[ANN] NEX :: Nxt Reimagined - Industrial Strength - Imagine Fairness!

[EvilDan]

PROPOSAL:

Implementation of the following PROOF OF BURN:  https://bitcointalk.org/index.php?topic=422309.0;topicseen  FOR NEX

Level 1 (LV1) coins are the name of the currency that will be distributed via the pre launch fundraiser. These are the coins that will be on exchanges and can be bought and sold. These coins will generate 1 additional LV1 coin per week for every 1,000 LV1 coins that you own (updates fractionally on the blockchain every 15 seconds and are rounded up to the nearest millionth). This means that in one year of holding 1,000 LV1 coins, you will receive roughly 50 LV1 coins, or 5% per annum. Doesn't seem like much? Keep reading.

Level 2 (LV2) coins can only be obtained by burning Level 1 coins. For every 1,000 LV1 coins that are burned you will receive one LV2 coin. These coins can not be exchanged, sold, or discarded by any means and will be attached to the wallet indefinitely. Each LV2 coin will generate five LV1 coins per week. In one year of holding one single LV2 coin, you will receive roughly 250 LV1 coins. This equates to an increase of 25% per annum. Much better isn't it?

This cycle is revolutionary in the sense that someone holding LV2 coins will generate coins at a fast rate and cause inflation, yet to get LV2 coins they would need to burn LV1 coins and that would cause deflation. In every case of inflation, there is a stronger deflation to counteract it. This may very well be the first currency, both fiat and crypto, that has a built in mechanism to eliminate inflation on a very large scale. The cherry on top is that this deflation is instant, whereas inflation is dragged out over a long period of time. Let me give you an example:

Assuming a constant demand, a typical Proof of Work or Proof of Stake coin will lose a vast amount of value as the supply of coins on the market increases. A Proof of Burn coin on it's own will forever be attached to a Proof of Work or Proof of Stake coin and by association will also lose value over time, again noting that this assumes a constant demand. Levelcoin on the other hand has evolved to use a combination of the best features of Proof of Stake and Proof of Burn. This has lead to a system that is highly resistant to inflation and may in fact have the opposite effect. Assuming a constant demand, the value of Levelcoin will likely increase as more and more people burn their LV1 coins, causing supply to dwindle.

Nothing like this has been tried before and should the system work as planned, any founder will see an enormous return on investment. There is very little incentive for users to "pump and dump" or to flip in and out. This coin caters more towards loyalists, and considering that there will not be botnets nor ASCI's to deal with, everyone will have an equal opportunity to take part. The system is built around simplicity. Have you noticed how all new self proclaimed "next generation" currencies are getting more and more complex, both in their algorithm and distribution methods? There is no need for that, and Levelcoin aims to prove that. Google had the right idea by creating a simple search engine, and look where that got them!

Those who have faith in the currency and are in it for the long haul will reap enormous benefits from burning their LV1 coins to obtain LV2 coins and then selling the LV1 coins obtained via interest on an exchange that will likely be proprietary. Or they could choose to burn those new coins and compound their interest while at the same time creating scarcity for LV1 coins. The choice is yours. There will always be demand due to the fact that LV2 coins can not be obtained in any way other than by the purchase and burning of LV1 coins.

In summary,  this looks like an excellent idea.   Pre-launch NEX coins will be LV1 coins and new coins will be LV2 coins. 

This proof of burn functionality is superior to the 'forging' feature of Nxt.

FRICTIONLOSScoin: u r very genius. I love this idea, burning so much better than forging. I tell all people sell NXT, come 2 NEX.

FROICTIONLOSSCoin: I want to help u with NEX. I am very skill with PhotoShop, so I help make graphics for NEX.

Look:

http://i42.tinypic.com/2zghzcm.png

I make more soon. Go, NEX, go !!
NXT is very high now, but soon it will fall and NEX will win!!

[Knisch]

interested

of course I will not read all this comments, but this shit sounds great! 

[notsoshifty]

What price and market cap does everyone think NEX will achieve once things settle down after launch?

Example:
 - 20,000 BTC market cap
 - 0.00002 BTC/NEX

Should people buy 10,000 NXT now (cost: slightly less than 1 BTC), trade it for 500,000 NEX on IPO/launch (0.05% of total NEX), and then sell for 10 BTC? Is the 10,000 NXT per person a hard limit?

