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

[SomethingElse]

Proof Of Importance? based on what?

POI is based on serveral things: How much NEM you have, how much NEM you are transferring to others, how much NEM other are transferring to you. The exact formula is not set in stone so far. That's we are a little vage how it works in details.

I would really like to see a third aspect which is how long the NEM client/node has been running put in the mix too.  This could help to encourage more people with smaller amounts of NEM to also turn their client on and leave it on in the background.  Hopefully someday the network will be supported by lots and lots of regular people.

Node Coin https://bitcointalk.org/index.php?topic=590421.0 has gone with client time (one point per second) and spending score (one point per coin spent) and then which ever Node has the highest score is more likely to harvest.  I think this is good, but they are missing the "coins received" and traditional Proof of Stake found in NEM.  

Crypti has also added proof of merchant, which means that special merchants that register can get a discount on transaction fees.  By doing this, they can also be rated and won't be anonymous.  A trait that we actually want when buying something from another.  Basically as buyers we want to be anonymous and have our privacy protected, but at the same time we want the exact opposite for merchants.  We want merchants out in the open and their history and reputation easily known.  Basically, we want to know who we are sending our money too and what kind of person they are.  This power in reputation has been a huge part of the success of Amazon and Ebay and really should also be incorporated into crypto too.  

I would call this PoS^4

Proof of Stake - Money held in account
Proof of Spend - Money going in and out
Proof of Service - How long a node has been supporting the network
Proof of Status - Registering with the network and allowing a reputation status

[asdlolciterquit]

Proof Of Importance? based on what?

POI is based on serveral things: How much NEM you have, how much NEM you are transferring to others, how much NEM other are transferring to you. The exact formula is not set in stone so far. That's we are a little vage how it works in details.

Importance score should be also based on how long you are logged on the network (harvesting) and reset as soon as you hit a block, that way everyone could find a block.

thx for the info.

just to be sure, 1 block have 0 nem inside it?

[xtester]

After reading some of the previous discussion and reflecting on matter, it seems to me that our NEM launch is a VERY BIG DEAL. Not only because of the highly important MILESTONE we will reach, but rather the interesting new phase we will enter. In fact, as our dev team is working hard to prepare things for beta, the marketing team is also working on some important plans and deals which should help jump-start the NEM economy right after launch.

I have no doubt that with this new phase, interest in NEM will naturally and steadily grow. As for who will become interested, I think the matter is a bit more complex. For it seems that when a coin goes through a natural growth process, both investors/contributors and speculators are drawn to it, and at least at the beginning, they are mostly undistinguishable. Moreover, the natural growth process seems to have found a place for both of these groups. Please consider the following very simplistic scenario: as contributors add value and do the things that are needed in order to move forward, speculators notice the effort and decide to capitalize on what they think will be a promising bet. The interesting thing though, is that once speculators decide on what they want, they start making noise and spreading the word about what they believe in. In the process, the market reacts, price goes up, and as an effect more speculators, as well as contributors hear about the coin and join. Now, repeat this cycle 100 times and you'll get an idea of how bitcoin came to be. So although at first the coin lives or dies based solely on the contributors effort, there comes a time when speculators are quite necessary, though certainly not sufficient, for the market to seriously expand and grow.

That said, I also think that once NEM is launched and distributed a more collaborative and realistic phase will begin. People will be able to tip each other, they will be able to post an idea and instantly raise some funds if they get enough Nemsters excited about it, they will be able to unite and build projects or just contribute 2 NEM's to some projects which are in progress, the possibilities are endless. Right now the NEM economy is more of an emulation, lacking some important aspects which make real economies work(real skin in the game - real risk and reward). Once launched and distributed, the NEM economy comes to life. Each Nemster will become an agent, capable of being a creator or a consumer. Right now everything is a test - you lose your wallet, nothing happens, you receive 1000000 test NEM's, again, nothing happens. At launch the actual experiment begins, risk and reward will become real and undeniable. As a consequence, I think some intriguing things are bound to happen.  

[pocesar]

well I'm almost ready with a easier to use wallet than the NIS / NCC combo and will be published here https://github.com/pocesar/node-nem-wallet

[mrkavasaki]

do you guys think a 20x is possible by the end of the year?

[dandruff1138]

do you guys think a 20x is possible by the end of the year?

Huh?

[Jaguar0625]

well I'm almost ready with a easier to use wallet than the NIS / NCC combo and will be published here https://github.com/pocesar/node-nem-wallet

Awesome! We need more people like you .

[Thingamajig]

Proof Of Importance? based on what?

POI is based on serveral things: How much NEM you have, how much NEM you are transferring to others, how much NEM other are transferring to you. The exact formula is not set in stone so far. That's we are a little vage how it works in details.

I would really like to see a third aspect which is how long the NEM client/node has been running put in the mix too.  This could help to encourage more people with smaller amounts of NEM to also turn their client on and leave it on in the background.  Hopefully someday the network will be supported by lots and lots of regular people.

