Thanks Lorenzo,
I was looking for NEM history on google, but couldn't find. Thanks for some history insight on NEM.
Few more questions.
* I see in IPO or NEM investment Come-From-Boyond is marked red, and mentioned he took step back from his investment in NEM. I joined NXT just last month, but he seems to be pretty reputed person in NXT community. Do you know any reason why he has left NEM behind?
hello and welcome to nem.
great questions. il try to answer some as best i can...
Nice response and I learned a lot about NEM from reading it. Unfortunately, I know little about NEM other than the basics so I'm probably couldn't have answered those questions myself.
Remote/secure harvesting is my favourite feature, it allows you to connect to anyones Nis, even a malicious one, and you can harvest, transact and do everything you normally would have to do, with out ever having to download the blockchain and your privat keys are never sent over the network. its as simple as my giving you an IP address, you put that in settings, and if my nis is already synced, then you are instantly synced and ready to transact in a completely safe and secure way. this is a really really powerful feature.
Correct me if I'm mistaken but isn't this similar to how Electrum works - i.e. you don't need to download the blockchain and instead connect to external servers to obtain and broadcast transactions?
Also, grewalsatinder has a point in saying that NEM's asset exchange will be at a disadvantage without someone like jl777. Without him, it's likely that NXT wouldn't be where it is today. jl777 isn't a core dev but what he does is add highly useful services that exist on top of the core. Most of the top assets on the AE were either created by him or are affiliated with him.
As for the fees changing in NXT, I don't think they are going to change. I think you are being lied too. People in NXT have been saying they will change the fees for over a year. Seriously, you can search for threads and discussions about it more than a year old. Yet it hasn't happened. The truth is the NXT whales like high fees. They make money off it, and they won't let that go.
There was a lot of talk about lowering the fees when NXT's price shot up to 10 cents last June but now that it's back down to 1-2 cents, it isn't really a huge issue anymore. The community will probably revisit it when the price goes back up since most NXTers agree that changing the fee is inevitable anyway.
And you'd be surprised how low NXT forging rewards can be. Most blocks have little or no fees. Out of the last 30 blocks, about half had zero fees and the rest had fees in the single digits. According to the forging calculator (
link), even a NXT whale with 1 million NXT forging 24/7 would only get 50 cents worth of NXT after a week.
One of the big complaints with PoW was that the miners were wasteful and too centralized. PoS was a big improvement because it fixed the waste problem and a couple of others, but it wasn't perfect. In PoS whales are encouraged to hoard. The more they hoard, the more they get. As you found out with NEM, you can actually get a little reward for not hoarding. Basically, by spending with certain accounts (not all transactions help your POI, some will actually hurt it, like if you send back and forth to yourself) you actually increased your PoI. You basically build a good reputation for yourself in the system as a good transactor. In this way PoI can be thought of as the first ever reputation based blockchain system. That leap from PoI from PoS in that aspect, is just as big of a leap from PoW to PoS in my opinion.
POI is an innovative concept but only if it proves to be resistant to manipulation. Has there been any analysis or testing on whether or not NEM's POI is resistant to Sybil attacks? From the moment NEM goes live, there will be people seeking to expand their influence through dishonest means:
The Sybil attack in computer security is an attack wherein a reputation system is subverted by forging identities in peer-to-peer networks...
...In a Sybil attack the attacker subverts the reputation system of a peer-to-peer network by creating a large number of pseudonymous identities, using them to gain a disproportionately large influence. A reputation system's vulnerability to a Sybil attack depends on how cheaply identities can be generated, the degree to which the reputation system accepts inputs from entities that do not have a chain of trust linking them to a trusted entity, and whether the reputation system treats all entities identically. Evidence shows large-scale Sybil attack can be carried out in a very cheap and efficient way in realistic systems like BitTorrent Mainline DHT.
The current tier-based Bitcointalk trust system has its pros and cons but it works well for the most part. Anyone can send positive or negative feedback but only those from trusted members have a real effect on the trust score. Trusted members add other trusted members to their trust list and the pool of trusted members is constantly changing. Bitcointalk accounts (i.e. identities) are easily generated but the trust system works because the trust score only accepts inputs from a select pool of accounts.
