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Author Topic: NXT :: descendant of Bitcoin - Updated Information  (Read 2756161 times)
martismartis
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March 13, 2014, 12:29:08 PM
 #43821

I don't earn any test nodecoins on my standalone NxtWallet. Did it change something?
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Daedelus
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March 13, 2014, 12:29:31 PM
 #43822

There's nothing wrong with the nodecoin name. I'm just wondering how it works. As far as I know it's not possible to know if a node is forging, so how is this determined? Is this easily gameable?

I was trying to find the discussion with CfB taking part.


I am sure the idea is that new coins of top of Nxt ecosystem are planned to have their own chains that are secured by those using it (Disneyland currency, college cafeteria tec). Nxt will be the Masterchain that the rest of the chains check into at predetermined times (1440 blocks at present). This cost a negligible fee paid in Nxt. The idea, as I understand it, is to be pro-business and make barriers to entry next to nothing to encourage everyone to get involved. This also makes high tps possible as rather than one chain processing 1000tps, you have 100 chains doing 10tps each.

So, all coins will be tied to Nxt and be doing daily transactions in Nxt.

CfB, as much as I think you are probably enjoying seeing us twist in the wind throughout this stress test (!), can you please confirm or correct the above?
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March 13, 2014, 12:33:44 PM
 #43823

Decentralized computing systems built on the Nxt platform could locally solve all kinds of research projects

I want to get in touch with a computer center to find out how much they would be willing to pay on the power of computation assignment by thousands of nodes that could be connected to the nxt network.

This would solve the nxt network maintenance.

we must seek to maintain nxt network by leasing the computing power of the network itself.
Silmarils
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March 13, 2014, 12:33:58 PM
 #43824

Hey Guys.

www.nextcoin24.org is a german Nextcoin Page...
more pages and infos will be added soon.

it would be great, if u add www.nextcoin24.org to your pages!

have a nice day...

to the moon!

http://blog.checkdomain.de/bloggen/das-impressum/
wesleyh
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March 13, 2014, 12:35:13 PM
 #43825

Decentralized computing systems built on the Nxt platform could locally solve all kinds of research projects

I want to get in touch with a computer center to find out how much they would be willing to pay on the power of computation assignment by thousands of nodes that could be connected to the nxt network.

This would solve the nxt network maintenance.

we must seek to maintain nxt network by leasing the computing power of the network itself.

So you want to make it into a POW? Green marketing, done for.
Jean-Luc
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March 13, 2014, 12:36:29 PM
 #43826

Question about public key thingie;

Don't users only get a public key after they made an outgoing transaction? So their first transaction, if they use an online client, would be insecure?

Right, or you will have to calculate the public key from the secret phrase on the client side too.

lead Nxt developer, gpg key id: 0x811D6940E1E4240C
Nxt blockchain platform | Ardor blockchain platform | Ignis ICO
wesleyh
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March 13, 2014, 12:37:05 PM
 #43827

Question about public key thingie;

Don't users only get a public key after they made an outgoing transaction? So their first transaction, if they use an online client, would be insecure?

Right, or you will have to calculate the public key from the secret phrase on the client side too.


Ah ok, cool.
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March 13, 2014, 12:38:53 PM
Last edit: March 13, 2014, 01:22:32 PM by Touque
 #43828


rewarded nodecoin is uncorrelated with the holding Nxt of Nodes?

Eventually it will because it is earned solely by running the Nxt nodes and it is a reward for that. The owners will naturally demand a share of Nxt because they pay for it and they would think they have the naturally right. It makes sense for nodecoins owners. But it does not for the NXT existing owners because NXT are not supposed to be inflated and supposed to be scarce. Someone already were talking about to use nodecoins in the AE as a payment tool. It eventually will drive Nxtcoins away as in the real worlds a bad currency can drive a good currency away. Why don't create a coin for a business like gaming, gambling, utility trading, not instead for NXT network. We already have Nxtcoins for NXT network. Btw, BCNext tried to reduce mining for mining (selfish mining). Now the nodecoins try to double reward mining for mining.
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March 13, 2014, 12:39:25 PM
 #43829

pufff look at this massive sell at Bter.com...... Price at 0.0005 Sad

Big stakeholder moved 1.2 million to bter.
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March 13, 2014, 12:41:03 PM
 #43830

Which address do I need to use to access the webui for Nxt?

localhost:7874 is not working for me.
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March 13, 2014, 12:41:59 PM
 #43831

I was trying to find the discussion with CfB taking part.


