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Author Topic: NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs  (Read 2912199 times)
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nemman
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April 04, 2018, 01:25:43 AM
 #36621

A Letter from Lon Wong

by Julian. April 3, 2018
Expanding the Ecosystem, Assuring Growth

"As we forge ahead in the fourth year of NEM, I want to share with you a few thoughts about our future and how important this project is to me. It has always been my desire to ensure that NEM succeeds. By any measure, NEM has succeeded although our journey together has witnessed many trials and tribulations. But one thing has remained constant and that is my commitment to building the best ecosystem for NEM. I have always given my all to NEM by working full time from its inception when XEM began its modest life at USD0.00017 per coin.

In the past year, we have seen tremendous growth in the value of XEM that coincided with the establishment and expansion of the NEM Foundation. I am proud to serve as our foundation?s founding president and oversee its expansion throughout the world. NEM, via our foundation, enjoys the distinction of being the first crypto project to set up its own blockchain center. This center represents a significant achievement and demonstrates the cohesiveness of the project team to come together on a global scale to dream big. To be entrusted the opportunity to lead this wonderful community and team, has been both a privilege and an honor for me.

Catapult has just launched, and soon its open source version for the private chain will be released. Preparation of the public chain will follow soon and I have high hopes that Catapult will be another major success, at which time, we should be recognized as a world leader. I continue to believe that it is critical for NEM to have a large ecosystem that goes beyond what blockchain can do with value transactions and transfers. Our superior technology should be expanded to the hilt to include and cover industries at large.

Very early on, before the launch of NEM, one of the things I thought we should do was to create some form of an integrated solution with a solid abstraction layer sitting on the NEM public chain and a distributed file management system. However, there were more urgent matters to attend to and this idea was put in the back burner.

Many of you would have seen the recent official announcement of the inception of ProximaX as a project. Allow me to clarify what ProximaX is. This project is meant to enlarge the ecosystem of NEM. It is by no means a competitor to NEM. ProximaX was built to increase the utility of XEM. The creation of XPX, the crypto coin of ProximaX, is itself a mosaic on the NEM blockchain with XEM as its transaction fee. It is in fact a demonstration of how powerful NEM is and how expansive projects can be powered by the NEM blockchain. If there is widescale adoption of ProximaX, NEM will definitely benefit as it requires more XEM for transactions. ProximaX and NEM are symbiotic and the ecosystem shall increase greatly in breadth and depth of utility.

Our NEM.io Foundation has been blessed with a group of able leaders and enthusiastic fulltime employees that stand ready to take the world by storm. We have built momentum and I am happy with the way things are moving. So, after careful consideration, I have decided that it is time for me to step aside as the President of NEM.io Foundation and concentrate my energy to build ProximaX and continue to grow the NEM ecosystem.

NEM?s future is bright and I believe the best is yet to come. I urge all of you to continue the great support you have been giving to build our ecosystem and support the work of our colleagues at NEM.io Foundation. I will certainly be doing my part. You have my word that everything I do in the future will continue to benefit NEM.

Thank you,

Lon Wong"
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April 04, 2018, 01:28:43 AM
 #36622

What happens when the Supernode bounty ends, will fees be enough to attract enough nodes to keep the network secure?

I've actually wondered about this myself. What's the plan?

The fund has 2+ years, so they still have time to consider options.  

The SilverCoins fund would be an ideal target to continue funding Supernodes ...

I agree the SilverCoin funds can be better used supporting the future, rather than rewarding dudes from the past who have already been rewarded generously for their early adoption of NEM. SuperNET/Komodo have some mining, but even still, they have allowed funding mechanism for 14 years for their 64 notary nodes before they have to confront supporting a network without PoW,  2+ years isn't that long.

If you look at the number of coins locked up in supernodes themselves, SN bounty funds, silvercoin, it's dangerously high, adding some certainty now so supernode operators feel confortable and know the landscape for the next +5 years would avoid chances of a panic dump if everyone got spooked and rushed for the exits at the same time. It's not a critical issue today, but it *might* be sooner than we expect.
What's a good solution though? It seems like if there is no inflation in the currency, then this is a problem, unless transaction fees somehow offset the cost.
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April 04, 2018, 01:33:48 AM
 #36623

What happens when the Supernode bounty ends, will fees be enough to attract enough nodes to keep the network secure?

I've actually wondered about this myself. What's the plan?

The fund has 2+ years, so they still have time to consider options.  

The SilverCoins fund would be an ideal target to continue funding Supernodes ...

I agree the SilverCoin funds can be better used supporting the future, rather than rewarding dudes from the past who have already been rewarded generously for their early adoption of NEM. SuperNET/Komodo have some mining, but even still, they have allowed funding mechanism for 14 years for their 64 notary nodes before they have to confront supporting a network without PoW,  2+ years isn't that long.

