NXT :: descendant of Bitcoin - Updated Information

[rickyjames]

We already have it - any account with 1 NXT can forge. Odds to find a block is another question.

The purpose of my proposal is to "change the odds" (in favour of the small stake holder).

The result of your proposal would be to make NXT no longer a 100% Proof of Stake (PoS) coin as it is today.  Your proposal  would "change" NXT into some kind of "odd" hybrid PoS coin that gave small stake holders greater power to influence the blockchain.

[CoinTropolis_JustaBitTime]

Contacting merchants to begin accepting Nxt is underway. Here's the stages:


1. Contact existing CoinPayments.net merchants to request Nxt

2. Contact the merchant list that accepts Litecoin

3. Work with marketing to put together a brochure

4. Begin finding new small customers and demo how CoinPayments (and other solutions as they appear) can easily integrate

[verymuchso]

JeanLuc

Couple of points.. (hope your not getting sick of me).

Could you possibly move all static initialization code in nxt.Nxt to nxt.Nxt.Init.init method. You probably planned that already, it could be my decompiler f%$'ing stuff up but it shows now that init method is empty (private static void nxt.Nxt.Init.init() {})  and that all code that should go there is in the static class initializer beneath it (again, that's what my decompiler thinks).

Because of the code in the static initializers it's impossible to register event listener before we kick off the init process, the event listeners are there off course to display init progress.

Also. You read in both "nxt-default.properties" and "nxt.properties" in the static class initializer in nxt.Nxt. The runtime exceptions thrown when those files are missing (our case) cannot be caught. I believe this code belongs in nxt.Nxt.Init.init to. But the exceptions thrown on missing property files remain a problem. I really like how you can pass a Properties object to Nxt.init. Maybe you can read the property files in nxt.Nxt.Init.init() and then in nxt.Nxt.Init.init(Properties properties) do the rest, that way we can simply call nxt.Nxt.Init.init(Properties properties).

I'm stuck at the moment and the only way out I see is to delete Nxt.class and create my own fork of Nxt.java (sucks really because of the decompiler mangling all the names). Where are you on your refactorings? Any chance you can release a version more geared towards java client developers?

If that's not the case if you could give me a copy of only Nxt.java I can at least share my changes with you.

As always thanks!

[gitinahang]

I agree that changing the pos is a bad idea unless BCNext has this planned for the future. If it does get changed it must be something that
rewards securing the network and if that can be done in a way people feel is fair that is great.

[abuelau]

Nxt Charts:

New section in MyNXT.info with NXT Charts. At the moment only 2 charts, more to come!

http://www.mynxt.info/charts/

[nhil8r]

Hi guys,

I'm starting a news website and I'm looking for writers and graphic designers.  The goal of the website is to bring attention to the next generation of blockchain technology(such as NXT) and introduce the concept of DACs to the bitcoin community and beyond.  I am also looking for a partner to help me run the business as I have some expansion goals in the future.  I don't have a big budget but I can pay writers and designers in nxt.

Here's the website:  www.newchainontheblock.com.  Still tweaking the website a bit, but it will be done any day now.  

If you are interested, pm me.
 

[Malibusparky]

Nxt Charts:

New section in MyNXT.info with NXT Charts. At the moment only 2 charts, more to come!

http://www.mynxt.info/charts/

Great work. I love your wallet too.

[abuelau]

Nxt Charts:

New section in MyNXT.info with NXT Charts. At the moment only 2 charts, more to come!

http://www.mynxt.info/charts/

Great work. I love your wallet too.

[redsn0w]

Nxt Charts:

New section in MyNXT.info with NXT Charts. At the moment only 2 charts, more to come!

http://www.mynxt.info/charts/

Great work. I love your wallet too.

Good work

[Mario123]

His online wallet is an enrichment for Nxt.

[EvilDave]

Contacting merchants to begin accepting Nxt is underway. Here's the stages:


1. Contact existing CoinPayments.net merchants to request Nxt

2. Contact the merchant list that accepts Litecoin

3. Work with marketing to put together a brochure

4. Begin finding new small customers and demo how CoinPayments (and other solutions as they appear) can easily integrate

+10.
I'm probably going to be posting more about this later, but we need to make NXT successful as a 1st gen crypto before we can build on that success to become a 2nd gen eco-system.

Getting merchants on board, enabling merchant solutions needs to be given some priority right now.
The exchange push seems to be paying off, I suggest that we slowly shift some of our efforts over to merchant solutions in the next week or so.

Next point is nodes, running of and rewards for.

I've been doing some thinking about Nxt, and would like to make a guess at the third part of BCNext's plan:

The minimum transaction fee for Nxt must be set to zero, OR (far less likely) the process of awarding fees for forging must be removed completely.

Nxt services already operate on top of nodes, so the network is secured and the blockchain is maintained as a consequence of the service's existence.  Value is created at layers above the Nxt core, and "forging-only" nodes become valueless and therefore obsolete.

The only way to allow 100% availability is to remove the dependence on a minimum transaction fee, and move the profit/reward for the service up into the same layer at which the service is offered.

I believe that one element of BCNext's plan is to set the minimum transaction fee to zero.  

Whether this is part of The Plan or not, falling fee costs is going to happen on its own by selective pressure.  Cheaper fees will create greater demands for services and the logical conclusion is fees approach zero or get there.  

