NXT :: descendant of Bitcoin - Updated Information

[ChuckOne]

News about TaPoS: https://docs.google.com/document/d/1RLcjSXWuU9vBJzzqLEXVACSCdn8zXKTTJRN_LfoCjNY/edit?pli=1

The author suggests a real penalty for accounts not mining within a year or so: they pay a fee.

Somehow, I like that.

[rickyjames]

Who has the account with the unclaimed coins and how does community decides how to spend them?

Come from Beyond split the unclaimed coins between Pouncer, klee and neer.g; committees with spending authority over them have yet to be finalized. James / jl777 has sole spending authority on the three other accounts I am responsible for, since these were all started by private donors to support James' efforts.  

Here's the link to the consolidated treasurer's spreadsheet for the six ongoing funds.  Total amount in these is around 9.5 million NXT.  We're still getting it on a standardized format.  The four treasurers have implemented a system between us to obtain passwords to each other's accounts if any of us become incapacitated.

https://docs.google.com/spreadsheet/ccc?key=0AoE8nAOEMIa7dFFnWjRNYTM4RkhsN3dRRXFBaTBiaHc#gid=14


I personally am hoping to get on the infrastructure committee.  Official thread for selecting the committees is here:

https://bitcointalk.org/index.php?topic=445209.0

Salsacz also has sole spending authority on an earlier marketing account.  The spreadsheet for that is:

https://docs.google.com/spreadsheet/ccc?key=0AgAGADgnQcrtdHRrV3V3Z1lzOXVEMWtqdElUaEtqV1E#gid=15

Are the tresures being paid by the community? Or was it from neer.g´s own pocket?

"Salary for James / jl777 ($2000 Feb 12 - Mar 12) per neer.g"

James does not have the spending authority to give NXT from NXTcommunityfund to himself, only to others.  Neer.g was the original biggest donor to NXTcommunityfund and any payments from there directly to James are effectively private agreements between the two of them from neer's original contribution.  Anything I disburse directly to James I clear with neer first.  I personally don't have any authority to send NXT out of the NXTcommunityfund unless directed to do so by either James or neer.  I'm just the big beefy guy with his arms crossed at the bank door making sure nobody secretly dips into the till.

I don't receive any NXT for being a treasurer, I am doing it gratis as my part to support the NXT community.  I am pretty sure the other treasurers aren't receiving any NXT for their efforts, either.

[mikesbmw]

Here goes again:

<snip>

I've downloaded 0.7.5 new (from nxtcrypto) deleted the previous version, started from fresh, blockchain downloaded.
After a minute or so the above messages start appearing. Deleted the nxt_db folder, but again after a minute those messages start appearing.
I don't think I'm on a fork, because all my transactions show up, even the forged block from the day before yesterday.

What's going on? I want to be absolutely sure I don't lose any NXT and I want to do some transactions.
Could someone please assist me (in non-technical wording, okay technical is okay, just not programming deep-into-nxt stuff) 

Block explorer shows that block at 69418 http://blocks.nxtcrypto.org/nxt/nxt.cgi?action=1000&blk=114652587818176816 and Ive queried vps5.nxtcrypto.org for that block:

Code:

#  ncli getBlock vps5 114652587818176816

    baseTarget: 648186177
    blockSignature: f1e70a7cfc14191f9e7076c86d6383cfc142d4ba256db1ecb7cf449ade888100d9fd6401529d41a76d4728d22391e485e5a393226ff44b0fa4a5deea5deedb8c
    generationSignature: 58faf5d7aec9720f2267b0f4079f0d949c18b1f45a5065331b0492187cdf51ea
    generator: 14571285356259793594
    height: 69418
    nextBlock: 4650020713678921687
    numberOfTransactions: 0
    payloadHash: e3b0c44298fc1c149afbf4c8996fb92427ae41e4649b934ca495991b7852b855
    payloadLength: 0
    previousBlock: 7165854537706726184
    previousBlockHash: 28632158bc3a726325198d30038354087cfc15ce5fc3ff902157f9f37e0c9ae0
    timestamp: 7439343
    totalAmount: 0
    totalFee: 0
    transactions:
    version: 2
#

so vps5 agrees with block explorer.  do a getBlock API on your client and get us the results:
https://localhost:7875/nxt?requestType=getBlock&block=114652587818176816

