Nxt Monetary System launched: Now on Nxt Testnet!

[LiQio]

So is this pretty much a way to make your own coins? or what is the deal with this?

Excactly, issue your own currency. Secured by the NXT network.

In depth info here: https://bitbucket.org/JeanLucPicard/nxt/issue/205/monetary-system-documenation

[NoobKidOnTheBlock]

So is this pretty much a way to make your own coins? or what is the deal with this?

Excactly, issue your own currency. Secured by the NXT network.

In depth info here: https://bitbucket.org/JeanLucPicard/nxt/issue/205/monetary-system-documenation

Thanks I have an amazing idea for a coin and had no idea how to make one so I will be on top of this one for sure Cheers Mate

[msin]

So is this pretty much a way to make your own coins? or what is the deal with this?

Excactly, issue your own currency. Secured by the NXT network.

In depth info here: https://bitbucket.org/JeanLucPicard/nxt/issue/205/monetary-system-documenation

Thanks I have an amazing idea for a coin and had no idea how to make one so I will be on top of this one for sure Cheers Mate

Make sure you read the documentation on the different options for coin creation, it allows some very interesting scenarios.

[NoobKidOnTheBlock]

So is this pretty much a way to make your own coins? or what is the deal with this?

Excactly, issue your own currency. Secured by the NXT network.

In depth info here: https://bitbucket.org/JeanLucPicard/nxt/issue/205/monetary-system-documenation

Thanks I have an amazing idea for a coin and had no idea how to make one so I will be on top of this one for sure Cheers Mate

Make sure you read the documentation on the different options for coin creation, it allows some very interesting scenarios.

Thanks Mate I will be for sure to do that

[msin]

So is this pretty much a way to make your own coins? or what is the deal with this?

Excactly, issue your own currency. Secured by the NXT network.

In depth info here: https://bitbucket.org/JeanLucPicard/nxt/issue/205/monetary-system-documenation

Thanks I have an amazing idea for a coin and had no idea how to make one so I will be on top of this one for sure Cheers Mate

Make sure you read the documentation on the different options for coin creation, it allows some very interesting scenarios.

Thanks Mate I will be for sure to do that

No worries, definitely recommend testing on Testnet if you can, that way you can be ready to launch your coin when it goes live.

[NoobKidOnTheBlock]

So is this pretty much a way to make your own coins? or what is the deal with this?

Excactly, issue your own currency. Secured by the NXT network.

In depth info here: https://bitbucket.org/JeanLucPicard/nxt/issue/205/monetary-system-documenation

Thanks I have an amazing idea for a coin and had no idea how to make one so I will be on top of this one for sure Cheers Mate

Make sure you read the documentation on the different options for coin creation, it allows some very interesting scenarios.

Thanks Mate I will be for sure to do that

No worries, definitely recommend testing on Testnet if you can, that way you can be ready to launch your coin when it goes live.

Really appreciate the help from all of you here on this thread I'm most definitely gonna take a good long hard look into it for sure :-)

[opticalcarrier]

Why not just use NXT itself?  What utility will this feature provide?

Different properties than NXTs.
Different use-cases than NXTs.
Diversification.

Ah yes, and brings a bit of sidechain flair to Nxt.

glad Im not the only one who saw that.  and with the way BTC seems to be foundering on the subject, my guess is MS will come out long before sidechains do

[ChuckOne]

Did someone say decentralized crowd funding platform?

You can say that again! 

decentralized crowd funding platform

[NoobKidOnTheBlock]

So quick question what would it cost to make my own coin through this Nxt Monetary System? Any specs lingering around I could look at?

[msin]

So quick question what would it cost to make my own coin through this Nxt Monetary System? Any specs lingering around I could look at?

It depends on if you want to have your coin backed by Nxt (locked), but if you don't it's as cheap at 40Nxt

https://bitbucket.org/JeanLucPicard/nxt/issue/205/monetary-system-documenation (scroll down to Fees)

[ThomasVeil]

I don't really see why it would be better for crowdfunding than the Asset exchange... or digital good store if you prefer a stable price.

