NXT :: descendant of Bitcoin - Updated Information

[jl777]

On another positive note for Nxt, the Karma paper written by Vivek Vishnumurthy, Sangeeth Chandrakumar and Emin Gun Sirer in June 2003 available at http://www.cs.cornell.edu/people/egs/karma/ describes the combination implementation of Nxt 91% Transparent Forging NIP and nodecoin 2.0.

It only took 11 years for the specifications of Karma to go from concept to reality!

After quickly reading it, the process they describe seems somewhat familiar, but I cant say I fully understand it.

I tried to use common sense and utilize existing components (like bitcoind) as much as possible. I dont trust myself to accurately implement something I dont understand. Its hard enough to implement something I do understand! I dont think the multsig approach has to worry about the byzantine generals. Maybe a Ddos attack, which will stop all deposits and withdraws, but that is an inconvenience, not fatal. Is it possible for an attacker to totally take over the internet feed for all gateways at the same time and feed it false information about bitcoin transactions so that all the gateways end up on a false fork?

Requiring 100% identical states on three independent bitcoind is what I am relying on to give us an accurate balance for all the coin accounts. I am in the process of doing the same for the NXT side of things. Much work for dealing with the 1% cases...

James

[1615177451]

1615177451

[1615177451]

1615177451

[1615177451]

1615177451

[1615177451]

1615177451

[allwelder]

There can only be one asset named "DOGE" so different gateways would have "myDOGE" or "otherDOGE", etc.

This is the confusion I am worried about. There is no guarantee that the community will get the asset named "DOGE", it will go to the highest bidder the block AE goes live. I am hopeful that in community spirit the ones that obtain the pure names like "DOGE", "BTC", etc would sell all the assets to the community after issuing the full billion. In ripple, anybody can issue any asset, so it becomes a very dangerous thing for the unaware. With NXT, there can be only one, but there is no guarantee the community will get the pure names...

I am thinking of offering a bounty starting at 5000 NXT for the popular crypto names, with a sliding scale from BTC down to unpopularcoin. Hopefully, a quick 4000 NXT profit and community spirit will allow the community gateways to have the pure names.

My plan B) on this is to just add a random string to all the pure names and get the one that is available across the board. It would then look a bit funny with "djwBTC" "djwLTC" and "djwDOGE" being the community crypto assets, but this way we wont be held hostage by somebody that wants 1 million NXT for the BTC asset. It shouldnt be much work for the clients to special case the "djw" prefix, and it might actually help to have a common prefix so we can have a crypto assets page

James

Can asset names be transfered from one Nxt account to another?  I would imagine that we would want the community asset names owned by one account.  If multiple people register the community asset names, we want to make sure they can transfer them.

If the community cannot get the plain asset names BTC, DOGE, LTC, etc, I would recommend registering the names BTC.nxt, DOGE.nxt, LTC.nxt, etc.

may be we can use the full name, bitcoin...

[2Kool4Skewl]

may be we can use the full name, bitcoin...

Good idea.

[jl777]

There can only be one asset named "DOGE" so different gateways would have "myDOGE" or "otherDOGE", etc.

This is the confusion I am worried about. There is no guarantee that the community will get the asset named "DOGE", it will go to the highest bidder the block AE goes live. I am hopeful that in community spirit the ones that obtain the pure names like "DOGE", "BTC", etc would sell all the assets to the community after issuing the full billion. In ripple, anybody can issue any asset, so it becomes a very dangerous thing for the unaware. With NXT, there can be only one, but there is no guarantee the community will get the pure names...

I am thinking of offering a bounty starting at 5000 NXT for the popular crypto names, with a sliding scale from BTC down to unpopularcoin. Hopefully, a quick 4000 NXT profit and community spirit will allow the community gateways to have the pure names.

