NXT :: descendant of Bitcoin - Updated Information

[mthcl]

So I've been following cryptocurrency for almost a year now.
I have been mulling over an idea and thought it was time to release it to see what people think.
I don't know how this could be done, and not sure if it could utilize nxt due to high TF.
Now that there has been discussion about making coins built on top of Nxt I can forget about the high TF for now.

The idea..
Tying digital image (or any file or digital content) ownership to a colored coin via smart properties (that's my current thinking on how to implement)
This would give anyone that wants to copyright their content a way to stick it onto a secure, public ledger.
This is useful for stock images as they could set a smart property and give certain rights to someone that wants to use the image on their site.  The image or API or something would check the network to verify that there rights for the subuser to use the image like whenever it is shown on a website. Nxt is good for this especially with the transparent mining.

I don't know how this could be implemented, but there are something like a Trillion digital images produced every year with only a few being digitally watermarked by highly expensive services. I think cryptocurrency can solve this and make it very easy and cheap track the rights to one's content.

I know most would want to pay to use those images that are just floating around the internet.  Attaching some kind of address and/or smart property to an image can make it easy for those that want to do right by an original content owner and give them something, even if it's just a fraction of a penny.
So say you create a viral image that gets millions of views.
Right now that person most likely gets zero for it.
But if somehow all the servers and/or clients had an easy way to pay fractions of a penny to the original owner, that would make it easy for everyone to pay to use.

I don't know much about programming these days, but I think this could be a killer app if implemented correctly.  The cryptocurrency that it gets attached to could be the de facto for content rights management and payment.  This would seriously enhance the worth of the cc (cryptocurrency) that it is tied to by many factors IMHO.

What do you think?
sorry if you don't follow what I am getting at, basically it's some kind of DRM utilizing a secure, decentralized public ledger.

I have some NXT, BTC, LTC so I could send some to whomever takes this on to help the currency grow.

Definitely an interesting idea, could probably incorporate Alias, Messaging, and AE to tackle the project.  Any kind of DRM solution utilizing Nxt would be huge.

I agree, it's really a very good idea!

[1714196598]

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[1714196598]

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[Sebastien256]

So I've been following cryptocurrency for almost a year now.
I have been mulling over an idea and thought it was time to release it to see what people think.
I don't know how this could be done, and not sure if it could utilize nxt due to high TF.
Now that there has been discussion about making coins built on top of Nxt I can forget about the high TF for now.

The idea..
Tying digital image (or any file or digital content) ownership to a colored coin via smart properties (that's my current thinking on how to implement)
This would give anyone that wants to copyright their content a way to stick it onto a secure, public ledger.
This is useful for stock images as they could set a smart property and give certain rights to someone that wants to use the image on their site.  The image or API or something would check the network to verify that there rights for the subuser to use the image like whenever it is shown on a website. Nxt is good for this especially with the transparent mining.

I don't know how this could be implemented, but there are something like a Trillion digital images produced every year with only a few being digitally watermarked by highly expensive services. I think cryptocurrency can solve this and make it very easy and cheap track the rights to one's content.

I know most would want to pay to use those images that are just floating around the internet.  Attaching some kind of address and/or smart property to an image can make it easy for those that want to do right by an original content owner and give them something, even if it's just a fraction of a penny.
So say you create a viral image that gets millions of views.
Right now that person most likely gets zero for it.
But if somehow all the servers and/or clients had an easy way to pay fractions of a penny to the original owner, that would make it easy for everyone to pay to use.

I don't know much about programming these days, but I think this could be a killer app if implemented correctly.  The cryptocurrency that it gets attached to could be the de facto for content rights management and payment.  This would seriously enhance the worth of the cc (cryptocurrency) that it is tied to by many factors IMHO.

What do you think?
sorry if you don't follow what I am getting at, basically it's some kind of DRM utilizing a secure, decentralized public ledger.

I have some NXT, BTC, LTC so I could send some to whomever takes this on to help the currency grow.

Definitely an interesting idea, could probably incorporate Alias, Messaging, and AE to tackle the project.  Any kind of DRM solution utilizing Nxt would be huge.

I agree, it's really a very good idea!

Very interesting!

[ZeroTheGreat]

I still suggest drop the transactions fees low.