The result:

Code:

{"transactions":[],"nextBlock":"4650020713678921687","blockSignature":"f1e70a7cfc14191f9e7076c86d6383cfc142d4ba256db1ecb7cf449ade888100d9fd6401529d41a76d4728d22391e485e5a393226ff44b0fa4a5deea5deedb8c","payloadLength":0,"numberOfTransactions":0,"version":2,"timestamp":7439343,"previousBlock":"7165854537706726184","payloadHash":"e3b0c44298fc1c149afbf4c8996fb92427ae41e4649b934ca495991b7852b855","height":69418,"totalFee":0,"baseTarget":"648186177","generationSignature":"58faf5d7aec9720f2267b0f4079f0d949c18b1f45a5065331b0492187cdf51ea","previousBlockHash":"28632158bc3a726325198d30038354087cfc15ce5fc3ff902157f9f37e0c9ae0","totalAmount":0,"generator":"14571285356259793594"}

[opticalcarrier]

OK so as far as web browser javascript transaction generation and signing goes, does it matter where the end client sends their signed transaction to?  do they have to send it to a NRS process that has active forgers, or can they just send it to any NRS system with a synced blockchain?  Im asking because Im considering opening up API for all the 24 VPSs I manage on nxtcrypto.org and am also considering adding SSL certs for that domain into the Jetty for each server as well.

[apenzl]

NXT Newsletter #2

http://nxter.org/nxt-newsletter-2/

[vitvert]

Hi, my testNXT balance is 474 and I have tried to buy 2 VitaminXT. Total price 51 and my NXT Wallet is saying "Not enough funds".

Then I have tried to send mesage and again, "Not enough funds"

What is wrong?

14928479602272924530

Hi! Thanks for your interest! It's my assets. Try again - should work)
Soon there will be dividends..
Thanks!

[S3MKi]

for testnet please 11726704843988639528

[salsacz]

New Nxt Clients - updated Press release:

https://docs.google.com/file/d/0BwAGADgnQcrtR3ZCdVRkNExZSVE/edit

https://docs.google.com/file/d/0BwAGADgnQcrtYW9aZDZLQ1R0MVE/edit

So community, what do you think now?

[verymuchso]

Question about the java API.

Are there any plans to extract the functionality of the handlers in in nxt.http into java interfaces.
My use case is to create a payment transaction but i dont want to go through the HTTP layer. Currently to send money from the java api you would have to duplicate all the steps taken in for instance nxt.http.SendMoney.

[mcjavar]

Who has the account with the unclaimed coins and how does community decides how to spend them?

Come from Beyond split the unclaimed coins between Pouncer, klee and neer.g; committees with spending authority over them have yet to be finalized. James / jl777 has sole spending authority on the three other accounts I am responsible for, since these were all started by private donors to support James' efforts.  

Here's the link to the consolidated treasurer's spreadsheet for the six ongoing funds.  Total amount in these is around 9.5 million NXT.  We're still getting it on a standardized format.  The four treasurers have implemented a system between us to obtain passwords to each other's accounts if any of us become incapacitated.

https://docs.google.com/spreadsheet/ccc?key=0AoE8nAOEMIa7dFFnWjRNYTM4RkhsN3dRRXFBaTBiaHc#gid=14


I personally am hoping to get on the infrastructure committee.  Official thread for selecting the committees is here:

https://bitcointalk.org/index.php?topic=445209.0

Salsacz also has sole spending authority on an earlier marketing account.  The spreadsheet for that is:

https://docs.google.com/spreadsheet/ccc?key=0AgAGADgnQcrtdHRrV3V3Z1lzOXVEMWtqdElUaEtqV1E#gid=15

Are the tresures being paid by the community? Or was it from neer.g´s own pocket?

