NXT :: descendant of Bitcoin - Updated Information

[brooklynbtc]

Could somebody check my node and Android TV stick? http://217.17.88.5:7874/
Seems to me that it is working, but in any case, check from outside world

yup sweet

[1714871847]

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[salsacz]

As a preliminary measure, I would trust Cunicula to be given the source code if he were interested in reviewing it. He is a known and trusted community member and is writing the white paper after all.

anybody heard from cunicula yet?

nope, but here you have something to think about:

The selfish mining pool makes an upfront investment and gets what exactly for this? Is there some state authority protecting the selfish pool from competition?

If you pay money to do X and I can not pay money and still capture the benefit from X, then you will never pay money to do X. The existence of the PPS pools implies that the selfish pool has to front some cash at the outset to retain miners.

...

[rickyjames]

You mentioned before you hoped to implement parallel blockchains by April.  What are these and are they still in the April release?

Looks like I won't have them ready by April. Parallel Chains is just another way to store data.

I love playing 20 questions with you, CfB.   Will the April software release be capable of handling 1000 TPS if the right number and type of systems were online as NXT nodes?  If so, what is the largest blockchain size such a node will have to handle?

I can't answer these questions coz I don't know what min fee will be in April and how popular Nxt will be.

Assume the minimum fee will be 0.01 NXT.  I don't see what "popularity of NXT" has to do with the question; from a systems engineering / capability standpoint 1000 TPS is 1000 TPS.

I am trying to build up from past comments what I can truthfully say in front of an audience in Texas about what the April capability of NXT is going to be.  This is important.  I do not want to say something about NXT in front of a bunch of hostile Bitcoin people that is going to be proven wrong only three weeks later.

You have said NXT will someday be capable of 1000 TPS operation.   You have said we are going from JSON storage at 512 (is that right?) to binary storage of transactions at 128 bytes per transaction.  In a binary system of 128 bytes per transaction, the blockchain for such a system going full throttle will grow by 10GB per day IF it is storing every transaction.  You have said that service providers are not required for 1000 TPS operation.  You've said service providers are going to be the ones storing the entire blockchain.    You have said parallel blockchains as a method of data storage will not be implemented in April as you'd hoped.  THis implies that the nodes themselves are going to have to handle an enormous blockchain, much bigger than anything Bitcoin has handled to date, in a very short time.

So, two simple questions -

Will the April release of software support some kind of system that does not store every transaction on a rapidly growing blockchain?  Just the data of current balance level for registered users, perhaps?

How many of the full time devs will continue to work full time on NXT in May?

[Come-from-Beyond]

nope, but here you have something to think about:

The selfish mining pool makes an upfront investment and gets what exactly for this? Is there some state authority protecting the selfish pool from competition?

If you pay money to do X and I can not pay money and still capture the benefit from X, then you will never pay money to do X. The existence of the PPS pools implies that the selfish pool has to front some cash at the outset to retain miners.

...

Cunicula devised his own proof-of-stake algo, he is a co-author of some key details in Nxt, Nxt even has so-called Cunicula attack which is similar to Finney attack...

[Come-from-Beyond]

Will the April release of software support some kind of system that does not store every transaction on a rapidly growing blockchain?  Just the data of current balance level for registered users, perhaps?

No.

How many of the full time devs will continue to work full time on NXT in May?

No idea.

[rickyjames]

Will the April release of software support some kind of system that does not store every transaction on a rapidly growing blockchain?  Just the data of current balance level for registered users, perhaps?

No.

How many of the full time devs will continue to work full time on NXT in May?

No idea.

Final question from me (at least for today):  What is the strongest/most positive statement you would make to a audience of Bitcoin users about how NXT blockchain use/processing is superior to Bitcoin blockchain operations?

[brooklynbtc]

ROFL

[Come-from-Beyond]

Final question from me (at least for today):  What is the strongest/most positive statement you would make to a audience of Bitcoin users about how NXT blockchain use/processing is superior to Bitcoin blockchain operations?

Nxt blockchain can be split into many parallel blockchains, one for Payments, one for Arbitrary Messages, one for Asset Exchange, and so on, reducing requirements to storage/bandwidth for those who don't need some of the features. And this is almost for free, coz forgers r able to secure all the chains, unlike Bitcoin, where a miner is able to secure only 1 chain.

[rickyjames]

Final question from me (at least for today):  What is the strongest/most positive statement you would make to a audience of Bitcoin users about how NXT blockchain use/processing is superior to Bitcoin blockchain operations?

