NXT :: descendant of Bitcoin - Updated Information

[Come-from-Beyond]

why has this thread gone so quite?

Devs at BCNext's pool party

A я бы вдyл 1-oй, 3-eй и 6-oй caмoчкaм...

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[CIYAM]

Seeing we are speculating about BCNext's final plan for TF I will put forward another possibility:

Proof of stake to be changed from being the amount of NXT to simply the number of "special forging accounts" you have (that can only be created *after* this plan is released) and you will need to use NXT to purchase each account (but not much - perhaps as low as 1 NXT).

I would predict also that your special forging account number would need to be "broadcast" to your peers (with each peer only accepting forged blocks coming from the one IP address from the 1 account).

[SkillRoad]

why has this thread gone so quite?

Devs at BCNext's pool party

A я бы вдyл 1-oй, 3-eй и 6-oй caмoчкaм...

They are all good

[Come-from-Beyond]

cfb, added warning as mentioned.

Thank u.

[CIYAM]

...a complete nightmare for those that do NOT have a static IP...  

You would just need to re-connect to peers when your address changes (but admittedly it would not helpful if your node was running over TOR).

But aside from that problem the advantage is now everyone can forge without requiring any more "stake" than the price of an account.

[martismartis]

Hmm,

"HTTP ERROR: 404

Problem accessing /admin.html. Reason:

Not Found"

What info'd I provide?

Use port 7876

[Come-from-Beyond]

I believe that one element of BCNext's plan is to set the minimum transaction fee to zero.  And now I've posted my theory here, for posterity, so that I can either be mocked for my stupidity, in the future, or praised for my intuition.

We need something to counteract spam-transactions. But we indeed could set fees to 0 and use hashcash approach.

[jl777]

@CfB

what is the API for generating a website token? It is not on the wiki, but it must exist as the NRS has the "key" functioning

No such API, u r supposed to generate it on client side coz it requires to know a passphrase.

If I am on the client side, is there a way of invoking the "key" code? I just want an easy way to provide proof that the AM being broadcast was created by the "sender". I want to construct a "website" that is <NXT acct>.timestamp, this is something that changes all the time, so there is no harm in publishing the key (edit: I mean website token). Acct password stays client side as I am not actually doing a website.

Any chance you can open up the website "key" creation code? We already have a way to verify the key, so it only makes sense to have a way to create a signature. I just dont want to mess around with Curve encryption, or whatever I have to do, when I know the code is already there and working.

James

[CIYAM]

CfB thought I might want to make my suggestion for a possible different future of TF clearer.

What I am advocating would mean that the % chance to forge would effectively be the number of "forging accounts + IP addreses" you have (for most average people that is going to be 1).

So rather than having to get 100K or more NXT to forge you would only need to purchase 1 "forging account" (say 1 NXT?) to forge.

I hope that explains it better (unfortunately sometimes I just *assume* people understand my ideas).

[oldnbold]

bitcoin sucks bigtime, it ruined my CPU.

didnt opened my wallet for some time and blockchain download took ages.

CPU overheated 3 times during blockchain download with result every time laptop turned itself off.

I realy don"t see it in bitcoin honestly.

The common user doesn't have to download the entire bitcoin blockchain. Use lightweight client like Electrum ..

Client issues are really not the issue. those kinds of problems are an inconvenience, but in the long term they are something that can be overcome. Honestly, to someone like myself who doesn't have a high level of knowledge when it comes to computers, the NXT client is difficult to operate, but that problem will be solved in time as the software is developed. The real problem is indicated by the reluctance of people to adopt NXT because of the method of dispersal. People don't want to commit to NXT because you have to invest in the currency and can't get NXT by mining in the way that Bitcoin and most other Cryptos are mined. People think that proof of stake is unfair to those who don't have a lot of stake and they don't want to run the client for the sake of the network with a decreased probability in receiving free coins. So what is going to happen when Bitcoin is mined out and there is NO chance of receiving coins for operating 1000 watt mining equipment. Are people still going to be willing to maintain the Bitcoin network then? There is an initial investment required to become a NXTER but once that investment is made, maintaining the network by running your client is not as much of a liability as running asic equipment, the return from forging is directly proportional to your investment, and forging is perpetual and you will never run out of coins to forge. People who support Bitcoin really don't support Bitcoin (most of them anyway). They support mining free Bitcoins, and eventually there are going to be no more Bitcoins to mine and running mining equipment will be an expense with no possibility of return. In that respect, Bitcoin is a sinking ship and when there are no more coins to mine, Bitcoin supporters will abandon the network like rats........ along with the long confirmation times and malleability problems........ and block chain downloading..........and overall lack of usable features Bitcoin is a walking dinosaur.

