Closed Thread

[patmast3r]

I know it won't get into the block. I'm not saying a double spend is possible. I'm saying one can't trust a tx unless it's in a block because there might be a double-spend somewhere floating around the network. That's how almost all cryptos operate. What I don't see is how it enables instant transactions.

Instant transaction is to collect quick confirmation of correct nodes. To speak properly instant confirmation. If there are at least 3 confirmed (in the future we will raise up to 6 confirmation), it generates a block node

I'll try to explain my worries one more time in more detail and without evil nodes.

1 have 10 k NODES.

I send all my nodes in tx TX1 to recepient R1 and again in TX2 to R2.

To nodes that only know of TX1 it will look legit and they will confirm it. Same is true for TX2

So if TX1 gets 3 confirmations by nodes a,b,c and TX2 get's confirmations by nodes d,e,f you'll have two competing blocks which means I can't consider a transaction confirmed until it's in a block which means there is no such thing as INSTANT transactions.

3 confirmations to a block also seems awfully low since in a big network with say 1000 nodes it won't be a problem at all to spread even 3 tx to different parts of the network and get those 3 confirmations from legit nodes since they don't know about the 2 other tx.

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[TheRealSilk]

I'll try to explain my worries one more time in more detail and without evil nodes.

1 have 10 k NODES.

I send all my nodes in tx TX1 to recepient R1 and again in TX2 to R2.

To nodes that only know of TX1 it will look legit and they will confirm it. Same is true for TX2

So if TX1 gets 3 confirmations by nodes a,b,c and TX2 get's confirmations by nodes d,e,f you'll have two competing blocks which means I can't consider a transaction confirmed until it's in a block which means there is no such thing as INSTANT transactions.

3 confirmations to a block also seems awfully low since in a big network with say 1000 nodes it won't be a problem at all to spread even 3 tx to different parts of the network and get those 3 confirmations from legit nodes since they don't know about the 2 other tx.

Technology Node.js withstand more than 100,000 connections per second.

You can not do this operation. The transaction is sent to the network on startup peers and secondary peers, the network is synchronized continuously. All transactions are collected confirmation hanging in the minds of all clients simultaneously.

  You do not get to send the transaction to only one part of the network, and the second transaction to another part of the network.

Let's say you have sent 2 transaction for the full amount, and so the first transaction will receive a confirmation, the second did not receive a confirmation and it will be removed from the system.

[patmast3r]

I'll try to explain my worries one more time in more detail and without evil nodes.

1 have 10 k NODES.

I send all my nodes in tx TX1 to recepient R1 and again in TX2 to R2.

To nodes that only know of TX1 it will look legit and they will confirm it. Same is true for TX2

So if TX1 gets 3 confirmations by nodes a,b,c and TX2 get's confirmations by nodes d,e,f you'll have two competing blocks which means I can't consider a transaction confirmed until it's in a block which means there is no such thing as INSTANT transactions.

3 confirmations to a block also seems awfully low since in a big network with say 1000 nodes it won't be a problem at all to spread even 3 tx to different parts of the network and get those 3 confirmations from legit nodes since they don't know about the 2 other tx.

Technology Node.js withstand more than 100,000 connections per second.

You can not do this operation. The transaction is sent to the network on startup peers and secondary peers, the network is synchronized continuously. All transactions are collected confirmation hanging in the minds of all clients simultaneously.

  You do not get to send the transaction to only one part of the network, and the second transaction to another part of the network.

Let's say you have sent 2 transaction for the full amount, and so the first transaction will receive a confirmation, the second did not receive a confirmation and it will be removed from the system.

Now we're getting somewhere

So what you're saying is because node.js is used if a node makes a tx all other nodes know about it immediately and therefore it's not possible that one node knows about a tx that another doesn't know about ?

[TheRealSilk]

Now we're getting somewhere

So what you're saying is because node.js is used if a node makes a tx all other nodes know about it immediately and therefore it's not possible that one node knows about a tx that another doesn't know about ?

Yes, the transaction is simultaneously sent to all peers immediately even if You have 10000 peers. When a transaction arrives at the client NODE , it synchronizes with the main peers and checks the synchronization, so on a circle.

[patmast3r]

Now we're getting somewhere

So what you're saying is because node.js is used if a node makes a tx all other nodes know about it immediately and therefore it's not possible that one node knows about a tx that another doesn't know about ?

