NXT :: descendant of Bitcoin - Updated Information

[utopianfuture]

I think we need to open some threads based on functionality instead of another thread when everything stays in the same place which  is the same as this original thread.
We should have at least three more threads like this:

1. NXT full feature clients - progress tracking thread  

2. NXT security and user interface improvement - progress tracking thread

3. NXT arbitrary message and mobile application - progress tracking thread

There threads will run parallel with the main thread here and the NXT source  code report here https://bitcointalk.org/index.php?topic=397183.0

This will at least bring some organization to grass-root development we have here.

I already prepare materials to open the NXT full feature clients - progress tracking thread which will then be linked to nextcoin and nxtcrypto forum so all specific updates regarding full feature client can go there.

Someone should do the same for other thread and keep them updated.

4. NXT marketing & promotion?

YES.

This is the thread I did for the full feature clients https://bitcointalk.org/index.php?topic=412138.0. I am going to track down nexern, macrus3 and benmanga and makethem update there occasionally. The Nxt source code flaw thread has been very successful.
https://bitcointalk.org/index.php?topic=397183.0

We will have several threads like that running parallel with the main thread.

[rickyjames]

anyone can explain what TF actually is

The ability of all nodes to be able to predict which specific node is going to forge the next block in the next 60 seconds and direct all current transaction data to that specific node for immediate processing.

[Come-from-Beyond]

anyone can explain what TF actually is

https://bitcointalk.org/index.php?topic=364218.0

[utopianfuture]

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?

There's an additive effect for you only if each client you run on your Pis are all loaded with 7000 NXT that is your baseline.  

The "dirty little secret" of NXT forging is that your ability to forge NXT is directly dependent on how many NXT you have loaded on your forging rig - Raspberry, VPS, whatever- and what proportion that amount is compared to the TOTAL of all NXT on ALL forging rigs.  Somebody with millions of NXT on their forging rigs is going to get most of the blocks, and very frequently.   Somebody with only 7000 NXT is only going to forge a very few blocks only once in a great while (over a hundred times less often than somebody with a million NXT in their forging rig).

Hi rickyjames, could you open a thread 2. NXT security and user interface improvement; put your post and ricot's post there so we can have a separate thread running based on that functionality alone.

[BitcoinForumator]

NXT mentioned again by Andreas Antonopolous

http://www.youtube.com/watch?v=bTPQKyAq-DM

listen from 28:30 or so

[jl777]

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

Certainly all the founders other than BCNext made money, but he gave the founders millions of dollars worth of software for 21 BTC. There is no way NXT was developed for 21BTC, hence it does not seem very fanatical to me to believe that BCNext has spent more money than he has made with NXT. I am assuming he has not sold any yet and not counting paper profits.

James

[EmoneyRu]

NXT mentioned again by Andreas Antonopolous

http://www.youtube.com/watch?v=bTPQKyAq-DM

listen from 28:30 or so

29:50

[utopianfuture]

NXT mentioned again by Andreas Antonopolous

http://www.youtube.com/watch?v=bTPQKyAq-DM

listen from 28:30 or so

29:50

He mentioned Nxt again but he said Nxt is a layer on top of Bitcoin as Mastercoin which is not true. So he knows that development is going on but I think he has not gotten in depth.

[salsacz]

4. NXT marketing & promotion?

YES.

This is the thread I did for the full feature clients https://bitcointalk.org/index.php?topic=412138.0. I am going to track down nexern, macrus3 and benmanga and makethem update there occasionally. The Nxt source code flaw thread has been very successful.
https://bitcointalk.org/index.php?topic=397183.0

We will have several threads like that running parallel with the main thread.

OK, I am going to make a 4. NXT marketing & promotion thread. We have 2 forums in nextroin and nxtcrypto, but it is a good idea to have it here too. My googledoc is good for gahtering information, but not for presenting it

[utopianfuture]

4. NXT marketing & promotion?

YES.

This is the thread I did for the full feature clients https://bitcointalk.org/index.php?topic=412138.0. I am going to track down nexern, macrus3 and benmanga and makethem update there occasionally. The Nxt source code flaw thread has been very successful.
https://bitcointalk.org/index.php?topic=397183.0

We will have several threads like that running parallel with the main thread.

OK, I am going to make a 4. NXT marketing & promotion thread. We have 2 forums in nextroin and nxtcrypto, but it is a good idea to have it here too. My googledoc is good for gahtering information, but not for presenting it

I think we should have a main thread here and have links in both forum to the thread.

[jl777]

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?

Not peercover and not nxtchg, we seem to be in a stalemate. Buyers are waiting for it to go lower, sellers are waiting for it to go higher. Nobody really thinks .00005 is the right price for NXT.

peercover is bid .000053, ask .000058
nxtchg     is bid .0000496, ask .0000530
dgex        is bid .000048, ask .00005

There is only a 328K NXT on deposit at peercover, a similar amount on nxtchg and 70 million on dgex
With 99%+ of the volumes sitting in dgex and the current price not motivating people to sell for profit, we will probably need to wait for more fee reductions at dgex, or release of Asset Exchange.

When BTCChina went from frictionless trading (no commissions, no fees) and added a 0.3% trading commission, their volumes dropped 90% overnight. With dgex going from 0% to commissions + withdrawal fees of ~1%, especially with the timing, it is not surprising to see a 95% drop in volumes. I am glad to see that dgex is moving in the right direction with the announced fee reductions, but I believe that we all need a place we can trade NXT without fees and commissions.