Thanks! Great post - written in non technical language, using metaphors (sinking ship) to aid understanding. Especially useful for Noobs like me. Perhaps posts like this could be collated to form the basis of a beginners' guide.

BTW dinosaurs were walking around for about 165 million years. Walking disasters however can measure their life expectancy in months at most.

Bye bye Bitcoin :-)

[pandaisftw]

Proofread, not proofwatch

Images not ready.

Looks good to me.

[oldnbold]

why has this thread gone so quite?

becausse NXT is dead, it is having hughe flaws end DEV cant fix them, just saying if you want to save some money sell it all now

I love you, you big soppy silly. 

Nice comeback Damelon - the reaction of someone who, knowing he's on the winning side, is prepared to be magnanimous 

[2Kool4Skewl]

I believe that one element of BCNext's plan is to set the minimum transaction fee to zero.  And now I've posted my theory here, for posterity, so that I can either be mocked for my stupidity, in the future, or praised for my intuition.

We need something to counteract spam-transactions. But we indeed could set fees to 0 and use hashcash approach.

The hashcash approach might limit transaction times on slower devices.  It would depend on how much computation the device would have to use.

BCNext already stated in the second part of his plan that tx fees should be kept low.  I agree with this.

I was hoping the third part of his plan would be to include a social credit system.

[2Kool4Skewl]

What do the Nxt stakeholders think about releasing the current source code earlier than April 1st?

We discussed this with CfB some time ago, as a way to get more developers involved and make it easier for client developers, not having to rely on decompiled code to see the Nxt internals. The copycats are already decompiling the Nxt classes, so there aren't any hidden secrets. I thought I would at least wait until I finish the 0.8.0 refactoring, but now that this is also released, it may be a good time to think about making the source open earlier, say March 1st?

I think releasing the source code early would be a good idea.

[Come-from-Beyond]

BCNext already stated in the second part of his plan that tx fees should be kept low.  I agree with this.

BCNext doesn't want hashcash to be used coz 1000 tps would require a lot of electricity to be burnt, which is not very "green".

[2Kool4Skewl]

BCNext already stated in the second part of his plan that tx fees should be kept low.  I agree with this.

BCNext doesn't want hashcash to be used coz 1000 tps would require a lot of electricity to be burnt, which is not very "green".

That's a good point.

Can you please ask BCNext his opinion on implementing a social credit system?  Such a system would allow Nxt to be used as a platform for LETSystems.

[redsn0w]

BCNext already stated in the second part of his plan that tx fees should be kept low.  I agree with this.

BCNext doesn't want hashcash to be used coz 1000 tps would require a lot of electricity to be burnt, which is not very "green".

That's a good point.

Can you please ask BCNext his opinion on implementing a social credit system?  Such a system would allow Nxt to be used as a platform for LETSystems.

Quote

[Come-from-Beyond]

Can you please ask BCNext his opinion on implementing a social credit system?  Such a system would allow Nxt to be used as a platform for LETSystems.

Explain the system here.

[swartzfeger]

CfB, Jean Luc (or anyone else smart enough...)

The Nxt game we want to develop will be running on a server; would jython or Groovy be appropriate scripting languages to access things like the asset exchange?

Is there any work being done on parallel blockchains at the moment?

[pandaisftw]

I believe that one element of BCNext's plan is to set the minimum transaction fee to zero.  And now I've posted my theory here, for posterity, so that I can either be mocked for my stupidity, in the future, or praised for my intuition.

We need something to counteract spam-transactions. But we indeed could set fees to 0 and use hashcash approach.

Hm, this is interesting. Still allows for users to pay via mobile (just slower, or they can use a service provider that lends their CPU power for small fees).

But here's my future prediction:

I can imagine in the future where companies built on-top of NXT will actually want to pay very small fees to thousands of decentralized super-nodes (high bandwidth service providers) to do the forging to secure the network for them and enable 1000+ TPS. Because companies are paying the fees, users will have to pay 0 fees. Perhaps add in hashcash to reduce spam somewhat.