Node Coin https://bitcointalk.org/index.php?topic=590421.0 has gone with client time (one point per second) and spending score (one point per coin spent) and then which ever Node has the highest score is more likely to harvest.  I think this is good, but they are missing the "coins received" and traditional Proof of Stake found in NEM.  

Crypti has also added proof of merchant, which means that special merchants that register can get a discount on transaction fees.  By doing this, they can also be rated and won't be anonymous.  A trait that we actually want when buying something from another.  Basically as buyers we want to be anonymous and have our privacy protected, but at the same time we want the exact opposite for merchants.  We want merchants out in the open and their history and reputation easily known.  Basically, we want to know who we are sending our money too and what kind of person they are.  This power in reputation has been a huge part of the success of Amazon and Ebay and really should also be incorporated into crypto too.  

I would call this PoS^4

Proof of Stake - Money held in account
Proof of Spend - Money going in and out
Proof of Service - How long a node has been supporting the network
Proof of Status - Registering with the network and allowing a reputation status

I really like the sound of this. Would be interesting to see what anyone official makes of it.

I have this bad feeling though perhaps something like this would be difficult to implement so late into NEM's development, but i may be wrong.

[SomethingElse]

Proof Of Importance? based on what?

POI is based on serveral things: How much NEM you have, how much NEM you are transferring to others, how much NEM other are transferring to you. The exact formula is not set in stone so far. That's we are a little vage how it works in details.

I would really like to see a third aspect which is how long the NEM client/node has been running put in the mix too.  This could help to encourage more people with smaller amounts of NEM to also turn their client on and leave it on in the background.  Hopefully someday the network will be supported by lots and lots of regular people.

Node Coin https://bitcointalk.org/index.php?topic=590421.0 has gone with client time (one point per second) and spending score (one point per coin spent) and then which ever Node has the highest score is more likely to harvest.  I think this is good, but they are missing the "coins received" and traditional Proof of Stake found in NEM.  

Crypti has also added proof of merchant, which means that special merchants that register can get a discount on transaction fees.  By doing this, they can also be rated and won't be anonymous.  A trait that we actually want when buying something from another.  Basically as buyers we want to be anonymous and have our privacy protected, but at the same time we want the exact opposite for merchants.  We want merchants out in the open and their history and reputation easily known.  Basically, we want to know who we are sending our money too and what kind of person they are.  This power in reputation has been a huge part of the success of Amazon and Ebay and really should also be incorporated into crypto too.  

I would call this PoS^4

Proof of Stake - Money held in account
Proof of Spend - Money going in and out
Proof of Service - How long a node has been supporting the network
Proof of Status - Registering with the network and allowing a reputation status

I really like the sound of this. Would be interesting to see what anyone official makes of it.

I have this bad feeling though perhaps something like this would be difficult to implement so late into NEM's development, but i may be wrong.

I am sure it would be hard to implement.  I know the devs have been working hard.  I have tested the alpha and it looks pretty nice.  I have also spent a little time seeing how stake and spend affects the PoI and I am impressed by the algo so far. While what I mentioned would be a lot, and complex math and tests would be needed before making it live, I do think there is a small possibility that a place holder could be stuck in the code, something that might later be edited and finalized after much more thought and consideration.  Though honestly I am not certain of that. 

[SomethingElse]

well I'm almost ready with a easier to use wallet than the NIS / NCC combo and will be published here https://github.com/pocesar/node-nem-wallet

Awesome! We need more people like you .

That is a pretty huge deal!  Pocesar just came out of nowhere to drop some pretty big news! Thanks

[NEMoon]

Why is everbody convinced that launch will change anything ?
The mere fact that we launched will change nothing in terms of interest imho.

Software tend to become more expencive after the launch. I'd expect at least x3 in price after the release.

[xtester]

well I'm almost ready with a easier to use wallet than the NIS / NCC combo and will be published here https://github.com/pocesar/node-nem-wallet

Awesome, can't wait to see it. 

[patmast3r]

Proof Of Importance? based on what?

POI is based on serveral things: How much NEM you have, how much NEM you are transferring to others, how much NEM other are transferring to you. The exact formula is not set in stone so far. That's we are a little vage how it works in details.

I would really like to see a third aspect which is how long the NEM client/node has been running put in the mix too.  This could help to encourage more people with smaller amounts of NEM to also turn their client on and leave it on in the background.  Hopefully someday the network will be supported by lots and lots of regular people.

Node Coin https://bitcointalk.org/index.php?topic=590421.0 has gone with client time (one point per second) and spending score (one point per coin spent) and then which ever Node has the highest score is more likely to harvest.  I think this is good, but they are missing the "coins received" and traditional Proof of Stake found in NEM.  

Crypti has also added proof of merchant, which means that special merchants that register can get a discount on transaction fees.  By doing this, they can also be rated and won't be anonymous.  A trait that we actually want when buying something from another.  Basically as buyers we want to be anonymous and have our privacy protected, but at the same time we want the exact opposite for merchants.  We want merchants out in the open and their history and reputation easily known.  Basically, we want to know who we are sending our money too and what kind of person they are.  This power in reputation has been a huge part of the success of Amazon and Ebay and really should also be incorporated into crypto too.  

