Closed Thread

[LemonAndFries]

Just finished reading the white paper, much more than I expected. wow!

This is one of the many things that caught my attention the most:

Proof of Action Concept:

" Time
Each node’s active time will be recorded and calculated in seconds, since its last connection. This way a TimeHeight will be determined and used in the algorithm.

Spent Amount

Each extra coin spent will equivalate one unit of time, in this case 1 Node = 1 second. The Spent amount will be calculated within a day timeframe. Those extra units will be added to the timeheight to determine the actual Nodeheight = Timeheight + Units."

And also the easy FIAT gateway.

Good job!

[GreenDude]

I guess Nodecoin will have a value. And let's say you have 1000 euros you will be able to buy 2 node (because every node will be 500 euros) and then u go to store click and pay with you node's. Being that anonymous. Then after buying 75 porno movies valued 10 euros each you will have left 0.5 node.

[bitdraw]

Just finished reading the white paper, much more than I expected. wow!

This is one of the many things that caught my attention the most:

Proof of Action Concept:

" Time
Each node’s active time will be recorded and calculated in seconds, since its last connection. This way a TimeHeight will be determined and used in the algorithm.

Spent Amount

Each extra coin spent will equivalate one unit of time, in this case 1 Node = 1 second. The Spent amount will be calculated within a day timeframe. Those extra units will be added to the timeheight to determine the actual Nodeheight = Timeheight + Units."

And also the easy FIAT gateway.

Good job!

i have to read it in detail but from a quick look it is more than expected, although if i am honest, i didnt expect a lot

[Ged]

NODE is already accepted in OFFLINE in Ukraine - because at this moment we CAN NOT BUY EUR/USD in BANKS !
They DO NOT SELL IT !!! So every Ukrainian Citizen looking to sell HRYVNYA vs Bitcoin or other crypto.
NODE is our hope, because today it has only NODE gateway, tomorrow NODE/BTC, and in few months NODE/BTC/EUR/USD/HRYVNYA/CNY gateway.
As you can understand, NODE is new way to exchange international currency with no fee and no questions like 'WHERE YOU GET THEY MONEY??'

If you search well, you will discover 'NodeROAD' onion-site that exchanges NODE to some 'stable' currency, just like SilkRoad did =) ..

[Ged]

so what good is NODE if everyone will be using USD/EURO on the chain as it has the only real utility?

You will be able to pay for the USD / EUR in the store, and NodeBank will help get cash

Our client is easy to install for Online Store

Sorry do you mean you will be able to pay in store with NODE or be able to purchase USD/EURO with NODE?

He was trying to say, that you are able to buy with fiat trough NODE in online stores!

I understand that. But people will be using the FIAT on NODE network rather than NODEcoin .. So what utility has the coin?

Can you exchange NODEcoin for NODEusd/NODEeuro?

As i understand, for example(maybe wrong)
Bob send 100 USD to Alice through NODE network.
Inside the network, 100 USD converts to 1000 NODE, Alice gets 1000 NODE, and inside the Alice's wallet, 1000 NODE automaticly exchanges to 100 USD.
So there is no difference between NODE and BTC/USD/EUR/CNY/GBP/... It's just like a MARK or a TITLE for your money =)

[LemonAndFries]

Would this PoA protocol not be susceptible to a "51% attack"?  An attacker, with enough nodes running, could simply send large amounts of Node back and forth between accounts (perhaps hundreds of transactions per second), thereby boosting its "spent amount" and take over all forging.  Yes, they would pay fees every time, but those fees would start to end back in their own hands, and the fees would be a drop in the bucket if they could manipulate the blockchain and steal money.

What is being done to prevent such an attack?

From the whitepaper:

"After syncing with the network, a node will become active, and will be able to generate blocks thus receiving rewards. After connecting to the network, the time of that connection will be recorded and constantly compared with other active nodes. As soon as a transaction is made, the network will be scouting the most active node by NodeHeight(by the longest activity + Nodes sent in the last 24h). When that node is identified it will be selected to generate the block, it will: send the intention, sign the block, validate , and consolidate it in the chain. After the generation the node’s NodeHeight is reseted. Time and 24h sent coin amount is calculated again, till the next positive generation call.

This is a simple and efficient method to select eligible forgers. In order for it to work properly rules will be involved to eliminate the possibility of gaming the system, for example:
Singles (blocks with only 1 transaction) will not be forged by the sender."

[LemonAndFries]

so what good is NODE if everyone will be using USD/EURO on the chain as it has the only real utility?

You will be able to pay for the USD / EUR in the store, and NodeBank will help get cash

Our client is easy to install for Online Store

Sorry do you mean you will be able to pay in store with NODE or be able to purchase USD/EURO with NODE?

He was trying to say, that you are able to buy with fiat trough NODE in online stores!

I understand that. But people will be using the FIAT on NODE network rather than NODEcoin .. So what utility has the coin?

Can you exchange NODEcoin for NODEusd/NODEeuro?

As i understand, for example(maybe wrong)
Bob send 100 USD to Alice through NODE network.
Inside the network, 100 USD converts to 1000 NODE, Alice gets 1000 NODE, and inside the Alice's wallet, 1000 NODE automaticly exchanges to 100 USD.
So there is no difference between NODE and BTC/USD/EUR/CNY/GBP/... It's just like a MARK or a TITLE for your money =)

Best part about it is that they plan on allowing users to be able to use VISA, MasterCard, bank account, etc.

