[NEM] NEM -New Economy Movement - No Envy Movement - Updates+Discussion thread

[makoto1337]

I don't know if we really need to do more to attract POWers. Many don't like any type of coin that is not 100% mined. On the other hand, we could always hold back a small percentage of the initial distribution as a reserve and distribute it somehow (e.g. to miners, via a faucet, via a lottery, or via more fundraising). I don't know any of these are good ideas. I'm just brainstorming and throwing out ideas. Personally, I think we have a pretty strong community already and probably don't need to make a huge effort attracting POWers.

What about saving some NEM to set up a "World Community Grid" team and distribute based on points?  Similar to the faucet that Ripple uses.  I think people can feel good that they are not just doing pointless calculation, they are helping society, it is also very ASIC resistant.  It also gives people a chance to get NEM without just paying for them, I think this can be easier for people new to crypto rather than buying coins.  And if the coin goes to zero they can still feel like they did something positive and didn't pay someone or get "scammed".

Could this be accomplished via the asset market if we modified it some? Like have a computational task and a reward amount associated with it for running it. Then if we have a sandboxed JVM to run it on a client (similar to how Ethereum might work someday maybe), anyone could have access to a cluster of computers to do calculations.

Is this what you meant?

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[WildCats]

4 Billion is less than 1 NEM per person in the world.  IF we want to make a currency that people can imagine being used all over the world there should be more than 4 Billion.

Thanks

Only about 10% of the worlds population has access to connected computers so the figure would be more accurately represented as approx 5.71428571 NEM per person!  

"Report Says 75 Percent Of World's Population Have Mobile Phones"

http://www.rferl.org/content/report-says-75-percent-of-worlds-population-have-mobile-phones/24648234.html

To give some perspective on what may be a useful amount for a global currency: there are about 100 Trillion (100,000,000,000,000) Japanese Yen in circulation.  And that is just one country's currency.

[coindealsiwant]

hi I am new to Crypto coins and find this very exciting. First i would like to say thank you to everyone who is working on this and I find it all quite exciting even though I have no idea half the time what people are talking about.  

I hope to be able to help in the future.

[gimre]

To give some perspective on what may be a useful amount for a global currency: there are about 100 Trillion (100,000,000,000,000) Japanese Yen in circulation.  And that is just one country's currency.

And there are over 10⁹ Japanese, that gives roughly, 10⁶ Yens per person.
That means nem would need no have 400,000 users. (Which is possible, but most probably not in 2014 )

[patmast3r]

Would POI not further encourage hoarding ?

If a node is more important if it has had more NEMs for a longer amount of time then everyone will try to keep their NEMs at one place right ?

The key part of the POI summary is this: "Forging power is a factor of a node’s weight and the NEM transfers that link it to other nodes". So, a node that actively engages in transactions will be more important that one that doesn't.

Also - Will Server nodes be more important then client notes simply by their nature ? I think they should be.
I'm may be missundestanding something about POI so please enlighten me

That is a good suggestion that would increase the incentives for running server nodes. We will take that under consideration.

Did I miss it or is there no Alias-System in there ?

We're not targeting that in V1. In place of it, we're allowing accounts to be given friendly names that might give newbies more confidence that they are sending money to the right place.

Is transparent forging going to be there ?

We haven't decided yet because this will depend on the forging algorithm that we choose.

Thank you for answering my questions and considering my comments. I totally missunderstood POI. I somehow missed the fact that transactions will give nodes a higher weight - All for it now . Actually I think this could really stirr up some attention.
One question that came to me regarding POI - Will my "links" be reset when I shutdown my node ? I think that'd be a shame.


Regarding the name for partial NEMs. Why not just stick with mNEM ? I think it's fun to say (reminds me of om-nom-nom).
Naka would give props to Satoshi and I get that but it's just totally different. 1 NEM and 1 Naka O_o...kind of irritating. Just my 2 cents.

[makoto1337]

POI weights will be updated every block and will not be lost when you shut down your client.

I kind of like having another unit. Like dollars and cents. NEMs and Nakas.

[kikeda]

Would POI not further encourage hoarding ?

If a node is more important if it has had more NEMs for a longer amount of time then everyone will try to keep their NEMs at one place right ?

The key part of the POI summary is this: "Forging power is a factor of a node’s weight and the NEM transfers that link it to other nodes". So, a node that actively engages in transactions will be more important that one that doesn't.

Also - Will Server nodes be more important then client notes simply by their nature ? I think they should be.
I'm may be missundestanding something about POI so please enlighten me

That is a good suggestion that would increase the incentives for running server nodes. We will take that under consideration.

Did I miss it or is there no Alias-System in there ?