If you look at the number of coins locked up in supernodes themselves, SN bounty funds, silvercoin, it's dangerously high, adding some certainty now so supernode operators feel confortable and know the landscape for the next +5 years would avoid chances of a panic dump if everyone got spooked and rushed for the exits at the same time. It's not a critical issue today, but it *might* be sooner than we expect.
What's a good solution though? It seems like if there is no inflation in the currency, then this is a problem, unless transaction fees somehow offset the cost.

I think the solution is twofold:

1- start tapering the reward for Supernodes, let the number of SN's adjust gradually over time as the bounty reward slowly decreases, compensated by (hopefully) increasing XEM price. Going cold turkey can kill you, avoid at all costs, and avoid a dump of SN locked up XEM

2- top up the SN bounty fund now, to maximise the period of tapering, ideally +5 years

As transaction numbers increase, and price increases over time I think we can be optimistic that eventually running nodes for tx fees only will be incentive enough for many SN operators to just continue running nodes, but they need certainty now, and time for network activity and price of XEM to increase. Two years is not long enough IMO
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April 04, 2018, 11:00:19 AM
 #36624

What happens when the Supernode bounty ends, will fees be enough to attract enough nodes to keep the network secure?

I've actually wondered about this myself. What's the plan?

The fund has 2+ years, so they still have time to consider options.  

The SilverCoins fund would be an ideal target to continue funding Supernodes ...

I agree the SilverCoin funds can be better used supporting the future, rather than rewarding dudes from the past who have already been rewarded generously for their early adoption of NEM. SuperNET/Komodo have some mining, but even still, they have allowed funding mechanism for 14 years for their 64 notary nodes before they have to confront supporting a network without PoW,  2+ years isn't that long.

If you look at the number of coins locked up in supernodes themselves, SN bounty funds, silvercoin, it's dangerously high, adding some certainty now so supernode operators feel confortable and know the landscape for the next +5 years would avoid chances of a panic dump if everyone got spooked and rushed for the exits at the same time. It's not a critical issue today, but it *might* be sooner than we expect.
What's a good solution though? It seems like if there is no inflation in the currency, then this is a problem, unless transaction fees somehow offset the cost.

I think the solution is twofold:

1- start tapering the reward for Supernodes, let the number of SN's adjust gradually over time as the bounty reward slowly decreases, compensated by (hopefully) increasing XEM price. Going cold turkey can kill you, avoid at all costs, and avoid a dump of SN locked up XEM

2- top up the SN bounty fund now, to maximise the period of tapering, ideally +5 years

As transaction numbers increase, and price increases over time I think we can be optimistic that eventually running nodes for tx fees only will be incentive enough for many SN operators to just continue running nodes, but they need certainty now, and time for network activity and price of XEM to increase. Two years is not long enough IMO

the best thing for the network would be to reduce the SN requirement to 1.000.000 coins and increase the hardware requirement  for the single nodes.

to have like 1000+  very strong SN


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April 04, 2018, 12:33:56 PM
 #36625

the best thing for the network would be to reduce the SN requirement to 1.000.000 coins and increase the hardware requirement  for the single nodes.

to have like 1000+  very strong SN



Changing the SN lockup amount is another variable to play with for sure, but if you drop the SN amount too low the reward per SN will fall as the number of SN's increases. If the SN lockup is too low the result could be the opposite of what you expect, the reward for locking up XEM could become too small, and some SN operators decide the reward isn't enough anymore, and they sell, so you end up with about the same number of SN we have now. It's a balancing act! Guys locking up 3M XEM might just sell 1M or 2M XEM at the same time so they can still run 1-2 SN's, what effect would that have?

Whatever happens, giving people a lot of warning of changes, and then certainty is critical.
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April 04, 2018, 03:28:42 PM
 #36626

When I was transferring XEM to Poloniex, I wrote the message wrong. I reported the problem to the support department
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April 04, 2018, 03:46:04 PM
 #36627

the best thing for the network would be to reduce the SN requirement to 1.000.000 coins and increase the hardware requirement  for the single nodes.

to have like 1000+  very strong SN



Changing the SN lockup amount is another variable to play with for sure, but if you drop the SN amount too low the reward per SN will fall as the number of SN's increases. If the SN lockup is too low the result could be the opposite of what you expect, the reward for locking up XEM could become too small, and some SN operators decide the reward isn't enough anymore, and they sell, so you end up with about the same number of SN we have now. It's a balancing act! Guys locking up 3M XEM might just sell 1M or 2M XEM at the same time so they can still run 1-2 SN's, what effect would that have?