Yes, the transaction is simultaneously sent to all peers immediately even if You have 10000 peers. When a transaction arrives at the client NODE , it synchronizes with the main peers and checks the synchronization, so on a circle.

That assumption explains everything. Should have been in the whitepaper
That'll put quite some network load on eatch node though once the network grows.

[bitdraw]

Now we're getting somewhere

So what you're saying is because node.js is used if a node makes a tx all other nodes know about it immediately and therefore it's not possible that one node knows about a tx that another doesn't know about ?

Yes, the transaction is simultaneously sent to all peers immediately even if You have 10000 peers. When a transaction arrives at the client NODE , it synchronizes with the main peers and checks the synchronization, so on a circle.

thanks for clarification!

[mrvegad]

A big thank you to Pat and Silk for sticking with this and clearing up some questions. I agree with Pat about having that info in the whitepaper.

[s11made]

Now we're getting somewhere

So what you're saying is because node.js is used if a node makes a tx all other nodes know about it immediately and therefore it's not possible that one node knows about a tx that another doesn't know about ?

Yes, the transaction is simultaneously sent to all peers immediately even if You have 10000 peers. When a transaction arrives at the client NODE , it synchronizes with the main peers and checks the synchronization, so on a circle.

This is good stuff!
I didn't know that tx are sent to all peers simultaniously,either.
I thought Silk couldn't grasp what patmast3r was trying to ask... But now I see that for Silk, the concept behind node.js was so obvious that he didn't see how we couldn't get what he said.
It now makes sense to me.
Good job @TheRealSilk - keep it up!

[Djinou94]

Nodecoin - is a second generation cryptocurrency made from scratch on node.js. It was created from scratch to contain many improvements and additional features over a first generation crypto currency such as Bitcoin.
 
Unlike other cryptocurrencies, Node doesn't strive to replace Bitcoin, but in contrary encourages its adoption and spreading. We believe that Bitcoin is the pylon that holds everything in place, the infrastructure and economy of the crypto-world was created around bitcoin, and our goal is to maintain that spirit. One of the objectives we've set in order to fulfill that goal is to integrate BTC with Node. The initiative is remarkable, so we took it to another level and added USD and EUR to the Integration List, making a total of 4 assets within one Wallet. In order to understand the working principle we'll examine the crypto aspect of Node.
 
Node cryptocurrency?
 
What makes node different and unique, is the cutting edge technology that was used to program it: Node.js®
Node.js® is a platform built on Chrome's javascript runtime for easily building fast, scalable network applications. Node.js uses an event-driven, non-blocking I/O model that makes it lightweight and efficient, perfect for data-intensive real-time applications that run across distributed devices. For more intelligence visit Wiki.
 
Nodecoin uses Curve25519 , that is a state-of-the-art Diffie-Hellman function suitable for a wide variety of applications, as its encrypting algorithm and SHA256 as its cryptographic hash function.
New Forging system: Proof of Activity (PoA) implementation. Node relies on an new mechanism for a secured an equitable forging process. Learn More
Instant Transactions - Node's transactions stream has impressive response time, added security measures which lead to an untraditional block generation.
New Block generation concept - unlike other cryptos, Node's Blocks are created on demand. No empty blocks are created, as result the chain is light and fast loading.

First hybrid international electronic payment system that allows you to pay bills and shop online, send and receive remittances.

NodePay - includes crypto currency Node, Bitcoin and centralized currency USD - EUR
 
The system has a high degree of security, speed of transactions and a wide range of input methods-withdrawal. Also feature NodePay are some of the lowest fees (ranging from 0%), client (simple and intuitive interface), full automation of operations and qualified customer support.
 
What are the advantages NodePay?

Freedom of payments - This is an opportunity to send or receive any amount of money instantly, anywhere in the world, at any time. No bank holidays. No boundaries. Any imposed restrictions. Bitcoin allows users to fully control their kriptovalyuty and real money.

Very low commissions - platezhina currently produced either no commission either incredibly small commissions. Users can enable the commission in a transaction that would be given priority in processing, resulting in more rapid confirmation of network transactions. In addition, NodeBank exist, for that would help entrepreneurs in conducting transactions, translating into NodePay fiatnye currency and placing funds directly to accounts of entrepreneurs every day. Since these services are based on the platform Node, they may be provided with commissions much lower than using PayPal, or credit card network.