I am sure the idea is that new coins of top of Nxt ecosystem are planned to have their own chains that are secured by those using it (Disneyland currency, college cafeteria tec). Nxt will be the Masterchain that the rest of the chains check into at predetermined times (1440 blocks at present). This cost a negligible fee paid in Nxt. The idea, as I understand it, is to be pro-business and make barriers to entry next to nothing to encourage everyone to get involved. This also makes high tps possible as rather than one chain processing 1000tps, you have 100 chains doing 10tps each.

So, all coins will be tied to Nxt and be doing daily transactions in Nxt.

CfB, as much as I think you are probably enjoying seeing us twist in the wind throughout this stress test (!), can you please confirm or correct the above?

1000 tps is possible even with a single chain.
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March 13, 2014, 12:43:48 PM
 #43832

Which address do I need to use to access the webui for Nxt?

localhost:7874 is not working for me.

http://localhost:7875/

http://localhost:7876/admin.html
Daedelus
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March 13, 2014, 12:44:00 PM
 #43833

I was trying to find the discussion with CfB taking part.


I am sure the idea is that new coins of top of Nxt ecosystem are planned to have their own chains that are secured by those using it (Disneyland currency, college cafeteria tec). Nxt will be the Masterchain that the rest of the chains check into at predetermined times (1440 blocks at present). This cost a negligible fee paid in Nxt. The idea, as I understand it, is to be pro-business and make barriers to entry next to nothing to encourage everyone to get involved. This also makes high tps possible as rather than one chain processing 1000tps, you have 100 chains doing 10tps each.

So, all coins will be tied to Nxt and be doing daily transactions in Nxt.

CfB, as much as I think you are probably enjoying seeing us twist in the wind throughout this stress test (!), can you please confirm or correct the above?

1000 tps is possible even with a single chain.


Are multiple chains planned to be secured by "checking in" to a Masterchain for a fee?
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March 13, 2014, 12:44:14 PM
 #43834

pufff look at this massive sell at Bter.com...... Price at 0.0005 Sad

Big stakeholder moved 1.2 million to bter.

Good. I'd like to see his face after he sells this chunk and we announce the launch of the new feature.  Cheesy
Sarahiko
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March 13, 2014, 12:44:30 PM
 #43835

same as here, localhost:7874 not working, i will just wait for another host  Grin
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March 13, 2014, 12:44:44 PM
 #43836

Are multiple chains planned to be secured by "checking in" to a Masterchain for a fee?

Yes.
Daedelus
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March 13, 2014, 12:50:13 PM
Last edit: March 13, 2014, 01:05:43 PM by Daedelus
 #43837

Are multiple chains planned to be secured by "checking in" to a Masterchain for a fee?

Yes.

Therefore, any new coins on parallel chains will check into the Nxt Masterchain and pay a fee in Nxt.

So, all new coins will be linked to Nxt and will have to buy Nxt daily (tiny amount each) to support their own chains?

Therefore (finally), new coins will add value to Nxt by supporting the buying side.


Edit: Three important points I wanted to add:
1) Nodecoin is an asset on the AE and a proof of concept. This is different to the parallel blockchain above. It is only intended as a proof of concept but it is within nxt (part of AE) and will incur fees denominated in Nxt.
2) If we want coins on parallel chains and not in the AE, I don't think there is anything we can do to stop it.
3) James, don't get disheartened. It must feel like you are moving mountains and all anyone can do is snipe from the sidelines in between checking their wall on facebook*. What you are doing is important so keep going. Cheesy quotes are popular on the net so here goes:

"If you're going through hell, keep going"  Cool
igmaca
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March 13, 2014, 12:50:56 PM
 #43838

Decentralized computing systems built on the Nxt platform could locally solve all kinds of research projects

I want to get in touch with a computer center to find out how much they would be willing to pay on the power of computation assignment by thousands of nodes that could be connected to the nxt network.

This would solve the nxt network maintenance.

we must seek to maintain nxt network by leasing the computing power of the network itself.