We're not targeting that in V1. In place of it, we're allowing accounts to be given friendly names that might give newbies more confidence that they are sending money to the right place.

Is transparent forging going to be there ?

We haven't decided yet because this will depend on the forging algorithm that we choose.

Thank you for answering my questions and considering my comments. I totally missunderstood POI. I somehow missed the fact that transactions will give nodes a higher weight - All for it now . Actually I think this could really stirr up some attention.
One question that came to me regarding POI - Will my "links" be reset when I shutdown my node ? I think that'd be a shame.


Regarding the name for partial NEMs. Why not just stick with mNEM ? I think it's fun to say (reminds me of om-nom-nom).
Naka would give props to Satoshi and I get that but it's just totally different. 1 NEM and 1 Naka O_o...kind of irritating. Just my 2 cents.

mNEM sounds generic Im really excited about this project, hope I could out help out maybe do some social media campaigns to help spread the word.

[patmast3r]

mNEM sounds generic

rly ? It sure looks generic but have you said it out lout ?
I think it sounds pretty funny and noticeable

but hey...wouldn't be the first time that I'm totally alone with my opinion

[ashapasa]

MNem sounds like baby talk

[PhotoFinish]

I get the idea of paying tribute to Nakamoto, but to me, Naka or Nakamoto doesn't sound right when used in that context.

Not that I've come up with anything better yet, but if we're going to coin a term for smaller units of NEM, it should be a little "catchier".

That being said, I love the discussions in this thread! Keep it up, everyone!

[ashapasa]

How about Kmoto jusk like Renmenbi.

1000 Kmoto= 1 NEM
1000 Moto =  1 Kmoto

[upekha]

I think its pretty cool to have a different name for mNEM.
something new always catches attention.
And its so commom with usual currency, but as Im aware no crypto has adopted it yet.

So why not?
1 NEM = 1000 Naka!

And why not another name for 1000 NEM?
3 is always better.
3 somehow always stands for wholeness.

So why not?
1000 NEM = 1 ----

[hamiltino]

I'm putting up a forum in a couple hours using really high quality forum software, hopefully we can all mitigate there.

[Xpedite]

Thumbs up to the development team.    It's comforting to see some confirmation that this certainly can't be considered as an NXT clone. I am really excited and truly believe this can become huge!

[PhotoFinish]

Question - is there any feasible way to simplify a digital currency, in terms of the number of decimal places that it is calculated to?

One of the larger issues that I see regarding the possibility of mainstream adoption of any digital currency is the fact that it's too complex. I don't think the average person wants to keep track of their currency to so many decimal places. "I own 103.01933485 NEM" sounds very complicated. "I own 103.01 NEM" is much more palatable, I think.

Maybe I'm way off - just a newcomer's perspective though.

[TauMuon]

A couple of things I think would be good for NEM to have on release:

• A fully-functioning, user friendly client/wallet (intuitive and simple GUI).
• Introductory guides on how to get hold of NEM for newcomers, in as simple terms as possible.

I think the lack of these two things with NXT's release has hindered it somewhat.

Also, just for clarification: is it acceptable to say that NEM has completely new code, or is that an incorrect statement to make? Just thinking about advertising buzzwords here.

[iruu]

When a new snapshot is confirmed by the blockchain, a special no-fee snapshot transaction will be sent to a special account. New clients can validate the most recent snapshot by using hash attached to the last transaction sent to the special account.

How could that work? 
To verify a block (and transaction) in this PoS model, you need the know the effective balance of all accounts at that point in time, which requires full blockchain.
The only alternative in this model is centralization, with pre-defined trusted party with the ability to verify later snapshots by generation of these snapshot transactions. 
Is NEM going to be centralized?

[New_Crypto]

A newbie here. I just wanna how NEM is different than NXT.

Besides, both seem to be similar xcpt on the fair distribution.

[suky321]

How about Kmoto jusk like Renmenbi.

1000 Kmoto= 1 NEM
1000 Moto =  1 Kmoto

I think moto sounds better than naka.

[patmast3r]

When a new snapshot is confirmed by the blockchain, a special no-fee snapshot transaction will be sent to a special account. New clients can validate the most recent snapshot by using hash attached to the last transaction sent to the special account.

How could that work? 
To verify a block (and transaction) in this PoS model, you need the know the effective balance of all accounts at that point in time, which requires full blockchain.
The only alternative in this model is centralization, with pre-defined trusted party with the ability to verify later snapshots by generation of these snapshot transactions. 
Is NEM going to be centralized?

I could be wrong but I think that's what server nodes are for. If you look at the plan there are going to be server nodes and client nodes. Server nodes will afaik hold the full blockchain and could therefore be used to verify snapshots.
NEM sure as hell is not going to be centralized