NXT :: descendant of Bitcoin - Updated Information

[opticalcarrier]

I am trying to make sure when we go to TF in April that the network is ready for it. CfB estimated 1Mbps to support that, so any nodes that doesn't have that bandwidth will need to use clients that don't do everything.

Of course, just because 1000TPS is possible doesn't mean it will happen right away and I imagine it will be a gradual ramp, unless we stress test it ourselves.

Who else would you recommend to be on the NXT infrastructure advisory group? I want to make sure we get input from all the people who are actually involved in setting up servers all the time. opticalcarrier, gbeirn, tbd, tbd.

We still have time and can plan an orderly ramp up in NXT network capabilities. I just don't want to login one day in April to find TF was enabled while I was sleeping and we are doing 666TPS and everything went to hell

James

IMO I dont think we have anything to worry about until we get to the point where during peak periods (to be profiled later, when the peak periods begin hitting) that we fill up blocks with max transactions, at a rate of every minute.  I just dont see that happening any time soon.  But it would be great to be wrong.

For example - consider bitcoin - we could currently take over ALL of bitcoin's traffic right now, without even needing TF.  If we get to that point, were multimillionaires, and I just dont see that happening this year, But it would be great to be wrong.

We'll just have to keep an eye on it.

Now, one thing to consider is if NXT really does take off, we could see more attacks again in the future, and so will need to be ready to summon more hallmarked VPSs short notice.  But hopefully not.

[Meizirkki]

someone already running 0.6.0?

[Sebastien256]

someone already running 0.6.0?

probably JLP

[joefox]

someone already running 0.6.0?

Check the node name -- that's Jean-Luc's.

[Meizirkki]

oh cool testing underway

[Damelon]

someone already running 0.6.0?

Check the node name -- that's Jean-Luc's.

<geek>
But the NCC-1701-D got destroyed!
</geek>

[ThePatient]

Ok so i just bought some NXT on BTer. I had previously set up the NXTsolaris client. I then withdrew my nxt on BTer to my address on my client. It's been about 10 mins. Am i supposed to see anything on the client such as "incoming transaction" or something?

Thanks

[Sebastien256]

Ok so i just bought some NXT on BTer. I had previously set up the NXTsolaris client. I then withdrew my nxt on BTer to my address on my client. It's been about 10 mins. Am i supposed to see anything on the client such as "incoming transaction" or something?

Thanks

current block is very long.

[salsacz]

and that is the reason why I wrote in the NxtMyths theses that J-L comes from Switzerland

[ThePatient]

I don't mind waiting...I'm just curious if anyone knows, in regards to NXTSolaris, if its like the PPC wallet...where you see incoming transactions that are still unconfirmed.

[EvilDave]

I don't mind waiting...I'm just curious if anyone knows, in regards to NXTSolaris, if its like the PPC wallet...where you see incoming transactions that are still unconfirmed.

I know nothing about the Solaris client, but withdrawals from exchanges are notoriously slow.
A peer 2 peer NXt transaction will be almost instant, but your NXT are probably still safely queued at BTER.

[jl777]

I have received a PM from Alias describing what DAC's can do, still digesting it. However in discussions with the XCP community, an idea for a DAC that is pretty simple came up.

Namely a gateway DAC for other cryptos. Its function would be to deposit and withdraw into the NXT Asset Exchange fully automatically. I recently discovered XCP and am impressed with what they are doing. I reached out to XCP team to see if we can get some guidance on how to automate XCP deposit and withdrawal.

https://bitcointalk.org/index.php?topic=395761.msg4881075#msg4881075

I would like the DAC to be modular and be able to handle any other crypto assuming that the right interface functions exist for that crypto. This requires defining a layer that would be able to implemented by all currently known cryptos. This is why I think XCP is a good test case. If we can do it with XCP, we should be able to do it with DOGE, etc.

It needs to interact directly with the other crypto's blockchain, verify both sides of the transaction, etc.

No more waiting on the exchange to deposit the NXT. No more worrying about the exchange's solvency, etc.

Fully automated crypto gateways. Once we get the first one, it will be a relatively simple matter to add new ones by popping in a new low level to deal with the blockchain of the new crypto. All the other cryptos will be priced relative to NXT. this is part of what makes BTC so strong, all other cryptos go through it. BTC is the current reserve currency of the crypto world. Maybe not for long?