This will make introduction to crypto for the average user much more simpler.

[atleticofa]

Really great whitepaper. Good job dev, keep working to make it happen, we will support you

[Benito]

I'll be the first then, renting out minecraft servers for NODE. PM me and tell me what you need in terms of specs and I'll be glad to help. I'll give 25% off per extra server. Give me an offer and I'll try to help you out

[fragout]

Yes. Im very very impressed with the whitepaper. An easy read too with easy to understand explanations to complex ideas.
WP

[13Darko]

At this time forging is set to random! So just by being online, you are able to generate a block!

It will take us a couple of weeks to fully integrate the PoA algorithm in the client!

Check the functional part in the white paper!

The PoA forging algorithm is really interesting, kinda innovative. But I have several questions:

1. Will I have to send ANY amount of Nodes during 24h (as stated in a whitepaper) to forge something? Or is it just a feature adding some points to my Nodeheight?

2. Does the network track and record somehow the IP address of each node besides its Nodeheight? I think there might be a vulnerability:
What stops us from cheating the system by creating several wallets with different addresses on our machines, turning them on and wait until each of them forge something?
It can be easily done by creating several virtual machines each having their own wallet switched on...
So in this case the Nodeheight will be determined for each wallet separately. Am I right?

[megashira1]

so what good is NODE if everyone will be using USD/EURO on the chain as it has the only real utility?

You will be able to pay for the USD / EUR in the store, and NodeBank will help get cash

Our client is easy to install for Online Store

Sorry do you mean you will be able to pay in store with NODE or be able to purchase USD/EURO with NODE?

He was trying to say, that you are able to buy with fiat trough NODE in online stores!

I understand that. But people will be using the FIAT on NODE network rather than NODEcoin .. So what utility has the coin?

Can you exchange NODEcoin for NODEusd/NODEeuro?

As i understand, for example(maybe wrong)
Bob send 100 USD to Alice through NODE network.
Inside the network, 100 USD converts to 1000 NODE, Alice gets 1000 NODE, and inside the Alice's wallet, 1000 NODE automaticly exchanges to 100 USD.
So there is no difference between NODE and BTC/USD/EUR/CNY/GBP/... It's just like a MARK or a TITLE for your money =)

I believe you are wrong and there is a stark difference between the 2. 100NODEusd is backed by 100usd in NODEbank, whereas NODEcoin is subject to its own supply/demand rules. What is the demand of NODEcoin when you can use NODEusd NODEeuro for purchases/transfering?

[LemonAndFries]

Would this PoA protocol not be susceptible to a "51% attack"?  An attacker, with enough nodes running, could simply send large amounts of Node back and forth between accounts (perhaps hundreds of transactions per second), thereby boosting its "spent amount" and take over all forging.  Yes, they would pay fees every time, but those fees would start to end back in their own hands, and the fees would be a drop in the bucket if they could manipulate the blockchain and steal money.

What is being done to prevent such an attack?

From the whitepaper:

"After syncing with the network, a node will become active, and will be able to generate blocks thus receiving rewards. After connecting to the network, the time of that connection will be recorded and constantly compared with other active nodes. As soon as a transaction is made, the network will be scouting the most active node by NodeHeight(by the longest activity + Nodes sent in the last 24h). When that node is identified it will be selected to generate the block, it will: send the intention, sign the block, validate , and consolidate it in the chain. After the generation the node’s NodeHeight is reseted. Time and 24h sent coin amount is calculated again, till the next positive generation call.

This is a simple and efficient method to select eligible forgers. In order for it to work properly rules will be involved to eliminate the possibility of gaming the system, for example:
Singles (blocks with only 1 transaction) will not be forged by the sender."

I don't see how this answers my question.

I understood the general idea, it is a bit vague though.

Will wait for further details to be released.

[scepticoinist]

As soon as a transaction is made, the network will be scouting the most active node by NodeHeight(by the longest activity + Nodes sent in the last 24h).

How will the network come to consensus which node is actually most active?

[EFFV]

The whitepaper is awesome. Does node have any plans to include gold and Silver alongside USD and Euro integration?

[TheRealSilk]

As soon as a transaction is made, the network will be scouting the most active node by NodeHeight(by the longest activity + Nodes sent in the last 24h).

How will the network come to consensus which node is actually most active?

Your time of the first connection is transmitted over all network Node

[scepticoinist]

As soon as a transaction is made, the network will be scouting the most active node by NodeHeight(by the longest activity + Nodes sent in the last 24h).

How will the network come to consensus which node is actually most active?

Your time of the first connection is transmitted over all network Node

when time is transmitted (let's call it join announcement), what are the time limits WHEN is join announcement is accepted?
Or in other words, can I send join announcement that would be "in the past"?

If there are any limits, do you have NTP implemented?

[fedoralite]

Bitcoin integration is a good idea, I'm happy for Node

[megashira1]

node 0.8 works for me but not 0.9 .. why?

[GreenDude]

node 0.8 works for me but not 0.9 .. why?

Working for me.