy!!!!! It is basically free money! After the exchange I will look at this or the decenteralised exchange idea, depends on when arb messaging will be added.