The real problem is that there is practically zero financial incentive now for running a node forging NXT, and that financial incentive is only going to get worse.  Running the node backbone net is thus going to become more and more of a civic duty rather than pay-its-own-way.   Actually, it probably already is that way.   We set up all those VPS nodes back in December during the DDoS attack and only now are the true costs coming to light.  Many of those operators are now saying they can't keep running their VPSs out of personal funds forever.  

This is why I want to be in the infrastructure committee.  We have got to figure out how to set up the cheapest possible coordinated (rather than patchwork) network that can support higher and higher TPS, and we need to figure that out sooner rather than later.   I think this is an underappreciated problem and an interesting challenge.

We need more nodes, no argument, especially if we want to get seriously traded and used as a 1st gen currency.
More later, but we need to address this very soon......


BTW: thx to 70175...... whoever you are. Very much appreciated.
Any time anyone bitches about whales who dont care, remember the last couple of hours.....  

[TwinWinNerD]

I guess i missed the giveaway....

[okaynow]

Nxt is not about mining mentality.

+1.
What happened to forging, not mining? I thought we were over it by now.

My opinion is that although to some it *seems* that it is not fair, it only means it is not *get rich quick as some believed*.
Why would we want to rollback with something like that?
Its like the CO2 discussion all over again.

[rickyjames]

Nxt is not about mining mentality.

+1.
What happened to forging, not mining? I thought we were over it by now.

My opinion is that although to some it *seems* that it is not fair, it only means it is not *get rich quick as some believed*.

Why would we want to rollback with something like that?

+2.  But NXT is going to have to struggle with slower growth rate and lower popularity because of this.

[mynxtcoin]

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).

So basically everyone could forge even if they only have 1 NXT??
That would be really something for a fairer system- if we make distribution fairer all clones (and not only) are dead...

What if many big stakeholders do many smaller accounts?

I dont see how this would increase forging with smaller account. unless I am missing something.
If you have one NXT and 999,999,999 others have one nxt, your chances of forging a block are pretty small.
forging is important, it will keep the network decentralized.

[CIYAM]

I dont see how this would increase forging with smaller account. unless I am missing something.
If you have one NXT and 999,999,999 others have one nxt, your chances of forging a block are pretty small.
forging is important, it will keep the network decentralized.

The idea is simply to make it more likely that even a forging account with 1 NXT has a pretty good chance.

[okaynow]

+2.  But NXT is going to have to struggle with slower growth rate and lower popularity because of this.

Yes, i hear you. Nxt made it that far though, with "high" fees, "unfair" distribution and "low" forging probability.
To me those features are more like an anti-inflation measure, than "unfair" anything.

Edit: @Ciyam, i'm not technical at all, do you think that implementing it would be easy for the devs, and for the rest of the network?

[oldnbold]

A social credit system allows users to establish credit lines between each other for a certain asset.  Debt can be transfered down a chain of credit lines.
...
LETSystems are interest free local credit systems.  Each local credit network has a central bookkeeper who establishes new credit lines and keeps track of users' balances.  When a new member joins, they establish a credit line to the bookkeeper and the bookkeeper grants them a credit line.  The credit line the bookkeeper establishes with them is the amount of credit they have with the community.  This is the amount the new member is allowed to owe the other members of the network.

So there is a banker named bookkeeper. You create debt. It's interest free, but there is an asset bound to the dept. So what happens if you don't pay the debt? I suppose your asset is gone. Wasn't the idea of bitcoin to stop with giving debt to people who don't have money?

For example, Bob, Charlie and Alice are members of the local LETSystem.  Bob needs to go on a job interview, but he can't because he has to watch his children.  Bob is broke, but he needs a babysitter.  Bob knows Alice babysits and is part of his LETSystem.  Alice babysits for Bob and he pays her $10 credit.  Alice now has a +$10 community credit and Bob now has a -$10 community credit.  Charlie's car is broken and he doesn't have any money to repair it.  Bob repairs Charlie's car for $40.  Bob now has a community credit of +$30 and Charlie now owes the community $40.  Bob gets paid even though Charlie didn't have the money.

This only seems useful for those who have zero amount of money. If in your example Bob would have had 10 dollar, no special sustem with debt and trust would be needed. If Bob has children, but no 10 dollar, something else is wrong in his life where free credit is not the solution.

Sorry for being critical, but I'm not really convinced this system improves the situation of poor people.

There's a report just out  http://www.franceculture.fr/emission-le-magazine-de-la-redaction-monnaie-locale-monnaie-a-taille-humaine-2014-02-21 regarding two 'local money' projects (based on LETS principles): one in the Basque country and one about to be launched in Montreuil (Northern France). A key aspect of the Basque Country local money is that it is seen as helping to strengthen the Basque culture (including its language).

Seems to me that NXT could play a similar role for the many regions around the world which want to retain/strengthen their identity/culture and also overcome a problem with all local money schemes, one which can hinder their widespread adoption in the particular region - they aren't convertible (either easily or at all) into the country's main fiat currency.

[CIYAM]

Edit: @Ciyam, i'm not technical at all, do you think that implementing it would be easy for the devs, and for the rest of the network?

It is just software so *changing the rules* will only be an upgrade (optional of course).

[grandpa_seth]