NXT :: descendant of Bitcoin - Updated Information

[Mistafreeze]

Nxt Reference Client Installer Update:

Another day, another update.

The installer is still for client 0.5.10, but it now handles updates on it's own. When I release a new version of the installer, simply download it and run it. It will now uninstall the previous version of NXT if it was installed using my installer, and install the new version.

Doesn't get to much easier than that.

Download it here @ Nextcoin.org: https://nextcoin.org/index.php/topic,1902.0.html

Or here at NxtCrypto.org: https://forums.nxtcrypto.org/viewtopic.php?f=15&t=311

Enjoy!

[standards]

Nxt Reference Client Installer Update:

Another day, another update.

The installer is still for client 0.5.10, but it now handles updates on it's own. When I release a new version of the installer, simply download it and run it. It will now uninstall the previous version of NXT if it was installed using my installer, and install the new version.

Doesn't get to much easier than that.

Download it here @ Nextcoin.org: https://nextcoin.org/index.php/topic,1902.0.html

Or here at NxtCrypto.org: https://forums.nxtcrypto.org/viewtopic.php?f=15&t=311

Enjoy!

New stuff comes out here all the time. Nxt is sure in a steady way to success.

[msin]

This guy obviously isn't impressed with NXT.

In Depth Analysis of NXT  -  http://cryptolife.net/in-depth-analysis-nxt/

Regarding NXT addressing. "If you were to generate an offline address and send coins to that address, you do not have explicit ownership of that address. Someone could come along with a passphrase that has a collision with yours, announce his public key to the network, and then have explicit ownership over your coins. This means that to claim ownership over an address, you are forced to expose your public key to the network. As mentioned before, doing this decreases the overall security of that address. You just can’t win. NXT is inherently less secure that Bitcoin. It is a total step backwards in that department. Also worth mentioning is that Bitcoin addresses have a 4 byte checksum that prevents you from sending to an invalid or incorrect address. NXT addresses do not."

Does anyone have an answer for this?

He's partially right about lack of security of offline addresses. 64 bits are not enough. For example, 64 bit RC5 was broken more than 10 years ago, by bruteforce, by distributed.net. Cracking offline addresses is practically possible, although the payout from this is very unlikely to be positive, you would need a ton of special asics. It's way easier and cheaper to take control of bitcoin's network than it is to crack offline nxt address. So effectively even offline nxt addresses are more secure than bitcoins. Still, it's not cryptographically secure.
He's wrong about lack of security due to publicizing public key, it's secure, no need for paranoia there. Online addresses (with public key) are secure.
He's right about lack of checksum.  

Little has been talked about the reason why BCNext went with 64 bit. When Nxt is accidentally sent to a random account # and is unrecoverable, its referred to as darkNxt.  This darkNxt has no use to anyone, and sits in an account that is inaccessible.  BCNext wanted to make it possible for powerful computers to be able to mine darkNxt in the future, so it was not lost forever, as all regular Nxt will be protected by 256bit private key accounts.

[bithic]

This guy obviously isn't impressed with NXT.

In Depth Analysis of NXT  -  http://cryptolife.net/in-depth-analysis-nxt/

Regarding NXT addressing. "If you were to generate an offline address and send coins to that address, you do not have explicit ownership of that address. Someone could come along with a passphrase that has a collision with yours, announce his public key to the network, and then have explicit ownership over your coins. This means that to claim ownership over an address, you are forced to expose your public key to the network. As mentioned before, doing this decreases the overall security of that address. You just can’t win. NXT is inherently less secure that Bitcoin. It is a total step backwards in that department. Also worth mentioning is that Bitcoin addresses have a 4 byte checksum that prevents you from sending to an invalid or incorrect address. NXT addresses do not."

Does anyone have an answer for this?

He's partially right about lack of security of offline addresses. 64 bits are not enough. For example, 64 bit RC5 was broken more than 10 years ago, by bruteforce, by distributed.net. Cracking offline addresses is practically possible, although the payout from this is very unlikely to be positive, you would need a ton of special asics. It's way easier and cheaper to take control of bitcoin's network than it is to crack offline nxt address. So effectively even offline nxt addresses are more secure than bitcoins. Still, it's not cryptographically secure.
He's wrong about lack of security due to publicizing public key, it's secure, no need for paranoia there. Online addresses (with public key) are secure.
He's right about lack of checksum.  

Little has been talked about the reason why BCNext went with 64 bit. When Nxt is accidentally sent to a random account # and is unrecoverable, its referred to as darkNxt.  This darkNxt has no use to anyone, and sits in an account that is inaccessible.  BCNext wanted to make it possible for powerful computers to be able to mine darkNxt in the future, so it was not lost forever, as all regular Nxt will be protected by 256bit private key accounts.

A proposal to implement a new address format that protects against sending to incorrect addresses is outlined here:
http://wiki.nxtcrypto.org/wiki/New_Address_Format
 

[iruu]

Little has been talked about the reason why BCNext went with 64 bit. When Nxt is accidentally sent to a random account # and is unrecoverable, its referred to as darkNxt.  This darkNxt has no use to anyone, and sits in an account that is inaccessible.  BCNext wanted to make it possible for powerful computers to be able to mine darkNxt in the future, so it was not lost forever, as all regular Nxt will be protected by 256bit private key accounts.

