My Internet connection is terrible so I've decided to use Mofowallet to send the NEMstake asset. Hope this works...
I feel like we've had this one before.
Short answer: Don't judge algorithms if you're not sure how exactly they work
Somewhat longer answer: People seem to assume that POI completely throws out POS which isn't true. It merely enhances POS and it does so in a way that does not jeopardize security. In fact how big the difference between POS and POI actually is we'll only see "in the wild". If you behave like a bagholder, don't transact or receive anything then POI will behave almost exactly like POS because those additional factors simply don't come into play (with the exception that you importance will decrease as others importance increases). However if you do transact and play an active role in the economy that will affect your harvesting power. How much ? That is what the real world has to show us.
Ofc I'm not the best person to answer as I'm not the mind behind POI but that should sum it up.
Like you, I've always felt that proof-of-importance is a variation of proof-of-stake but with added variables. In fact, PoI kind of reminds me of what Google tried to achieve in the late 90's with their PageRank algorithm:
PageRank is an algorithm used by Google Search to rank websites in their search engine results. PageRank was named after Larry Page, one of the founders of Google. PageRank is a way of measuring the importance of website pages. According to Google:
PageRank works by counting the number and quality of links to a page to determine a rough estimate of how important the website is. The underlying assumption is that more important websites are likely to receive more links from other websites.
To get to the top of the search results on pre-PageRank search engines like Altavista, the standard trick was to do what's known as "keyword stuffing" - putting every word, not just relevant ones, into the meta tags. The importance algorithm within PageRank soon rendered this trick obsolete and the placement of sites was once again determined by their importance. It was still possible to game the system, but doing so became significantly more difficult.
Of course, what separates an important website from an unimportant website is quite different from what separates an important account from an unimportant account but you get the idea.
I got the newsletter and I liked most of what I read except I find that XEM doesn't roll off the tongue as nicely as NEM does. I didn't understand the reasons for that X other than it's becoming some sort of convention. Could we go with just NEM or if the X is necessary, XNEM or X-NEM?
If the decision has already been made, then please disregard this post, but if it's still up for debate, then I wanted to put in my 2 satoshis
That's for ISO 4217 compliance. "X" is the code for "supernational" currencies and things which are similar to currencies like precious metals (e.g. XAU for gold, XAG for silver, XPD for palladium, and XPT for platinum). This is the reason why so many altcoins have three letter codes that begin with "X" - e.g. XPM, XRP, XCR, XPY, XMR, etc. Not all coins do this. Bitcoin and NXT don't, although some people have attempted to change the three letter code of Bitcoin from BTC to XBT. I agree that XEM doesn't exactly roll off the tongue quite as well as NEM. I think most people will call it and know it as NEM.
If the client is based on NXT then it's nothing at all like NEM then now is it? Having a "fair distribution" does not mean it is anything even similar to NEM.
NEM was originally intended to be a NXT clone. It wasn't until further along in development that the decision was changed to code the coin from scratch. I believe NXTL also chose to do the same, and now they're known as NODE.
