Transparent mining, or What makes Nxt a 2nd generation currency

[Bitventurer]

Seems fair to me , but what if I'm having problems with installing the client?  or don’t want install the client for security reasons? can  I still mine with the online version?

[1714842410]

1714842410

[1714842410]

1714842410

[1714842410]

1714842410

[opticalcarrier]

only 1/7 of stakeholders were forging?

I was about to make the following comment in the regular thread:

at the very least, the stakeholders that havent distributed at good portion of their stash yet should not forge.  At least then it would give a chance to the regular blow here to forge.

At least in the beginning here, until there is a better distribution.  I know the stability and security of the network does depend on many active forgers, but come on...

but I guess its a non-issue now

[Hazard]

"Transparent" on a closed source system. Hilarious.

[opticalcarrier]

Amazing.  This is very slick. Ive linked to your thread here on nextcoin.org and stickied it over there.  

Also, can you define the term "stakeholder" as it pertains to just the topic in this post?  I kind of think what you really mean are just accounts with an inordinary high amount of NXT.  If not how can the system determine who the original stakeholders are?

What if a non-stakeholder buys 10M NXT, and has more than some stakeholders who have been distributing coins?  Will they get penalized for not forging?

How long does the system penalize a stakeholder by giving them 0 forging power to those who arent generating blocks?

[Come-from-Beyond]

"Transparent" on a closed source system. Hilarious.

I was curious how long till u find this thread. Looking forward to see ur comments after the 3rd of January.

[Come-from-Beyond]

BCNext pointed out that I forgot to mention Selfish Mining. Sorry. Transparent mining solves the selfish mining issue completely. Dixi.

[Come-from-Beyond]

Seems fair to me , but what if I'm having problems with installing the client?  or don’t want install the client for security reasons? can  I still mine with the online version?

Yes, u can.

[Come-from-Beyond]

Also, can you define the term "stakeholder" as it pertains to just the topic in this post?  I kind of think what you really mean are just accounts with an inordinary high amount of NXT.  If not how can the system determine who the original stakeholders are?

Stakeholder = anyone who owns at least 1 smallest unit of NXT.

How long does the system penalize a stakeholder by giving them 0 forging power to those who arent generating blocks?

Details r yet to be tweaked after peer review.

[msin]

Really like this idea, keep em coming!

[Gonzo418]

I think this is a great news for the nxt coin.

But am I getting things right ? For me this sounds like a "round-robin" coin generation. Everyone will get their time slice in which he's able to mine/generate coins. If his client is not open/connected to the network, network will search another node and give it the right to mine ?

[Come-from-Beyond]

I think this is a great news for the nxt coin.

But am I getting things right ? For me this sounds like a "round-robin" coin generation. Everyone will get their time slice in which he's able to mine/generate coins. If his client is not open/connected to the network, network will search another node and give it the right to mine ?

Aye, something like that.

[cheetah3]

Hi All!

I'm reading.. reading.... and I'm lost: finally they allow NXT mining or not?
And if yes, then what do I need to start mining?
Account registered, exists some small amount in wallet... What next? How to enable mining / generating nxtcoins?

Thanks!

[Come-from-Beyond]

Hi All!

I'm reading.. reading.... and I'm lost: finally they allow NXT mining or not?
And if yes, then what do I need to start mining?
Account registered, exists some small amount in wallet... What next? How to enable mining / generating nxtcoins?

Thanks!

Just leave ur account unlocked.

[bizz]

Hi All!

I'm reading.. reading.... and I'm lost: finally they allow NXT mining or not?
And if yes, then what do I need to start mining?
Account registered, exists some small amount in wallet... What next? How to enable mining / generating nxtcoins?

Thanks!

If you want to mine anything at this point you'll need to shell out at least 5-6 BTC for 1mil Nxt at current rates and then also wait for network to grow to get more fees. Just like when ASICs came to Bitcoin. It's a big risky bet but also big potential rewards.

As a plus ASIC you buy today will never rise in value while Nxt might go ballistic. Or it will crash to 0 & burn in flames.  Once again: it's one big gamble.

[Snail2]

Are there any specific memory requirements for the JVM if I wanna mine?
What ports I need to open on the firewalls?

+1
Where is the mining chapter in the howto ?

I know, I know ppl who's too stupid to find these things out by disassembling the classes and reading the code don't deserve to mine this stuff  .

[superresistant]

If you want to mine anything at this point you'll need to shell out at least 5-6 BTC for 1mil Nxt at current rates and then also wait for network to grow to get more fees. Just like when ASICs came to Bitcoin. It's a big risky bet but also big potential rewards.
As a plus ASIC you buy today will never rise in value while Nxt might go ballistic. Or it will crash to 0 & burn in flames.   Once again: it's one big gamble.

It is very likely to go ballistic in my opinion.

Are there any specific memory requirements for the JVM if I wanna mine?
What ports I need to open on the firewalls?
+1
Where is the mining chapter in the howto ?
I know, I know ppl who's too stupid to find these things out by disassembling the classes and reading the code don't deserve to mine this stuff  .

You can set the memory parameters with command line on Java
port 7874
To mine, just put coin on the wallet and stay online.

EDIT :
- 7874 (tcp) is used for P2P communication, the http web client and API commands.  This is the only port that needs to be open to run Nxt.
- 7875 (tcp) is used for the https web client.

[Snail2]

You can set the memory parameters with command line on Java
port 7875
To mine, just put coin on the wallet and stay online.

Thanks. I know how to tune the heap sized but I'm not sure if my "-Xms256m -Xmx1024m" will be good enough. Am I need to do anything with GCs or just leave all these things alone?

[opticalcarrier]

You can set the memory parameters with command line on Java
port 7875 7874
To mine, just put coin on the wallet and stay online.

Thanks. I know how to tune the heap sized but I'm not sure if my "-Xms256m -Xmx1024m" will be good enough. Am I need to do anything with GCs or just leave all these things alone?

you were just given incorrect info.  DO NOT open port 7875 on your router.  the p2p port is 7874.

the 2 of you guys should edit your posts to correct this

[User705]

Seems fair to me , but what if I'm having problems with installing the client?  or don’t want install the client for security reasons? can  I still mine with the online version?

Yes, u can.

Where is this online version?  Also is there a way to do cold storage?  I understand that means I won't generate fee coins.

[Come-from-Beyond]

Where is this online version?  Also is there a way to do cold storage?  I understand that means I won't generate fee coins.

U have to find a public server that doesn't block access. I used to provide one but now it's used to host a special version with Asset Exchange.

To store coins in cold just send them to an account that u don't use. U must send at least 1 NXT to any account from cold account to reserve ur account id.