That's the best solution

Well, we can set best equilibrium (max fee's volume: fee*txamount when max forgers + max users are happy) only by trying. Last time I recall majority agreed on 0.1 NXT per common tx (transf/msg). May be 0.1 per Alias too, but I'd prefer at least 10 NXT, and 1k NXT for Asset.

[ZeroTheGreat]

If u leased ur power u don't need to be online.

So I predict that in the future the vast majority of stake holders will not have much technical expertise and will simply have given their forging rights to a pool and we are likely to end up with a small number of large pools (say 10).

If those pools are attacked in any serious manner then the 1000+ TPS network will be slowed to a "crawl" with a lot of non-technical stake holders probably blissfully unaware (too busy enjoying cocktails on a tropical island).

Even if they become aware reasonably quickly they won't have enough computing power to "bring the network back up to speed".

Doesn't any else see this as being a problem?

Can be, for sure. But I consider we'd take that risk. About 10-100 pools + big accs with high-level protected nodes running 24/7 we can expect. Or negative network effect, total crash and Nxt 2.0 w/o leasing forging power ))

[jl777]

CfB,

Test NXT? 18232225178877143084

Also, is there a way (other than processing all blocks for all asset transfers) to find out who has how much of a specific asset?

[TwinWinNerD]

I just wanted to ask if it would be possible to introduce a dynamic fee scheme? I heard today that bitcoin will implement this in the future.

Basically that means, that if there are few transactions the fee drops, if the number goes up, so does the fee.

[ZeroTheGreat]

My gut feeling is that forging NXT will never be profitable for anybody.

It's profitable today. 0.18% ROI. With x NXTs, where x/100*0.18>costs u've profitable business already. And ROI% linearly depends on network activity. If someday thousands of people'll be buying coffee with NXT, I bet it'll grow in times vs today statistics. Banks're making a tons of money out of worldwide txs.

[ZeroTheGreat]

I think we can possibly solve this by making it more profitable to be a service provider than forging and the reward should be equal for different service providers instead of being biased to those with powerful machines and massive resource, thus everyone has the incentive to be a service provider and the service would be provided in a distributed way.

U're absolutely right. There's no limits with blockchains (commercial, non-commercial) 1 forger can support. So it's early to get depressed and disappointed. It's very very start.

[ZeroTheGreat]

Should Nxt support the anti SOPA activism or not?

Nxt's doing nothing. Nxt decentralized and can't support any point of view. It's just a protocol.

And some Nxters can support, for sure. Some others can do anyhting else )

Why dont we update the NXT network?

Pin, that's the good thing. Reasonable inertia = protection from social engineering attacks.

What do you think?

Well, I can answer only for myself: copyright and copyleft'd die in hell, information belongs to nobody, humanity knowledge'd be free to access along with human right to keep secrets So far not so much people'll agree with me, but I won't give up.

I just wanted to ask if it would be possible to introduce a dynamic fee scheme? I heard today that bitcoin will implement this in the future.

Basically that means, that if there are few transactions the fee drops, if the number goes up, so does the fee.

It's intresting idea.

[rdanneskjoldr]

Well, I can answer only for myself: copyright and copyleft'd die in hell, information belongs to nobody, humanity knowledge'd be free to access along with human right to keep secrets So far not so much people'll agree with me, but I won't give up.

But its nice to compensate people when they do something worth,at least to motivate them to carry on doing more things.

[ZeroTheGreat]

Well, I can answer only for myself: copyright and copyleft'd die in hell, information belongs to nobody, humanity knowledge'd be free to access along with human right to keep secrets So far not so much people'll agree with me, but I won't give up.

But its nice to compensate people when they do something worth,at least to motivate them to carry on doing more things.

Donations and request for paying for access (concerts, subscriptions, lectures and so on) can be used as reward for ideas/content generators. Not request for paying for information itself (with money or freedom: copyright, copyleft, patents). Revealed information can't be stealed and shoudn't be protected (trying to do it is useless and lead only to antiutopia) - it exists in general information field (Internet made this field united and awesome strong) after revealing (including malicious revealing).

By field I mean interconnected databases of all kind, including people's cortexes.

If I say: "I'm thinking about pink elephant. Please, don't steal my idea" What'd u do, huh? *cough* stealer 

[evanxxx]

Throwing out some suggestions here on prevention of centralization due to leased forging power...

