NXT :: descendant of Bitcoin - Updated Information

[ebereon]

Would be nice to have some testNXT!

7394008946194765980

Thanks!

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[brooklynbtc]

Guys/girls/things:

I'd just like to say 'Hi' to the NXT community, in my capacity as Infrastructure Committee spokescreature.

As u may remember, the Inf-Com (less typing) consists of :

marcus03, chanc3r, ferment, ChuckOne and myself.

We've been busy over the last few days since the election, setting up procedures and collaboration tools, as well as considering a few proposals that heve been submitted to us and trying to define our precise role in the further development of NXT.

Most of our work so far can be seen on:
https://bitcointalk.org/index.php?topic=506757.0

Everyone can also see our list of issues that we've been brainstorming all week. Please post ideas to the thread above or PM us and we'll get them onto the issue tracker for discussion and review.

https://bitbucket.org/nxtinfrastructure/committee/issues?status=new&status=open

This is a great setup! Very informative and organized. Thank you.

Are Tech-Com and Mark-Com preparing a similar tracker?

Hey All

 The MC (Marketing Committee, Not Motorcycle Club, although we do have matching leather vests) is working on our agenda, We have a plus.google community set up (we are marketers, not code pushers )
 We are planning for a group meeting this weekend to elect our Benevolent Pres.

 We have a couple projects on the docket once we get past the niceties, including community submission forms, and a help wanted list, where we will post tasks for hire.

 Thank you all for electing us to this position of responsibility. We will give it our all!

[grandpa_seth]

Expanding on my earlier thought on nodecoins I believe nodecoin's value must be tied to its ability to be exchanged for nxt. Nodecoin is
an asset created by James. Its purpose is to reward Nxt client forging. Therefore James would also be the one to setup an automated gateway
that instantly exchanges nodecoins for nxt.

The nodecoins to nxt exchange rate would be whatever makes those who don't forge now want to forge
for nodecoins. For example, if the average client forging gets 1,000 nodecoins a day and the average nxter is happy with forging if they can get
10 nxt a week, then 7,000 nodecoins = 10 nxt exchange rate.

The key is keeping NXT as the valuable currency. Nodecoins should never have value
on their own. Its sole purpose is to help the Nxt network and make Nxt valuable. People with nodecoins should only be thinking "I can't wait till I can
change these for nxts".

That will keep nxt from devaluing as klee feared and keep nodecoins as a support for nxt. Not a competing coin. Donations
and unclaimed nxt can perhaps fund this until nodecoins are not necessary that is when nxt is a living breathing beast.

I think since nodecoins are rewards for running nodes for nxt maybe we should come up with a way to reward nodecoins. Like some math guy come up with a proper reward
threshold in nxt for a certain amount of nodecoins. We can setup an automatic payout in nxt for nodecoins and fund it by donations or whatever. That way people will always
run nodes because they get free nodecoins which even if a little will be converted to nxt via a gateway or whatever as guaranteed reward.

No, it needs to be self-sustaining.

That would be ideal. But if it isn't and nobody cares about nodecoins then maybe plan B is a direct exchange nodecoins for nxt? For example 10,000 nodecoins for 10 nxt? As nxt increases in value the nodecoin/nxt ratio reward would go down obviously.

Of course this will not last forever. Once nxt is a powerhouse with high value and tons of businesses securing the network nodecoins will not be needed anymore. So we would not
need to have a nodecoin/nxt reward gateway anymore. And by then if nodecoins by themselves happen to have trading value then thats great.

[brooklynbtc]

Hey Wesley

 nxt-client works on chrome on my HTC One,  the four squares on the dashboard line up nice, but the menu bar buttons, send message, send next, generate token, settings and log out get overlaid wrong in the CSS and get all jumbled, although they do seem to work.



 I'm sure this if far down the list of things but you are SUCH a machine..


EDIT WTF is this so large? screenshot to dropbox to imgur. Oh well.

[jl777]

Guys/girls/things:

I'd just like to say 'Hi' to the NXT community, in my capacity as Infrastructure Committee spokescreature.

As u may remember, the Inf-Com (less typing) consists of :

marcus03, chanc3r, ferment, ChuckOne and myself.

We've been busy over the last few days since the election, setting up procedures and collaboration tools, as well as considering a few proposals that heve been submitted to us and trying to define our precise role in the further development of NXT.

Most of our work so far can be seen on:
https://bitcointalk.org/index.php?topic=506757.0

I'm also going to cross post some of the above to nxtcrypto and nextcoin.org, if I find some time.

I'd like to thank all of the NXT community for their trust in us, and remind you all that we are very much open for business.
So, if you have any brilliant ideas/proposals/rantings/requests for funding, get in touch either on our main thread above, or via PM.

