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Author Topic: | Nxt | Blockchain Platform | Proof of Stake | Official  (Read 938127 times)
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Cassius
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May 07, 2014, 12:12:41 PM
 #841

Can someone give me a quick rundown of what that first transaction achieves? Why is your account more secure afterwards?
This has relevance for cold storage, since it's not possible to send NXT into a verified account that has been created solely offline. Although you can create the address easily enough and send funds to it, what's the trade-off with connecting it to the web for that one transaction and the security it brings?


I can't explain from the level of the code (I don't think that is what you want anyway  Grin ) but...

An account without an outgoing transaction has 64 bit encryption. When you send an outgoing transaction, the account number (public key) is registered on the Nxt Blockchain. This then provides the account with 265 bit encryption.

As I understand it, it is possible that 64 bit could be bruteforced within 2-3 years. 256 bit makes it practically impossible to bruteforce.

Thanks! Actually I was hoping for a little more detail Smiley
The address is something like sha256(curve25519(sha256(key))). It is presumably as easy or hard to bruteforce this regardless of whether an account has been verified. If you know the key, you have access to the account.
You must be talking about an intermediate step - a way of sending funds from an account without using its private key?
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Daedelus
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May 07, 2014, 12:17:50 PM
 #842

Can someone give me a quick rundown of what that first transaction achieves? Why is your account more secure afterwards?
This has relevance for cold storage, since it's not possible to send NXT into a verified account that has been created solely offline. Although you can create the address easily enough and send funds to it, what's the trade-off with connecting it to the web for that one transaction and the security it brings?


I can't explain from the level of the code (I don't think that is what you want anyway  Grin ) but...

An account without an outgoing transaction has 64 bit encryption. When you send an outgoing transaction, the account number (public key) is registered on the Nxt Blockchain. This then provides the account with 265 bit encryption.

As I understand it, it is possible that 64 bit could be bruteforced within 2-3 years. 256 bit makes it practically impossible to bruteforce.

Thanks! Actually I was hoping for a little more detail Smiley
The address is something like sha256(curve25519(sha256(key))). It is presumably as easy or hard to bruteforce this regardless of whether an account has been verified. If you know the key, you have access to the account.
You must be talking about an intermediate step - a way of sending funds from an account without using its private key?

You need someone better than me to go into detail  Grin

All I know is bruteforcing a 64bit key (1.8^19 possible combinations) is much easier than bruteforcing a 265bit key (1.15^77 possible combinations). How it is actually converted between the two...? Grin

If you are on Nxtforum, the best place to post for the detail would be https://nxtforum.org/general/ and it will get picked up by the devs.
DogWhisperer
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May 07, 2014, 01:05:17 PM
 #843

Thanks!  Also I understand forging helps make the network stronger.  But can people with small amounts of nxt like <50000 be able to get something from it? 
ChuckOne
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May 07, 2014, 01:25:25 PM
 #844

Thanks!  Also I understand forging helps make the network stronger.  But can people with small amounts of nxt like <50000 be able to get something from it? 

Having this kind of pool of course. Especially because he does not want to have piece of the cake.
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May 07, 2014, 02:49:56 PM
 #845

The NXT Community & Development Update has been cancelled for today due to my work schedule.  Bas & David are unable to host the update due to their work schedules as well.

We will continue the update next week.

You can catch previous updates here:

http://nxtfoundation.com/updates/

Sorry for the inconveniences folks.

Tai Zen

Founder of www.PrisonOrFreedom.com | BTC: 19HHZ1yEimKUYVFM9TkXqd9xwM54jSFrmc | LTC:  LTA99422wieqR1MfWeNxZU5xAsESE9MzW7 | NXT:  17225446755425423638
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May 07, 2014, 03:07:37 PM
 #846

Thanks for the heads up Tai Zen. Looking forward to the next update  Smiley
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May 07, 2014, 03:09:51 PM
 #847

Seeking Silver Sourcers/Retailers. Profit Potential

https://nxtforum.org/silver-bullion-gateway/seeking-silver-sourcersretailers-profit-potential/

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
theironman
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May 07, 2014, 03:29:48 PM
 #848

The NXT Community & Development Update has been cancelled for today due to my work schedule.  Bas & David are unable to host the update due to their work schedules as well.

We will continue the update next week.