[msin]

I don't really see why it would be better for crowdfunding than the Asset exchange... or digital good store if you prefer a stable price.

Because you can set a block height so if your target crowdfunding Nxt goal isn't reached, the MS coin isn't created and everyone gets their money back (called Reservable).  With Assets, people buy the Assets and their money is gone regardless if the target is reached. 

[ChuckOne]

I don't really see why it would be better for crowdfunding than the Asset exchange... or digital good store if you prefer a stable price.

Because you can set a block height so if your target crowdfunding Nxt goal isn't reached, the MS coin isn't created and everyone gets their money back (called Reservable).  With Assets, people buy the Assets and their money is gone regardless if the target is reached. 

We also need to check how certain features will get used out in the wild.

[VanBreuk]

I don't really see why it would be better for crowdfunding than the Asset exchange... or digital good store if you prefer a stable price.

Because you can set a block height so if your target crowdfunding Nxt goal isn't reached, the MS coin isn't created and everyone gets their money back (called Reservable).

Something like this would have saved people a fortune lost in IPOs for undelivered coins.

[visual111]

I don't really see why it would be better for crowdfunding than the Asset exchange... or digital good store if you prefer a stable price.

Because you can set a block height so if your target crowdfunding Nxt goal isn't reached, the MS coin isn't created and everyone gets their money back (called Reservable).  With Assets, people buy the Assets and their money is gone regardless if the target is reached. 

that is pretty neat

[Hollowman338]

I don't really see why it would be better for crowdfunding than the Asset exchange... or digital good store if you prefer a stable price.

Because you can set a block height so if your target crowdfunding Nxt goal isn't reached, the MS coin isn't created and everyone gets their money back (called Reservable).

Something like this would have saved people a fortune lost in IPOs for undelivered coins.

Would have saved me some BTC (I knew I was gambling so it didn't bother me much)

[msin]

How customizable will MS coins be when it goes live on testnet?  I know we have a few set options like POW and Coin Mixing, but will we be able to add advanced features via API or will more options just be added by devs in future releases?

[ChuckOne]

How customizable will MS coins be when it goes live on testnet?  I know we have a few set options like POW and Coin Mixing, but will we be able to add advanced features via API or will more options just be added by devs in future releases?

Right now, we go for a "just to be added by devs".

But:

Chuck, am I right to think that other properties can be added in the future? Depending on what people want/dream up?

That is true. However as with every decentralized currency (which those Nxt Currencies will be), they start with a social contract. That is, people will only have faith in the newly created currency when they can trust the stability and adherence to the social contract of the currency.

Currencies of the MS are not supposed to change once they are created AND in production.

Only new currencies would enjoy new properties later introduce than those initial ones.


But yes, people are free to suggest and to shape the decentralized nature of the Nxt economy platform.

[ChuckOne]

I don't really see why it would be better for crowdfunding than the Asset exchange... or digital good store if you prefer a stable price.

Because you can set a block height so if your target crowdfunding Nxt goal isn't reached, the MS coin isn't created and everyone gets their money back (called Reservable).

Something like this would have saved people a fortune lost in IPOs for undelivered coins.

Would have saved me some BTC (I knew I was gambling so it didn't bother me much)

What brings us to the question why invest in a currency in the first place? Investing in an asset on the Nxt Asset Exchange makes sense to support the venture behind it. But why did you invest in currencies?

[ChuckOne]

Why not just use NXT itself?  What utility will this feature provide?

Different properties than NXTs.
Different use-cases than NXTs.
Diversification.

Ah yes, and brings a bit of sidechain flair to Nxt.

glad Im not the only one who saw that.  and with the way BTC seems to be foundering on the subject, my guess is MS will come out long before sidechains do

Indeed.

We also cover use-cases that otherwise would have people required to wait for Ethereum. So, people can use Nxt and get started with their local currency project.

Nxt might not offer a 100% flexible solution but it is flexible enough to cover 90% of the use-cases.