Important question: Is Nodecoin (new name needed) an issue for Inf-Com or TechDev-Com ?  
  

Its more a marketing thing

[jl777]

to jl777

 i got hundreds of nodecoin every 15 minutes ,when i placed 2000 orders.   you may send nodecoins with only one transaction that will save your many nxt fee.

Before it goes to mainnet, I will have to change it so payouts are much less frequent. Maybe people will even have to pay the cost of redeeming them. That alone would put a floor value to nodecoins, the cost of receiving them.

[brooklynbtc]

Guys/girls/things:

I'd just like to say 'Hi' to the NXT community, in my capacity as Infrastructure Committee spokescreature.

As u may remember, the Inf-Com (less typing) consists of :

marcus03, chanc3r, ferment, ChuckOne and myself.

We've been busy over the last few days since the election, setting up procedures and collaboration tools, as well as considering a few proposals that heve been submitted to us and trying to define our precise role in the further development of NXT.

Most of our work so far can be seen on:
https://bitcointalk.org/index.php?topic=506757.0

I'm also going to cross post some of the above to nxtcrypto and nextcoin.org, if I find some time.

I'd like to thank all of the NXT community for their trust in us, and remind you all that we are very much open for business.
So, if you have any brilliant ideas/proposals/rantings/requests for funding, get in touch either on our main thread above, or via PM.

Important question: Is Nodecoin (new name needed) an issue for Inf-Com or TechDev-Com ?  
  

Its more a marketing thing

I'd say off hand, any work on helping NodeCoin run is an issue for the Devs, any work on promoting and sharing would come under the MC's remit, but Inf-Com should be thinking long and hard about the amazing things that NodeCoin can do for the network, and how to capitalize on that

[Sebastien256]

Is there something plan to group asset by categorie in the wesley client (e.g. make some options to group asset by alphabetic letter, search button for asset)?
 
I guess that only after a week or so once AE get live, it will be very difficult to navigate the various asset with the current Wesley client. Maybe it is a good idea to plan this ahead.

[jl777]

What maintains value in nodecoin? Won't forgers just perpetually sell them, driving value to virtually nothing? If yes,  what if they were tied into the fee structure for certain things, such as registering assets, for example. Then you essentially create a market for them and value is maintained for the forgers to "redeem" their reward. (Yes I also realise the slippery slope inflation aspect of this. Just thinking out loud).

Edit: Or is there a donation fund and they are redeemed at proportional value at certain intervals then just recycled back into the forging reward system, or is it expected they will be bought from forgers in AE out of altruism?


Also, can someone explain the inflationary impact nodecoin will have on Nxt, so I can understand. Seems like nodecoin is a way of baking in inflation. Thanks.

I am not an economist.

nodecoins value is probably less that .01 NXT, but more than .0001 NXT

I dont see how the lack of value for nodecoin could affect NXT. It is just an asset that adds no value if it is deemed to be worth 0. However, if it does gain traction as a inside NXT tipping currency, or a altruistic network supporting donation method, or crazy nodecoin collectors dreaming of the moon, then whatever value it has will actually increase the value of NXT.

The sum value of all the NXT assets will be reflected in the value of NXT.

nodecoin should be fun, not so serious. Everybody can easily get some, but nobody can get a lot (unless evilknievel has cracked nodecoin mining too). I dont think dumping can really happen. nodecoins are the most egalitarian crypto ever made

nodecoins give instant feedback to people for running a NXT node. This was raised as a problem a while back. I said I can fix it. Based on the incredible amount of feedback and interest, I think we can say that nodecoin does indeed do what it is designed to do, reward people for running a node and giving them instant feedback. At .01 NXT valuation, they are statistically earning around 15% of actual forging (which they will still be doing!), but it is 100 times more fun to see more and more and more nodecoins every block.

James

[jl777]

Expanding on my earlier thought on nodecoins I believe nodecoin's value must be tied to its ability to be exchanged for nxt. Nodecoin is
an asset created by James. Its purpose is to reward Nxt client forging. Therefore James would also be the one to setup an automated gateway
that instantly exchanges nodecoins for nxt.

The nodecoins to nxt exchange rate would be whatever makes those who don't forge now want to forge
for nodecoins. For example, if the average client forging gets 1,000 nodecoins a day and the average nxter is happy with forging if they can get
10 nxt a week, then 7,000 nodecoins = 10 nxt exchange rate.

The key is keeping NXT as the valuable currency. Nodecoins should never have value
on their own. Its sole purpose is to help the Nxt network and make Nxt valuable. People with nodecoins should only be thinking "I can't wait till I can
change these for nxts".