My plan B) on this is to just add a random string to all the pure names and get the one that is available across the board. It would then look a bit funny with "djwBTC" "djwLTC" and "djwDOGE" being the community crypto assets, but this way we wont be held hostage by somebody that wants 1 million NXT for the BTC asset. It shouldnt be much work for the clients to special case the "djw" prefix, and it might actually help to have a common prefix so we can have a crypto assets page

James

Can asset names be transfered from one Nxt account to another?  I would imagine that we would want the community asset names owned by one account.  If multiple people register the community asset names, we want to make sure they can transfer them.

If the community cannot get the plain asset names BTC, DOGE, LTC, etc, I would recommend registering the names BTC.nxt, DOGE.nxt, LTC.nxt, etc.

No punctuation. I think it is like aliases. Possible to transfer, but not yet. It wont matter that the assets are issued by different accounts. I have a #define for asset # and this is something that will need to be done for each supported coin. Also, I am monitoring the gateway addresses so for ease of use people could just use one of the gateway addresses to redeem

The authorized assets (total issue amount) would be transferred to the community acct with the understanding that it will never directly sell the assets. Each gateway would then get a reasonable amount each to deal with deposits. If we need to get more asset into circulation, the community acct would distribute more.

At any given time the difference between total issued and (quantity of assets held in trust and gateways) should match what is in the multisig acct. This will be publicly viewable and the gateway code will be requiring the balances to match within reason. Pending deposits show up as different amounts to the different bitcoinds due to the sometimes long block times.

James

[msin]

We should support this project if we are looking for another charity, they accept BTC, maybe Nxt?

https://www.outernet.is/

[jl777]

I dont know why I thought it wasnt possible to do cold storage for the multisig deposit acct.

On a typical day, less than 10% of overall deposits would be withdrawn, maybe much less. There is no need for a super complicated shifting of funds to and from many multisig accts. We just need to have a multisig cold wallet using 2 of 3 signers where the signers would be Anon136, rickyjames and klee. When the gateway multisig acct gets excess deposits, each server would authorize transfer to the cold multisig wallet. When a big withdrawal comes in, then 2 of the 3 cold wallet signers would need to approve.

All of the deposits and withdrawals and multisig acct info would be public, so all these funds transfers will be visible to all.

The incentive for two of the three gateway operators to collude is reduced dramatically. The trust required for gateways drops 90% and shifts to the cold wallet trio.

What do you think?

James

[2Kool4Skewl]

I dont know why I thought it wasnt possible to do cold storage for the multisig deposit acct.

On a typical day, less than 10% of overall deposits would be withdrawn, maybe much less. There is no need for a super complicated shifting of funds to and from many multisig accts. We just need to have a multisig cold wallet using 2 of 3 signers where the signers would be Anon136, rickyjames and klee. When the gateway multisig acct gets excess deposits, each server would authorize transfer to the cold multisig wallet. When a big withdrawal comes in, then 2 of the 3 cold wallet signers would need to approve.

All of the deposits and withdrawals and multisig acct info would be public, so all these funds transfers will be visible to all.

The incentive for two of the three gateway operators to collude is reduced dramatically. The trust required for gateways drops 90% and shifts to the cold wallet trio.

What do you think?

James

I think Anon136, rickyjames and klee are good choices.

In early December, the community voted to set the asset registration fee at 1000 NXT.  
https://bitcointalk.org/index.php?topic=353325.0

Is the asset registration fee still going to be set at 1000 NXT?

[Eadeqa]

I'm almost considering creating a warning post outside of this thread... people don't seem to realize that currently, one entity controls 50% of the total Auroracoin supply (10,500,000) while there are only ~100k coins being traded by everyone else.

Don't please. There is no reason to go around attacking other coins. It's not our business

Let it be.

[allwelder]

Just an article about internet security of seven keys all over the world.http://www.theguardian.com/technology/2014/feb/28/seven-people-keys-worldwide-internet-security-web

[CIYAM]

Is the asset registration fee still going to be set at 1000 NXT?

