NXT :: descendant of Bitcoin - Updated Information

[bitcoinpaul]

I'm waiting for an official sanctioned way by CFB on how to do local signing of transactions.

So what is the status of local signing right now?

[jl777]

CfB

What happens when you issue the same asset a second time? Does it issue more of the same asset or replace the total amount of asset. Also, is the 1000NXT fee apply to only the first issue asset?

James

2nd tx is supposed to be rejected.

Then how can you increase the total amount of Asset??
If someone had silver coins that he wanted to issue and he wanted to have them 100% backed, he could only issue the number of coins he had at the time he creates the Asset.

OK, so now he gets more coins. Is he supposed to create Assset.2 and pay another 1000NXT?

Why hasn't anybody complained about this?

[wesleyh]

There is no way Nxt is going to catch dodge until basic things are rolled out.

(1) A light easy to use client
(2) The  native client ability to sign transaction and broadcast them to a public node so people don't have to download Java and run NRS

Without these two things, forget about anyone outside tech nerd using Nxt.

We have "huge" big projects but basic functionality is missing

It's coming.

Well, the priorities are screwed up. Roll out local signing of transaction before AE

As things stand, Nxt isn't even usable on a mobile device as you can't send money from a phone without sharing your password with untrusted third-party node.

It seems the little things don't get as much attention as the headline grabbers but these little things do add up.

I'm waiting for an official sanctioned way by CFB on how to do local signing of transactions.

I thought we had four variants of JS signing. Is there more you need?

Dunno, cfb said a few 10 pages ago he was still working on this.

[Eadeqa]

I thought we had four variants of JS signing. Is there more you need?

What four?

We have zero

[Come-from-Beyond]

I'm waiting for an official sanctioned way by CFB on how to do local signing of transactions.

BCNext was delaying local signing to force ppl to install full nodes. I think we shouldn't wait longer and am going to implement prepareTransaction right after we launch Asset Exchange.

[wesleyh]

CfB

What happens when you issue the same asset a second time? Does it issue more of the same asset or replace the total amount of asset. Also, is the 1000NXT fee apply to only the first issue asset?

James

2nd tx is supposed to be rejected.

Then how can you increase the total amount of Asset??
If someone had silver coins that he wanted to issue and he wanted to have them 100% backed, he could only issue the number of coins he had at the time he creates the Asset.

OK, so now he gets more coins. Is he supposed to create Assset.2 and pay another 1000NXT?

Why hasn't anybody complained about this?

We should have some kind of field that describes whether or not an asset is static or variable.

Because I wouldn't want coin X to suddenly add 1,000,000 extra coins. It only makes sense for certain assets.

[Labteck]

There is no way Nxt is going to catch dodge until basic things are rolled out.

(1) A light easy to use client
(2) The  native client's ability to sign transaction and broadcast it to a public node (with no risk of compromising password)  so people don't have to download Java and run NRS

Without these two things, forget about anyone outside tech nerd using Nxt.

We have "huge" big projects but basic functionality is missing


 

+100000

double click-easy-fancy-autoinstall client is really very important to attract new people.If you don`t understand this you dont know nothing about marketing.

[landomata]

CfB

What happens when you issue the same asset a second time? Does it issue more of the same asset or replace the total amount of asset. Also, is the 1000NXT fee apply to only the first issue asset?

James

2nd tx is supposed to be rejected.

Then how can you increase the total amount of Asset??
If someone had silver coins that he wanted to issue and he wanted to have them 100% backed, he could only issue the number of coins he had at the time he creates the Asset.

OK, so now he gets more coins. Is he supposed to create Assset.2 and pay another 1000NXT?

Why hasn't anybody complained about this?

You could create 1 billion Units of Silver coin for 1000 nxt but only release X amount of coins into AE at a time.

[Come-from-Beyond]

Then how can you increase the total amount of Asset??
If someone had silver coins that he wanted to issue and he wanted to have them 100% backed, he could only issue the number of coins he had at the time he creates the Asset.

OK, so now he gets more coins. Is he supposed to create Assset.2 and pay another 1000NXT?

Why hasn't anybody complained about this?

Coins will be implemented later.

[wesleyh]

I'm waiting for an official sanctioned way by CFB on how to do local signing of transactions.

BCNext was delaying local signing to force ppl to install full nodes. I think we shouldn't wait longer and am going to implement prepareTransaction right after we launch Asset Exchange.

Even then, if people want the fastest possible system without lag, they should run nodes. Requests made to a remote server will always be slower.

For example, if there are 100 assets, you have to make 101 requests to get the information about those assets. (since you initially only get asset ID's and to get a description you need to do another request).

Then you have to get the list of ask ID, then make a request for each of those ask IDS to get description, same then for bid ids, and for trade history..

It would be better to follow the example of the getAliases call, which includes all info, presumably because there is no id associated with an alias.

[jl777]

I'm waiting for an official sanctioned way by CFB on how to do local signing of transactions.

BCNext was delaying local signing to force ppl to install full nodes. I think we shouldn't wait longer and am going to implement prepareTransaction right after we launch Asset Exchange.

I think we need an API call to increase the quantity of asset

Also, what happens when an Asset is returned to the issuer? Is there a special flag to indicate that it is being redeemed, which would also reduce the total quantity of Asset.

[jl777]

Then how can you increase the total amount of Asset??
If someone had silver coins that he wanted to issue and he wanted to have them 100% backed, he could only issue the number of coins he had at the time he creates the Asset.

OK, so now he gets more coins. Is he supposed to create Assset.2 and pay another 1000NXT?

Why hasn't anybody complained about this?