Nxt blockchain can be split into many parallel blockchains, one for Payments, one for Arbitrary Messages, one for Asset Exchange, and so on, reducing requirements to storage/bandwidth for those who don't need some of the features. And this is almost for free, coz forgers r able to secure all the chains, unlike Bitcoin, where a miner is able to secure only 1 chain.

Okay.  That's a solid response, thank you.

It also says to me that we can forget about Raspberry Pis on a 1000 TPS network and we need to set up lots and lots of fast VPSs with multi-terabyte SSD drives.  And we need to set up blockchain pruning as our number one development priority, with the intention of doing it quarterly in a 1000 TPS NXT network and weekly on a 10,000 TPS NXT network.

Somebody tell me I'm full of crap and why.  Please.

[Anon136]

tai zen identified me as nxt ambassador. i like to think of myself more as a come-from-beyond translator

[bitcoinpaul]

Final question from me (at least for today):  What is the strongest/most positive statement you would make to a audience of Bitcoin users about how NXT blockchain use/processing is superior to Bitcoin blockchain operations?

Nxt blockchain can be split into many parallel blockchains, one for Payments, one for Arbitrary Messages, one for Asset Exchange, and so on, reducing requirements to storage/bandwidth for those who don't need some of the features. And this is almost for free, coz forgers r able to secure all the chains, unlike Bitcoin, where a miner is able to secure only 1 chain.

Okay.  That's a solid response, thank you.

It also says to me that we can forget about Raspberry Pis on a 1000 TPS network and we need to set up lots and lots of fast VPSs with multi-terabyte SSD drives.  And we need to set up blockchain pruning as our number one development priority, with the intention of doing it quarterly in a 1000 TPS NXT network.

Somebody tell me I'm full of crap and why.  Please.

If we can split the blockchain, why shouldn't a RaspberryPi (or something similar) be able to handle 1000 TPS? Maybe I don't get it...

[bitcoinpaul]

tai zen identified me as nxt ambassador. i like to think of myself more as a come-from-beyond translator

much needed

[rickyjames]

Final question from me (at least for today):  What is the strongest/most positive statement you would make to a audience of Bitcoin users about how NXT blockchain use/processing is superior to Bitcoin blockchain operations?

Nxt blockchain can be split into many parallel blockchains, one for Payments, one for Arbitrary Messages, one for Asset Exchange, and so on, reducing requirements to storage/bandwidth for those who don't need some of the features. And this is almost for free, coz forgers r able to secure all the chains, unlike Bitcoin, where a miner is able to secure only 1 chain.

Okay.  That's a solid response, thank you.

It also says to me that we can forget about Raspberry Pis on a 1000 TPS network and we need to set up lots and lots of fast VPSs with multi-terabyte SSD drives.  And we need to set up blockchain pruning as our number one development priority, with the intention of doing it quarterly in a 1000 TPS NXT network.

Somebody tell me I'm full of crap and why.  Please.

If we can split the blockchain, why shouldn't a RaspberryPi (or something similar) be able to handle 1000 TPS? Maybe I don't get it...

The main blockchain is the one with the transactions on it.  It's going to grow at 10GB per day in a 1000 TPS network even if you strip all of NXT's other functions off into smaller secondary blockchains.  How can a Raspberry Pi store a ten-day-old 100 GB NXT blockchain for processing when its turn comes to forge a block?

Maybe I'm missing something about how blocks are added to a blockchain.   Can you forge a block and add it on to a NXT blockchain if you don't have a copy of the entire blockchain stored locally?  If so, can somebody elaborate on that?

[NxtChg]

1000 TPS

Why are you people so obsessed with this number? 

Because it's big and round? Should I repeat again, that the whole bitcoin network is still working at 7 TPS? After 4 years.

And you worry we won't be able to handle transactions in April? And plan to start stockpiling VPS's?

Where all this agitation comes from? We'd be extremely lucky to just match bitcoin in a year or two...

[bitcoinpaul]

Maybe: Nxt could be the next decentralized VISA. If we can make 1000TPS possible in the next months, this would lead to a huge marketing effect. And Nxt would be taken really serious.

[TwinWinNerD]

Let's assume all Altcoin trading is done on our DAC's and we have all transaction from all altcoins combined. Let's also throw in the transactions of the 4 big exchanges (mtgox, btc-e , bitstamp and btcchina) even then we would only have at maximum an average of 20 transactions per second.