That will keep nxt from devaluing as klee feared and keep nodecoins as a support for nxt. Not a competing coin. Donations
and unclaimed nxt can perhaps fund this until nodecoins are not necessary that is when nxt is a living breathing beast.

I think since nodecoins are rewards for running nodes for nxt maybe we should come up with a way to reward nodecoins. Like some math guy come up with a proper reward
threshold in nxt for a certain amount of nodecoins. We can setup an automatic payout in nxt for nodecoins and fund it by donations or whatever. That way people will always
run nodes because they get free nodecoins which even if a little will be converted to nxt via a gateway or whatever as guaranteed reward.

No, it needs to be self-sustaining.

That would be ideal. But if it isn't and nobody cares about nodecoins then maybe plan B is a direct exchange nodecoins for nxt? For example 10,000 nodecoins for 10 nxt? As nxt increases in value the nodecoin/nxt ratio reward would go down obviously.

Of course this will not last forever. Once nxt is a powerhouse with high value and tons of businesses securing the network nodecoins will not be needed anymore. So we would not
need to have a nodecoin/nxt reward gateway anymore. And by then if nodecoins by themselves happen to have trading value then thats great.

There is no need for a gateway for any AE based NXTcoins like nodecoins, just a bid in AE will do. The only path from nodecoins to any real value is through NXT, so I dont see how nodecoins could impact the price of NXT.

Current total payout is 100 nodecoins per block for everybody combined. These days of people getting 500 nodecoins per hour are just for testnet or during initial launch on mainnet. When there are thousands of people getting nodecoins, you will be lucky to get 10 per hour.

It probably makes sense to think of nodecoins as ~NXT cents. If the instant gratification of getting nodecoins make a lot more people forge, then they will statistically get 7 times more real NXT than nodecoins at .01 NXT value.

If there is ever a crisis and we need a lot more nodes, we just need to put a 1 NXT per nodecoin bid in AE (144,000 NXT per day!) and we will get new nodes like crazy. It gives us a way to very quickly add network resources. Also, in this event all the crazy nodecoin mooners will have their aurora dreams come true

James

[allwelder]

Think of it this way: Buy running a node and supporting the Nxt network, you get social credits in the Nxt community because you are part of the support for Nxt. Hence node coins are only valuable within the Nxt community. When Nxt is rising in value (Nxt community getting bigger), your node coins are worth more because you support a bigger Nxt community which uses the Nxt network.

Obviously, the Nxt community sees value in many people supporting the network. Therefore node coin has a value.

Now use node coin as a tipping coin and Nxt is the king.

OK. But who will by nodecoin for NXT/BTC/other and why? Where to spend nodecoin in real world?

1. We have to give it a cool name
2. Brand it
3. Build website to inform people
4. Countdown
5. Launch
6. Make it available at exchanges etc.
7. Point 1, 2 and 3 should give people a reason to buy. SO they are buying.

There are so much shitcoins released nowadays. THIS coin we are receiving by running a node has a REAL value IMHO.

No need for exchange,Nxt AE will hold it.

[jl777]

I'd say off hand, any work on helping NodeCoin run is an issue for the Devs, any work on promoting and sharing would come under the MC's remit, but Inf-Com should be thinking long and hard about the amazing things that NodeCoin can do for the network, and how to capitalize on that

Hmmm... How could such a simple thing have such a widespread impact? What have I created?

The nodecoin is out of the lab, and clearly it has resonated strongly with some primal need for everyone to get tangible positive feedback. I expected it would work as originally intended, but I didnt expect such a strong amount of emotions I am seeing.

Anyway, the nodecoin pool server is still running and other than my lack of Windows support (sorry bill), and lack of POST support, i didnt see any other bugs. So I will continue on the following development path:

1. Add asset inventory verification (applies for multigateway also)
2. Add Ddos protection of pool server using guardian servers (applies for multigateway also)
3. Save pool earnings state to recover from in case of pool server restart
4. refactor parsing code (applies to all my projects)
5. release nodeminer beta, convince clientdevs to incorporate nodeminer into their client as checkbox option

6. restructure multigateway to handle fragmented multisig wallets for deposit
7. add queue handling for all the internal multigateway paths
8. refactor multigateway to allow easily adding new bitcoind forks, maybe even use a little oop
9. install half a dozen bitcoind forks and add support for all of them in a day (this is my goal as far as time to add new bitcoind fork)
10. release multigateway for brutal testing and take a weekend day

James

[allwelder]

Hi guys,

This is Nodecoin, that James has developed. We need to test it, but I have no idea how I should make it work on Windows:

It is for testnet the following is how to get it compiled and running from command line

git clone https://github.com/jl777/multigateway
cd multigateway
chmod +x run.sh
./run.sh
./nodeminer <NXTacct> <passphrase>

I cloned it to my drive, but what now?
Any suggestions?

