NXT :: descendant of Bitcoin - Updated Information

[Sebastien256]

What other coin/pool can do this?

clevermining.com

[rlh]

What other coin/pool can do this?

clevermining.com

I think you misunderstood.  I'm saying, what other coin can have such a pool and not have to worry about people mining the coin and dumping it when it is the most profitable coin.  The main difference between Nxt and other coins, in this context, is that Nxt has a fixed amount.  It is not generated, it just exists.  The only Nxt dumpers can be those that mine using this pool and I doubt people will mine Nxt, to dump it for other coins, when they can just use another profitability pool to obtain their coins.

I think this is a significant advantage of Nxt.  I guess someone could do this with Ripple but, let's face it, no one knows who the Ripple bag holders are going to do, and they could crash the price whenever they desire, if they feel like it will make them a ton of money.

[marek3ball]

You can pay by Nxt to get anything other people provide here:

http://www.work4nxt.com/

(I just need a little more setting to finish the interface, but this is a decentralized gateway for P2P payments, everything what is here: http://www.fiverr.com/ can be also here: http://www.work4nxt.com/

It looks promising.

[Fatih87SK]

@Wesleyh

Where can I see how much there is left to forge a block?

Edit: When you click at an account number you get information (Transactions, Assets, Aliases etc.) Maybe it is useful to add a 'Send' button? then you can send some NXt directly after seeing the add info of the account.

[wesleyh]

@Wesleyh

Where can I see how much there is left to forge a block?

Time? I don't think there is such an API. And I think it's better to hide it anyway, since most of the times it's depressing to see how long it would take

Thoughts?

[Daedelus]

What are the current ideas of having coins on top of Nxt:

- Coins via Asset Exchange
- Coins as parallel blockchains
- Using AM (How? And is this idea dismissed?)
- ...?

The "checking in" of the parallel chains on the master chain is planned to be done with AMs. A snapshot will be taken of a parallel blockchain and then stored in the master via AM.

CfB will disagree if I am wrong. Hopefully.

[Mistafreeze]

@Wesleyh

Where can I see how much there is left to forge a block?

Time? I don't think there is such an API. And I think it's better to hide it anyway, since most of the times it's depressing to see how long it would take

Thoughts?

I agree, it provides more confusion than value.

[alxx77]

So finaly,
if I understand correctly, "coin that shall not be named" is supposed to be used as tool for fine-tuning financial incentive for people who would run nodes, but don't have enough NXT's to actually forge anything in reasonable amount of time.

It's value is 0 per se; only thing that is generating revenues are tx fees and they are distributed in accordance with amount of coins; but if there would be a fund that would be funded by someone (large stakeholders for example, in the begining) that would allow for, let's say Infrastructure committee, to intervene in AE and offer some NXT's for this auxilary coin, and with this to bring it's value above 0, and this would automaticaly attract more people/nodes.

Because  "coin that shall not be named" is a plain asset it's value is totaly irrelevant for NXT itself.
AE is a train carrying some cargo. Running a train costs money (NXTs), no matter what the cargo is - gold bars or horse sh*t...
Either way, type of cargo is irrelevant for the costs (and value of NXT) of usage of the train itself... only thing that could change cost of the ride is ability to deliver cargo to destination more efficiently than some other transportation mode...  

[Daedelus]

If we agree that it is no ordinary coin for the above reasons, then we should consider Ricky's point about NodeCoin altering the very fabric of Nxt; and not just brushing it aside as just a coin anybody can create on top of Nxt.

Personally...  I do view Nodecoin as just a project/asset/coin...  but let me make one thing clear...  IF the intention of "Nodecoin should be redeemable for accessing services (DAC, NxtCash, whatever)" was to exclude NXT from being used as well...  then it is definitely a NO GO.

+1

My understanding from readin james' posts is the NRS client runs alongside nodeminer.

So John Smith will forge a block once a year but in the meantime gets 1 nodecoin a day. Lab rat effect. Nxtminer can't be run without forging at the same time.

[opticalcarrier]

@Wesleyh

Where can I see how much there is left to forge a block?

Time? I don't think there is such an API. And I think it's better to hide it anyway, since most of the times it's depressing to see how long it would take

Thoughts?