"Salary for James / jl777 ($2000 Feb 12 - Mar 12) per neer.g"

James does not have the spending authority to give NXT from NXTcommunityfund to himself, only to others.  Neer.g was the original biggest donor to NXTcommunityfund and any payments from there directly to James are effectively private agreements between the two of them from neer's original contribution.  Anything I disburse directly to James I clear with neer first.  I personally don't have any authority to send NXT out of the NXTcommunityfund unless directed to do so by either James or neer.  I'm just the big beefy guy with his arms crossed at the bank door making sure nobody secretly dips into the till.

I don't receive any NXT for being a treasurer, I am doing it gratis as my part to support the NXT community.  I am pretty sure the other treasurers aren't receiving any NXT for their efforts, either.

Thank you!

[oldnbold]

Sorry to say, if you cut away the smoke and mirrors NXT is not a way to make money by mining or forging.  NXT makes mining obsolete by making the required infrastructure so cheap that it's going to happen as a low -cost NXT community effort just because we want it to happen.

Here's some words I'm writing for distribution in Texas:

NXT Is Green

Ecological?  Financial?  BOTH !!!

Bitcoin depends on a small network of mining nodes who support their operations by generating a fixed profit of 3600 bitcoins per day.  The available daily operating budget to keep Bitcoin from freezing up is thus $3.6M or less (at $1K/BTC or under) to  generate the current 25 million GHash/s needed daily.  A representative miner “pickaxe” is a Butterfly Labs Monarch costing $2000 and using 350W of power to produce 600 GHash/sec. Thus the current Bitcoin mining network has sunk unit infrastructure costs of at least $83 million and (at $0.10/KwH) ongoing electricity costs of at least $35,000 per day.  

Both costs are rising faster and faster. Exponential growth of Bitcoin’s hashrate (see blockchain.info/charts/hashrate) means mining rigs and energy use will skyrocket out of control, sooner rather than later.  Bitcoin, and clones like Doge, are thus by their very nature destined to fail.

NXT is the sustainable solution to this problem.  By using cooperative transparent forging, not competitive gigahash mining, NXT does not have an exponential forcing function at its core that drives its costs and energy consumption ever higher.  A NXT blockchain support network of 1000 Odroid U3 nodes has a one-time unit infrastructure cost of only $60 thousand and uses only $48 per day in electricity – forever.  
 

Excellent – thanks. I read the forum posts everyday trying to improve my (still) very limited understanding and this is one of those stand out posts that produce that 'Ah ha' moment.

[pinarello]

pls could anyone provide a basic info about client "Nxs" Like 3 sentences about it, maybe even 2 pictures.

Salsa,

There's some good descriptive text you can grab from their github page:

https://github.com/Regulus343/Nxs

EDIT: and like instacash mentioned, it's not a new client, just a facelift for the current default web interface.

We have a Wesleyh his client to cover that and function as the new webinterface when NRS is gone

[verymuchso]

New Nxt Clients - updated Press release:
https://docs.google.com/file/d/0BwAGADgnQcrtYW9aZDZLQ1R0MVE/edit

So community, what do you think now?

Nice document. You could however add some Offspring screenshots from here https://bitbucket.org/incentivetoken/offspring-public/wiki/Home.

[pinarello]

NXT Newsletter #2

http://nxter.org/nxt-newsletter-2/

nice work thank you!

[Damelon]

New Nxt Clients - updated Press release:
https://docs.google.com/file/d/0BwAGADgnQcrtYW9aZDZLQ1R0MVE/edit

So community, what do you think now?

Good, but missing Offspring.

[bitcoinpaul]

Bitcoin depends on a small network of mining nodes who support their operations by generating a fixed profit of 3600 bitcoins per day.  The available daily operating budget to keep Bitcoin from freezing up is thus $3.6M or less (at $1K/BTC or under) to  generate the current 25 million GHash/s needed daily.  A representative miner “pickaxe” is a Butterfly Labs Monarch costing $2000 and using 350W of power to produce 600 GHash/sec. Thus the current Bitcoin mining network has sunk unit infrastructure costs of at least $83 million and (at $0.10/KwH) ongoing electricity costs of at least $35,000 per day.  