Set a hard limit on size of a pool's effectiveBalance consisting of leased power.  Maybe 5M or 10M NXT or something like that?  We may even want to set a limit to max size of a single account's effectiveBalance, such that if a single account's balance is higher than, say, 10M NXT, then its effectiveBalance is limited to 10M.  Users could then choose to split accounts and forge on different machines that would then provide a measure of redundancy.

Since I have some real world stuff to do, I don't have time to read every post about the discussion right now, sorry if this has already been discussed. but setting a hard limit cannot prevent the centralization. Since it is his business, the pool operator will just create as many as necessary accounts using as pools and forge on one computer.

[EvilDave]

My last handful of points before I get to go to bed, go to work, kids, etc....:

NXT is still doing well, especially if u look at the disaster zone that is the crypto market right now.

A core point of BCnexts slightly mysterious plan is that NXT needs to first succeed as a first generation crypto-currency (ie, buy stuff, trade, invest securely, transfer money) before it can then leverage that success to become a second generation currency (Asset Exchange, DACs, colored coins, games, secure blockchain storage, contract enforcement...etc).

I think that NXT is running ahead of itself, and we need to step back a little bit and concentrate on the first gen stuff for a while.
This doesn't mean dropping any of the work on the second generation features.
The guys developing all of the second gen stuff should absolutely carry on, but the rest of us should concentrate on these areas right now:

  Promoting NXT as an complete alternative to Bitcoin and it's clones. Different code, none of Bitcoins current issues.

  Getting merchants on board. Payment solutions. Sell stuff....

  More big exchanges, more trading. Cryptsy and BTC38, as priority.

  Network infrastructure/rewards for running nodes. Network statistics...TPS capacity?

If we can boost these first gen aspects of NXT, we will end up in a much better position to launch NXTs second generation features on an unsuspecting world.


Almost the last point: Buy stickers! Support NXTs merchant eco-system !
https://nextcoin.org/index.php/topic,4181.0.html


Really last point: I'm now serious about being a candidate for the NXT infrastructure committee:

NXT FUNDING COMMITTEE VOTE IS COMING MARCH 1

Remaining eligible nominees with as-yet undeclared intentions (PM me if you want off this list):

^[GS]^, 2Kool4Skewl, Arckam_(frmelin), bitcoinpaul,  buybitcoinscanada
ChuckOne, Cointropolis_JustabitTime, Come-from-Beyond
Damelon, davethetrousers, drevil,  EvilDave, ferment, Fry, hughmanwho, Jean-Luc,
jl777, Klee, landomata, laowai80,  msin, mww
nexern, opticalcarrier, Pandaisftw,  PeercoinEnthusiast, pinarello, Pouncer,  Ricot, salsacz
SecondLeo, smaragda,  Uniqueorn, VanBreuk,  ZeroTheGreat


Something Zahlen said:  A candidate does not need to be good at writing English. Some candidates may not have English as their mother tongue. If you're voting, don't confuse lots of writing for ability to judge the worth of a project. Remember that ultimately the committee's job is to decide which projects get funded.

If you are on this list and want to be on a NXT funding committee, go here:

https://bitcointalk.org/index.php?topic=479167.msg5280476#msg5280476

Background:

https://bitcointalk.org/index.php?topic=345619.msg5280786#msg5280786

Good luck to these nominees who have declared themselves candidates:


NXTmarketingfund: allwelder, Damelon,  Mario123, Asian Prepper, joefox, brooklynbct, CoinTropolis_NiftyNikel
NXTtechdevfund: EmoneyRu, Anon136, l8orre, abuelau
NXTinfrastructurefund: rickyjames, chanc3r


Yeah, you may have seen this before.  I'll be putting it up every ten pages or so.  It's one of those "legitimate, transparent process" things.

Saved u the trouble, RJ.
So, yeah,  put me down as a candidate for infrastructure.
I'll post the reasons to vote for me (apart from my winning smile) on the committee thread after i get some sleep and go to work.....about 16 hours from now, i guess.



 

[opticalcarrier]

Throwing out some suggestions here on prevention of centralization due to leased forging power...

Set a hard limit on size of a pool's effectiveBalance consisting of leased power.  Maybe 5M or 10M NXT or something like that?  We may even want to set a limit to max size of a single account's effectiveBalance, such that if a single account's balance is higher than, say, 10M NXT, then its effectiveBalance is limited to 10M.  Users could then choose to split accounts and forge on different machines that would then provide a measure of redundancy.

