NXT :: descendant of Bitcoin - Updated Information

[coolfish]

The DogCoin will be more than the market value of NXT.

NXT is really a 2nd generation ? Why weaker than DogCoin.

[coolmist]

I think I figured out how off chain transactions work. But for it to work any computer receiving
instant NXT transactions must be connected to a centralized database of information shared by other receivers.

This database is called "A"

A contains the public keys of each NXT account, along with their pending transactions.

Alice wants to send 1000 NXT to Bob instantly.

Alice marks a transaction to Bob and generates a signature for the transaction with her private key.

Bob uploads the signed transaction to Database A where it is there verified by checking the signature with her public key. If the verification is successful it is added to the DB A's pending transactions.

The Database is used to prevent double-spends, however this could easily (and more efficiently) be replaced by having an open stream of information between the receiver and other peers to keep a decentralized database of pending transactions. Nothing would have to be forged, at that point it would all be information and not subject to a blocktime of 1 min.

Raising the TPS limit merely means increasing the amount of information that can be shared between peers per second in java.

Theoretically there would be no limit to how many transactions per second the nxt network could process. Infinity transactions per second, suck it Visa.

[Pablito89]

The DogCoin will be more than the market value of NXT.

NXT is really a 2nd generation ? Why weaker than DogCoin.

[jl777]

The DogCoin will be more than the market value of NXT.

NXT is really a 2nd generation ? Why weaker than DogCoin.

This is temporary. Dilution based valuation of DOGE/NXT would be around 34 (34 billion DOGE vs 1 billion NXT), currently it is trading at about 40. This means that even with NXT in beta and most of its features not out yet and only NRS as client, it is still at a premium over pure dilution valuation.

DOGE has all the tech is will ever get, its feature set is static. However, it is at alltime high against NXT due to its having sponsored jamaican bobsled team for olympics. Traders are buying in anticipation and my guess is that after the olympics, the ratio will drop to the more "historical" 50:1 ratio. Not that there is much history as both NXT and DOGE markets are relatively new, especially NXT with bter. DOGE is benefiting from the network effect, it is getting more popular because it is popular. This is a positive feedback loop and should continue to benefit DOGE long after the olympics.

Even in these very early days for NXT, it is trading above dilution parity against the hottest crypto in the market. Only 5 of the top 50 cryptos have gained in the last 24 hours, only DOGE in the top 16
As NXT matures and gets all the promised features, it is expected that it will trade at significant premiums to the dilution valuation against NXT. How high is anybody's guess. With all the upcoming marketing, new client(s), transparent forging, asset exchange, etc., I would not be surprised at a 10:1 premium over dilution valuation, but all that will take time.

Now that the initial influx from Chinese customers of bter has run its course, NXT market price is consolidating at much lower volumes. Just prior to bter listing, NXT was doing this low volume consolidating at half the current price. It seems that with more people able to purchase NXT, the equilibrium point has significantly increased. It could continue to go down for a bit, but considering that we are more than double just several days ago, this could just be a nice buying opportunity.

James

[jl777]

I think I figured out how off chain transactions work. But for it to work any computer receiving
instant NXT transactions must be connected to a centralized database of information shared by other receivers.

This database is called "A"

A contains the public keys of each NXT account, along with their pending transactions.

Alice wants to send 1000 NXT to Bob instantly.

Alice marks a transaction to Bob and generates a signature for the transaction with her private key.

Bob uploads the signed transaction to Database A where it is there verified by checking the signature with her public key. If the verification is successful it is added to the DB A's pending transactions.

The Database is used to prevent double-spends, however this could easily (and more efficiently) be replaced by having an open stream of information between the receiver and other peers to keep a decentralized database of pending transactions. Nothing would have to be forged, at that point it would all be information and not subject to a blocktime of 1 min.

Raising the TPS limit merely means increasing the amount of information that can be shared between peers per second in java.

Theoretically there would be no limit to how many transactions per second the nxt network could process. Infinity transactions per second, suck it Visa.