I haven't seen nxtchg.com owner post for a while, but last I saw he didn't seem to happy about NXT not having checksums. The reed solomon solution should make him happy.

Also, peercover is regrouping and I will announce when they will be ready for much more volumes. They are working on some really exciting things that will help bring in a lot of new NXT stakeholders with minimal barrier to entry. Can't tell you more yet, but peercover is doing some really cool stuff.

James

[rickyjames]

Hi rickyjames, could you open a thread 2. NXT security and user interface improvement; put your post and ricot's post there so we can have a separate thread running based on that functionality alone.

Roger wilco.

http://www.urbandictionary.com/define.php?term=roger%20wilco

[pinarello]

               
Isildur23 got 5k bounty from me for gathering info about current projects that need support. This is what we already have. Please correct, expand it. I'm going to post polished version in new topic

Alias	Account	project	links	notes
Jean-Luc		Nxt wallet	http://download.nxtcrypto.org/
	1981468117748016602	nxtcrypto.org	http://nxtcrypto.org	maintenance and development of this website
yan83	2499683221427574078	BTC/LTC exchange	http://www.nxt-e.com
abuelau	9060914620736248721	blockchain explorer and alerts system	http://mynxt.info	has already developed blockchain explorer and alerts system
Mac Red	4263528265010429437	development and marketing for Sweden	http://nxtcoin-swe.net	website is already up and running but needs funding for further development and promotion
Ola		poker app	https://bitcointalk.org/index.php?topic=345619.16960
BaiMangal	17464643409289711169	Windows NXTManager	https://bitcointalk.org/index.php?topic=345619.msg4418563#msg4418563	under development but needs funding
joefox	4924387977119245692	wiki NXT API	http://wiki.nxtcrypto.org/wiki/Nxt_API	formatting work to do to make inputs and outputs more reasonable
allwelder	14698193345900192135	developing chinese site and moderating chinese section in forums	http://www.nxts.org
wesleyh	8189784314684138350	PHP API library to send / receive money programmatically	http://nxtra.org/api/
marcus03	1758531264253431177	NXT Solaris - Windows client including BC Explorer	https://nextcoin.org/index.php/topic,2793.0.html https://bitcointalk.org/index.php?topic=345619.msg4435306#msg4435306

We have already 10 facebook pages, 10 websites, 2 faucets, 3 or 4 exchanges, 15 videos,etc…I agree the more the better, but we just can’t support them all.

On top of that why should the community sponsor initiatives where the owner gets his own revenue?
We need to focus now to what is really important and in my opinion right now that is:

1)   Stable software (looking good running 0.5.5, just start up from scratch gives troubles for noobs)
2)   White paper (the basis is there this is a work that always be in progress but we have a white paper)
3)   Client PLEASE PUT ALL EFFORT HERE !!  we need a dummie proof client + installer.
4)   Media campaign (if all above is ok)
5)   Think about the future of NXT and how to pay for it.

So if someone wants a bounty please come up with something new and innovating.
Translating this into current situation we have:

-   Nexern; client
-   Macros03; client
-   Allwelder: for his efforts on the Chinese front (don’t know if he had bounty already)
-   Bounty given for demands of CfB
-   All new innovating initiatives that fits the NXT needs atm. But let it be clear it has to be fully worked out projects

Also we have to think how to manage this in the future so please attend the debate

https://forums.nxtcrypto.org/viewtopic.php?f=54&t=529

Just my idea and opinion
Pin

[abuelau]

Announcing Nxt Forwarder

Use MyNxt.info as gateway to Nxt aliases in the format <alias>.mynxt.info!

http://www.mynxt.info/fwd

I think this is a very cool feature, it connects the Nxt alias network with the regular internet! You can get people to visit a URL, see an image or a text and control this content via the Nxt network.

Do you have a Nxt alias? Just try it now, visit <youralias>.mynxt.info (replace <youralias> with your Nxt alias).

The following URIs are supported:

• URL: Alias URI needs to start with http or https (example: http://www.google.com)
• Image: Alias URI needs to contain a .jpg, .gif or .png
• Nxt Account: Alias URI needs to contain only numbers or start with "nexter:"
• Plain Text: In case the URI doesn't fit any of the above categories its contents will be shown instead

[jl777]

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.

Feel free to use http://wiki.nxtcrypto.org/wiki/Whitepaper:Nxt as a source for info

James

[jl777]

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?

I estimate current yield on NXT is around 0.5% per year.

James

[jl777]

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!

My 0.5.3 was running fine for a couple of days, but today it went all bonkers. Not sure if it is due to all the 0.5.5 out there. Did the upgrade to 0.5.5,hope it will run a full week!

James

[CIYAM]

For those who haven't already seen this (eMunie IPO cancelled): https://bitcointalk.org/index.php?topic=412118.0

[gvans]

Did I get this right? The asset exchange will be implemented, no voting for it. But buying/selling/transferring aliases is questionable and will be voted for?

[jl777]

I made a thread in nextcoin.org to post the most important and valuable info from this thread as many ppl can't follow everything here.

Please use an uncensored forum: forums.nxtcrypto.org