[ANN][RSU]█ ReserveShare █ NXT AE | FAIR distribution | First POR| UNIQUE Source

[DarkhorseofNxt]

I think here nobody have nothing to lose (somebody loses before),we only have a chance to recover  , just don't buy before everthing is out, i mean wallet etc, and when everthing started we can put another signature to pubblicize the coin, something like DoubleEagleX15.

Sorry for my really bad english.


edit: maybe here you don't see so much community because is already passes some time when we was scammed, probbably only a small part of people still read here, so a new signture when everthig start should be a good idea.

so wait for new wallet?
any new dev team to take over?

Yes, we have a new developer, bee7.

[bee7]

I must say i am a little confused on this part,

2) When an asset holder has his address he sends all his assets to the asset creation address. The RS Coin address is sent in the same transaction in the attached message. Thus, the holder's assets get effectively destroyed disallowing any manipulation with these assets, and, at the same time, the RS Coin address is bound to these destroyed assets.
3) I pick the assets destroying transaction and create a transaction in the RS Coin network to credit the corresponding RS coin address with coins that are 'premined' during creation of the RS wallet and network.

Does this mean, you are going to do that? meaning, everyone will send their assets to you? Is that what you are saying?

No.

Every asset holder supposed to send his assets to the asset genesis address NXT-ZHC6-ACGA-YT8D-CV34G NXT genesis account NXT-MRCC-2YLS-8M54-3CMAJ. The holder's RS Coin address must be in the message attached to that transaction. This way you at the same time effectively destroy the asset and virtually "bind" it to your RS Coin address. Please correct me if I misunderstood the asset destroying procedure.

Thus no assets transferred to my name. But the transaction is recorded on NXT block chain with corresponding RS Coin address forever and anyone may see and use this information.

As the RS Coin addresses are created using standard format for all bitcoin-derived coins, any developer may create a wallet (I mean all together a wallet, a genesis block for the blockchain, etc) where these addresses would be valid. Then it is a matter of the community consensus about what genesis block is an actual RS coin genesis block.

As you accept me as an SW developer, I will create a wallet, generate the genesis block, generate 1mln of RS coins and create necessary transactions to credit the RS Coin addresses with appropriate amounts.
When the community verifies, that the provided wallet, the created network and balances of the addresses are correct, then the community declares this genesis block and the created blockchain to be an official RS Coin blockchain.

Edit: Fixed the account to send assets to in order to destroy them

[DarkhorseofNxt]

I must say i am a little confused on this part,

2) When an asset holder has his address he sends all his assets to the asset creation address. The RS Coin address is sent in the same transaction in the attached message. Thus, the holder's assets get effectively destroyed disallowing any manipulation with these assets, and, at the same time, the RS Coin address is bound to these destroyed assets.
3) I pick the assets destroying transaction and create a transaction in the RS Coin network to credit the corresponding RS coin address with coins that are 'premined' during creation of the RS wallet and network.

Does this mean, you are going to do that? meaning, everyone will send their assets to you? Is that what you are saying?

No.

Every asset holder supposed to send his assets to the asset genesis address NXT-ZHC6-ACGA-YT8D-CV34G. The holder's RS Coin address must be in the message attached to that transaction. This way you at the same time effectively destroy the asset and virtually "bind" it to your RS Coin address. Please correct me if I misunderstood the asset destroying procedure.

Thus no assets transferred to my name. But the transaction is recorded on NXT block chain with corresponding RS Coin address forever and anyone may see and use this information.

As the RS Coin addresses are created using standard format for all bitcoin-derived coins, any developer may create a wallet (I mean all together a wallet, a genesis block for the blockchain, etc) where these addresses would be valid. Then it is a matter of the community consensus about what genesis block is an actual RS coin genesis block.

