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Author Topic: NEM Official Non-Moderated Thread [Updates & Discussion]  (Read 75174 times)
EFFV
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June 13, 2014, 12:07:42 AM
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Continue here: Nem Official Thread

    NEW ECONOMY MOVEMENT
    "A New Economy Starts With You."

    PROOF OF IMPORTANCE | ASSET EXCHANGE | ENCRYPTED MESSAGING | ONE-CLICK INSTALL CLIENT




    "A Community-Oriented 2nd-Generation Cryptocurrency, With Philosophies of Financial Freedom, Decentralization, and Equality of Opportunity."

    Buy Silver and Gold Physical NEM! www.altnemo.com




    Updates and Discussion

    Updates

    Useful Links



    Prominent Nemsters

    NEM Core Developers:
    • Jaguar0625 (core developer, NIS, NCC)
    • Gimre (core developer, NIS, NCC)
    • Makoto (core developer, NIS, POI)
    • Thies (core developer, NIS, NCC)
    • BloodyRookie (core developer, NIS, POI)

    NEM Organizers, Marketers, and Helpers:

    • patmast3r
    • Krysto
    • Kodtycoon
    • Tranloi
    • Xtester
    • Taumuon
    • Erkki12
    • EFFV


    Quick Overview and Highlights

    NEM will include the following features:
    • All 4,000,000,000 NEM would be distributed with the genesis block. Nemsters who run the client and own NEM act as network nodes, verifying transactions and protecting the network following a hybrid of Proof of Stake/ Proof of Importance forging mechanism. The unique PoI algorithm will reward nodes which are most important to the network, not those with the largest amount of NEM. This encourages NEM's use as a currency and discourages hoarding. This type of distribution eliminates the myriad number of problems associated with first-generation PoW 'mining' coins; sky-rocketing energy costs, centralisation et al.
    • Support for 'colored coins' and a fully featured asset exchange, designed with advanced features such as automatic settlement and expiration dates. The developers are focussing on the usability of the asset exchange to make it the premium platform for fundraising, asset listing, token issuing et al.
    • Secure messages for contract storage and personal communication.

    The V1 blockchain will be complete when all the above features are implemented. More advanced features such as parallel blockchains and an Eigentrust ++ reputation system will be included in future blockchain updates.

    What is NEM and what do we stand for?

    The two main products under development are the NIS (NEM Infrastructure Server) and NCC (NEM Community Client). These, once fully developed, will be one of the most advanced decentralized blockchains in the world. The code is written from scratch in the Java and Javacript (NCC) languages and features new innovation in blockchain server technology such as the Proof of Importance (POI) algorithm, account rules and Eigentrust ++ listing. The NCC has a distinct, beautiful design which is completely new compared with first-generation PoW coin wallets. The NCC design supports multiple new functionalities in the NIS and puts security and user friendliness first.

    The NIS and NCC completion (with the above features implemented) will mark NEM the V1 blockchain (NEM will launch before this point though, probably during the beta phase of testing). However that is just the beginning of the NEM ecosystem technological road-map. We are prepared to go full speed ahead to build the NEM ecosystem as soon as the NIS and NCC go live. The NEM ecosystem team already includes dozens of people who strive to motivate NEM's developers and bring in new developers to help with building the NEM ecosystem. More importantly, we will attract new developers by offering them a coherent vision of the NEM technological roadmap that will show our commitment to build and develop the NEM decentralized system successfully in the long term. After the V1 blockchain has been released, the NEM core software will still be developed continuously with the aim to support the load of the growing NEM ecosystem as well as to update the network with new features over time.

    Our decentralized network needs to be nurtured and supported by its community. Indeed, we are already thankful for having an amazing community of about 3000 Nemsters. The NEM ecosystem will draw its security from the community nodes run by it's users. It is this we would ask of all Nemsters - run a node to keep the NEM ecosystem secure.