I have compiled and uploaded with *.exe files. hopefully it works on windows... James, maybe you can include compiled versions as well?!

1. Download  http://dropcanvas.com/vo0sr and extract archive
2. open extracted folder and hold SHIFT and right mouse -> select "Open command window here"

3. type

Code:

nodeminer.exe <NXTacct> <passphrase>

NB, you should be running testnet on your system for script to work.

specific instruction,I will have a try.

[allwelder]

Let's call them Nxtcoins so that everybody will stop calling Nxt Nxtcoins

I actually was thinking that we should revisit our reluctance to call NXT by the name "NXTcoin".  My understanding is that BTCNext was the one who specified "NXT" without a "coin" - but he's long gone.  Rebranding to include "NXT" and "NXTcoin" as being associated / identical might be a good thing.  NXT could refer to all the financial services we provide in our clients, using NXTcoin as an internal payment token.  The main reason to do this is so new folks recognize that we ARE a coin.  

agree.
Nxt first is a coin,then ecosystem.

[jl777]

If there is ever a crisis and we need a lot more nodes, we just need to put a 1 NXT per nodecoin bid in AE (144,000 NXT per day!) and we will get new nodes like crazy. It gives us a way to very quickly add network resources. Also, in this event all the crazy nodecoin mooners will have their aurora dreams come true

James

Actually seeing it like this, it is a very smart and novel way to have the network adapt dynamically. Awesome! Hopefully it works out as planned in practice.

Its like a nitro button on those really fast race cars

However, we need to have a large base of miners who already have at least one node setup so when the nitro boost kicks in, they will be ready to get a bunch of VPS instances running on different IP addresses. I think if we had 100,000+ different IP addresses all running NXT nodes, that would be quite a powerful thing.

In addition to nodecoin, I have another unnamed coin that will put all the miner's computing power to good use and will have a direct monetization method that will allow NXT (or BTC or even fiat assets) to flow through to the new coin as dividends. This coin will share a lot of the codebase and maybe even infrastructure as nodecoin and it will be the first crypto that has actual intrinsic value due to real world dividends.

Everything I am working on is part of a larger plan where all the different parts reinforces each other.

James

[jl777]

Does anybody know (or have experience with) https://moolah.io/

[jl777]

Just found http://ltbcoin.com/discussion/2/ltbcoin-and-the-start-of-private-network-tokens

LTB networks version of nodecoin. Built on top of counterparty, but essentially a very similar concept. Use the coin to reinforce behavior desired by LTB.

The real question is what the exchange rate between nodecoin and ltbcoin will be

James

[allwelder]

Klee has a point. There is a chance that Nodecoin/NXTcoin could fail in the price.

Maybe we have to call it something completely different. When it fails, it wouldn't destroy the image of NXT.

In NXT there is no mining, but forging. We can call it Titanium for example.

here has been a Titanium coin
https://bitcointalk.org/index.php?topic=465727.0

[msin]

On Nodecoin/NXTcoin:

1) Who will buy them? It seems to me that it will follow the mine & dump path, so:
2) It will devalue NXT

PS: Ricky do you have skype? If yes PM me your ID please...

We shouldn't be looking at Nodecoins as a buy and sell commodity.  We should be looking at Nodecoins as a Nxt Utility coin.  For example.  If you want to use the DAC, you have to send 10 Nodecoins to retrieve Doge address, then you can transfer Doge to DAC.  If you want to use NxtCash for Mixing you have to send 10 Nodecoins to retrieve NxtCash address, then send Nxt for mixing....and so on.  We have some really great features that will be built on top of Nxt and we should charge users Nodecoins to use those features.   That will give them value.

[allwelder]

Guys/girls/things:

I'd just like to say 'Hi' to the NXT community, in my capacity as Infrastructure Committee spokescreature.

As u may remember, the Inf-Com (less typing) consists of :

marcus03, chanc3r, ferment, ChuckOne and myself.

We've been busy over the last few days since the election, setting up procedures and collaboration tools, as well as considering a few proposals that heve been submitted to us and trying to define our precise role in the further development of NXT.

Most of our work so far can be seen on:
https://bitcointalk.org/index.php?topic=506757.0

Everyone can also see our list of issues that we've been brainstorming all week. Please post ideas to the thread above or PM us and we'll get them onto the issue tracker for discussion and review.

https://bitbucket.org/nxtinfrastructure/committee/issues?status=new&status=open

This is a great setup! Very informative and organized. Thank you.

Are Tech-Com and Mark-Com preparing a similar tracker?

Yes  https://bitcointalk.org/index.php?topic=510318.new#new