Less risk for entrepreneurs - Transactions NodePay safe, irreversible, and do not contain sensitive or personal information about the customer. This protects businesses from losses due to fraud or fraudulent return fees and no need to meet the standards PCI - Security Standards Payment Card Industry. Businesses can easily expand into new markets, where not available or credit card, or unacceptably high ratings fraud. This network gives lower commissions, large markets, and less administrative costs.

Security and control - users NodePay fully in control of their transaction; entrepreneurs can not without your knowledge or desire to withdraw money, as can happen with other payment methods. Payments can be made without reference to the personal information of the transaction. This gives strong protection against theft of personal information. NodePay users can also protect their money with the help of backup and encryption.

Transparent and neutral - All information regarding most of the money supply NodePay always available for all units in the chain, in order to check and use in real time. No one person or organization can not control or manipulate protocol Node, because it is cryptographically secure. Allowing trust central Node, for its neutrality, transparency and predictability.

U can also check the whitepaper https://docs.google.com/document/d/1zDlGZn7sICIA8bUPhe6jPPzGOxA4YgTgi6J4XilFpgs/edit?pli=1

Hybrid payment hmm 

[hypersire]

A big thank you to Pat and Silk for sticking with this and clearing up some questions. I agree with Pat about having that info in the whitepaper.

Yes, those were some good questions. It cleared up a lot of things for me as well. I see now why you can say that Node's transactions are instant as they go out onto the network and are verified immediately. If you tried to do a double spend, one of the transactions would be dropped before it ever receives a confirmation.

Did I read correctly that currently 3 confirmations are required before the transaction is added to a block and later this will be changed to 6?

[TheRealSilk]

A big thank you to Pat and Silk for sticking with this and clearing up some questions. I agree with Pat about having that info in the whitepaper.

Yes, those were some good questions. It cleared up a lot of things for me as well. I see now why you can say that Node's transactions are instant as they go out onto the network and are verified immediately. If you tried to do a double spend, one of the transactions would be dropped before it ever receives a confirmation.

Did I read correctly that currently 3 confirmations are required before the transaction is added to a block and later this will be changed to 6?

Yes, we are still set up the POA, there will be several times vary. At the end when we finish will leave 6 confirmation before entering the block

[patmast3r]

I'm not entirely convinced a fully connected network of that size will work (latency, varying hardware...) but it's most defintely a very interesting approach.

Looking forward to see how this works out when it's finished !

[starik69]

I'm not entirely convinced a fully connected network of that size will work (latency, varying hardware...)

Of course it will not work, pity devs do not see it 

[TaunSew]

I'm not entirely convinced a fully connected network of that size will work (latency, varying hardware...)

Of course it will not work, pity devs do not see it 

NODE deadeds?   

[GreenDude]

I'm not entirely convinced a fully connected network of that size will work (latency, varying hardware...)

Of course it will not work, pity devs do not see it 

NODE deadeds?   

Absolutely deaded! sell your nodes

[TaunSew]

I'm not entirely convinced a fully connected network of that size will work (latency, varying hardware...)

Of course it will not work, pity devs do not see it 

NODE deadeds?   

Absolutely deaded! sell your nodes

But what if it rebounds?   

I'm riding this down to zero!

[GreenDude]

I'm not entirely convinced a fully connected network of that size will work (latency, varying hardware...)

Of course it will not work, pity devs do not see it 

NODE deadeds?   

Absolutely deaded! sell your nodes

But what if it rebounds?   

I'm riding this down to zero!

Not going any lower than this. So be smart and sell your nodes now.

[BlackMarket]

I'm not entirely convinced a fully connected network of that size will work (latency, varying hardware...)

Of course it will not work, pity devs do not see it 

NODE deadeds?   

Absolutely deaded! sell your nodes

But what if it rebounds?   

I'm riding this down to zero!

Not going any lower than this. So be smart and sell your nodes now.

yes, sell now.
but don't regret it 

[BlackMarket]

This is SMART way to add more exchange 
https://bitcointalk.org/index.php?topic=731365.0

[cryptillian]

hey guys did you contact coinmarketcap already? it still says 600,000,000 instead of 100,000,000 total coins.