Since I have some real world stuff to do, I don't have time to read every post about the discussion right now, sorry if this has already been discussed. but setting a hard limit cannot prevent the centralization. Since it is his business, the pool operator will just create as many as necessary accounts using as pools and forge on one computer.

you didnt quote the second part of my post

And since these countermeasures *could* be broken via configurations of software/hardware if the pool operator or user *really* wanted to, I think we still should pursue the TF option of selecting secondary, tertiary and even 4th and 5th accounts that could quickly forge a block should higher priority accounts fail to forge in a quick manner.

The goal isnt necessarily to prevent someone forging with a ton of NXT from forging blocks - its to split up resources as much as possible to guard against a large pool experiencing issues when it is its time to forge a block.  So we make a max size to force processes to be split up so that if there is a failure of a process, they all dont die.  Now this wont necessarily prevent a hardware failure from causing this issue though.  But a proper pool operator would probably want to build redundancy anyways - to maximize forging profits.  Having 3/4/5 forging backups in the protocol is just more redundancy.

But maybe the REAL key here to prevent forging centralization in the first place is to make forging as an end UNPROFITABLE.

We should start looking into things with a cause/effect outlook.  Visualize our desired ideal scenario of a well-distributed network of forgers.  Go through different actions (current state, proposedChangeA, proposedChangeB, etc) and try to determine the effects.

What actions should we take now to prevent centralization in the future?  Can those actions have any other adverse effects?  Eventually we will come to the appropriate course

[ZeroTheGreat]

disaster zone that is the crypto market

Who cares about the price? Only speculators do.

There's no way to get rid of volatility with today's range of volumes, everyone'd deal with it. Uptake volume - decrease volatility. There's no other way.

[CoinTropolis_NiftyNikel]

*** Charity Drive Update ***

With the one-to-one match by a gracious donor, we are currently at 88,646 Nxt for the drive.

We need roughly 40k more to reach our goal of 170k and become the presenting sponsor for the Songs of Love event in LA.

Thank you to all who have donated and I hope anyone who has not can donate a few! Every Nxt counts!!

If you can't donate, at least help spread the word!

NXT Donation Address: 4636321498642303120

[evanxxx]

you didnt quote the second part of my post

yeah, because I didn't really get the meaning of that part, my english is not good enough  

[opticalcarrier]

OK, now that we can use POST instead of GET on 0.8.1e, can someone tell me whats wrong here?

Code:

$ curl -sk --data "requestType=getBalance&account=6666386410" https://localhost:7876
<html>
<head>
<meta http-equiv="Content-Type" content="text/html;charset=ISO-8859-1"/>
<title>Error 405 </title>
</head>
<body>
<h2>HTTP ERROR: 405</h2>
<p>Problem accessing /. Reason:
<pre>    HTTP method POST is not supported by this URL</pre></p>
<hr /><i><small>Powered by Jetty://</small></i>
</body>
</html>
$ 

[Gaman]

My last handful of points before I get to go to bed, go to work, kids, etc....:

NXT is still doing well, especially if u look at the disaster zone that is the crypto market right now.

A core point of BCnexts slightly mysterious plan is that NXT needs to first succeed as a first generation crypto-currency (ie, buy stuff, trade, invest securely, transfer money) before it can then leverage that success to become a second generation currency (Asset Exchange, DACs, colored coins, games, secure blockchain storage, contract enforcement...etc).

I think that NXT is running ahead of itself, and we need to step back a little bit and concentrate on the first gen stuff for a while.
This doesn't mean dropping any of the work on the second generation features.
The guys developing all of the second gen stuff should absolutely carry on, but the rest of us should concentrate on these areas right now:

  Promoting NXT as an complete alternative to Bitcoin and it's clones. Different code, none of Bitcoins current issues.

  Getting merchants on board. Payment solutions. Sell stuff....

  More big exchanges, more trading. Cryptsy and BTC38, as priority.

  Network infrastructure/rewards for running nodes. Network statistics...TPS capacity?

If we can boost these first gen aspects of NXT, we will end up in a much better position to launch NXTs second generation features on an unsuspecting world.


