NXT :: descendant of Bitcoin - Updated Information

[opticalcarrier]

Although the Nxt Asset Exchange will be a useful addition I think that we are missing something that could be much more useful (and perhaps a "killer" addition) and that is "atomic cross-chain crypto-currency transfers" (some of you would recall I've already mentioned it).

As far as I can tell no-one has actually built such a system and also so far I can't even tell if such a transfer using TierNolan's approach (https://en.bitcoin.it/wiki/Atomic_cross-chain_trading) has ever actually been tested (if anyone has a link that shows such a transaction having taken place then I'd be very interested to see it).

IMO this would really be a "game changer" as it could allow people to trade crypto's directly without an exchange and without risk (beyond having to wait for the "refund" problem that is necessary for TierNolan's solution in case the trade doesn't get finalised).

It wouldn't work fast enough to do "day trading" but for those not in a huge rush the promise of 100% secure transactions with only minimal blockchain fees would be pretty appealing.

What do you guys think?

This is what I visualized way back in late Nov when I first started reading about NXT, and why I resolved to not be jelly and got in even though I missed genesis

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[BaiMangal]

What do you guys think?

it be the killer addition!

Nxt provides another way to create "altcoins". It does make sense to implement such the feature for BTC-NXT trades... for next 2-3 years. But I doubt anyone will use Bitcoin in 2017.

Even if people dont use BTC which I doubt, they might use other coins like Dodge:)) or they might have other type of assets, shares or something else so a trustless link would rock!
If I was more clever would sugest how to do it but I hope some genius from here can create it.

[Come-from-Beyond]

Even if people dont use BTC which I doubt, they might use other coins like Dodge:)) or they might have other type of assets, shares or something else so a trustless link would rock!
If I was more clever would sugest how to do it but I hope some genius from here can create it.

I completely forgot about Doge. It will stay there for much longer than Bitcoin...

[ChuckOne]

Although the Nxt Asset Exchange will be a useful addition I think that we are missing something that could be much more useful (and perhaps a "killer" addition) and that is "atomic cross-chain crypto-currency transfers" (some of you would recall I've already mentioned it).

As far as I can tell no-one has actually built such a system and also so far I can't even tell if such a transfer using TierNolan's approach (https://en.bitcoin.it/wiki/Atomic_cross-chain_trading) has ever actually been tested (if anyone has a link that shows such a transaction having taken place then I'd be very interested to see it).

IMO this would really be a "game changer" as it could allow people to trade crypto's directly without an exchange and without risk (beyond having to wait for the "refund" problem that is necessary for TierNolan's solution in case the trade doesn't get finalised).

It wouldn't work fast enough to do "day trading" but for those not in a huge rush the promise of 100% secure transactions with only minimal blockchain fees would be pretty appealing.

What do you guys think?

I like it the way it is described here:

http://qubic.boards.net/thread/9/fighting-scam

But, yes. Day-Trading could be done only with in-chain-coins.

[ChuckOne]

In terms of traditional trading assets, tradings coins is really fast/disturbing/day-trading with 100% profit/loss. Revolutionary.

Something, that came to my mind recently, would be allowing even more highly-speculative ways of trading.

Let's start with:
 - options
 - short sales

What do you think?

[greenbeans]

check out COINO coin $8m revenue, market cap $329k

[MarvellousMutant]

I have read up on atimic transactions and think that it is a very good idea.
Should not be too difficult to implement i think.

I vote to implement AT as soon as possible!

[Come-from-Beyond]

Critical bug disclosure

Few days ago the guy who found a vulnerability in Blockchain.Info and picked the secret phrase of Nxt genesis account found a security flaw in NRS cryptographic algorithm. The flaw allowed to replay transactions that would lead to double-triple-etc amounts sent. In fact, by finding this flaw he conducted an audit of Crypto class and won the bounty that we collected specially for such a case.

I can't explain details of the flaw, coz it's out of my area of expertise. U can contact him directly via nextcoin.org forum.

The flaw has been fixed and all who updated to 0.6.0+ are safe now. Users of older versions are safe too as long as they are connected to nodes with 0.6.0+.

PS: The community should collect 10 BTC again coz we still need to do the audit of the code.

[rickyjames]

1000 TPS is a theoretical number, in fact I'd wager that it would take at least 2 (possible more) years to have that many transactions per second. So no, you won't need 300GB available (per month).

The max transaction is 255 per block(per minute),right?
so I didnot catch clearly what is mean of 1000 TPS.

We have to remind ourself that the POSSIBILITY of 1000TPS brings us to 1000TPS in a few years. If we now state "not possible", we lose one feature.

For the record, there was no "theoretically" about 1000 transactions pe rsecond (TPS).

What do you mean with 4.25 tps to 1000 tps?

One of the killer features of Nxt is ability to process transactions at VISA rate (thousands per second).

Btw, any ideas how much the price will rise after VCs realize that Nxt is able to process 1000+ tps? 10x is min, imho. 100x-1000x is more likely...

