Topic: [ANN] Netnode [NND] Mineable New consensus Algorithm - No Premine! - page 7. (Read 2432 times)
December 13, 2018, 11:37:59 PM
Zero fee? Are you sure, how can it be like that? I hope you can provide updates as soon as possible, is the whitepaper available?
December 13, 2018, 11:19:51 PM
I suppose it depends on how much CPU/RAM intensive it is to run the node. Will the resource requirements grow as the number of nodes grow?
Node resources will remain relatively steady if not decrease since nodes will probably grow at an equal rate to that of users making transactions. Even if there is an increase it will not be noticeable on the user end or affect your rewards in any way. December 13, 2018, 05:41:11 PM
Code:
600 second node reward time
0.25NND rewarded per node every period
10 mins for one block with only 0.25 NND per block. Did it what the team wanted expressing in the OP?
Did I understand the message right?
Very interesting.
Could this not be gamed, with miners renting vast amounts of micro server instances to serve as nodes that farm the network?
Could an IOT botnet with a hundred thousand nodes not mine out the entire coin supply very quickly?
In theory, yes. However not very much so in reality. On launch nodes will be whitelisted through the protocol using device IDs translated into a hash that sticks with that node. Netnode is also considering distributing the initial launch nodes to a certain amount to combat a rocky start. Netnode will not limit a number of nodes a user can run but it would nearly be impossible for a person to set up that many nodes without greatly impacting the value of any underlying asset.
Due to the unique reward system and it's halving mechanism, a "malicious" actor trying to game the system would have a difficult time. If they can get around the whitelisting mechanism they would still have to be worried about the value of NND and the trust factor of their nodes to make any sort of impact.
If you would like to discuss the project in more of a conversation environment, we are very active on telegram. Thanks for the great question!
December 13, 2018, 03:55:35 PM
Code:
600 second node reward time
0.25NND rewarded per node every period
10 mins for one block with only 0.25 NND per block. Did it what the team wanted expressing in the OP?
Did I understand the message right?
Very interesting.
Could this not be gamed, with miners renting vast amounts of micro server instances to serve as nodes that farm the network?
Could an IOT botnet with a hundred thousand nodes not mine out the entire coin supply very quickly?
I suppose it depends on how much CPU/RAM intensive it is to run the node. Will the resource requirements grow as the number of nodes grow?
December 13, 2018, 07:56:20 AM
Code:
600 second node reward time
0.25NND rewarded per node every period
10 mins for one block with only 0.25 NND per block. Did it what the team wanted expressing in the OP?
Did I understand the message right?
Very interesting.
Could this not be gamed, with miners renting vast amounts of micro server instances to serve as nodes that farm the network?
Could an IOT botnet with a hundred thousand nodes not mine out the entire coin supply very quickly?
December 12, 2018, 03:46:32 PM
Code:
600 second node reward time
0.25NND rewarded per node every period
10 mins for one block with only 0.25 NND per block. Did it what the team wanted expressing in the OP?
Did I understand the message right?
December 12, 2018, 03:34:06 PM
Is this just another custom algo + masternode combo or I'm missing something?
It is entirely unique, mining is somewhat derived from "masternodes" though. A node on the network is simply a device that is verifying the transactions. Rewards are constant to incentivize users who are worried about electricity, difficulty, etc.So a similar reward mechanism however nodes are the only way to mine with there being no bond or staking like in other custom algos. ONC works in a similar way to a mesh network. Hope this helps and thanks for your interest!
December 12, 2018, 01:45:23 AM
Is this just another custom algo + masternode combo or I'm missing something?
December 12, 2018, 01:08:49 AM
res
December 12, 2018, 12:16:57 AM
What is Netnode?
Netnode is a peer to peer, digital asset ecosystem that implements a new form of consensus. Ordered Node Consensus (ONC) allows for instantaneous transactions with a clear scalability path. Transactions are sent to each peer connected node and sent back to the genesis node in real time. Each node on the network allows for faster verifications with less peers being needed. Nodes verify payments one before another to create an irrefutable chain. Netnode (NND) is the base asset of the network with all transactions being settled in NND or its trading pairs.
Users have the ability to earn rewards by running a node that acts as a transaction network server. Due to nodes only verifying transactions as they come, electricity consumption is extremely low at 7W/Kwh based on SBC hardware. Nodes earn a set reward for how much time they are interacting with the network. Each node earns 0.25 NND/600 seconds. As the network scales so does the reward, with a halving every 1,000,000,000 coins distributed. There will only ever be 10,000,000,000 NND with no presale or pre-mine, meaning 100% of coins go to users of the network.
The network scales with the number of nodes connected with each user receiving a set reward for verifying transactions. With users receiving a set reward this removes the random aspect from Proof of Work algorithms. This removes the need for pool mining which allows for even further decentralization.
Ordered Node Consensus provides superior network safety with zero chance for compromise through 51% attacks or close peer attacks. Nodes will have a built in trust factor. The higher the nodes trust factor, the less peers that need to be connected, the faster transactions are verified. This allows for a transaction to be settled in real time with verification happening almost instantaneously. Merchants can run their own nodes and verify customer purchases with no chargebacks and easy refunds all while earning NND.
Due to Netnodes distribution method it will have one of the most stable market capitalizations of any new coin with price being directly correlated to number of users and nodes. All new coins will be created through nodes participating on the network. As the number of nodes scales so will the amount of coins distributed during the 600 second reward periods. The value of NND will be better tied to the underlying asset (the network) using this method.
Netnode Founders
• Hudson Enyart (Co-Founder, CEO)
• Aaron Ammon (Co-Founder, CTO)
Official Resources
• Netnode Website
• Netnode Twitter
• Netnode Reddit
• Netnode Discord
• Netnode Telegram
Specifications
• Node Reward Period: 10 minutes (600 seconds)
• Confirmations for Final Transaction: Peer Majority of generated nodes
• Supply: 10 billion NND (currently 0.25 NND/reward period per each Node)
• Consensus System: Ordered Node Consensus
• Netnode's official ticker: NND
Netnode Benefits
• Zero fees since those verifying transactions are incentivized through the protocol
• Straight forward wallet and chain explorer that even non crypto users can navigate
• New form of consensus that will allow users to earn NND
• Low amounts of hard resources required to reach consensus with each node using single digit watts of electricity
• ONC allows users of the network to reach instant transactions with a near instantaneous settlement (dependent on user’s network)
How to get involved?
Become an active community member and help promote Netnode. Message the team members or join us on Telegram to get in touch with questions, feedback, or ideas for us. The team will operate a few nodes where we will give away all of the earnings. You can receive these NND by being active in our social channels.
Getting Started
• Netnode Website
• DOWNLOAD THE GUI WALLET
Netnode in other Languages
• German https://bitcointalksearch.org/topic/ann-netnode-nnd-neuer-pow-konsens-algorithmus-ohne-premine-gerdeutsch-5147112
• Indonesian https://bitcointalk.org/index.php?topic=5146173.new#new
• Chinese https://bitcointalk.org/index.php?topic=5146233.new#new
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