Almost the last point: Buy stickers! Support NXTs merchant eco-system !
https://nextcoin.org/index.php/topic,4181.0.html


Really last point: I'm now serious about being a candidate for the NXT infrastructure committee:

NXT FUNDING COMMITTEE VOTE IS COMING MARCH 1

Remaining eligible nominees with as-yet undeclared intentions (PM me if you want off this list):

^[GS]^, 2Kool4Skewl, Arckam_(frmelin), bitcoinpaul,  buybitcoinscanada
ChuckOne, Cointropolis_JustabitTime, Come-from-Beyond
Damelon, davethetrousers, drevil,  EvilDave, ferment, Fry, hughmanwho, Jean-Luc,
jl777, Klee, landomata, laowai80,  msin, mww
nexern, opticalcarrier, Pandaisftw,  PeercoinEnthusiast, pinarello, Pouncer,  Ricot, salsacz
SecondLeo, smaragda,  Uniqueorn, VanBreuk,  ZeroTheGreat


Something Zahlen said:  A candidate does not need to be good at writing English. Some candidates may not have English as their mother tongue. If you're voting, don't confuse lots of writing for ability to judge the worth of a project. Remember that ultimately the committee's job is to decide which projects get funded.

If you are on this list and want to be on a NXT funding committee, go here:

https://bitcointalk.org/index.php?topic=479167.msg5280476#msg5280476

Background:

https://bitcointalk.org/index.php?topic=345619.msg5280786#msg5280786

Good luck to these nominees who have declared themselves candidates:


NXTmarketingfund: allwelder, Damelon,  Mario123, Asian Prepper, joefox, brooklynbct, CoinTropolis_NiftyNikel
NXTtechdevfund: EmoneyRu, Anon136, l8orre, abuelau
NXTinfrastructurefund: rickyjames, chanc3r


Yeah, you may have seen this before.  I'll be putting it up every ten pages or so.  It's one of those "legitimate, transparent process" things.

Saved u the trouble, RJ.
So, yeah,  put me down as a candidate for infrastructure.
I'll post the reasons to vote for me (apart from my winning smile) on the committee thread after i get some sleep and go to work.....about 16 hours from now, i guess.



 

I think NXT to be successful as a first gen crypto currency is like to go David vs Goliath.  In my opinion, I think we should concentrate on 2nd gen capabilities - being the backbone of cryptocurrencies, i.e asset exchange --- facilitating coin exchanges, creating new coins on top of NXT, etc.  I don't see NXT being used by the public majority --- that will be bitcoin.  Rather I see NXT being used to support crypto-currencies.  If we can achieve that, NXT will be successful.

[gs02xzz]

So I've been following cryptocurrency for almost a year now.
I have been mulling over an idea and thought it was time to release it to see what people think.
I don't know how this could be done, and not sure if it could utilize nxt due to high TF.
Now that there has been discussion about making coins built on top of Nxt I can forget about the high TF for now.

The idea..
Tying digital image (or any file or digital content) ownership to a colored coin via smart properties (that's my current thinking on how to implement)
This would give anyone that wants to copyright their content a way to stick it onto a secure, public ledger.
This is useful for stock images as they could set a smart property and give certain rights to someone that wants to use the image on their site.  The image or API or something would check the network to verify that there rights for the subuser to use the image like whenever it is shown on a website. Nxt is good for this especially with the transparent mining.

I don't know how this could be implemented, but there are something like a Trillion digital images produced every year with only a few being digitally watermarked by highly expensive services. I think cryptocurrency can solve this and make it very easy and cheap track the rights to one's content.

I know most would want to pay to use those images that are just floating around the internet.  Attaching some kind of address and/or smart property to an image can make it easy for those that want to do right by an original content owner and give them something, even if it's just a fraction of a penny.
So say you create a viral image that gets millions of views.
Right now that person most likely gets zero for it.
But if somehow all the servers and/or clients had an easy way to pay fractions of a penny to the original owner, that would make it easy for everyone to pay to use.

I don't know much about programming these days, but I think this could be a killer app if implemented correctly.  The cryptocurrency that it gets attached to could be the de facto for content rights management and payment.  This would seriously enhance the worth of the cc (cryptocurrency) that it is tied to by many factors IMHO.

What do you think?
sorry if you don't follow what I am getting at, basically it's some kind of DRM utilizing a secure, decentralized public ledger.

I have some NXT, BTC, LTC so I could send some to whomever takes this on to help the currency grow.

Great idea! If it works it will open a flood of business ideas and implementations on NXT. NXT should sponsor this idea.