So you want to make it into a POW? Green marketing, done for.

ok I understand.

then it should become only a more service.

nodes should be maintained only by transactions fees . back to the initial idea of ​​Bcnxt
Damelon
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March 13, 2014, 12:51:46 PM
 #43839

I would like to hear more thoughts from everyone about the "State of the (NXT) Union"

It helps form a better overall picture.

(personally I fear that NXT would never reach the outside world and will always stay in the closed circle of this community, but I'm a tech newb so it doesn't count for anything)

I would really like to hear reasoning from those that believe that NXT will indeed be:

a.) the first choice for decentralized exchange and an asset exchange (ahead of other crypto solutions)

and

b.) will be so widely used among people as something we commonly use on the internet today

I would really like to hear thoughts from people that really believe this and that really see the path to this state.

(what I'm missing here lately is a clear direction and some greater confidence, because lately when comparing NXT to other crypto solutions you can feel at least a lack of purpose)

Be honest (even those that want to believe) as to where NXT is and where it's going...

My view has already partly been made when I said that the "community" gets asked for its opinion *beforehand* too much instead of being asked for opinions based on actual products. So that's my view on our development cycle: hampered by a skewed view of decentralisation.

Second: I do not believe mainstream people will use Nxt.

Did that get your attention?  Wink

I go a step further and state: most people do not use the internet.

People use Google, Facebook, Wikipedia, but they do not use "the internet".
They have no idea what "the internet", and even more: they fear "the internet" and they look strangely upon people actually involved in anything more that using a search engine or a simple email. I am sure most of us know that already.

In a similar way, I do not believe the mainstream user will ever use Nxt: they will use the services made possible by Nxt, whether through the infrastructure or through well-hidden implementations of Nxt tokens within another system.

Having had to explain "Nxt" to several "normal" investors, the first thing you notice is that they *do not care* about technicals and want to keep their users as far away from them as possible. They will never, ever put "this system uses Nxt" on their product. Forget it. The term "crypto" is too associated with crime and drugs to ever be used in any serious advertising.

We delude ourselves if we even think that Bitcoin under that name will be used. it won't: people are extremely afraid of it, and it doesn't matter one bit that this isn't true or not.
That doesn't mean that Bitcoin will be useless, it will just never be mentioned.

As far as I know, Nxt still functions in every way described. AE, DX, AM etc. are all features it has. Investors that I have spoken to see this value, and one has even bitten and will use Nxt (details to follow). However, will most people use Nxt? No, they will use his system "powered by Nxt".

The confusion comes in a large part from the way it was named at the start: as a coin. That name for what is actually a "token" used to operate on the Nxt system is misleading.
It does point to the value however. In the second part of the TF paper, it was called a token, too, and I think it's a good designation.

Recap:
1. What is Nxt? An ecosystem, encompassing all the features already described, to which the "Nxt" token grants access.
2. Will it be used by mainstream users? As a coin: no way. But then again, the same goes for all cryptos that call themselves openly cryptos. As an underlying infrastructure: hell yeah! It has more than enough potential for that.
3. Is this different from what we were told? I don't think so, but in my previous post I have already established that the same facts may lead to wildly divergent conclusions.
4. Am I blind to the tough times we are having and the lack of direction: nope. I just don't think it's an honest assesment of the four months of work and effort we have put in. Being "headless", this is nót unexpected at all.

Member of the Nxt Foundation | Donations: NXT-D6K7-MLY6-98FM-FLL5T
Join Nxt Slack! https://nxtchat.herokuapp.com/
Founder of Blockchain Workspace | Personal Site & Blog
Sebastien256
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March 13, 2014, 12:57:47 PM
 #43840

Decentralized computing systems built on the Nxt platform could locally solve all kinds of research projects

I want to get in touch with a computer center to find out how much they would be willing to pay on the power of computation assignment by thousands of nodes that could be connected to the nxt network.

This would solve the nxt network maintenance.

we must seek to maintain nxt network by leasing the computing power of the network itself.

So you want to make it into a POW? Green marketing, done for.

I don't think it would be a POW, if computational ressource is put at good use, e.g. for science, then it might be a good decentralized service that nxt could offer.

Nxt official forum at: https://nxtforum.org/
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