Imagine being able to do actual blockchain to blockchain exchanges of ALL other cryptos from within NXT Asset Exchange!! I am making an executive decision and fully authorizing 100000 NXT for this bounty. After the first one is done, maybe a much smaller bounty for each additional crypto added.

I prefer cooperative efforts, especially with the definition of the low level interface layer to the other crypto blockchains. After there is consensus on the external interface layer, then if the different people can't work in a team, then it will be a competitive race. Winner take all, so it is safer to cooperate and divide up the problem in to separate roughly equal pieces.

Please post publicly interface proposals and if you want part of the bounty.

James

P.S. full disclosure: I have burned some BTC and have XCP, but only because I think that they are cool and unlike emunie, etherium and mastercoin.

[jl777]

I am trying to make sure when we go to TF in April that the network is ready for it. CfB estimated 1Mbps to support that, so any nodes that doesn't have that bandwidth will need to use clients that don't do everything.

Of course, just because 1000TPS is possible doesn't mean it will happen right away and I imagine it will be a gradual ramp, unless we stress test it ourselves.

Who else would you recommend to be on the NXT infrastructure advisory group? I want to make sure we get input from all the people who are actually involved in setting up servers all the time. opticalcarrier, gbeirn, tbd, tbd.

We still have time and can plan an orderly ramp up in NXT network capabilities. I just don't want to login one day in April to find TF was enabled while I was sleeping and we are doing 666TPS and everything went to hell

James

IMO I dont think we have anything to worry about until we get to the point where during peak periods (to be profiled later, when the peak periods begin hitting) that we fill up blocks with max transactions, at a rate of every minute.  I just dont see that happening any time soon.  But it would be great to be wrong.

For example - consider bitcoin - we could currently take over ALL of bitcoin's traffic right now, without even needing TF.  If we get to that point, were multimillionaires, and I just dont see that happening this year, But it would be great to be wrong.

We'll just have to keep an eye on it.

Now, one thing to consider is if NXT really does take off, we could see more attacks again in the future, and so will need to be ready to summon more hallmarked VPSs short notice.  But hopefully not.

I ** STRONGLY ** urge that we prepare for a dramatic increase in NXT transactions.

We will have zerocash functionality, we will have DAC gateways for ALL other cryptos. It is possible that 10% of all crypto trading will move to the NXT AE. The only cost will be the transaction fee of 1 NXT. Very low trading cost. Fully automated DAC gateways.

1000 TPS is probably enough, but we MUST be prepared for this. It will happen sooner than you think

James

P.S. There are other developments I cannot disclose yet, that will further add to this. Be prepared.

[jl777]

I was thinking about the Asset name for the AE and it certainly would be cool if the asset name XCP represented the actual XCP from the XCP DAC gateway.

However, Asset names are not transferable. My proposal is this.

Whoever gets the asset name of the crypto name, eg. "BTC", "DOGE", "XCP", etc. would be the one that gets to run the DAC gateway using that name and the community will support this as long as the fees are not raised and publicly disclosed accts are fully funded at all times.

Currently the min fee is 1 NXT. I propose that the high bidders for the Asset names keep the fee at 1NXT or double the minimum transaction fee, even when the minimum fee goes to 0.1 NXT or less. I realize that this means that there wont be any profit at first. However, in the long run there will be much more profit if there are hundreds of transactions per hour and you are making fractional NXT on each one. Trading volumes are very sensitive to transaction fees.

This will unfortunately create a bidding war for the Asset names of the other cryptos, but I see no way around that.

Feedback?

James

[jl777]

Can you believe more bounty money for developers?

Well its true, there is a 7.5 BTC + 1700 XCP bounty (that continues to grow) for an Desktop GUI client.

Details are: https://bitcointalk.org/index.php?topic=430998.0

I think this could provide nice additional funding for client developers. XCP is the only other crypto community that I have found is open to cooperating and I like that.