As you accept me as an SW developer, I will create a wallet, generate the genesis block, generate 1mln of RS coins and create necessary transactions to credit the RS Coin addresses with appropriate amounts.
When the community verifies, that the provided wallet, the created network and balances of the addresses are correct, then the community declares this genesis block and the created blockchain to be an official RS Coin blockchain.

You are correct about the process, but the only modification is we cannot use this account NXT-ZHC6-ACGA-YT8D-CV34G, because that account is controlled by the RS dev, he can dump those shares or put up for sale and we do not have the pass phrase to that account, resulting we can not destroy that assets. What we can do is, create a new account in NXT AE. Send all the RS assets to there with new RS address in the arbitrary message. Then the new account can send all these assets to the NXT Genesis Account to effectively destroy the assets. 

This we can do.

[bee7]

I must say i am a little confused on this part,

2) When an asset holder has his address he sends all his assets to the asset creation address. The RS Coin address is sent in the same transaction in the attached message. Thus, the holder's assets get effectively destroyed disallowing any manipulation with these assets, and, at the same time, the RS Coin address is bound to these destroyed assets.
3) I pick the assets destroying transaction and create a transaction in the RS Coin network to credit the corresponding RS coin address with coins that are 'premined' during creation of the RS wallet and network.

Does this mean, you are going to do that? meaning, everyone will send their assets to you? Is that what you are saying?

No.

Every asset holder supposed to send his assets to the asset genesis address NXT-ZHC6-ACGA-YT8D-CV34G. The holder's RS Coin address must be in the message attached to that transaction. This way you at the same time effectively destroy the asset and virtually "bind" it to your RS Coin address. Please correct me if I misunderstood the asset destroying procedure.

Thus no assets transferred to my name. But the transaction is recorded on NXT block chain with corresponding RS Coin address forever and anyone may see and use this information.

As the RS Coin addresses are created using standard format for all bitcoin-derived coins, any developer may create a wallet (I mean all together a wallet, a genesis block for the blockchain, etc) where these addresses would be valid. Then it is a matter of the community consensus about what genesis block is an actual RS coin genesis block.

As you accept me as an SW developer, I will create a wallet, generate the genesis block, generate 1mln of RS coins and create necessary transactions to credit the RS Coin addresses with appropriate amounts.
When the community verifies, that the provided wallet, the created network and balances of the addresses are correct, then the community declares this genesis block and the created blockchain to be an official RS Coin blockchain.

You are correct about the process, but the only modification is we cannot use this account NXT-ZHC6-ACGA-YT8D-CV34G, because that account is controlled by the RS dev, he can dump those shares or put up for sale and we do not have the pass phrase to that account, resulting we can not destroy that assets. What we can do is, create a new account in NXT AE. Send all the RS assets to there with new RS address in the arbitrary message. Then the new account can send all these assets to the NXT Genesis Account to effectively destroy the assets.  

This we can do.

As far as I understood when the asset is sent TO asset creation account it get destroyed and this asset may not be used anymore.

Unfortunately I did not find any clear statement on that in NXT wiki in regard of assets, but I came to this conclusion reading specifically this:
http://wiki.nxtcrypto.org/wiki/Glossary#Genesis_Account

and this:
https://bitcointalk.org/index.php?topic=731923.msg%208381305#msg8381305

and some over related sources.

Anyway we could confirm this with someone experienced and reputable.
I am not an expert in NXT stuff at all as yesterday it was a first time when I read any NXT tech-specific source of information.

[DarkhorseofNxt]

As far as I understood when the asset is sent TO asset creation account it get destroyed and this asset may not be used anymore.

Unfortunately I did not find any clear statement on that in NXT wiki in regard of assets, but I came to this conclusion reading specifically this:
http://wiki.nxtcrypto.org/wiki/Glossary#Genesis_Account

and this:
https://bitcointalk.org/index.php?topic=731923.msg%208381305#msg8381305

and some over related sources.

Anyway we could confirm this with someone experienced and reputable.
I am not an expert in NXT stuff at all as yesterday it was a first time when I read any NXT tech-specific source of information.

