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

[Come-from-Beyond]

Is this correct?

No. Nxt forging works the same way as Bitcoin does. U can mine a block even with CPU, chance is very low, but reward is very high. In the long run everyone will get exactly the same ROI.

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[opticalcarrier]

not sure if this has been asked, but if transparent miing allows the network to know who will generate the next block, then what is to keep our adversary from also finding out who it is and then DDOSing the ever living hell out that client?

[Come-from-Beyond]

not sure if this has been asked, but if transparent miing allows the network to know who will generate the next block, then what is to keep our adversary from also finding out who it is and then DDOSing the ever living hell out that client?

If a forging node can't handle much traffic it can forge behind Tor.

[Cryddit]

not sure if this has been asked, but if transparent miing allows the network to know who will generate the next block, then what is to keep our adversary from also finding out who it is and then DDOSing the ever living hell out that client?

If a forging node can't handle much traffic it can forge behind Tor.

Ohh, that's one of the wrong answers.  That's just saying "not my problem" which means you have no solution.  I was actually thinking this would work until you failed to answer that.

[Come-from-Beyond]

not sure if this has been asked, but if transparent miing allows the network to know who will generate the next block, then what is to keep our adversary from also finding out who it is and then DDOSing the ever living hell out that client?

If a forging node can't handle much traffic it can forge behind Tor.

Ohh, that's one of the wrong answers.  That's just saying "not my problem" which means you have no solution.  I was actually thinking this would work until you failed to answer that.

I know that u just trolling. Welcome to the box with other trolls.

[virtualaddict]

Nxt just flew passed Mastercoin's marketcap 

As I understand it, the difference in function between Mastercoin and Nxt is that Mastercoin requires BTC to function whereas Nxt could replace BTC entirely.

[xibeijan]

"Outside the network", do you mean the block chain cannot be forked?

I mean that unlike ASICs, that can be created by someone, noone can create NXT coins (which r like ASICs in PoS currency) and bring them into the system.

I think the question is:

What happens if someone has the NXT source code, creates a new genesis block and creates and entirely new NXT network, with an entirely new supply of NXT (on this second network), with a completely new block chain that is longer than the NXT one, then joins the NXT network?

[Come-from-Beyond]

What happens if someone has the NXT source code, creates a new genesis block and creates and entirely new NXT network, with an entirely new supply of NXT (on this second network), with a completely new block chain that is longer than the NXT one, then joins the NXT network?

Nothing. He won't be able to catch the blocks nor able to push his own blocks/transactions.

[mczarnek]

So it's closed source but as someone pointed out, it is possible to decompile that.

But as I understand it, individual 'miners' take turns approving transactions, so what prevents people from making it so that every time it is their turn to mine, they transfer coins from a wallet that doesn't belong to them to their own wallet and then approve the transaction?

Also, what kind of speed is there for confirmation time?  If you could beat litecoin's transaction time..  I think that alone would be a reason everyone would turn to Nextcoin and seems possibly doable given the unique mining system.

[Come-from-Beyond]

So it's closed source but as someone pointed out, it is possible to decompile that.

Aye.

But as I understand it, individual 'miners' take turns approving transactions, so what prevents people from making it so that every time it is their turn to mine, they transfer coins from a wallet that doesn't belong to them to their own wallet and then approve the transaction?

It's impossible to take coins from someone else wallet.

Also, what kind of speed is there for confirmation time?  If you could beat litecoin's transaction time..  I think that alone would be a reason everyone would turn to Nextcoin and seems possibly doable given the unique mining system.

1 min between blocks.

[mczarnek]

It's impossible to take coins from someone else wallet.

What makes it impossible?  I guess we simply won't know until the source code is released, at which point I could see someone hacking it, but sounded to me like for each transaction, potentially only one person could be confirming the transaction at a time.  If you are the only one confirming and have shady motives what prevents you from inserting fake transactions?


Still wish it was faster.. I liked a 5 second block because I want a coin that can be used for grocery store transactions with confirmation which doesn't require waiting for a minute for checkout but still very nice regarding 1 min block!  At least it's more than double litecoin's speed.

[opticalcarrier]

1 min between blocks.

what mechanism is it that causes the timing to drift? sometimes there are blocks every few seconds, sometimes every 15 mins, etc.

[Vega]

1 min between blocks.

what mechanism is it that causes the timing to drift? sometimes there are blocks every few seconds, sometimes every 15 mins, etc.

Yeah, I wanted to ask this for a while. The avarage blocks per day are somewhere below 800. Why is that?

[mczarnek]

Also this post is talking about instant transaction mode: https://bitcointalk.org/index.php?topic=347927.0

Could you tell me how that works?  Thanks!

[Come-from-Beyond]

What makes it impossible?  I guess we simply won't know until the source code is released, at which point I could see someone hacking it, but sounded to me like for each transaction, potentially only one person could be confirming the transaction at a time.  If you are the only one confirming and have shady motives what prevents you from inserting fake transactions?


Still wish it was faster.. I liked a 5 second block because I want a coin that can be used for grocery store transactions with confirmation which doesn't require waiting for a minute for checkout but still very nice regarding 1 min block!  At least it's more than double litecoin's speed.

Sorry, I don't have time to tell u basic things. U should read more about Cryptography and Bitcoin, and then we'll continue the discussion. Ok?

[Come-from-Beyond]

1 min between blocks.

what mechanism is it that causes the timing to drift? sometimes there are blocks every few seconds, sometimes every 15 mins, etc.

Yeah, I wanted to ask this for a while. The avarage blocks per day are somewhere below 800. Why is that?

Timing drifts due to stochastic nature of forging. Average blocks per day is below 800 coz of high rate of orphaned blocks.

[Come-from-Beyond]

Also this post is talking about instant transaction mode: https://bitcointalk.org/index.php?topic=347927.0

Could you tell me how that works?  Thanks!

https://bitcointalk.org/index.php?topic=316104.0

[mczarnek]

Thanks Come-from-Beyond..  yeah, reading as fast as I can about this stuff, just got into the game a couple weeks ago.  probably time to focus some energy on understanding how the actual low-level hashing works.  I'm definitely going to jump into the code when released and see if I can figure it out.

One more quick question though, as I understand it, it is possible to predict which machine(s) will be be forging the next block.  Once you know, you can DDOS them, which seems like it could cause big problems.  How much of a risk is that?

[Come-from-Beyond]

One more quick question though, as I understand it, it is possible to predict which machine(s) will be be forging the next block.  Once you know, you can DDOS them, which seems like it could cause big problems.  How much of a risk is that?

CloudFlare solves this problem. U can forge using 5y-old notebook, all the traffic will be handled by 3rd party if u can't do it by urself.

[Jimmy2011]

TF has been enabled about one day ago, but it seems that no real different from the older version from the client, of course I think the core in the client may be TF functionable. So for the average joe, how can we get some hint on TF which is working?