    NEM will be created with a maximum of 4 billion (4,000,000,000 or 4e9) units divisible to 6 figures after zero (smallest unit 0.000001 NEM). All coins will be distributed come launch of the genesis block (see 'NEM Distribution' below).

    A preliminary draft of the NEM development contract has already been released in which the above outlines are officially written and introduced into an agreement with all NEM stakeholders. Up until the final version of the NEM development contract, these outlines could be subject to modifications and you are also allowed to request a refund if you no longer wish to be a NEM contributor. It should be noted and clearly specified that the refund is only available to those who joined NEM during the call to participation period. Refund does not apply to any stake which is sold either on NXT AE or NEM public auction.

    If you are willing and eager to join the NEM ecosystem, please consider buying a NEM stake either on the NXT AE (be sure to read these guidelines before proceeding to buying a NEMstake on NXT AE.) or during the public auction that we will announce shortly. This will entitle you to be a regular stakeholder with a share of 1 million NEM upon NEM's official launch. We further invite you to contribute to NEM's promotion and the NEM ecosystem building effort to enjoy NEM development shares reserved for these activities. Most of all, we hope you we be a long term supporter of NEM, supporting us in building network security and spreading the word about our efforts to transform the world's current monetary system; the state centralized and corrupted banks.

    Together we will build a new economy based on the principles of financial freedom, decentralization and Solidarity.

    Thank you.

     - The NEM Development Team  

    The NEM Development Contract

    The preliminary NEM Development Contract can be found here.

    The NEM Development Contract is an informal contract which all stakeholders are asked to agree to and respect. If you do not agree, you can request a refund in the appropriate thread (linked above).

    NEM Distribution

    The 4,000,000,000 NEM coins are distributed as follows:



    'Development Funding Up To V.1 Completion' is used for:
    • Core development - 400 stakes
    • Promotion/ Marketing - 100 stakes
    • Ecosystem - 100 stakes

    'Development Funding After V.1 Completion' is used for:
    • Funding developers for large projects and updates post-release, including: private transaction mode, encrypted social messaging system, multi-signature implementation, establishing NEM using zones (street, shopping square, commune et al) and other important ecosystem projects.

    A NOTE ON THE POST-RELEASE DEVELOPMENT FUND:
    • It will be released gradually over time: maximum average of 10% every 2 months. This means the full amount will be paid off in close to 20 months (probably longer); a testament to the dedication of the developers to their long-term plans for NEM's future.

    Some clarifications regarding fundraising:
    • 'Development fund' - initial fund raising (from the call for participation) + pre-launch public auction
    • 'Initial fund raising' (from the call for participation) - 66.2 btc + 419,697 nxt (minus some refunds)
    • 'External expenses' - independent code audit,  bug tracker bounties, contractor salaries et al.
    • 'Development bonus' = 'Development fund' subtract 'External Expenses'
    • Development bonus is allocated proportionally to development shares up to V1 blockchain completion

    Note: The development fund, development reserve (post-release funding), and development shares do not belong to the community. They are under the control of the NEM development team and will be used to best advance the NEM ecosystem.

    NEM Timeline/Roadmap
        


    Fundraising History and Stakeholder Statistics

    History of Stake Allocation:
    • The goal of the NEM call for participation was to build a large, willing community that can support the NEM's ecosystem from the start. The rule of registration is one share per account, however stakeholder's can reserve a share for their loved one from a different account.
    • Taint analysis was then used during a one month period of public auditing to find accounts that were abusing the system. Taint analysis was a surprise factor; it was never mentioned during the fundraising. Close to 300 accounts were refunded.
    • A waiting list was opened to fill the 300 stakes made available from the removal of sockpuppets. From this waiting list, 145 people were selected to join NEM. The remaining 155 stakes will be auctioned at a later date.