As far as I understood when the asset is sent TO asset creation account it get destroyed and this asset may not be used anymore.
Asset Issuer Account (asset creation account) can sell and buy assets continuously. Asset Issuer account can also create multiple assets under its account. Take it as a trading account.

To burn the assets effectively, the best way of doing it, practiced by the NXT community is by sending the assets to the NXT Genesis account.

http://87.230.14.1/nxt/nxt.cgi?action=100000

To see a list of assets that were to burn,

http://nxtreporting.com/?a=NXT-MRCC-2YLS-8M54-3CMAJ&c=USD


look at my handle, i started crypto with NXT, so i can safely say that is the best practise.

[bee7]

As far as I understood when the asset is sent TO asset creation account it get destroyed and this asset may not be used anymore.

Unfortunately I did not find any clear statement on that in NXT wiki in regard of assets, but I came to this conclusion reading specifically this:
http://wiki.nxtcrypto.org/wiki/Glossary#Genesis_Account

and this:
https://bitcointalk.org/index.php?topic=731923.msg%208381305#msg8381305

and some over related sources.

Anyway we could confirm this with someone experienced and reputable.
I am not an expert in NXT stuff at all as yesterday it was a first time when I read any NXT tech-specific source of information.

As far as I understood when the asset is sent TO asset creation account it get destroyed and this asset may not be used anymore.
Asset Issuer Account (asset creation account) can sell and buy assets continuously. Asset Issuer account can also create multiple assets under its account. Take it as a trading account.

To burn the assets effectively, the best way of doing it, practiced by the NXT community is by sending the assets to the NXT Genesis account.

http://87.230.14.1/nxt/nxt.cgi?action=100000

To see a list of assets that were to burn,

http://nxtreporting.com/?a=NXT-MRCC-2YLS-8M54-3CMAJ&c=USD


look at my handle, i started crypto with NXT, so i can safely say that is the best practise.

Fine, thank you for correcting me!

Edit: BTW, is the procedure feasible and acceptable in all other aspects?

[DarkhorseofNxt]

You are welcome.

So can we put a plan of actions, how we going to move forward?

what do you think is the best method?

1. Create RS Addresses --> Send RS assets to appointed NXT account + RS address in the message --> Create New RS Share list --> Burn Assets --> Create RS (Client) --> Receive RS coins.

2.Create RS (Client) --> Create RS Address --> Send RS assets to appointed NXT account + RS address in the message --> Create New RS Share list --> Burn Assets --> Receive RS coins.

[bee7]

You are welcome.

So can we put a plan of actions, how we going to move forward?

what do you think is the best method?

1. Create RS Addresses --> Send RS assets to appointed NXT account + RS address in the message --> Create New RS Share list --> Burn Assets --> Create RS (Client) --> Receive RS coins.

2.Create RS (Client) --> Create RS Address --> Send RS assets to appointed NXT account + RS address in the message --> Create New RS Share list --> Burn Assets --> Receive RS coins.

"Send RS assets to appointed NXT account + RS address in the message" and "Burn Assets" isn't the same step?

These two things may be performed in parallel:

1) Create RS Addresses --> Send RS assets to appointed NXT account + RS address in the message
2) Create RS (Client) --> Receive RS coins

The credit of an RS addresses is possible and will be available until all created coins exhausted.
There is no need to make any list as the transactions are recorded in the NXT blockchain.

I am looking into the possibility to create a web-interface where an asset holder could enter the NXT tx id so the script picks the asset destroy transaction, parses the amount and RS address, then creates and submits appropriate RS credit transaction blacklisting that tx id to avoid multiple credits (perhaps with manual authorization of tx submission by me). This will simplify the whole procedure.

[bitsurfer2014]

I hope there will be a step by step procedure or guide (maybe with screenshots)   on burning said assets for everybody's benefit.