James

P.S. XCP is very slow thread, only 88 pages so you can catch up to it in less than a day https://bitcointalk.org/index.php?topic=395761.0

[rickyjames]

NXTcommunityfund Update

Better to input data using this form
https://docs.google.com/forms/d/1BVrLc9x7Q1GWxPRLVRgZAbMkqIbLpRjbQDwQagQUgTg/viewform

which will populate this page, which you set as read only.
https://docs.google.com/spreadsheet/ccc?key=0AsrKGhOkVcFpdHdMU1V2eDdaZFZ6bXhwOV9CME1WRXc&usp=sharing#gid=1

Oh I have missed this, who made it?

very nice!

Pin

I wanted to bump the links above as now being the official way to document either your donation to or request for funding from the NXTcommunityfund.  So far there have been the following donations to the NXTcommunityfund:

neer.g (I think): 25,001 NXT
Pouncer: 21,0861 NXT, from tech support fund
Pouncer: 892,017 NXT, from software dev fund
aldrin: 1,000,000 NXT

A sincere thank you to all.

And finally, TwinWinNerD has donated 100 NXT to the NXTcommunityfund !!!  

This donation was targeted as a bounty for a reddit tipbot:

https://bitcointalk.org/index.php?topic=345619.msg4881794;topicseen#msg4881794

This donation was around 0.07% of TwinWinNerD's current stake in NXT.  That's about one NXT coin out of every thousand.   If EVERY NXTer donated one out of every thousand coins in their stake, no matter how big or how small, IT WOULD MAKE A HUGE DIFFERENCE IN THE MONTHS TO COME.

Please think about it, then please do it.

One final note.  For the record, I am placing a backup copy of the password to the NXTcommunityfund into a stamped postal envelope addressed to James, and placing this envelope in my bank safe deposit box.  Just in case.  Because you never know...

[opticalcarrier]

I was thinking about the Asset name for the AE and it certainly would be cool if the asset name XCP represented the actual XCP from the XCP DAC gateway.

However, Asset names are not transferable. My proposal is this.

Whoever gets the asset name of the crypto name, eg. "BTC", "DOGE", "XCP", etc. would be the one that gets to run the DAC gateway using that name and the community will support this as long as the fees are not raised and publicly disclosed accts are fully funded at all times.

Currently the min fee is 1 NXT. I propose that the high bidders for the Asset names keep the fee at 1NXT or double the minimum transaction fee, even when the minimum fee goes to 0.1 NXT or less. I realize that this means that there wont be any profit at first. However, in the long run there will be much more profit if there are hundreds of transactions per hour and you are making fractional NXT on each one. Trading volumes are very sensitive to transaction fees.

This will unfortunately create a bidding war for the Asset names of the other cryptos, but I see no way around that.

Feedback?

James

In my testing of AE,  its the asset id number thats important. names can duplicate.  Scratch that,  they cannot duplicate after all

[salsacz]

current version of my Nxt infographic based on Btc transactions:

Looks good!

The Transactions Per Second section says Nxt will be able to handle 1000 TPS with Transparent Forging. My understanding is that it won't be limited to this, but may actually support much larger numbers. What is a better way to phrase this? "thousands of transactions per second"?

The section on mixing services could be expanded to include examples that the average citizen would find useful. e.g. "you can prevent your insurance company or employer from snooping on your medical expenses and terminating your contract if they suspect you of being ill, and prevent advertizing companies or neighbors from spying on your spending habits".

Typo in Transparent Forging section: desifgned => designed.

Thank you!

[EvilDave]

I have received....

Fully automated crypto gateways. Once we get the first one, it will be a relatively simple matter to add new ones by popping in a new low level to deal with the blockchain of the new crypto. All the other cryptos will be priced relative to NXT. this is part of what makes BTC so strong, all other cryptos go through it. BTC is the current reserve currency of the crypto world. Maybe not for long?

Imagine being able to do actual blockchain to blockchain exchanges of ALL other cryptos from within NXT Asset Exchange!! I am making an executive decision and fully authorizing 100000 NXT for this bounty. After the first one is done, maybe a much smaller bounty for each additional crypto added.

ED:cut stuff for brevity.

+10 to James
Just put me down as agreeing with pretty much everything above.

[jl777]

Does anybody know how to setup a testnet? How many servers, etc.
I might need to get one setup as early as end of next week.

James