    Stakeholder population statistics:

    Group 1: veteran account; at least a 'junior' member; high activity; account opened before the fundraising - 1205 stakeholders   
    Group 2: account opened after January 16 (start of fundraising); recent activity of ~ 15 posts; show NEM support - about 645 stakeholders   
    Group 3: account with ~ 10 posts; some junk posts - about 995 stakeholders

    These stakeholder statistics are displayed graphically below:


    Stake Auction Details

    155 NEM stakes will be put on a public auction. These are the stakes which belonged to sockpuppets.

    The auction will happen using the Bitcoin blockchain and follow the multi-auction format. Instructions below:

    1. On the auction day, a Bitcoin escrow address will be revealed at a designated time.
    2. Each transaction to the escrow address will be considered a bid. Two transactions from the same address to the escrow address will be considered two separate bids.
    3. The auction will last at least 24 hours (but less than 36 hours).
    4. Bidders could monitor the bidding process in real time via blockchain.info.
    5. When the auction ends, X highest bidders (X biggest transactions) will win X stakes.
    6. We will refund all non-winning bids minus the transaction fee and a service fee. All winning bids will receive back the difference between the winning bid price and the lowest winning bid price minus the transaction fee and a service fee. A service fee is for the escrow service (for tallying and refunding the bids).
    7. Example: there are 3 bids: 1 btc, 1.2 btc and 2 btc and all are winning bids. Since 1 btc is the lowest winning bid price then bidders of 1.2 btc and 2 btc will win a stake and get a refund of 0.2 and 1 btc respectively.
    8. There is a limit of two bids for each sending address and taint analysis will be used on the escrow address to make sure no address wins more than 2 stakes.
    9. The sending address of the winning bid will be the identifier of the owner of the won stake.
    Therefore the winning bid sender should later provide a NEM address to receive the share via a signed messages from the sending address. Signed message could be done via popular bitcoin wallets such as multibit, bitcoin-qt or blockchain.info.
    10. Bidding recommendation: bidders should consider placing only 1 bid if they want to buy 1 stake and placing the highest bid that they are willing to buy. Since the buying price for all stakes will be equal to the minimum winning bid, there is no risk of over-paying for a stake.

    Note: The date for the auction is not set yet and will be announced later on in the discussion thread.

    Other NEM-Related Information

    NEM development fund addresses:
    • NXT: 14343293611098709683
    • BTC: 1Lk5Paws9T1YpoSeLeZT7ZeSQKW7UNq4TJ


    References/Notes/Clarifications

    Thread OP largely written and designed by TauMuon.

    Huge thanks to Xtester and his NEM summary thread. A lot of the info and links here are from that!

    Note the logo used above is temporary and not necessarily final.


    Important Links





    "A leader is best when people barely know he exists, when his work is done, his aim fulfilled, they will say: we did it ourselves."

    -Lao Tzu


    Be your our own leader. Make NEM the community it can be.

    Thanks,
    EFFV

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    "A leader is best when people barely know he exists, when his work is done, his aim fulfilled, they will say: we did it ourselves."  -Lao Tzu
    My Trust Thread: https://bitcointalk.org/index.php?topic=474589.new#new
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    makoto1337
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    June 13, 2014, 12:18:20 AM
     #2

    I think Jaguar will come out and make some statement, but all of us devs talked and we are definitely going to continue. I hope that all stakeholders will carry on and support us and our hard work. When NEM launches it will be the most innovative and advanced coin on the market.

    NeverEnoughMakoto XEM: NDMAKOTODH4OXMQCAGZWWPVLRUVOCLXXKOSKFUJA/
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    June 13, 2014, 12:20:52 AM
     #3

    I think Jaguar will come out and make some statement, but all of us devs talked and we are definitely going to continue. I hope that all stakeholders will carry on and support us and our hard work. When NEM launches it will be the most innovative and advanced coin on the market.

    Thanks for the update.

    "A leader is best when people barely know he exists, when his work is done, his aim fulfilled, they will say: we did it ourselves."  -Lao Tzu
    My Trust Thread: https://bitcointalk.org/index.php?topic=474589.new#new
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    June 13, 2014, 12:27:12 AM
     #4

    I'll be happy to answer any questions anyone else has relating to NEM. I think Jaguar or Gimre will come and start a new official thread and we will regroup in a day or two.