[bee7]

I hope there will be a step by step procedure or guide (maybe with screenshots)   on burning said assets for everybody's benefit.

Yes, of course. Now we are discussing the technical aspects of the procedure.

[bitsurfer2014]

I hope there will be a step by step procedure or guide (maybe with screenshots)   on burning said assets for everybody's benefit.

Yes, of course. Now we are discussing the technical aspects of the procedure.

Nice.Its good to see that this coin is having a new active development Keep it up DEV.

[DarkhorseofNxt]

I am looking into the possibility to create a web-interface where an asset holder could enter the NXT tx id so the script picks the asset destroy transaction, parses the amount and RS address, then creates and submits appropriate RS credit transaction blacklisting that tx id to avoid multiple credits (perhaps with manual authorization of tx submission by me). This will simplify the whole procedure.

This sounds good.

[johnsans]

nice to see project can be take over

[GTO73]

C'mon, let's go with the project 

[DarkhorseofNxt]

well, completed my month end reports. so back to crypto.

bee7, i am composing some plans for the step 3. I think i have some solution to that "problem" issue in our pm. Once i have it written, i will send you a copy for your review.

back to our development, where did we stop, what you need to be done, let me know.

[DarkhorseofNxt]

I hope there will be a step by step procedure or guide (maybe with screenshots)   on burning said assets for everybody's benefit.

Yes, of course. Now we are discussing the technical aspects of the procedure.

Once we have a concrete plan on what we going to do, we will work on Guides with pictures with Step by Step. We will have that covered. Those that have not received their RS asset (nxt ae), can you msg/pm me?

[bee7]

well, completed my month end reports. so back to crypto.

bee7, i am composing some plans for the step 3. I think i have some solution to that "problem" issue in our pm. Once i have it written, i will send you a copy for your review.

back to our development, where did we stop, what you need to be done, let me know.

I see it feasible to implement exactly as I described - with semiautomatic (the asset tranfer tx id has to be manually entered by a holder to a website I will develop) pull from NXT blockchain.

So, now we need to define these key coin properties:

1) the total supply to be initially issued
2) the block target time
3) The minimum and maximum coin stake age
4) the yearly PoS interest

The other parameters are to be defined in the next step.

One more question: is the community going to stick with 'Reserve Share Unit' name for a single unit of coin to be created or the community would like to use more common word 'coin' for a unit, so the name of unit became 'Reserve Share Coin'?
I need this to know in order to prepare the wallet's source code.

As for the Proof-of-Burn concept, I already went through the whitepaper. I still have to read through the discussion in the mentioned thread, but presently I think that this will not bring any advantage, but it will make the things more complicated instead. I will share my opinion as soon as I get through the thread and formulate my arguments.

bee7

[DarkhorseofNxt]

So, now we need to define these key coin properties:

1) the total supply to be initially issued
2) the block target time
3) The minimum and maximum coin stake age
4) the yearly PoS interest

1)Upto the general consensus, but 1 million should be good to start with?
2) 60 seconds?
3) Maybe weekly and 30 days?
4) 8% or 9%? ( i calculated if we use 9% per annum, total coins in 20 years would be around 20 mil)

Addition

5) I am thinking, if we can limit the max number of coin that an account can keep? This will avoid the over staking of 1 account. Yes, i know what is the next question coming, what is stopping from a person creating multiple account. That would be one of the security measures. Instead of keeping in a single bucket, why dont diversify? My suggestion. I am treating RS as a bank account.
6) Can the wallet come with 2FA? What do think you of this?

These are just my opinion. Feel free to chip in your ideas people.

One more question: is the community going to stick with 'Reserve Share Unit' name for a single unit of coin to be created or the community would like to use more common word 'coin' for a unit, so the name of unit became 'Reserve Share Coin'?
I need this to know in order to prepare the wallet's source code.