I agree.

some sort of predicted (unconfirmed) blockchain could be propagated alongside "official" blockchain, maybe even with possible branches and all paths could be pre-calculated by the few nodes that are the candidates to forge so that when a block is finally forged, the next one is already done (n-levels deep) We could end up with a block per millisecond if the forging node has enough bandwidth and this explain the hallmarking system and why it is there. As long as most of the forging is done by the presumably much faster hallmark servers, the TPS will be just mind-boggling. Even when a little rasberry or cellphone ends up forging a block, it would just slow down to 100 TPS.

This avoids any centralized database and the current code can be used to do most of the branch processing, just need to add the branch prediction and locally store all public keys that have ever been seen. Maybe the predicted forging tree N-levels deep can even be broadcast (or added to actually forged block)

I think it would make more sense to increase the granularity of blocks instead of making the blocks bigger so the whole network won't have to wait for a smartphone to process 60000 transactions. I wonder what the fastest the network can propagate a block is? 3 seconds? 1 second?

James

[jl777]

does anybody know what time the miami show will be on live? Would it be possible for somebody that is in Miami but not on stage to post to the thread any questions that are being asked that help is needed with?

With the entire NXT community on tap, I doubt there will be any question that couldn't be quickly answered outside of in depth crypto algorithm or TF part 2 and 3.

Not sure if there will be enough time to relay the question and answer back and forth, but if the format of the show can accomodate even a minute or two from question, maybe we can get a preview of what will be asked? Just by 2 minutes?

James

[mindtomatter]

does anybody know what time the miami show will be on live? Would it be possible for somebody that is in Miami but not on stage to post to the thread any questions that are being asked that help is needed with?

With the entire NXT community on tap, I doubt there will be any question that couldn't be quickly answered outside of in depth crypto algorithm or TF part 2 and 3.

Not sure if there will be enough time to relay the question and answer back and forth, but if the format of the show can accomodate even a minute or two from question, maybe we can get a preview of what will be asked? Just by 2 minutes?

James

Miami will not be live.  It will be a recorded event with a live audience, you'll hear/see it first on letstalkbitcoin.com on Saturday the 1st of February.

[martismartis]

does anybody know what time the miami show will be on live? Would it be possible for somebody that is in Miami but not on stage to post to the thread any questions that are being asked that help is needed with?

With the entire NXT community on tap, I doubt there will be any question that couldn't be quickly answered outside of in depth crypto algorithm or TF part 2 and 3.

Not sure if there will be enough time to relay the question and answer back and forth, but if the format of the show can accomodate even a minute or two from question, maybe we can get a preview of what will be asked? Just by 2 minutes?

James

Maybe it is possible to use AM for this purpose and rebroadcast some summary of them here in this thread? It will be some kind of test and present this feature for everybody.

[mindtomatter]

Anyone have an explanation for this 170 million NXT account?

http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=10105875265190846103

I am just wondering what it was originally for?

Is it public who owns this account?

It's a secret account, we r not allowed to talk about it.

That seems like a problem?  Why is there a secret account with almost 20% of the money supply in it?

[LiQio]

Anyone have an explanation for this 170 million NXT account?

http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=10105875265190846103

I am just wondering what it was originally for?

Is it public who owns this account?

It's a secret account, we r not allowed to talk about it.

That seems like a problem?  Why is there a secret account with almost 20% of the money supply in it?

That's just the answer the famous NXT jester (=FrictionlessCoin) gets 

The 170 Mio. was the account with the unclaimed coins - most of them have been claimed in the meantime.

[bithic]

Here's what the guys who'll be at the Miami conference request of those who want to help out on this thread:

**** Bitcoin Conference Miami Questions ****

Hey guys, if you see a post from either myself or Kattywampus over the next 72 hours, please make an effort to address any questions ASAP. As meetings come up or summaries needed for projects, we'll kick them here and the Nextcoin forum. The more responsive the community is during the conference, the better the results.

[bitcoinpaul]

I just dropped Adam an email to get final clarification.

Any news on that? Would be great to have someone there!

[scor2k]

Hi all!

I created simple script on php + bash for monitoring NXT servers working on Linux.

