| Nxt | Blockchain Platform | Proof of Stake | Official

[Cassius]

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  ) 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
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?

[1713996288]

1713996288

[Daedelus]

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   ) 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
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  

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...?

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]

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]

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.

[Tai Zen]

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

[oldnbold]

Thanks for the heads up Tai Zen. Looking forward to the next update 

[Anon136]

Seeking Silver Sourcers/Retailers. Profit Potential

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

[theironman]

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]

Hey Guys, please show your support for Nxt on BTC38

https://www.facebook.com/btc38

https://twitter.com/btc38com

[vipgelsi]

Hey Guys, please show your support for Nxt on BTC38

https://www.facebook.com/btc38

https://twitter.com/btc38com

Thanks just did.

[alex0909]

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]

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]

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?

[CurbsideProphet]

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.

[nakoo]

AE is going to come！！

[xibeilang]

Very nice

[opticalcarrier]

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]

get in now or miss the boat

[dzarmush]

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? 

[Anon136]

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