You can catch previous updates here:

http://nxtfoundation.com/updates/

Sorry for the inconveniences folks.

Tai Zen

Thanks for all the valuable information what you guys are putting together.
Next week is going to be awesome week for NXT.

I am already holding on to my hat!!
msin
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May 07, 2014, 03:36:00 PM
 #849

Hey Guys, please show your support for Nxt on BTC38

https://www.facebook.com/btc38

https://twitter.com/btc38com
vipgelsi
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May 07, 2014, 03:38:50 PM
 #850

Hey Guys, please show your support for Nxt on BTC38

https://www.facebook.com/btc38

https://twitter.com/btc38com

Thanks just did.
alex0909
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May 07, 2014, 04:17:39 PM
 #851

Hey Guys, please show your support for Nxt on BTC38

https://www.facebook.com/btc38

https://twitter.com/btc38com

Does not seem to be an official fb page ! Careful
msin
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May 07, 2014, 04:54:05 PM
 #852

Hey Guys, please show your support for Nxt on BTC38

https://www.facebook.com/btc38

https://twitter.com/btc38com

Does not seem to be an official fb page ! Careful

Instead of making false statements, try posting a link to support your claim. 
farl4web
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May 07, 2014, 05:52:07 PM
 #853

Hey Guys, please show your support for Nxt on BTC38

https://www.facebook.com/btc38

https://twitter.com/btc38com

Does not seem to be an official fb page ! Careful
How can you see that?

Follow the latest blockchain news: https://twitter.com/blockchainguide
CurbsideProphet
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May 07, 2014, 07:36:08 PM
 #854

Thanks!  Also I understand forging helps make the network stronger.  But can people with small amounts of nxt like <50000 be able to get something from it? 


If by get something you mean Nxt, then no.  Your chances of forging a block are a fraction of a percent and even if you hit the jackpot, it's likely you'll forge a block with nothing in it. 

Maybe if the guy with a lot of Nxt starts (or joins) a pool and doesn't take a share you'll get something out of it but that would really be the only way.

1ProphetnvP8ju2SxxRvVvyzCtTXDgLPJV
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May 07, 2014, 08:20:24 PM
 #855

AE is going to come!!

TheSmurfsCoin:Tv9ededswsFxb7HpqiKBx7JorKpqwwu1ZG
GameLeagueCoin:GWW4B3z6PAYLPxTMMs1oH4emouaDB2dfYb
xibeilang
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May 07, 2014, 10:58:16 PM
 #856

Very nice

Bitnet . VpcQtgHfkNBuFpDArTfnyDMktPxhedo4Xy
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May 08, 2014, 01:41:26 AM
 #857

Update on the NXTCrypto.org leasing pool.  See https://nxtforum.org/index.php?topic=1020.0 for more info...


I will probably migrating everything to a new virtual web host called pool.nxtcrypto.org but for now its all on vps3.nxtcrypto.org

I have 2 pages ready now.  Note the data is hyperlinked to the block explorer.

http://vps3.nxtcrypto.org/status.php which gives most latest block and leasor balances as of that block.  There are a few leases that are about to mature and begin participating in maybe 3 or 4 hours.  There is just 1 account there now, the pool forging account, so in the next few hours this list will begin populating

http://vps3.nxtcrypto.org/earnings.php will give a table of all leasors' earnings based by forged block.  So this is where 100% transparency comes into play.  Its empty now due to the pool not having forged any blocks but hopefully that will change soon!  Its just a flat table now but soon I will add a form for you to select a block or a leasor to just view those particular facts.

Both of those pages are available on vps2.nxtcrypto.org as well, so you can see better how things will work.  It is on my private testnet, but keep in mind that the accounts/blocks reported on the testnet wont give valid data on the block explorer.
JustBetweenUs
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May 08, 2014, 01:47:04 AM
 #858

get in now or miss the boat

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dzarmush
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May 08, 2014, 03:04:12 AM
 #859

Hey Guys, please show your support for Nxt on BTC38

https://www.facebook.com/btc38

https://twitter.com/btc38com

Does not seem to be an official fb page ! Careful
How can you see that?

15 likes, 2 posts, does it look like official page to you?  Smiley

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May 08, 2014, 03:05:11 AM
 #860

Does it seem ok to everyone here for me to advertise my project once per day?

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
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