Both costs are rising faster and faster. Exponential growth of Bitcoin’s hashrate (see blockchain.info/charts/hashrate) means mining rigs and energy use will skyrocket out of control, sooner rather than later.  Bitcoin, and clones like Doge, are thus by their very nature destined to fail.

NXT is the sustainable solution to this problem.  By using cooperative transparent forging, not competitive gigahash mining, NXT does not have an exponential forcing function at its core that drives its costs and energy consumption ever higher.  A NXT blockchain support network of 1000 Odroid U3 nodes has a one-time unit infrastructure cost of only $60 thousand and uses only $48 per day in electricity – forever.  
 

You could maybe include that every NXT is a virtual mining machine with zero power consumption. I think this is a nice 'picture' to grasp.

[pinarello]

cross posted

Unclaimed coins fund forming commitees.

candidates for the commitees, please apply!

https://docs.google.com/spreadsheet/ccc?key=0AsrKGhOkVcFpdFRFeHNUdWx3Qy1nTjBPLUFNWUJKQkE&usp=sharing

Please somebody, post this on nextcoin.org also thx

Pin

[salsacz]

New Nxt Clients - updated Press release:
https://docs.google.com/file/d/0BwAGADgnQcrtYW9aZDZLQ1R0MVE/edit

So community, what do you think now?

Nice document. You could however add some Offspring screenshots from here https://bitbucket.org/incentivetoken/offspring-public/wiki/Home.

thank you, so the version with Offspring:
https://docs.google.com/file/d/0BwAGADgnQcrtR3ZCdVRkNExZSVE/edit

[opticalcarrier]

cross posted

Unclaimed coins fund forming commitees.

candidates for the commitees, please apply!

https://docs.google.com/spreadsheet/ccc?key=0AsrKGhOkVcFpdFRFeHNUdWx3Qy1nTjBPLUFNWUJKQkE&usp=sharing

thx

what are the planned scopes and responsibilities for the 3 groups?  seems to me that tech/infrastructure will overlap quite a bit

[rickyjames]

Sorry to say, if you cut away the smoke and mirrors NXT is not a way to make money by mining or forging.  NXT makes mining obsolete by making the required infrastructure so cheap that it's going to happen as a low -cost NXT community effort just because we want it to happen.

Here's some words I'm writing for distribution in Texas:

NXT Is Green

Ecological?  Financial?  BOTH !!!

Bitcoin depends on a small network of mining nodes fighting for their share of a fixed profit pool of 3600 bitcoins per day.  The only thing keeping Bitcoin from freezing up is $3.6M or so (at $1K/BTC or under) inflation per day, funding miner generation of the current 25 million GHash/s needed daily.  A representative miner “pickaxe” is a Butterfly Labs Monarch costing $2000 and using 350W of power to produce 600 GHash/sec. Thus the current Bitcoin mining network has sunk unit infrastructure costs of at least $83 million and (at $0.10/KwH) ongoing electricity costs of at least $35,000 per day.  

Both costs are rising faster and faster. Exponential growth of Bitcoin’s hashrate (see blockchain.info/charts/hashrate) means mining rigs and energy use will skyrocket out of control, sooner rather than later.  Bitcoin, and clones like Doge, are thus by their very nature destined to fail.

NXT is the sustainable solution to this problem.  By using cooperative transparent forging, not competitive gigahash mining, NXT does not have an exponential forcing function at its core that drives its costs and energy consumption ever higher.  A NXT blockchain support network of 1000 ($60 ea., 10W) Odroid U3 nodes has a one-time unit infrastructure cost of only $60 thousand and uses only $48 per day in electricity – forever.  
 

Excellent – thanks. I read the forum posts everyday trying to improve my (still) very limited understanding and this is one of those stand out posts that produce that 'Ah ha' moment.

Thank you for your kind words.  I've edited mine to the version above and I am going to try to get 2000 people to read them on March 6 at the Texas Bitcoin Conference.  Hopefully that will generate 2000 ah-ha moments - and 2000 new NXT users.