    NeverEnoughMakoto XEM: NDMAKOTODH4OXMQCAGZWWPVLRUVOCLXXKOSKFUJA/
    EFFV
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    June 13, 2014, 12:30:12 AM
     #5

    I'll be happy to answer any questions anyone else has relating to NEM. I think Jaguar or Gimre will come and start a new official thread and we will regroup in a day or two.

    Great!

    "A leader is best when people barely know he exists, when his work is done, his aim fulfilled, they will say: we did it ourselves."  -Lao Tzu
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    June 13, 2014, 12:37:48 AM
     #6

    Everything else doesn't make sense.
    Everyone who is requesting a refund is double stupid.
    First he doesn't understand peer to peer and that one person doesn't destroy anything like peer to peer, because everything is backuped multiple times. Second is, that one nem stake is already worth multiple times the amount, he was spending.

    You guys are great. Carry on and bring us a new step further to a brighter future.
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    June 13, 2014, 12:40:38 AM
     #7

    I'll be happy to answer any questions anyone else has relating to NEM. I think Jaguar or Gimre will come and start a new official thread and we will regroup in a day or two.

    I've got two questions..

    1. Who or how was Utopian's mistakes found out?
    2. What if he dumps all his stakes in the AE?

    Not trying to be negative, but just trying to get some answers from the team. Hopefully all the hard work by the team the past few months don't go in vain. Good luck guys.
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    June 13, 2014, 12:42:40 AM
     #8

    I'll be happy to answer any questions anyone else has relating to NEM. I think Jaguar or Gimre will come and start a new official thread and we will regroup in a day or two.

    I've got two questions..

    1. Who or how was Utopian's mistakes found out?
    2. What if he dumps all his stakes in the AE?

    Not trying to be negative, but just trying to get some answers from the team. Hopefully all the hard work by the team the past few months don't go in vain. Good luck guys.

    kidding me? he has only 2 or maximum 3 stakes. that wont change anything.
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    June 13, 2014, 12:43:57 AM
     #9

    There are still over 1200 veteran accounts that were originally a part of NEM: https://bitcointalk.org/index.php?topic=640772.0

    I think this is still one of the best-distributed coins ever.

    NeverEnoughMakoto XEM: NDMAKOTODH4OXMQCAGZWWPVLRUVOCLXXKOSKFUJA/
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    June 13, 2014, 12:47:24 AM
     #10

    I wish he had kept his sockpuppets better hidden.


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    EFFV
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    June 13, 2014, 12:50:35 AM
     #11

    He only had one verified sock puppet. Most else is Fud.


    "A leader is best when people barely know he exists, when his work is done, his aim fulfilled, they will say: we did it ourselves."  -Lao Tzu
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    June 13, 2014, 12:51:57 AM
     #12

    Thread updated to include official statement from Utopian.

    "A leader is best when people barely know he exists, when his work is done, his aim fulfilled, they will say: we did it ourselves."  -Lao Tzu
    My Trust Thread: https://bitcointalk.org/index.php?topic=474589.new#new
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    June 13, 2014, 12:55:42 AM
     #13

    As far as I know, UP only had one sockpuppet that he intended to use, which is legal under the rules (you can have 1 other stake). The other ones he created just to promote the thread and he was planning to donate those to the devs for development and marketing.

    To be honest, I don't think it is a big deal, but maybe I am too jaded from all the scams on BTT  Grin

    But NEM is really up to YOU, the community. I really hope you will stand behind us devs, because we have been working hard without breaks for months on this.

    Let me tell you a little about myself. I am a PhD computer science student and I came up with the idea for POI based on research I have been doing since 2006. I was supposed to graduate at the end of this school year, but delayed my graduation by 1 year to work on NEM. The other devs are at least as committed as I am and I hope that the community will continue to be with us.

    Together, let's build a NEW ECONOMY based on the principles of: 1) financial freedom, 2) decentralization, and 3) equality of opportunity.