I recommend reserving first 10,000 NXT, then buying it right before NEX release.  I expect that NXT price will crash prior to NEX release.

Yes, 10,000 NXT is a hard limit to prevent NXT founders who paid nothing from being richly rewarded.

Thanks for the confirmation.

At first I thought the NXT/NEX promotion was to recompense those who had mistakenly bought into NXT, but recommending people reserve NXT slots and then buying NXT before NEX launch is a good idea. This could easily double or treble your NEX stake without having to create multiple sock puppet accounts.

[notsoshifty]

PROPOSAL:

Implementation of the following PROOF OF BURN:  https://bitcointalk.org/index.php?topic=422309.0;topicseen  FOR NEX

Level 1 (LV1) coins are the name of the currency that will be distributed via the pre launch fundraiser. These are the coins that will be on exchanges and can be bought and sold. These coins will generate 1 additional LV1 coin per week for every 1,000 LV1 coins that you own (updates fractionally on the blockchain every 15 seconds and are rounded up to the nearest millionth). This means that in one year of holding 1,000 LV1 coins, you will receive roughly 50 LV1 coins, or 5% per annum. Doesn't seem like much? Keep reading.

Level 2 (LV2) coins can only be obtained by burning Level 1 coins. For every 1,000 LV1 coins that are burned you will receive one LV2 coin. These coins can not be exchanged, sold, or discarded by any means and will be attached to the wallet indefinitely. Each LV2 coin will generate five LV1 coins per week. In one year of holding one single LV2 coin, you will receive roughly 250 LV1 coins. This equates to an increase of 25% per annum. Much better isn't it?

This cycle is revolutionary in the sense that someone holding LV2 coins will generate coins at a fast rate and cause inflation, yet to get LV2 coins they would need to burn LV1 coins and that would cause deflation. In every case of inflation, there is a stronger deflation to counteract it. This may very well be the first currency, both fiat and crypto, that has a built in mechanism to eliminate inflation on a very large scale. The cherry on top is that this deflation is instant, whereas inflation is dragged out over a long period of time. Let me give you an example:

Assuming a constant demand, a typical Proof of Work or Proof of Stake coin will lose a vast amount of value as the supply of coins on the market increases. A Proof of Burn coin on it's own will forever be attached to a Proof of Work or Proof of Stake coin and by association will also lose value over time, again noting that this assumes a constant demand. Levelcoin on the other hand has evolved to use a combination of the best features of Proof of Stake and Proof of Burn. This has lead to a system that is highly resistant to inflation and may in fact have the opposite effect. Assuming a constant demand, the value of Levelcoin will likely increase as more and more people burn their LV1 coins, causing supply to dwindle.

Nothing like this has been tried before and should the system work as planned, any founder will see an enormous return on investment. There is very little incentive for users to "pump and dump" or to flip in and out. This coin caters more towards loyalists, and considering that there will not be botnets nor ASCI's to deal with, everyone will have an equal opportunity to take part. The system is built around simplicity. Have you noticed how all new self proclaimed "next generation" currencies are getting more and more complex, both in their algorithm and distribution methods? There is no need for that, and Levelcoin aims to prove that. Google had the right idea by creating a simple search engine, and look where that got them!

Those who have faith in the currency and are in it for the long haul will reap enormous benefits from burning their LV1 coins to obtain LV2 coins and then selling the LV1 coins obtained via interest on an exchange that will likely be proprietary. Or they could choose to burn those new coins and compound their interest while at the same time creating scarcity for LV1 coins. The choice is yours. There will always be demand due to the fact that LV2 coins can not be obtained in any way other than by the purchase and burning of LV1 coins.

In summary,  this looks like an excellent idea.   Pre-launch NEX coins will be LV1 coins and new coins will be LV2 coins.  

This proof of burn functionality is superior to the 'forging' feature of Nxt.

The LV1 coins will be called "NEX Foundation Coins"

The LV2 coins will be called "NEX Proof of Stake Coins"

Note: Only NEX Foundation Coins are exchangeable as described by the proposal.

We will refine this over time.