There have been occasional hints by CfB of incremental steps to improve the capacity of NXT by making the number of bytes encapsulating a transaction smaller (going from JSON to binary with a target of 128 bytes per transaction) so a block could hold more transactions, synchronizing the timing of blocks ("time warp"), and speeding up the rate at which NXT blocks were produced.  The problem of block chain bloat has not been discussed by the core devs and remains a future problem to achieving this stated capability.  

In my opinion, solving the block chain bloat ( by reforging a new genesis block around every 1500 blocks) is THE problem facing future expansion of NXT.  But:

Blockchain pruning / minimization is for survival.

U should undestand that everything is in ur own hands. Pruning is not a rocket science. Just make a snapshot at some block height and use it as Genesis Block 2.

Once the development committee membership has been finalized and they are in control of 3M NXT from the unclaimed funds currently held by CfB, I will lobby vigorously for them to immediately hire a programmer to focus exclusively on block chain bloat shrinkage and real time genesis block forging.  This is how we take the future of NXT into our own hands as a community.  This is too important to just throw a bounty up and wait for somebody to wander by and say they'll do it.  Ideally, such a hired programmer should integrate ASAP with JLP's ongoing efforts under a non-disclosure agreement (NDA) and not wait for open source release in 60 days.  We need to be working on block chain bloat NOW.  

We don't have to sit around wailing while the price of NXT slowly sags.  We can take action NOW to make NXT the premiere cryptocurrency on the planet.  Once we crack the "not-rocket-science" nut of real-time genesis block reforging, we will have created all the components necessary to set up a 1000 TPS testnet that we can demonstrate to the world.  

https://bitcointalk.org/index.php?topic=345619.msg4964910;topicseen#msg4964910

https://bitcointalk.org/index.php?topic=345619.msg4966259;topicseen#msg4966259

And with a functional 1000 TPD demonstration testbed in place to demo at will to media, venture capitalists, and critics, NXT WILL GO TO THE MOON.  

[Hegemon]

Congrats to "the guy" 

[Anon136]

Critical bug disclosure

Few days ago the guy who found a vulnerability in Blockchain.Info and picked the secret phrase of Nxt genesis account found a security flaw in NRS cryptographic algorithm. The flaw allowed to replay transactions that would lead to double-triple-etc amounts sent. In fact, by finding this flaw he conducted an audit of Crypto class and won the bounty that we collected specially for such a case.

I can't explain details of the flaw, coz it's out of my area of expertise. U can contact him directly via nextcoin.org forum.

The flaw has been fixed and all who updated to 0.6.0+ are safe now. Users of older versions are safe too as long as they are connected to nodes with 0.6.0+.

PS: The community should collect 10 BTC again coz we still need to do the audit of the code.

can we hire this amazing fellow for the dev team?

[Come-from-Beyond]

Critical bug disclosure

PS: The community should collect 10 BTC again coz we still need to do the audit of the code.

thnx for the info!    

Any chance you will be selling some of those unclaimed NXT again?    

No chance, we already decided that I hand over the coins to keepers, I'm just waiting for their account ids. Ask the corresponding keeper, plz.

[Come-from-Beyond]

can we hire this amazing fellow for the dev team?

Dunno, ask him.

[Anon136]

Critical bug disclosure

PS: The community should collect 10 BTC again coz we still need to do the audit of the code.

thnx for the info!    

Any chance you will be selling some of those unclaimed NXT again?    

No chance, we already decided that I hand over the coins to keepers, I'm just waiting for their account ids. Ask the corresponding keeper, plz.

who are the keepers?

[Passion_ltc]

Critical bug disclosure

Few days ago the guy who found a vulnerability in Blockchain.Info and picked the secret phrase of Nxt genesis account found a security flaw in NRS cryptographic algorithm. The flaw allowed to replay transactions that would lead to double-triple-etc amounts sent. In fact, by finding this flaw he conducted an audit of Crypto class and won the bounty that we collected specially for such a case.

I can't explain details of the flaw, coz it's out of my area of expertise. U can contact him directly via nextcoin.org forum.

The flaw has been fixed and all who updated to 0.6.0+ are safe now. Users of older versions are safe too as long as they are connected to nodes with 0.6.0+.

PS: The community should collect 10 BTC again coz we still need to do the audit of the code.

can we hire this amazing fellow for the dev team?

+1, sent PM on nextcoin.

[Come-from-Beyond]

who are the keepers?

Klee, Pouncer and neer.g (https://bitcointalk.org/index.php?topic=445209.0)

[Anon136]

who are the keepers?

Klee, Pouncer and neer.g (https://bitcointalk.org/index.php?topic=445209.0)

rofl. i completely missed that thread where i was mentioned like a dozen times

[Come-from-Beyond]

rofl. i completely missed that thread where i was mentioned like a dozen times

U should monetize ur reputation. If u were a fiat gateway operator for Asset Exchange, u would help the community a lot. I would accept dollars issued by u without any doubt. Think of such a business plz...

[BloodyRookie]

Critical bug disclosure
I can't explain details of the flaw, coz it's out of my area of expertise. U can contact him directly via nextcoin.org forum.

But if the bug has been fixed you sure could tell us which part of the code was altered.
I am interested in taking a look at the changes.

[dimirfu]

NXT-E.COM  IPO

wow!!! try it quickly!

https://bitcointalk.org/index.php?topic=453580.0