    In solidarity.

    NeverEnoughMakoto XEM: NDMAKOTODH4OXMQCAGZWWPVLRUVOCLXXKOSKFUJA/
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    June 13, 2014, 12:56:37 AM
     #14

    UtopianFuture did not scam anyone.  What he did was equivalent to buying fake likes on Facebook and Twitter.  All he did was create sockpuppet accounts, to pad popularity in the initial weeks of NEM, and he later took them off the stakeholder list.  This is a tactic done by practically every coin out there.  Satoshi likely had a dozen aliases in 2009 to promote Bitcoin.

    Think hard about it - UtopianFuture had nothing to do with the taint analysis (others were in charge and it was open to anyone willing to volunteer).  If UtopianFuture still had his sock puppets then he would had been busted hard, no way (under any fantasy scenario) could he had kept 100s of sockpuppets (let alone a dozen or five of them).

    UtopianFuture at best probably only had 2 to 5 sockpuppets total (later removed) but now he has zero and no developer stake anymore.  

    Exactly, the only hindrance NEM had that it did not yesterday is PR problems.

    "A leader is best when people barely know he exists, when his work is done, his aim fulfilled, they will say: we did it ourselves."  -Lao Tzu
    My Trust Thread: https://bitcointalk.org/index.php?topic=474589.new#new
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    June 13, 2014, 01:13:23 AM
     #15

    If anyone has questions they can ask NEM devs here or on #ournem freenode irc.

    -EFFV

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    June 13, 2014, 01:21:52 AM
     #16


    Good job guys.  Lets move past this.  Don't feed the trolls anymore as it is a closed case.  I hope this thread is modded so that troll removal can be enforced.


    Lets have a bigger, better, badder community than any other coin except BTC itself !  (And maybe one day we'll be bigger than BTC Wink
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    June 13, 2014, 01:25:07 AM
     #17


    Good job guys.  Lets move past this.  Don't feed the trolls anymore as it is a closed case.  I hope this thread is modded so that troll removal can be enforced.


    Lets have a bigger, better, badder community than any other coin except BTC itself !  (And maybe one day we'll be bigger than BTC Wink

    We have a great community, and great distribution! We will succeed!

    "A leader is best when people barely know he exists, when his work is done, his aim fulfilled, they will say: we did it ourselves."  -Lao Tzu
    My Trust Thread: https://bitcointalk.org/index.php?topic=474589.new#new
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    June 13, 2014, 01:31:04 AM
     #18


    Good job guys.  Lets move past this.  Don't feed the trolls anymore as it is a closed case.  I hope this thread is modded so that troll removal can be enforced.


    Lets have a bigger, better, badder community than any other coin except BTC itself !  (And maybe one day we'll be bigger than BTC Wink

    yeah the actions of one person don't represent NEM. anyone asking about utopia's actions at this point (after it being discussed pretty thoroughly in several threads) is trollin' because they didn't get on board with the IPO...i've still got stake in NEM and i'm holding, dev team is still on board and that's all that matters.  Grin
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    June 13, 2014, 01:49:07 AM
     #19

    I'm in charge of twitter now and will try to provide more technical details on dev.

    https://twitter.com/nemcoin

    Please follow! Also, what kind of information do you think people would want right now?

    NeverEnoughMakoto XEM: NDMAKOTODH4OXMQCAGZWWPVLRUVOCLXXKOSKFUJA/
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    June 13, 2014, 01:54:13 AM
     #20

    I'm in charge of twitter now and will try to provide more technical details on dev.

    https://twitter.com/nemcoin

    Please follow! Also, what kind of information do you think people would want right now?

    this thread would be a good starting place, it gives a short explanation of the drama and a link to utopian's statement. anyone who reads a couple of posts will get the jist of what happened (not really a big deal when it comes down to it) and they can decide weather they are still in or not. we should use this thread going forward, wouldn't make sense to use the one utopia posted.
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