Very interesting proposal. Do we get our bonus LV1 coins only when we're forging, or does the network give us them even when we're not forging? Or is there no forging going on at all?

[pinarello]

PROPOSAL:

Implementation of the following PROOF OF BURN:  https://bitcointalk.org/index.php?topic=422309.0;topicseen  FOR NEX

Level 1 (LV1) coins are the name of the currency that will be distributed via the pre launch fundraiser. These are the coins that will be on exchanges and can be bought and sold. These coins will generate 1 additional LV1 coin per week for every 1,000 LV1 coins that you own (updates fractionally on the blockchain every 15 seconds and are rounded up to the nearest millionth). This means that in one year of holding 1,000 LV1 coins, you will receive roughly 50 LV1 coins, or 5% per annum. Doesn't seem like much? Keep reading.

Level 2 (LV2) coins can only be obtained by burning Level 1 coins. For every 1,000 LV1 coins that are burned you will receive one LV2 coin. These coins can not be exchanged, sold, or discarded by any means and will be attached to the wallet indefinitely. Each LV2 coin will generate five LV1 coins per week. In one year of holding one single LV2 coin, you will receive roughly 250 LV1 coins. This equates to an increase of 25% per annum. Much better isn't it?

This cycle is revolutionary in the sense that someone holding LV2 coins will generate coins at a fast rate and cause inflation, yet to get LV2 coins they would need to burn LV1 coins and that would cause deflation. In every case of inflation, there is a stronger deflation to counteract it. This may very well be the first currency, both fiat and crypto, that has a built in mechanism to eliminate inflation on a very large scale. The cherry on top is that this deflation is instant, whereas inflation is dragged out over a long period of time. Let me give you an example:

Assuming a constant demand, a typical Proof of Work or Proof of Stake coin will lose a vast amount of value as the supply of coins on the market increases. A Proof of Burn coin on it's own will forever be attached to a Proof of Work or Proof of Stake coin and by association will also lose value over time, again noting that this assumes a constant demand. Levelcoin on the other hand has evolved to use a combination of the best features of Proof of Stake and Proof of Burn. This has lead to a system that is highly resistant to inflation and may in fact have the opposite effect. Assuming a constant demand, the value of Levelcoin will likely increase as more and more people burn their LV1 coins, causing supply to dwindle.

Nothing like this has been tried before and should the system work as planned, any founder will see an enormous return on investment. There is very little incentive for users to "pump and dump" or to flip in and out. This coin caters more towards loyalists, and considering that there will not be botnets nor ASCI's to deal with, everyone will have an equal opportunity to take part. The system is built around simplicity. Have you noticed how all new self proclaimed "next generation" currencies are getting more and more complex, both in their algorithm and distribution methods? There is no need for that, and Levelcoin aims to prove that. Google had the right idea by creating a simple search engine, and look where that got them!

Those who have faith in the currency and are in it for the long haul will reap enormous benefits from burning their LV1 coins to obtain LV2 coins and then selling the LV1 coins obtained via interest on an exchange that will likely be proprietary. Or they could choose to burn those new coins and compound their interest while at the same time creating scarcity for LV1 coins. The choice is yours. There will always be demand due to the fact that LV2 coins can not be obtained in any way other than by the purchase and burning of LV1 coins.

In summary,  this looks like an excellent idea.   Pre-launch NEX coins will be LV1 coins and new coins will be LV2 coins. 

This proof of burn functionality is superior to the 'forging' feature of Nxt.

FRICTIONLOSScoin: u r very genius. I love this idea, burning so much better than forging. I tell all people sell NXT, come 2 NEX.

FROICTIONLOSSCoin: I want to help u with NEX. I am very skill with PhotoShop, so I help make graphics for NEX.

Look:



I make more soon. Go, NEX, go !!
NXT is very high now, but soon it will fall and NEX will win!!

send you some bounty! nice work

[FrictionlessCoin]

PROPOSAL:

Implementation of the following PROOF OF BURN:  https://bitcointalk.org/index.php?topic=422309.0;topicseen  FOR NEX

Level 1 (LV1) coins are the name of the currency that will be distributed via the pre launch fundraiser. These are the coins that will be on exchanges and can be bought and sold. These coins will generate 1 additional LV1 coin per week for every 1,000 LV1 coins that you own (updates fractionally on the blockchain every 15 seconds and are rounded up to the nearest millionth). This means that in one year of holding 1,000 LV1 coins, you will receive roughly 50 LV1 coins, or 5% per annum. Doesn't seem like much? Keep reading.

