NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs

[bisom]

Can anybody explain NEM Node Rewards system briefly? Especially payouts section?

[patmast3r]

Can anybody explain NEM Node Rewards system briefly? Especially payouts?

https://forum.ournem.com/general-discussion/nem-node-reward-discussion/msg17200/#new

[bisom]

Can anybody explain NEM Node Rewards system briefly? Especially payouts?

https://forum.ournem.com/general-discussion/nem-node-reward-discussion/msg17200/#new

I have already read. also i noticed that you have questions about the payouts. so devs should clarify this subject i think.

[jabo38]

NEM has a massive fund set aside for marketing, so the potential is there. How I feel is we have 1 shot at doing something right, why should we rush it? Should the development team start spending marketing funds now while we still have features in development, or should we wait and market heavily after v1? I'd expect the latter to be more effective.

It's like spending money on an ad, "Hey, buy this car. One day it'll go 100 miles on the gallon, but right now we're still working on that feature."
I think if we pump money into marketing right now, it will mostly be targeting the "investor" type of people. The hype will cause a lot of buying pressure, causing the price to go up too fast. If the v1 features aren't rolled out in a timely manner we'll see a lot of disappointed holders, lots of complaining and we'll likely see a very slow devaluation back to pre marketing levels.

If we don't rush this, and take it slow I think this will happen. More than likely we'll see the antsy "investors" selling early, remember these are the people that are only here for the money. The development team will ninja launch features and over time we'll see a slow healthy growth in price while bringing in real USERS.

I agree so much!

[patmast3r]

Can anybody explain NEM Node Rewards system briefly? Especially payouts?

https://forum.ournem.com/general-discussion/nem-node-reward-discussion/msg17200/#new

I have already read. also i noticed that you have questions about the payouts. so devs should clarify this subject i think.

Here's the way I understand it.

You need 1 account hat holds at least 3 million XEM.
You need to active delegated harvesting for that account.
You need to boot your node with the remote-priv-key for that account
You need to send an unencrypted message "opt-in" from that account to NAFUNDBUKIOSTMD4BNXL7ZFE735QHN7A3FBS6CMY

That's all you need to do to set things up.

The whole thing is a lottery so there are no guaranteed fixed payouts but there will be many and regular lottery "draws" so most likely everyone will win at some point.

The whole aging thing is prob something noone needs to concern himself with. Best thing is to just set it up and then wait for rewards

[svenw]

When I try to shift for delegated Harvesting it says max number on server reached. Is it like luck to get a spot on the harvesting server?
I have not really understood that topic. Also why do you have to pay to harvest?
I agree with jabo on the marketing approach...

[bisom]

Can anybody explain NEM Node Rewards system briefly? Especially payouts?

https://forum.ournem.com/general-discussion/nem-node-reward-discussion/msg17200/#new

I have already read. also i noticed that you have questions about the payouts. so devs should clarify this subject i think.

Here's the way I understand it.

You need 1 account hat holds at least 3 million XEM.
You need to active delegated harvesting for that account.
You need to boot your node with the remote-priv-key for that account
You need to send an unencrypted message "opt-in" from that account to NAFUNDBUKIOSTMD4BNXL7ZFE735QHN7A3FBS6CMY

That's all you need to do to set things up.

The whole thing is a lottery so there are no guaranteed fixed payouts but there will be many and regular lottery "draws" so most likely everyone will win at some point.

The whole aging thing is prob something noone needs to concern himself with. Best thing is to just set it up and then wait for rewards

thanks @patmast3r. I guess the best thing i can do is wait for a while.

[jabo38]

When I try to shift for delegated Harvesting it says max number on server reached. Is it like luck to get a spot on the harvesting server?
I have not really understood that topic. Also why do you have to pay to harvest?
I agree with jabo on the marketing approach...

Hi 

If you just have an account and you want to harvest, you can harvest on your own node at your home, or you can try to find somebody else who has an open spot.  If you find one, they will do everything for you.  If not, it is still easy to harvest at home. 

You pay nothing to form blocks and earn fees from block.  always.   This is also determined by your POI.   The higher your POI, the more blocks you will make and the more fees you will earn.

With node rewards, you don't have to pay anything either, but you do need to prove you own so much XEM to participate, but that XEM will always be yours in your account.  If anybody asks you to pay something, please don't do it. 