A horrible solution worse than a hypothetical non existing problem. Great.

The proper way would be to wait for the address to claim its first transaction, for a year or something like that...
maybe some nxt clone will fix all these little quirks

[joefox]

My friend told me I should register and take part in Nxt community.
It shocked me when I saw this long thread (maybe the longest one?).
I guess it will take me days to see it through.
Maybe I should find some easy to follow source, advice?

PS: This community is definitely awesome. Wish it is not too late to join.

http://wiki.nxtcrypto.org/!

[standards]

My friend told me I should register and take part in Nxt community.
It shocked me when I saw this long thread (maybe the longest one?).
I guess it will take me days to see it through.
Maybe I should find some easy to follow source, advice?

PS: This community is definitely awesome. Wish it is not too late to join.

http://wiki.nxtcrypto.org/!

Thanks a lot. I have been reading. Lots of readings to do this weekend

[joefox]

This guy obviously isn't impressed with NXT.

In Depth Analysis of NXT  -  http://cryptolife.net/in-depth-analysis-nxt/

Regarding NXT addressing. "If you were to generate an offline address and send coins to that address, you do not have explicit ownership of that address. Someone could come along with a passphrase that has a collision with yours, announce his public key to the network, and then have explicit ownership over your coins. This means that to claim ownership over an address, you are forced to expose your public key to the network. As mentioned before, doing this decreases the overall security of that address. You just can’t win. NXT is inherently less secure that Bitcoin. It is a total step backwards in that department. Also worth mentioning is that Bitcoin addresses have a 4 byte checksum that prevents you from sending to an invalid or incorrect address. NXT addresses do not."

Does anyone have an answer for this?

The short, glib answer is that it's an open problem for the community to solve, and not in any way a showstopper.

Another easy answer is the new address format initiative, being worked on by NxtChg and others.  It includes error checking, and as a side benefit it also generates very QR-code-friendly addresses.  I think a link was already posted, but see: http://wiki.nxtcrypto.org/wiki/New_Address_Format

Yet another response is that a bounty has been created (100K Nxt, I believe) for the implementation of a very fast client-side Javascript library for offline signing.  Once this is finished (I believe CfB is reviewing FOUR submissions, created by the community, this weekend) you will be able to generate transactions without transmission of your keys.  At that point a client can very easily build in an automated one-time transaction, during account creation, that secures your account with a 256-bit key.

A final nail-in-the-coffin response is that BCNext has demonstrated through his actions, on countless occasions, that his "stub" idea for Nxt has many, many PURPOSEFUL "open ends" that the community is able to solve through its collective power.  Evidence of this (and only one example of many) can be seen in the genius stroke of creating bounties for injected flaws in the source code: it has driven an excellent debugging effort, has led to the creation of a team of developers who have almost completely cleaned up and refactored the source in a matter of weeks, and has created a small community of coders whose deep understanding of the source code has driven the creation of novel client applications on multiple platforms, TWO block explorers, FIVE online exchanges, and advanced applications like a Twitter-type public message system, games, faucets, decentralized torrent seed storage, and a PoW currency built on top of a PoS blockchain.  

All this in eight weeks since the genesis block.

So: any other questions?

*EDIT*  I just read the rest of that fella's post and realized I only scratched the surface of his "in-depth analysis".  I welcome the debate, because criticism is healthy, but his accusations of Nxt being vulnerable to Sybil and DDOS attacks show his knowledge is quite shallow.  Some of his accusations are fair (distribution will always be an issue, but it's a tired old argument in the face of data like this, which shows Bitcoin faces the *same* issue) but on the whole, it's just ignorant.  And I'm not using that word in a "mean" way -- he just isn't as "in-depth" as he claims.

[pandaisftw]

Little has been talked about the reason why BCNext went with 64 bit. When Nxt is accidentally sent to a random account # and is unrecoverable, its referred to as darkNxt.  This darkNxt has no use to anyone, and sits in an account that is inaccessible.  BCNext wanted to make it possible for powerful computers to be able to mine darkNxt in the future, so it was not lost forever, as all regular Nxt will be protected by 256bit private key accounts.

A horrible solution worse than a hypothetical non existing problem. Great.

The proper way would be to wait for the address to claim its first transaction, for a year or something like that...
maybe some nxt clone will fix all these little quirks

The problem I see with having to confirm the first transaction is that an attacker can simply spam the network an infinite amount of times because A) These transactions are not being accepted and B) and these unconfirmed transactions will just sit in queue until they expire, which can be short as a minute. He doesn't lose any NXT if he doesn't confirm on the other end, and all the money comes back to his spam account, ready to spam again.

IMO, this is not that big of a deal people are making it out to be. Unless there is a large amount of darkNXT, people are not going to spend resources trying to crack 64bit addresses. Also, anyone with any significant amount should know to send a single transaction out to secure 256bit protection.