[mww]

However, if James directs this, then I will disburse as authorized.  Like he has for this 75K NXT for crazy-expensive $75 CPM audio spots over in another thread: https://bitcointalk.org/index.php?topic=412243.new#new

Just for the record, your math is wrong, so anyone who agrees on this assumption, should make his own calculations first

It's a fact that James has authorized 75K NXT and I will be disbursing that later today as directed.

I understood that the audio spots were twice weekly for three months reaching an audience of 10,000 and were funded at a level of 275K NXT when NXT was priced at 0.07 USD each given the current Bitcoin price.  That's 275,000 * 0.07 = $19,250 for 13 weeks * twice weekly * 10,000 people = 260,000 impressions for a CPM of 19250/260 = $74.03.  I rounded to $75 for sake of an even number to use in discussion.

because in previous text you were counting only on 13 spots and not 26. But you must add many important things - if we didn't book it in couple of hours, ethereum would have bought that minute. Then, there is a difference between listeners of LTB and any other ordinary visitors of websites etc. Listeners of LTB have big influence on other people (journalists...) - those listeners can speak directly to the celebrities/important people, listeners of LTB are experts, advisors with huge power

Hi Guys,

By night i'm usually ranting on this forum and asking silly questions, but by day i'm the lead digital analyst for one of the big 4 marketing communications companies.

Anyways, you guys are getting absolutely extorted. This CPM is off the roof; i've never actually seen a CPM this high when dealing with radio. I'll get in contact with my radio team tomorrow morning, but at the moment, unless i've missed some sort of targeting, i really cant see why you are paying so much.

If your dealing with any sort of advertising please contact me, i have access to pretty much the entire industry and know a good deal when i see one. I also have a team of 6 other analysts whos job it is to find out whatever i want to know across the other major mediums.

I'd be more than happy to assist for free as i see NXT's potential.

Please shoot me a PM with what i can help with, or if you just want to run by any advertising opportunities.

[Conurtrol]

However, if James directs this, then I will disburse as authorized.  Like he has for this 75K NXT for crazy-expensive $75 CPM audio spots over in another thread: https://bitcointalk.org/index.php?topic=412243.new#new

Just for the record, your math is wrong, so anyone who agrees on this assumption, should make his own calculations first

It's a fact that James has authorized 75K NXT and I will be disbursing that later today as directed.

I understood that the audio spots were twice weekly for three months reaching an audience of 10,000 and were funded at a level of 275K NXT when NXT was priced at 0.07 USD each given the current Bitcoin price.  That's 275,000 * 0.07 = $19,250 for 13 weeks * twice weekly * 10,000 people = 260,000 impressions for a CPM of 19250/260 = $74.03.  I rounded to $75 for sake of an even number to use in discussion.

because in previous text you were counting only on 13 spots and not 26. But you must add many important things - if we didn't book it in couple of hours, ethereum would have bought that minute. Then, there is a difference between listeners of LTB and any other ordinary visitors of websites etc. Listeners of LTB have big influence on other people (journalists...) - those listeners can speak directly to the celebrities/important people, listeners of LTB are experts, advisors with huge power

Hi Guys,

By night i'm usually ranting on this forum and asking silly questions, but by day i'm the lead digital analyst for one of the big 4 marketing communications companies.

Anyways, you guys are getting absolutely extorted. This CPM is off the roof; i've never actually seen a CPM this high when dealing with radio. I'll get in contact with my radio team tomorrow morning, but at the moment, unless i've missed some sort of targeting, i really cant see why you are paying so much.

If your dealing with any sort of advertising please contact me, i have access to pretty much the entire industry and know a good deal when i see one. I also have a team of 6 other analysts whos job it is to find out whatever i want to know across the other major mediums.

I'd be more than happy to assist for free as i see NXT's potential.

Please shoot me a PM with what i can help with, or if you just want to run by any advertising opportunities.

What are your thoughts on targeted Reddit ads?

[coin5l1]

How many confirmations should you get for receiving blocks?

[salsacz]

Hi all,

Could we simulate the 1000TPS?

I think that it would be great as a marketing tool for salscz while comparing it to bitcoin.

Talking about something vs actually demonstrating it, are two different thing... and it will also serve as "proof of ability/technology"

it is like Bitcoin vs. Visa, so all you have to do is: Bitcoin vs. Visa Nxt