Level 2 (LV2) coins can only be obtained by burning Level 1 coins. For every 1,000 LV1 coins that are burned you will receive one LV2 coin. These coins can not be exchanged, sold, or discarded by any means and will be attached to the wallet indefinitely. Each LV2 coin will generate five LV1 coins per week. In one year of holding one single LV2 coin, you will receive roughly 250 LV1 coins. This equates to an increase of 25% per annum. Much better isn't it?

In summary,  this looks like an excellent idea.   Pre-launch NEX coins will be LV1 coins and new coins will be LV2 coins.  

This proof of burn functionality is superior to the 'forging' feature of Nxt.

The LV1 coins will be called "NEX Foundation Coins"

The LV2 coins will be called "NEX Proof of Stake Coins"

Note: Only NEX Foundation Coins are exchangeable as described by the proposal.

We will refine this over time.

Very interesting proposal. Do we get our bonus LV1 coins only when we're forging, or does the network give us them even when we're not forging? Or is there no forging going on at all?

The best way to think about this is to make the analogy between banks and enterprises.

Actually,  I should rename the LV1 and LV2 coin,    "NEX Bank Coin" and "NEX Enterprise Coin" .

With the NEX Bank Coin you get 5% interest. You never lose your principal.

With NEX Enterprise Coin you consume NEX Bank Coin but in the process you stand to gain 25% of what you gain.

It is actually a quite excellent and simple system.

[notsoshifty]

Very interesting proposal. Do we get our bonus LV1 coins only when we're forging, or does the network give us them even when we're not forging? Or is there no forging going on at all?

The best way to think about this is to make the analogy between banks and enterprises.

Actually,  I should rename the LV1 and LV2 coin,    "NEX Bank Coin" and "NEX Enterprise Coin" .

With the NEX Bank Coin you get 5% interest. You never lose your principal.

With NEX Enterprise Coin you consume NEX Bank Coin but in the process you stand to gain 25% of what you gain.

It is actually a quite excellent and simple system.

The new names are nice.

So there's no forging (or equivalent of forging) going on now? Does anyone need to run clients at all to forge, or only when we want to buy or sell NEX?

[btcpoland]

I am interested! Count me in.

[FrictionlessCoin]

Very interesting proposal. Do we get our bonus LV1 coins only when we're forging, or does the network give us them even when we're not forging? Or is there no forging going on at all?

The best way to think about this is to make the analogy between banks and enterprises.

Actually,  I should rename the LV1 and LV2 coin,    "NEX Bank Coin" and "NEX Enterprise Coin" .

With the NEX Bank Coin you get 5% interest. You never lose your principal.

With NEX Enterprise Coin you consume NEX Bank Coin but in the process you stand to gain 25% of what you gain.

It is actually a quite excellent and simple system.

The new names are nice.

So there's no forging (or equivalent of forging) going on now? Does anyone need to run clients at all to forge, or only when we want to buy or sell NEX?

It is like proof of stake implementations, so your clients need to be online to be able to gain the 5% or the 25%. 

[notsoshifty]

Very interesting proposal. Do we get our bonus LV1 coins only when we're forging, or does the network give us them even when we're not forging? Or is there no forging going on at all?

The best way to think about this is to make the analogy between banks and enterprises.

Actually,  I should rename the LV1 and LV2 coin,    "NEX Bank Coin" and "NEX Enterprise Coin" .

With the NEX Bank Coin you get 5% interest. You never lose your principal.

With NEX Enterprise Coin you consume NEX Bank Coin but in the process you stand to gain 25% of what you gain.

It is actually a quite excellent and simple system.

The new names are nice.

So there's no forging (or equivalent of forging) going on now? Does anyone need to run clients at all to forge, or only when we want to buy or sell NEX?

It is like proof of stake implementations, so your clients need to be online to be able to gain the 5% or the 25%. 

Great. Can't wait to see it in action.

