[NXT] Development Discussion - The dev plan that keeps on delivering

[PL_CoinTrader]

I am kind of surprised that this did nothing to improve the price ...

It will slowly because every time a coin is minted, 1 Nxt is used for tx fee.

And those fees go to the big whales who can dump the price again.

[Zer0Sum]

Macro Implications

Importing - First generation cryptocurrencies can transition into an MS currency...
allowing them to take advantage of the many powerful features of the Nxt platform.

This will be interesting to watch.

[Zer0Sum]

I am kind of surprised that this did nothing to improve the price ...

It will slowly because every time a coin is minted, 1 Nxt is used for tx fee.

And those fees go to the big whales who can dump the price again.

Which demonstrates another "Macro Implication" = Monetary System improves distribution of wealth across NXT ecosystem.

But if it costs $0.02 to mint a new coin... new coin must be worth >>> $0.02

[Daedelus]

I am kind of surprised that this did nothing to improve the price ...

It will slowly because every time a coin is minted, 1 Nxt is used for tx fee.

And those fees go to the big whales who can dump the price again.

Which demonstrates another "Macro Implication" = Monetary System improves distribution of wealth across NXT ecosystem.

But if it costs $0.02 to mint a new coin... new coin must be worth >>> $0.02

You can set your minter to mint 1000 coins, it will take longer of course but you only pay 1 Nxt fee still. You can set the 'batch' you want to mint. So it makes value even more interesting  


Two ASIC resistant kekkak (?) coins are being heavily mined at the moment (as they are the first two), EGOLD and ELEMS I think. Who knows what value they will have (if any) but they are very popular.  

I don't know enough about the process so I can't really advice on this so go to nxtforum.org if you are interested.

[Daedelus]

CfB is doing ok 

I have earned 90 NXT by selling minted EGOLD. Neat.

Here are some resources for Monetary System: https://bitcointalk.org/index.php?topic=587007.msg10097750#msg10097750

If you're really stuck, ask in here https://nxtforum.org/general-discussion/price-speculation/

[freenxt.org]

Working like a charme. I have never really been successfull to do that with altcoins but now its getting really easy to mint coins =)

[Daedelus]

Yesterday was a 30 day high for 'transactions per day' @ 5732.
http://www.mynxt.info/charts/transactions_per_day.php?limit=30


If it passes 7091, then that will be the new 12 month high (and all time high?)
http://www.mynxt.info/charts/transactions_per_day.php?limit=365



And thanks to Monetary system, this chart for 'Nxt fees per day' is just silly...
http://www.mynxt.info/charts/fees_per_day.php


Monetary System seems to have been welcomed with some vigour  

I think the largest use case so far is POW mining/minting within Nxt's POS platform. But that is only one of the use cases. Trustless crowd funding and secure retail vouchers are two others that we will see come online over time.

[redbean2010]

Good overview.  I trust Nxt

[Troonetpt]

What the Monetary System can do?
It's a little complicated.

[Daedelus]

What the Monetary System can do?
It's a little complicated.

Montary System allows the creation of new tokens/coins. There are a series of properties that you can apply to these tokens when they are created. Examples:


You can launched your own crypto with it (including with a POW distribution), secured by Nxt's POS. There are two POW coins being minted as we speak. 


You can trustlessly crowd fund with it. You have a project in mind, you make your case to potential investors. They then invest money but if you don't raise the amount specified for the crowdfund by the blockheight you specified, all funds are returned to investors automatically. So scammers can't run away with the funds.


You can sell vouchers for your business. One of the properties only allows transfers to and from the issuing account. So your retail vouchers can't be resold. Another property allows you to issue more vouchers if you require them.


There are other combinations that create other properties suitable for other situations (stock splits / issuing new stock). And other properties will be added, like adding anonymity through coin shuffling.


If you have a project in mind, it would be best speaking to the guys on nxtforum.org before you issue it. Properties can't be added once a MSCoin has been created.

[Daedelus]

Here are some links for Monetary System

MS article:
http://nxter.org/nxt-core-monetary-system/

Some MS use cases:
http://nxter.org/nxt-for-financial-experts-local-groups-and-cryptofans/

MS tutorial:
https://wiki.nxtcrypto.org/wiki/Monetary_System

And the MS help desk: https://nxtforum.org/nxt-monetary-system-helpdesk/

Ah, that felt good.  

The second one list a couple of other use cases I didn't (create a store of value by locking a number of NXT into the new crypto).