One idea that comes to mind is perhaps to have different Asset "classes" and price them differently (allowing Assets to be affordable to most but perhaps making A class Assets more expensive to list than B class).

I'd still keep the name to be unique (so no confusion) and a client might simply display A class assets in say a different color to B class ones.

[jl777]

Is the asset registration fee still going to be set at 1000 NXT?

One idea that comes to mind is perhaps to have different Asset "classes" and price them differently (allowing Assets to be affordable to most but perhaps making A class Assets more expensive to list than B class).

I'd still keep the name to be unique (so no confusion) and a client might simply display A class assets in say a different color to B class ones.

The longer the asset name, the lower the cost?

[chihao87]

Is there any new updates, projects on NXT? any progress?

[longzai1988]

Is there any new updates, projects on NXT? any progress?

One of the big stakeholder offer 3m nxt for atomic cross-chain bounty, nxt source code just released few days ago.

[landomata]

Is the asset registration fee still going to be set at 1000 NXT?

One idea that comes to mind is perhaps to have different Asset "classes" and price them differently (allowing Assets to be affordable to most but perhaps making A class Assets more expensive to list than B class).

I'd still keep the name to be unique (so no confusion) and a client might simply display A class assets in say a different color to B class ones.

Something like Blue Chips, penny stocks, etc.

[wakasaki808]

Is there any new updates, projects on NXT? any progress?

Cryptsy added NXT

[wakasaki808]

Is there any work being done to get BTC38 to add NXT? Now that Cryptsy has added NXT.

[chihao87]

Code:

[2014-03-02 00:46:15.186] DEBUG: Invalid peer address: olne.dynip.com
java.net.UnknownHostException: olne.dynip.com
at java.net.Inet4AddressImpl.lookupAllHostAddr(Native Method)
at java.net.InetAddress$1.lookupAllHostAddr(InetAddress.java:894)
at java.net.InetAddress.getAddressesFromNameService(InetAddress.java:1286)
at java.net.InetAddress.getAllByName0(InetAddress.java:1239)
at java.net.InetAddress.getAllByName(InetAddress.java:1155)
at java.net.InetAddress.getAllByName(InetAddress.java:1091)
at java.net.InetAddress.getByName(InetAddress.java:1041)
at nxt.peer.Peers.addPeer(Peers.java:372)
at nxt.peer.Peers$3.run(Peers.java:302)
at java.util.concurrent.Executors$RunnableAdapter.call(Executors.java:471)
at java.util.concurrent.FutureTask.runAndReset(FutureTask.java:304)
at java.util.concurrent.ScheduledThreadPoolExecutor$ScheduledFutureTask.access$301(ScheduledThreadPoolExecutor.java:178)
at java.util.concurrent.ScheduledThreadPoolExecutor$ScheduledFutureTask.run(ScheduledThreadPoolExecutor.java:293)
at java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1145)
at java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:615)
at java.lang.Thread.run(Thread.java:724)

I actually had the same issue before. you may need to remove the peer to fix the issue.

[Fatih87SK]

Is there any work being done to get BTC38 to add NXT? Now that Cryptsy has added NXT.

Allwelder said something about that. He said that NXT had to be registered somewhere else before BTC38 can add it.

He said something about voting on a website, but it was Chinese and didn't understand what I should do.

[2Kool4Skewl]

Is the asset registration fee still going to be set at 1000 NXT?

One idea that comes to mind is perhaps to have different Asset "classes" and price them differently (allowing Assets to be affordable to most but perhaps making A class Assets more expensive to list than B class).

I'd still keep the name to be unique (so no confusion) and a client might simply display A class assets in say a different color to B class ones.

What would differentiate a "Class A" asset from a "Class B" asset?

[weichao]

Is there any new updates, projects on NXT? any progress?

One of the big stakeholder offer 3m nxt for atomic cross-chain bounty, nxt source code just released few days ago.

Thanks buddy. Would you mind providing the bounty link? I am very interested in it.