If the current time differs from of  last block more than 15 minutes, NXT server will be automatic rebooting and sending alert to email and write logs to file. It is simple and working!

You may download it from GitHub: https://github.com/scor2k/nxtmon

P.S. Sorry for my bad english

[Come-from-Beyond]

Anyone have an explanation for this 170 million NXT account?

http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=10105875265190846103

I am just wondering what it was originally for?

Is it public who owns this account?

It's a secret account, we r not allowed to talk about it.

That seems like a problem?  Why is there a secret account with almost 20% of the money supply in it?

That's just the answer the famous NXT jester (=FrictionlessCoin) gets  

The 170 Mio. was the account with the unclaimed coins - most of them have been claimed in the meantime.

Hell, u ruined a lot of fun I expected to get when FC would start trolling about 170M account!

Edit: 157M from this 170M was sent to legit owners who claimed the coins after 24th of November. The rest 13M r being spent for rewards, bounties, promotions.

[Damelon]

Anyone have an explanation for this 170 million NXT account?

http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=10105875265190846103

I am just wondering what it was originally for?

Is it public who owns this account?

It's a secret account, we r not allowed to talk about it.

That seems like a problem?  Why is there a secret account with almost 20% of the money supply in it?

This person has been working very diligently on a campaign to spread misinformation.

His common tactic is to use the "where smoke is, is fire' tactic by using old data that looks suspicious, but incomplete, giving a skewed image.

However, he always fails to provide up to date or complete data.

Everyone is welcome to question the data. Please keep asking if something seems amiss. A lot of members have been trying to keep up with the campaign, so we have a lot of rebuttals ready already.

[LiQio]

Anyone have an explanation for this 170 million NXT account?

http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=10105875265190846103

I am just wondering what it was originally for?

Is it public who owns this account?

It's a secret account, we r not allowed to talk about it.

That seems like a problem?  Why is there a secret account with almost 20% of the money supply in it?

That's just the answer the famous NXT jester (=FrictionlessCoin) gets  

The 170 Mio. was the account with the unclaimed coins - most of them have been claimed in the meantime.

Hell, u ruined a lot of fun I expected to get when FC would start trolling about 170M account!

I know, I know, but salsacz was kind enough and told him already in two other threads - otherwise my lips would have been sealed 

[Come-from-Beyond]

I know, I know, but salsacz was kind enough and told him already in two other threads - otherwise my lips would have been sealed 

Ok
I'm sure FC will find another way to play his main role 

[Damelon]

I know, I know, but salsacz was kind enough and told him already in two other threads - otherwise my lips would have been sealed 

Ok
I'm sure FC will find another way to play his main role 

Don't worry, his kind always does

[coolmist]

CFB, can you tell James and I if we are right?

For tf 1000 TPS+

For Alice to send a NXT to Bob -

Alice generates a transaction and signs it, it is passed to Bob who checks the signature and sends it to the next few potential block generators based on deterministic selection.

The next generator(s) will send back a value to Bob telling him if she has attempted a double spend

If all is ok her payment is cleared. If else it is denied.

The next forger generates a huge block.

There would need to be a datastream open for each transaction though...?

EDIT waiiit...

There could be a second group of pre-proccessors (chosen by modified deterministic selection) to take in 10-100 transactions each and create 1 compressed packet each of information so the next forging account could connect to only 100 computers or so at a time.

[Come-from-Beyond]

CFB, can you tell James and I if we are right?

For tf 1000 TPS+

For Alice to send a NXT to Bob -

Alice generates a transaction and signs it, it is passed to Bob who checks the signature and sends it to the next few potential block generators based on deterministic selection.

The next generator(s) will send back a value to Bob telling him if she has attempted a double spend

If all is ok her payment is cleared. If else it is denied.

The next forger generates a huge block.

There would need to be a datastream open for each transaction though...?

EDIT waiiit...

There could be a second group of pre-proccessors (chosen by modified deterministic selection) to take in 10-100 transactions each and create 1 compressed packet each of information so the next forging account could connect to only 100 computers or so at a time.

What is it for? If for Instant Transaction then it works another way.