I was thinking of removing "unit" and just keep RS. I am thinking of this dialogue "RS me x amount of coins", "dude, RS me something..".
Can someone be creative to change the word of RS to something better?

What do you think bee?

[bee7]

So, now we need to define these key coin properties:

1) the total supply to be initially issued
2) the block target time
3) The minimum and maximum coin stake age
4) the yearly PoS interest

1)Upto the general consensus, but 1 million should be good to start with?
2) 60 seconds?
3) Maybe weekly and 30 days?
4) 8% or 9%? ( i calculated if we use 9% per annum, total coins in 20 years would be around 20 mil)

1) and 2) seems to me reasonable. Shorter times gives no big advantage.
3) 7d min and 30d max looks good. Shorter periods (say 1-2 days) for minimum age decrease the security of the network significantly.
4) up to community. The note on supply in 20 years: the average coin age with 7d min/30d max when it stakes would be ~17 days. Thus, there are ~21.47 staking periods a year, or ~420 periods in 20 years. The 17 days interest is 0.09*17/365, or 0.004191781 (0.4191781%). Hence, the coin supply in 20 years would be 1mln * 1.004191781 ^ 420, or ~5.79mln. This is close to the theoretical maximum if all coins participate in staking. The actual supply would be smaller in 20 years as any spend transaction resets the coin age and not all coins participate in staking due to lost/not running wallets.

5) I am thinking, if we can limit the max number of coin that an account can keep? This will avoid the over staking of 1 account. Yes, i know what is the next question coming, what is stopping from a person creating multiple account. That would be one of the security measures. Instead of keeping in a single bucket, why dont diversify? My suggestion. I am treating RS as a bank account.

This question is a religious one: some people are happy to keep all their coins in a single address; other people see the address reuse a bad practice. I belong to the latter group. Though, the PoS coin implies the address reuse due to specifics of PoS implementation. Technically we could implement the tx rejection if the destination address total balance would exceed some limit, but then these checks should be implemented in tx & block conformance check functions. This makes a load on nodes quite significant (there is no such thing as a record of a current address balance, the current address balance is a sum of all unspent inputs).

6) Can the wallet come with 2FA? What do think you of this?

It would only make people overestimate the actual level of security: finally, a wallet file is encrypted with some symmetric encryption key, so if a hacker manages to intercept the encryption key then he has a full access to a wallet. The n-factor authentication is relevant there where are no access of a hacker to the system you are authenticating to and you have more than one (virtual) channels of communication with that system, e.g. a voice phone call in either direction, an HW solution to generate a one-time password, a SecurID or alike.

One more question: is the community going to stick with 'Reserve Share Unit' name for a single unit of coin to be created or the community would like to use more common word 'coin' for a unit, so the name of unit became 'Reserve Share Coin'?
I need this to know in order to prepare the wallet's source code.

I was thinking of removing "unit" and just keep RS. I am thinking of this dialogue "RS me x amount of coins", "dude, RS me something..".
Can someone be creative to change the word of RS to something better?

Well, the 'Reserve Share(s)' is also an option, what the community thinks?

[J9901]

Not going to bother reading all this shit, but its kinda obvious you fools are trying some kind of community take over.

Why do people do that? Just fucking drop it. Dont try to revive a tainted name. If you guys really want to start a coin as a community, just go and start a completely new one. You're free to steal concepts from RSU since it was all a scam anyway.

Seriously the only reason why people do community take overs are because they are bagholding the coins and think any type of development on a tainted coin is going to increase the value so they could dump their bags.

I get it. But it doesnt make sense since the majority of people who was part of the Free Distribution never got their coins anyway. The only true bagholders are the idiots who bought the asset on NXT exchange before any signifcant or any proof of development on the coin was proven by the dev. ffs this didnt even have a wallet and people actually bought this shit. It's like buying a rock and hoping it will turn into gold. Invest smarter next time.

Learn the lesson, and let this coin die. End this community takeover nonsense.