I agree, it provides more confusion than value.

there is the getForging API that requires secretPhrase

[opticalcarrier]

I am assuming that it is possible to configure firewalls to only accept incoming connections on specific ports to a list of specific IP addresses.

Could somebody confirm (or deny) this assumption?

I want to create a set of guardian servers that are the only ones that accept connections from random clients. The servers that actually do the "money" work, would only accept incoming connections from these guardian servers. This would isolate the pool (and multigateway) servers from the internet and I think provide good protection.

This way, we can make doing a Ddos attack require attacking all of the guardian servers. Since these guardian servers really only need to run a very small validation and relay layer, there is no reason the work of the guardian servers couldnt be spread across a large number of servers. Not quite fully decentralized, but a lot less vulnerable than having a single pool server.

James

yes, any hardware based firewall or freebsd/linux pf/iptables can do this

[Fatih87SK]

@Wesleyh

Where can I see how much there is left to forge a block?

Time? I don't think there is such an API. And I think it's better to hide it anyway, since most of the times it's depressing to see how long it would take

Thoughts?

I agree, it provides more confusion than value.

there is the getForging API that requires secretPhrase

If there is a chance you can add it, I think it's the best if you do it in the 'Blocks' sector.

When you click at an account number you get information (Transactions, Assets, Aliases etc.) Maybe it is useful to add a 'Send' button? then you can send some NXt directly after seeing the add info of the account.

[Come-from-Beyond]

there is the getForging API that requires secretPhrase

Has the new version got getNextBlockGenerators?

[marek3ball]

If some firm will sell shares in Nxt Asset Exchange and I will buy 20% of the shares. Then how would I know that the same firm won't sell the same shares in another asset exchange platform? Then I will end up with 10% .. 5% .. 1% shares for example in no time.

[Daedelus]

Good ole days

The better ones.

Honeymoon period is over, now for the hard yards (distributed unevenly, were decentralised after all)  

[wesleyh]

@Wesleyh

Where can I see how much there is left to forge a block?

Time? I don't think there is such an API. And I think it's better to hide it anyway, since most of the times it's depressing to see how long it would take

Thoughts?

I agree, it provides more confusion than value.

there is the getForging API that requires secretPhrase

That requires keeping secretPhrase in memory and sending it to the server in plain text, not good.. btw did you see my previous post about preparetransaction (directed at you)?

[marcus03]

It's value is 0 per se; only thing that is generating revenues are tx fees and they are distributed in accordance with amount of coins; but if there would be a fund that would be funded by someone (large stakeholders for example, in the begining) that would allow for, let's say Infrastructure committee, to intervene in AE and offer some NXT's for this auxilary coin, and with this to bring it's value above 0, and this would automaticaly attract more people/nodes.

If the aim is to have lots of nodes and we are even fine with centralized and non-trustless solutions, it would be cheaper to let InfCom manage or let InfCom pay people to manage nodes. Cheaper, much easier to manage and as centralized and non-trustless as the above.

[Fatih87SK]

so lets have a competition, you will have most of views on the video in 7 days, will win 7 Nxt

I have won  

[opticalcarrier]

there is the getForging API that requires secretPhrase

Has the new version got getNextBlockGenerators?

# curl -sk3 https://localhost:7876/nxt?requestType=getNextBlockGenerators
{"errorCode":1,"errorDescription":"Incorrect request"}

looks like no

[opticalcarrier]

@Wesleyh

Where can I see how much there is left to forge a block?

Time? I don't think there is such an API. And I think it's better to hide it anyway, since most of the times it's depressing to see how long it would take

Thoughts?

I agree, it provides more confusion than value.

there is the getForging API that requires secretPhrase

That requires keeping secretPhrase in memory and sending it to the server in plain text, not good.. btw did you see my previous post about preparetransaction (directed at you)?

secretPhrase is always in memory anyways when an account is forging.  and yes that API should a POST to an HTTPS url.  I did get it, not much else to say though except I still say if an ultralight client has to decode the VPSs response anyways in order to verify it before the client signs it and sends it off, then it may as well just do it all to begin with.  And yeah I handt considered the mass of other APIs that VPSs will have to serve, which makes it even more desirable IMO to be able to limit some things.  For example, if a server starts to get overloaded, it may want to stop serving ultralight clients but still take in signed transactions from light clients