The amount in your account to participate is currently set at 3 million, but this is still in discussion.  Generally it needs to be high to avoid centralization.  XEM is a scarce resource, and making a high deposit keeps any one person from running all the nodes and taking most of the rewards. 

A long time ago there was a program on the BOINC program by Ripple, where they were paying people, but because there was no deposit, anybody could join.  People ran lots and lots of computers taken over by malware and gamed the system.  If we allow just anybody who runs a node to get rewards, then for sure somebody will cheat the system and run hundreds of nodes probably acquired in bad ways and take the lion share of the XEM and just dump it on the market.  That is what happened to Ripple so they had to close their mining program. But with XEM set up in your account by yourself, it keeps people from gaming the system and keeps the NEM network from becoming centralized.   

[meyns]

Wouldn't any number of XEM suffice then instead of the 3 million? The work alone discourages the setup of multiple nodes. Only wealthy people can join the node reward system with this setup.

In my eyes even people with no money should be able to setup a node.

And I think the aging and the testing of the nodes also protects the creation of multiple nodes from one person.

[patmast3r]

Wouldn't any number of XEM suffice then instead of the 3 million? The work alone discourages the setup of multiple nodes. Only wealthy people can join the node reward system with this setup.

In my eyes even people with no money should be able to setup a node.

And I think the aging and the testing of the nodes also protects the creation of multiple nodes from one person.

Someone could setup 100 of nodes and cash out pretty well. You need a minimum. I agree that 3 million is too much though.

[KloNEM]

Wouldn't any number of XEM suffice then instead of the 3 million? The work alone discourages the setup of multiple nodes. Only wealthy people can join the node reward system with this setup.

In my eyes even people with no money should be able to setup a node.

And I think the aging and the testing of the nodes also protects the creation of multiple nodes from one person.

Someone could setup 100 of nodes and cash out pretty well. You need a minimum. I agree that 3 million is too much though.

Very good idea, with this rewards programme! Just one quick question - can I provide two or more full NIS nodes with one 3mio+ account, or is it strictly bound to one ("rich") account = one (full/harvesting) node ?

[patmast3r]

Wouldn't any number of XEM suffice then instead of the 3 million? The work alone discourages the setup of multiple nodes. Only wealthy people can join the node reward system with this setup.

In my eyes even people with no money should be able to setup a node.

And I think the aging and the testing of the nodes also protects the creation of multiple nodes from one person.

Someone could setup 100 of nodes and cash out pretty well. You need a minimum. I agree that 3 million is too much though.

Very good idea, with this rewards programme! Just one quick question - can I provide two or more full NIS nodes with one 3mio+ account, or is it strictly bound to one ("rich") account = one (full/harvesting) node ?

If you have 30 million NEM you can get 10 nodes going....at least i think so.

[yshin365new]

Makoto's 5 million (or 3 million) hint about 10 days ago was  about node reward system.
right? 

[favdesu]

Wouldn't any number of XEM suffice then instead of the 3 million? The work alone discourages the setup of multiple nodes. Only wealthy people can join the node reward system with this setup.

In my eyes even people with no money should be able to setup a node.

And I think the aging and the testing of the nodes also protects the creation of multiple nodes from one person.

Someone could setup 100 of nodes and cash out pretty well. You need a minimum. I agree that 3 million is too much though.

Very good idea, with this rewards programme! Just one quick question - can I provide two or more full NIS nodes with one 3mio+ account, or is it strictly bound to one ("rich") account = one (full/harvesting) node ?

If you have 30 million NEM you can get 10 nodes going....at least i think so.

so it's similiar approach as Dark/Dash's masternodes? Is there really value in this idea?

[loyer]

NEM has a massive fund set aside for marketing, so the potential is there. How I feel is we have 1 shot at doing something right, why should we rush it? Should the development team start spending marketing funds now while we still have features in development, or should we wait and market heavily after v1? I'd expect the latter to be more effective.

It's like spending money on an ad, "Hey, buy this car. One day it'll go 100 miles on the gallon, but right now we're still working on that feature."
I think if we pump money into marketing right now, it will mostly be targeting the "investor" type of people. The hype will cause a lot of buying pressure, causing the price to go up too fast. If the v1 features aren't rolled out in a timely manner we'll see a lot of disappointed holders, lots of complaining and we'll likely see a very slow devaluation back to pre marketing levels.