Whatever happens, giving people a lot of warning of changes, and then certainty is critical.

changing anything in SN setup should be avoided

people did invest and build SN by knowing all the rulesets
u dont change rulesets that where the base of investment decisions

any SN owner know how long it run

focus ur energy on get NEM chain be heavy utilized in the timeframe
and it will be for sure worth run nodes in 2 years too just for tx fees

and for everyone not just whales who can afford a SN

 
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April 04, 2018, 08:56:01 PM
 #36628

STOP BUYING XEM!!!
NEM foundation supports Cryptopia for scam. NEM foundation disclaims responsibility, but they have a contract with Cryptopia!!!!

Cryptopia wrote me that my coins was credited to my account. But NO!
This is bad joke!!!!! This deposit was not credited to my account!!!!!!

---------
Sender: TheQueenIsDead (Cryptopia)
4/3/2018 10:07:21 PM
Hi ducho Your deposit of 1016.63227000 XEM (TxID: 7f3480092e3c130a31e3e6b74d832893bd156686006a8f4fde4f91b38521d45c) has been credited to your account.
Kind regards, Cryptopia Wallets Team
---------
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April 04, 2018, 10:15:51 PM
 #36629

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April 04, 2018, 11:58:47 PM
Merited by gentlemand (2)
 #36630


changing anything in SN setup should be avoided

people did invest and build SN by knowing all the rulesets
u dont change rulesets that where the base of investment decisions

any SN owner know how long it run


I agree changing SN rules after investors have already made life changing investment decisions is NOT a good idea, however, what I am suggesting is:

- respect the existing SN rules until they expire (approx 2 years I think)
- top up the SN funds from other sources like silvercoin fund, and maybe some marketing accounts
- use the topped up funds to extend the SN bounty, BUT, start tapering the reward, maybe change the lockup amount

Why do this? Because under the current rules I estimate the SN bounty will abruptly end in just under 2 years, and when it does that could precipitate a crisis where:
- there is a massive liquidation of SN locked up funds at the same time
- the number of nodes drops drastically and the network becomes unstable

Those two combined could be a coin killing event, so I'd like to see something planned ahead of time, but yes, I don't think changing the rules is cool, that's why I'm advocating extending the whole SN program with new funds, and then adding a gradual and graceful transition to lower SN rewards.
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April 05, 2018, 12:34:37 AM
 #36631


changing anything in SN setup should be avoided

people did invest and build SN by knowing all the rulesets
u dont change rulesets that where the base of investment decisions

any SN owner know how long it run


I agree changing SN rules after investors have already made life changing investment decisions is NOT a good idea, however, what I am suggesting is:

- respect the existing SN rules until they expire (approx 2 years I think)
- top up the SN funds from other sources like silvercoin fund, and maybe some marketing accounts
- use the topped up funds to extend the SN bounty, BUT, start tapering the reward, maybe change the lockup amount


additional funds for a soft SN reward shutdown
is no issue in fact it would add rewards i did not expect

still i think u should put more trust in how much tx activity NEM chain will have in 2 years

i think NEM is clear one of the top 5 blockchain solutions as base to build on

and so we will have shitload transactions and good rewards for normal harvesting

thats my prediction

and i think ur slow shutdown additional SN phase shoult just be considered as backup plan
if for some reason tx fee volume in 2 years is not as i expect it to be high enough as motivation to run nodes

 
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April 05, 2018, 05:48:50 AM
Last edit: April 05, 2018, 06:09:33 AM by pfrtlpfmpf
 #36632

When I was transferring XEM to Poloniex, I wrote the message wrong. I reported the problem to the support department

I don´t want to be a party pooper, but sometimes i ask myself, if there is someone actually there . . . (in my case they hold 25000 USD in XEM of mine, for a very long time. Did only make a withrawel, correct address and all, which never arrived, they even gave me a Transaction-ID, which is NOT on the blockchain) .

Guys, stay away from Poloniex !

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April 05, 2018, 05:58:11 AM
 #36633

NEM really made a decent move from its hacking incident two months ago. I certainly believe that NEM and its Catapult service will eventually flourish to be a vital cog in blockchain industry.
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April 05, 2018, 06:12:42 AM
 #36634

STOP BUYING XEM!!!
NEM foundation supports Cryptopia for scam. NEM foundation disclaims responsibility, but they have a contract with Cryptopia!!!!

Cryptopia wrote me that my coins was credited to my account. But NO!
This is bad joke!!!!! This deposit was not credited to my account!!!!!!

---------
Sender: TheQueenIsDead (Cryptopia)
4/3/2018 10:07:21 PM
Hi ducho Your deposit of 1016.63227000 XEM (TxID: 7f3480092e3c130a31e3e6b74d832893bd156686006a8f4fde4f91b38521d45c) has been credited to your account.
Kind regards, Cryptopia Wallets Team
---------


Foundation can not control exchanges.  I askes Cryptopia to list XEM years ago.