I would call this PoS^4

Proof of Stake - Money held in account
Proof of Spend - Money going in and out
Proof of Service - How long a node has been supporting the network
Proof of Status - Registering with the network and allowing a reputation status

I really like the sound of this. Would be interesting to see what anyone official makes of it.

I have this bad feeling though perhaps something like this would be difficult to implement so late into NEM's development, but i may be wrong.

I am sure it would be hard to implement.  I know the devs have been working hard.  I have tested the alpha and it looks pretty nice.  I have also spent a little time seeing how stake and spend affects the PoI and I am impressed by the algo so far. While what I mentioned would be a lot, and complex math and tests would be needed before making it live, I do think there is a small possibility that a place holder could be stuck in the code, something that might later be edited and finalized after much more thought and consideration.  Though honestly I am not certain of that. 

I don't think adding a new factor would be a problem. The whole code but POI especially is developed with extensibility in the back of the devs head. POI is something that will need to be adapted over time because only time will tell how well the algo works and if adaptation is needed. The network will of course be secure either way but for it to be a fair as possible and reward the right people adapations might be needed. At least that's how i understood it
As for that specific factor...that might be a little more complicated but I can't say much without discrediting others. 

[SomethingElse]

Proof Of Importance? based on what?

POI is based on serveral things: How much NEM you have, how much NEM you are transferring to others, how much NEM other are transferring to you. The exact formula is not set in stone so far. That's we are a little vage how it works in details.

I would really like to see a third aspect which is how long the NEM client/node has been running put in the mix too.  This could help to encourage more people with smaller amounts of NEM to also turn their client on and leave it on in the background.  Hopefully someday the network will be supported by lots and lots of regular people.

Node Coin https://bitcointalk.org/index.php?topic=590421.0 has gone with client time (one point per second) and spending score (one point per coin spent) and then which ever Node has the highest score is more likely to harvest.  I think this is good, but they are missing the "coins received" and traditional Proof of Stake found in NEM.  

Crypti has also added proof of merchant, which means that special merchants that register can get a discount on transaction fees.  By doing this, they can also be rated and won't be anonymous.  A trait that we actually want when buying something from another.  Basically as buyers we want to be anonymous and have our privacy protected, but at the same time we want the exact opposite for merchants.  We want merchants out in the open and their history and reputation easily known.  Basically, we want to know who we are sending our money too and what kind of person they are.  This power in reputation has been a huge part of the success of Amazon and Ebay and really should also be incorporated into crypto too.  

I would call this PoS^4

Proof of Stake - Money held in account
Proof of Spend - Money going in and out
Proof of Service - How long a node has been supporting the network
Proof of Status - Registering with the network and allowing a reputation status

I really like the sound of this. Would be interesting to see what anyone official makes of it.

I have this bad feeling though perhaps something like this would be difficult to implement so late into NEM's development, but i may be wrong.

I am sure it would be hard to implement.  I know the devs have been working hard.  I have tested the alpha and it looks pretty nice.  I have also spent a little time seeing how stake and spend affects the PoI and I am impressed by the algo so far. While what I mentioned would be a lot, and complex math and tests would be needed before making it live, I do think there is a small possibility that a place holder could be stuck in the code, something that might later be edited and finalized after much more thought and consideration.  Though honestly I am not certain of that.  

I don't think adding a new factor would be a problem. The whole code but POI especially is developed with extensibility in the back of the devs head. POI is something that will need to be adapted over time because only time will tell how well the algo works and if adaptation is needed. The network will of course be secure either way but for it to be a fair as possible and reward the right people adapations might be needed. At least that's how i understood it
As for that specific factor...that might be a little more complicated but I can't say much without discrediting others.  

Thanks for the feedback and I get what you are saying.  I have tried to figure out what some weaknesses are and how they might be beat so that a hacker might take advantage.  I definitely have my concerns about how some aspects are incorporated.  

[freigeist]

Thanks for the feedback and I get what you are saying.  I have tried to figure out what some weaknesses are and how they might be beat so that a hacker might take advantage.  I definitely have my concerns about how some aspects are incorporated.  

Hello.

I think if you have reasonable concerns or ideas how to improve or secure the NEM network
that you should engage in chat with core developers.
If you want please join the forum and open a discussion here

https://forum.nemcoin.com/index.php?board=6.0
or here
https://forum.nemcoin.com/index.php?board=26.0

NEM needs more people like you and "pocesar".

[overthetop2011]

I just show up to say: "Great work , Gentlemen!" and "Thank you!"

 

[btler420]

is there any set date yet for the official distribution?

[freigeist]

is there any set date yet for the official distribution?

There is not yet and exact date but don't wary
check this thread once in a while because the dates will be published on the first
page when the time will come.
Otherwise you can also follow and join discussions on the
NEM forum at: https://forum.nemcoin.com/

[patmast3r]

is there any set date yet for the official distribution?

Not a fixed date but we're aiming for a distribution during october.

[cryptovalues]

Sorry what will be different in NEM relative to NXT, besides the distribution? Some unique features?