If we don't rush this, and take it slow I think this will happen. More than likely we'll see the antsy "investors" selling early, remember these are the people that are only here for the money. The development team will ninja launch features and over time we'll see a slow healthy growth in price while bringing in real USERS.

I agree so much!

When should come out nem v1??

[loyer]

Can anybody explain NEM Node Rewards system briefly? Especially payouts?

https://forum.ournem.com/general-discussion/nem-node-reward-discussion/msg17200/#new

I have already read. also i noticed that you have questions about the payouts. so devs should clarify this subject i think.

Here's the way I understand it.

You need 1 account hat holds at least 3 million XEM.
You need to active delegated harvesting for that account.
You need to boot your node with the remote-priv-key for that account
You need to send an unencrypted message "opt-in" from that account to NAFUNDBUKIOSTMD4BNXL7ZFE735QHN7A3FBS6CMY

That's all you need to do to set things up.

The whole thing is a lottery so there are no guaranteed fixed payouts but there will be many and regular lottery "draws" so most likely everyone will win at some point.

The whole aging thing is prob something noone needs to concern himself with. Best thing is to just set it up and then wait for rewards

you are talking about an additional payout, next to harvesting? How much reward?

[Xpedite]

When should come out nem v1??

No one knows 
It will probably take a substantial amount of time before we are there...

[Xpedite]

you are talking about an additional payout, next to harvesting? How much reward?

That's outlined in the rewards document.

[yshin365new]

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[TaunSew]

NEM has a massive fund set aside for marketing, so the potential is there. How I feel is we have 1 shot at doing something right, why should we rush it? Should the development team start spending marketing funds now while we still have features in development, or should we wait and market heavily after v1? I'd expect the latter to be more effective.

It's like spending money on an ad, "Hey, buy this car. One day it'll go 100 miles on the gallon, but right now we're still working on that feature."
I think if we pump money into marketing right now, it will mostly be targeting the "investor" type of people. The hype will cause a lot of buying pressure, causing the price to go up too fast. If the v1 features aren't rolled out in a timely manner we'll see a lot of disappointed holders, lots of complaining and we'll likely see a very slow devaluation back to pre marketing levels.

If we don't rush this, and take it slow I think this will happen. More than likely we'll see the antsy "investors" selling early, remember these are the people that are only here for the money. The development team will ninja launch features and over time we'll see a slow healthy growth in price while bringing in real USERS.

i fully agree, and i think most of the team does too but i obviously cant speak on there behalf. advertising at this stage would be closer to spam really. i looked into advertising costs on the likes of cointelegraph and coinmarketcap and some other sites, but the cost i think far outweighs what ever benefit we would get. once more features are rolled out and the marketcap is higher, only then would spending large amounts of money on advertising be a worth while venture. until then, we should focus on producing ground breaking tech and getting the platform to stage where it can be used for a wide variety of uses. so in that respect, it really doesnt make sense to blow huge amounts of funding pre-V1.

I think NEM would see serious action if at least some of the top devs / whitepaper authors (particularly the PhD guys) went public with their identities. Reputation counts for a lot - especially these days. Many people dont pay attention to what you do unless there's a big name / university attached to it - then they read what you put it out and follow what you say. A proper academic working paper formatted the way academic papers usually are - with the identities and university affiliations of the main authors - could help give XEM some of the credibility it needs to rise from the sea of anonymous crypto coins that many people dont seem to take very seriously anymore.

Makoto (a core dev and inventor of PoI) has been to conferences representing NEM and has been attending NEM meetups in Japan.  

Other people like myself also use real names too and also attend meetings and conferences.  

I had hosted two NEM meetups in my locale, but not advertised on Bitcointalk (people I networked with in crypto).  Last meetup had special guest who created first Doge ATM in whole world and knows a lot about crypto.  Meetup has a lot of beer and entertainment (playlist from YouTube   )

I also attended a Bitcoin meetup in Africa and will write an article on it(like one I wrote about Prague).  Maybe when NEM is a bigger name I'll publish for it too.  

Jokingly I want to invite Spoetnik to a meetup but he lives 6 hours away in the desert    If crypto becomes bigger I'll need to host a troll convention