[ctenc001]

I'm in, how do i get coins? =)

[LiQio]

I'm in, how do i get coins? =)

1. buy NXT with bitcoins
2. go to https://bitcointalk.org/index.php?topic=424724.0 and allocate (sell)
3. receive your NEX for free NXT

[FrictionlessCoin]

I'm in, how do i get coins? =)

Say you are interested in this thread.  We will allocate coins for free.

[LiQio]

I'm in, how do i get coins? =)

Say you are interested in this thread.  We will allocate coins for free.

Sure, but if you want more, then

1. buy NXT with bitcoins
2. go to (https://bitcointalk.org/index.php?topic=424724.0) and allocate (sell)
3. receive your NEX for free NXT

Plus you would really help FrictionlessCoin to get his 1 Mio. NXT as a byproduct

[boomboom]

interested!

[d5000]

Interested.

[oriolpont]

I'm interested!  

NEX open source from the start. Why would anyone prefer the closed source alternative? (NXT promised the sources for January, they now say April; it will probably never be fully open source. This is too bad for serious money)

[nesco1805]

I'm interested!  

NEX open source from the start. Why would anyone prefer the closed source alternative? (NXT promised the sources for January, they now say April; it will probably never be fully open source. This is too bad for serious money)

LOL no,  now it's April at the earliest

gang of amateurs, they'll soon have horde of angry Chinese people looking for their money 

[FrictionlessCoin]

I'm interested!  

NEX open source from the start. Why would anyone prefer the closed source alternative? (NXT promised the sources for January, they now say April; it will probably never be fully open source. This is too bad for serious money)

Haven't you heard?  Nxt is a proprietary closed source coin disguising itself as 'open source'.

We've already decompiled it and have a running version of it.   One reason it is closed source is because the code is plain horrible.

In fact, the entire experience is horrible.  People can't get their clients to sync,  people lose wallets all the time and it is so common for the files to become corrupted.  I'm not making this up,  just head over to the Nxt threads.

Anyway, that's why the 1:50 Nxt to NEX exchange is reality plain and simple charity.  Same kind of charity we are giving the VisaCoin victims.  Nxt coin holders are actually victims not investors.

[wizzardTim]

PROPOSAL:

Implementation of the following PROOF OF BURN:  https://bitcointalk.org/index.php?topic=422309.0;topicseen  FOR NEX

Level 1 (LV1) coins are the name of the currency that will be distributed via the pre launch fundraiser. These are the coins that will be on exchanges and can be bought and sold. These coins will generate 1 additional LV1 coin per week for every 1,000 LV1 coins that you own (updates fractionally on the blockchain every 15 seconds and are rounded up to the nearest millionth). This means that in one year of holding 1,000 LV1 coins, you will receive roughly 50 LV1 coins, or 5% per annum. Doesn't seem like much? Keep reading.

Level 2 (LV2) coins can only be obtained by burning Level 1 coins. For every 1,000 LV1 coins that are burned you will receive one LV2 coin. These coins can not be exchanged, sold, or discarded by any means and will be attached to the wallet indefinitely. Each LV2 coin will generate five LV1 coins per week. In one year of holding one single LV2 coin, you will receive roughly 250 LV1 coins. This equates to an increase of 25% per annum. Much better isn't it?

In summary,  this looks like an excellent idea.   Pre-launch NEX coins will be LV1 coins and new coins will be LV2 coins.  

This proof of burn functionality is superior to the 'forging' feature of Nxt.

The LV1 coins will be called "NEX Foundation Coins"

The LV2 coins will be called "NEX Proof of Stake Coins"

Note: Only NEX Foundation Coins are exchangeable as described by the proposal.

We will refine this over time.

Very interesting proposal. Do we get our bonus LV1 coins only when we're forging, or does the network give us them even when we're not forging? Or is there no forging going on at all?

The best way to think about this is to make the analogy between banks and enterprises.

Actually,  I should rename the LV1 and LV2 coin,    "NEX Bank Coin" and "NEX Enterprise Coin" .

With the NEX Bank Coin you get 5% interest. You never lose your principal.

With NEX Enterprise Coin you consume NEX Bank Coin but in the process you stand to gain 25% of what you gain.

It is actually a quite excellent and simple system.

Finally some innovation!! That's the spirit if we're gonna surpass NXT.