Coins will be implemented later.

I am had thought it would be easy to use AE for crypto gateway, especially considering BCNext's discussion about BTC gateway. It is also important to have NXT Asset 100% backed by actual asset, be it loaf of bread, BTC or turtles.

For anything that isn't all created at genesis, a one time quantity is wrong. Almost all real world things will have a variable number, especially if we have a BTC gateway using AE

[Come-from-Beyond]

I think we need an API call to increase the quantity of asset

Maybe. Why not.

Also, what happens when an Asset is returned to the issuer? Is there a special flag to indicate that it is being redeemed, which would also reduce the total quantity of Asset.

Nothing happens, the issuer owns these asset units.

[Come-from-Beyond]

I am had thought it would be easy to use AE for crypto gateway, especially considering BCNext's discussion about BTC gateway. It is also important to have NXT Asset 100% backed by actual asset, be it loaf of bread, BTC or turtles.

For anything that isn't all created at genesis, a one time quantity is wrong. Almost all real world things will have a variable number, especially if we have a BTC gateway using AE

What is so special about turtles? I keep seeing them mentioned quite often...

[klee]

DogeCoin goes on par with Peercoin - http://coinmarketcap.com/

when a clone can compete with its parent with no conceivable advantage, this is very dangerous indeed for the idea of digital scarcity. this is very troubling.

I would not be surprised is this joke is funded by crypto enemies (like JP) and when they make it No1 will let it collapse just to prove that the whole cryptocurrencies ecosystem is a joke, just like doge...

[bitcoinpaul]

[jl777]

I think we need an API call to increase the quantity of asset

Maybe. Why not.

Also, what happens when an Asset is returned to the issuer? Is there a special flag to indicate that it is being redeemed, which would also reduce the total quantity of Asset.

Nothing happens, the issuer owns these asset units.

I want to make sure that the two essential (only?) crypto gateway functions are possible, and hopefully easy.

Deposit: customer sends in BTC, gateway increases Asset Qty by deposit amount and sends this new Qty of Asset to customer's NXT acct.

Withdrawal: customer sends withdrawal amount of Asset to gateway with BTC address, Asset Qty is reduced and gateway sends BTC to customer's wallet address.

If we are to implement automated DAC, then the NXT VM would need to be able to know that a withdrawal event has happened.

I am not sure the best API parameters to use, but the idea is to make sure that gateway deposit and withdrawal cases are properly handled. Ideally, with signals that NXT VM can receive to know that it has to take action.

Edit: for withdrawal at the very least we need a way to destroy an Asset. I guess we an always send it to genesis acct.

[instacalm]

DogeCoin goes on par with Peercoin - http://coinmarketcap.com/

when a clone can compete with its parent with no conceivable advantage, this is very dangerous indeed for the idea of digital scarcity. this is very troubling.

I would not be surprised is this joke is funded by crypto enemies (like JP) and when they make it No1 will let it collapse just to prove that the whole cryptocurrencies ecosystem is a joke, just like doge...

klee, Doge may seem like a joke but it is not. It's an experiment that worked out pretty nicely so far. I remember the first two days when DOGE came out, it was very well perceived from day one and people loved to send the doges around. I remember receiving hundreds of thousands just as a joke because nobody took it seriously. Not much later it began to become huge.
  It also nicely demonstrates the power of marketing and hype. PS. I don't own any DOGE atm and I am personally not much interested in it, huge numbers of other people are though.

NXT is a king when it comes to crypto innovation, yet average crowds do not care about the king, they want the fun. Doge provides it.  Once Nxt has stepped up its game, providing a great multi platform client that is proven to work -- once it is easy to understand and approach the king people are going to use Nxt and find out just how great and advanced it actually is.  Until then, it might just be quietly sitting on its throne in the dark.

[allwelder]

DogeCoin goes on par with Peercoin - http://coinmarketcap.com/

when a clone can compete with its parent with no conceivable advantage, this is very dangerous indeed for the idea of digital scarcity. this is very troubling.

Dogecoin is far more popular than Peercoin, it's been pretty much determined to climb up.

It does actually have great advantage: popularity.

Basically Peercoin has no marketing...Nxt cannot suffer the same faith...we have to adopt Dogecoin marketing best practices.

doge needs marketing because it has no substance. we dont need marketing because we do have substance. granted we need to communicate the relevant facts about nxt in a calm and orderly fashion to those who are not aware of those facts. i suppose you could call that marketing. but this is what marketing means to doge, http://www.youtube.com/watch?v=H3oiThw2RxE this we absolutely do not need.

IMO,we also need necessary promotion for more people to really know what is Nxt.

[klee]

DogeCoin goes on par with Peercoin - http://coinmarketcap.com/

when a clone can compete with its parent with no conceivable advantage, this is very dangerous indeed for the idea of digital scarcity. this is very troubling.

I would not be surprised is this joke is funded by crypto enemies (like JP) and when they make it No1 will let it collapse just to prove that the whole cryptocurrencies ecosystem is a joke, just like doge...

klee, Doge may seem like a joke but it is not. It's an experiment that worked out pretty nicely so far. I remember the first two days when DOGE came out, it was very well perceived from day one and people loved to send the doges around. I remember receiving hundreds of thousands just as a joke because nobody took it seriously. Not much later it began to become huge.
  It also nicely demonstrates the power of marketing and hype. PS. I don't own any DOGE atm and I am personally not much interested in it, huge numbers of other people are though.

NXT is a king when it comes to crypto innovation, yet average crowds do not care about the king, they want the fun. Doge provides it.

But do we know if the creator has a hidden agenda and/or other people behind him?