The first gives a general introduction.

[Daedelus]

A comparison chart between known Crypto platforms

Please let us know if you spot any mistakes, so we can correct them!

[profitofthegods]

A comparison chart between known Crypto platforms

Please let us know if you spot any mistakes, so we can correct them!

I'm pretty sure Counterparty has multisig and a voting system and is at least working on smart contracts if they aren't already implemented (they ported etheruem's smart contracts over, and the main functionality itself uses a kind of smart contract), and I would think their DEX is an asset exhange isn't it?

No DAC support for Bitshares is a really glaring error, as that's pretty much what Bitshares is all about, and to say Bitshares is working on market pegged assrts but NXT already has them is totally the wrong way around.

Also, Ripple was the first to start publishing code for a smart contracts system, with their Codius project.

[Daedelus]

Comments forwarded to authors  >  https://bitcointalk.org/index.php?topic=587007.msg10167295#msg10167295

[Eadeqa]

I'm pretty sure Counterparty has multisig and a voting system and is at least working on smart contracts if they aren't already implemented (they ported etheruem's smart contracts over, and the main functionality itself uses a kind of smart contract), and I would think their DEX is an asset exhange isn't it?
around.

Counterparty has voting system?

[profitofthegods]

I'm pretty sure Counterparty has multisig and a voting system and is at least working on smart contracts if they aren't already implemented (they ported etheruem's smart contracts over, and the main functionality itself uses a kind of smart contract), and I would think their DEX is an asset exhange isn't it?
around.

Counterparty has voting system?

Umm, it may just be sending out tokens and then people send the one they want (eg a yes rather than no token) to the issuing address, so I guess it depends how you define a voting system.

[UberNifty]

Here's a handy MS PDF guide via Google Docs:

https://drive.google.com/file/d/0B8paJFYHGv0QVDN2dXFaRTBFeFE/view?usp=sharing

Enjoy!

[Daedelus]

First GPU miner developed for Nxt MSCoins.

https://nxtforum.org/monetary-system-153/nxtmint-java-minter

Get it while it is hot 

[Daedelus]

New version of Nxt is also released:

Code:

https://nxtforum.org/nrs-releases/nrs-v1-4-9/

****
Change log:

Server Logic
============
Password protect the Debug APIs. The nxt.enableDebugAPI property is no longer
used. Instead, the debug APIs which allow direct manipulation of the blockchain
database are always enabled, but are now protected with a password, which needs
to be set in the nxt.adminPassword property. Password is not required when the
API server is listening on the localhost interface only (the default).
The password protection can be disabled by setting nxt.disableAdminPassword=true.

Some refactoring to allow creation and signing of transactions using the Java API
even in the complete absence of blockchain data, as needed for the MintWorker.

Minor peer networking improvement, addPeers and processBlock requests are now
executed in the background.

Improvements in fork resolution. The peer networking getNextBlocks API no longer
limits the number of blocks returned to 1 MB total payload size, but always
returns 720 blocks, if available.


MintWorker
==========
Added nxt.mint.stopOnError property, default false. Minting will now continue,
by default, even after an error occurred when sending the mint transaction to
the server.

Minting transactions are now signed locally and sent to the server using the
broadcastTransaction API. Thus the secretPhrase for the minting account is never
sent to the server, and the server or the connection to it do not need to be
trusted. The secretPhrase is also not logged to the log output anymore.


User Interface
==============
Added second row of info boxes on Dashboard.

Notifications for incoming messages.

Reworked page navigation.

Account leasing dialog now displays the number of blocks until lease expiration.

Fixed named account links on the transaction info dialog.

Client Translation
==================
Added language selection to welcome screen.

Added translations for monetary system for different languages.

Stable: English, Spanish, French, Lithuanian, Portuguese (Brazilian), Russian,
Chinese (Simplified), Chinese (Traditional)

Beta: German, Finnish, Galician, Croatian, Indonesian, Italian, Japanese, Dutch,
Slovakian, Portuguese, Serbian (Cyrillic), Serbian (Latin), Ukrainian
****

[Daedelus]

Anyone who wishes to get acquainted with the next release v1.5 Voting System, then you can sneak peak here:

https://nxtforum.org/voting-system/voting-system-got-massive-updates/


It is designed to be inclusive and accommodating for many use cases. You can set up a vote by balance, account or asset (allowing shareholder voting on the blockchain for assets run as companies). There are also additional features you can add to your vote (yes/no or multi-answer).