EDIT: And what joefox said.

[bithic]

...lots of awesome stuff...

Go joefox! Btw, are you going to accept Adam's invitation to go on Lets Talk Bitcoin? I hope so!

[brooklynbtc]

another friday night of the nxt peers kicking ass.

good job guys.

[Jackevin]

I was reading this Thread for a long Time now and considering it is about that time to join the conversation.

Maybe i got some News for you to have a look:

Bitcoins tries to copy NXT Features - New Features are announced for Bitcoin have a look: http://www.cryptocoinsnews.com/2014/01/24/4-new-bitcoin-features-revealed-mike-hearn/

Especially the "Attachements" aka Messages, and the "Privacy Buying" aka aliases seems so familiar let me take a guess where did i heared that before?

What you Guys think? In my Opinion THIS is just a compliment how good NXT ideas are and we are definitely going big soon, but we need to work hard all together for it! And maybe hurry up a little bit  compare to all other competition scam coins

I already posted this on another Forum, What you guys think? Is this good or bad news?

[dzarmush]

I was reading this Thread for a long Time now and considering it is about that time to join the conversation.

Maybe i got some News for you to have a look:

Bitcoins tries to copy NXT Features - New Features are announced for Bitcoin have a look: http://www.cryptocoinsnews.com/2014/01/24/4-new-bitcoin-features-revealed-mike-hearn/

Especially the "Attachements" aka Messages, and the "Privacy Buying" aka aliases seems so familiar let me take a guess where did i heared that before?

What you Guys think? In my Opinion THIS is just a compliment how good NXT ideas are and we are definitely going big soon, but we need to work hard all together for it! And maybe hurry up a little bit  compare to all other competition scam coins

I already posted this on another Forum, What you guys think? Is this good or bad news?

It's definitely good news. Anything that makes Bitcoin price higher is for good.

[2Kool4Skewl]

Is anyone actively trying to contact Mark Cuban in regards to his tweet that he is interested in investing in the "Nxt Generation of Cryptocurrencies"?

Giving him some NXT would help us inform the masses about NXT :: descendant of Bitcoin.

[KLONE]

KLONE Inductee Report

Introducing .... Klone Lite

Klone Lite is a clone of KLONE ... my very own mini me!!


[ANN]Descendant of NXT :: Klone Lite LOOK!! FREE 10NXT TO NEXT 10 INTERESTED POSTS!!!WOW
https://bitcointalk.org/index.php?topic=428410

"A fork of the Klone of Klone but faster and lighter. Its like Silver to Klone of Klone's Gold!"

We're down the rabbit hole now! Klone Lite, just feels right!

And a 10NXT giveaway! That's a first. Some of the other clones want your money, but Klone Lite just wants to spread the NXT love!

Welcome to KLONE Klone Lite! You have shown true commitment to NXT cloning!

You deserve your place in the KLONE genesis block!

The KLONE ministry continues to grow!

[wakasaki808]

Is anyone actively trying to contact Mark Cuban in regards to his tweet that he is interested in investing in the "Nxt Generation of Cryptocurrencies"?

Giving him some NXT would help us inform the masses about NXT :: descendant of Bitcoin.

yeah. It would do wonders for NXT if we got Cuban interested and backing it. The guy definitely seems to be coming around to the idea of crypto-currency.

for those that didn't see someone posted earlier...

One from TODAY
https://twitter.com/mcuban/statuses/426084456202387456
"On the Matter of Why Bitcoin Matters" by @GlennF https://medium.com/the-magazine/23e551c67a6

and one from last November 22nd.
https://twitter.com/mcuban/statuses/403916745900978176

"I don't want to invest in bitcoin.  If virtual currency becomes acceptable I want to invest in the soon to be invented competitors"

[Anon136]

Is anyone actively trying to contact Mark Cuban in regards to his tweet that he is interested in investing in the "Nxt Generation of Cryptocurrencies"?

Giving him some NXT would help us inform the masses about NXT :: descendant of Bitcoin.

ill do it if no one else wants to

[2Kool4Skewl]

Is anyone actively trying to contact Mark Cuban in regards to his tweet that he is interested in investing in the "Nxt Generation of Cryptocurrencies"?

Giving him some NXT would help us inform the masses about NXT :: descendant of Bitcoin.

ill do it if no one else wants to

I'll help you come up with what to say.  If we could collect 100,000 NXT to give him that would be great.

What do you think would be the best way to contact him?

[loopgate88]

Is anyone actively trying to contact Mark Cuban in regards to his tweet that he is interested in investing in the "Nxt Generation of Cryptocurrencies"?

Giving him some NXT would help us inform the masses about NXT :: descendant of Bitcoin.

DO IT NOW!

[dzarmush]

Is anyone actively trying to contact Mark Cuban in regards to his tweet that he is interested in investing in the "Nxt Generation of Cryptocurrencies"?

Giving him some NXT would help us inform the masses about NXT :: descendant of Bitcoin.

ill do it if no one else wants to

please do, you proved to be good in talking to main guys