Most likely your problem will be solved.
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April 05, 2018, 07:15:18 AM
 #36635

STOP BUYING XEM!!!
NEM foundation supports Cryptopia for scam. NEM foundation disclaims responsibility, but they have a contract with Cryptopia!!!!

Cryptopia wrote me that my coins was credited to my account. But NO!
This is bad joke!!!!! This deposit was not credited to my account!!!!!!

---------
Sender: TheQueenIsDead (Cryptopia)
4/3/2018 10:07:21 PM
Hi ducho Your deposit of 1016.63227000 XEM (TxID: 7f3480092e3c130a31e3e6b74d832893bd156686006a8f4fde4f91b38521d45c) has been credited to your account.
Kind regards, Cryptopia Wallets Team
---------


Foundation can not control exchanges.  I askes Cryptopia to list XEM years ago.

Most likely your problem will be solved.

Erm, mine too, if it´s not an inconvenience.


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April 05, 2018, 07:48:19 AM
 #36636

NEM (XEM) is accepted at

CRYPTOSPORTSBET.WORLD

come check us out at https://cryptosportsbet.world

https://bitcointalk.org/index.php?topic=3247944.new#new

30% first deposit bonus details here https://cryptosportsbet.world/eng/pages/bonus
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April 05, 2018, 08:33:13 AM
 #36637

STOP BUYING XEM!!!
NEM foundation supports Cryptopia for scam. NEM foundation disclaims responsibility, but they have a contract with Cryptopia!!!!

Cryptopia wrote me that my coins was credited to my account. But NO!
This is bad joke!!!!! This deposit was not credited to my account!!!!!!

---------
Sender: TheQueenIsDead (Cryptopia)
4/3/2018 10:07:21 PM
Hi ducho Your deposit of 1016.63227000 XEM (TxID: 7f3480092e3c130a31e3e6b74d832893bd156686006a8f4fde4f91b38521d45c) has been credited to your account.
Kind regards, Cryptopia Wallets Team
---------


The foundation has nothing to do with the exchanges. You sure will be fine. Just stay in touch with the support

The new Cryptocurrency book "The Magical World of Cryptocurrencies" is out now and available for free to everyone!
Make sure to contribute and give something back to the community.
Visit https://coined1.com or the bitcointalk.org thread https://bitcointalk.org/index.php?topic=5088332.0;topicseen
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April 05, 2018, 10:02:20 AM
 #36638

STOP BUYING XEM!!!
NEM foundation supports Cryptopia for scam. NEM foundation disclaims responsibility, but they have a contract with Cryptopia!!!!

Cryptopia wrote me that my coins was credited to my account. But NO!
This is bad joke!!!!! This deposit was not credited to my account!!!!!!

---------
Sender: TheQueenIsDead (Cryptopia)
4/3/2018 10:07:21 PM
Hi ducho Your deposit of 1016.63227000 XEM (TxID: 7f3480092e3c130a31e3e6b74d832893bd156686006a8f4fde4f91b38521d45c) has been credited to your account.
Kind regards, Cryptopia Wallets Team
---------


The foundation has nothing to do with the exchanges. You sure will be fine. Just stay in touch with the support

Support. What support ?
At Poloniex they withdrew the money from my account, then i never saw a dime of it. i really can´t describe that other than outright "theft" ! Ticket number 777745. If Polo-Guys reading this, please get your ass up !

I really don´t have 73015 XEM to throw away, just like that !




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April 05, 2018, 10:20:39 AM
Last edit: April 05, 2018, 09:41:10 PM by pfrtlpfmpf
 #36639

I will really write 73015 XEM here, until i get my money from Poloniex, prepare for the worst !
Desperate times, desperate measures.

Oh, and i have status: "Complete"



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April 05, 2018, 10:29:26 AM
 #36640

the best thing for the network would be to reduce the SN requirement to 1.000.000 coins and increase the hardware requirement  for the single nodes.

to have like 1000+  very strong SN



Changing the SN lockup amount is another variable to play with for sure, but if you drop the SN amount too low the reward per SN will fall as the number of SN's increases. If the SN lockup is too low the result could be the opposite of what you expect, the reward for locking up XEM could become too small, and some SN operators decide the reward isn't enough anymore, and they sell, so you end up with about the same number of SN we have now. It's a balancing act! Guys locking up 3M XEM might just sell 1M or 2M XEM at the same time so they can still run 1-2 SN's, what effect would that have?

Whatever happens, giving people a lot of warning of changes, and then certainty is critical.

Great point. I must agree that changing amount of XEM needed to run SN could possibly lead to negative effect.

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