Topic: [ANN] NEX :: Nxt Reimagined - Industrial Strength - Imagine Fairness! - page 52. (Read 102003 times)
January 21, 2014, 10:42:01 AM
This seems like an awesome idea. Also, I have confidence that FrictionlessCoin is actually a good dev, as he correctly asserted that that the NXT source code is crap.
January 21, 2014, 10:34:02 AM
I am interested since I am a victim of NXT
January 21, 2014, 10:28:20 AM
I would propose the following to get a really fair coin distribution for a 100% PoS coin:
Add the bitcoinj library to the NEX code and let it run in SPV mode.
Every NEX node continuously scans the bitcoin blockchain for P2SH transactions that are going to a proof-of-burn address.
You define a sliding window (i.e. 100 bitcoin blocks) and distribute rewards proportional to all bitcoins that were sent to the burn address within the last 100 bitcoin blocks.
You can define a decreasing reward curve for the next 1-4 years, such that after this initial bootstrapping rewarding phase the bitcoinj library can be excluded from the source code.
I think this would be the most fair distribution model, because there is no initial IPO. The price of the new coin will be determined always by the free market: If there is a period where more people are willing to burn their bitcoins for NEX coins, then they each get less NEX coins for their bitcoins. On the other hand if there is a period were no one wants to burn their bitcoins to get NEX coins, then everybody could just jump in and burn just a few satoshi to get almost the full NEX block reward without much competition. So you see fair distribution by market value.
It would make sure that the new coin actually really starts at value zero and will gradually improve to gain value. Therefore from an economic standpoint this would be the same distribution model as with Bitcoin.
It will borrow the fair distribution model from Bitcoin and the nice proof-of-stake model from NXT.
Of course this distribution model also has a much lower barrier to entry for every current bitcoin owner, even if he decides only after half a year to exchange some bitcoins for NEX coins. He could just look if he gets a better price at some exchange or if he goes the way to directly convert by burning bitcoins. This is the same mechanisms as someone interested in bitcoin could decide to buy a mining rig or to directly buy bitcoins on an exchange.
So instead of an initial-public-offering the coin has a continous-public-offering with decreasing reward over the next few years. This makes sure that the coins will be distributed quite broadly to many people.
Add the bitcoinj library to the NEX code and let it run in SPV mode.
Every NEX node continuously scans the bitcoin blockchain for P2SH transactions that are going to a proof-of-burn address.
You define a sliding window (i.e. 100 bitcoin blocks) and distribute rewards proportional to all bitcoins that were sent to the burn address within the last 100 bitcoin blocks.
You can define a decreasing reward curve for the next 1-4 years, such that after this initial bootstrapping rewarding phase the bitcoinj library can be excluded from the source code.
I think this would be the most fair distribution model, because there is no initial IPO. The price of the new coin will be determined always by the free market: If there is a period where more people are willing to burn their bitcoins for NEX coins, then they each get less NEX coins for their bitcoins. On the other hand if there is a period were no one wants to burn their bitcoins to get NEX coins, then everybody could just jump in and burn just a few satoshi to get almost the full NEX block reward without much competition. So you see fair distribution by market value.
It would make sure that the new coin actually really starts at value zero and will gradually improve to gain value. Therefore from an economic standpoint this would be the same distribution model as with Bitcoin.
It will borrow the fair distribution model from Bitcoin and the nice proof-of-stake model from NXT.
Of course this distribution model also has a much lower barrier to entry for every current bitcoin owner, even if he decides only after half a year to exchange some bitcoins for NEX coins. He could just look if he gets a better price at some exchange or if he goes the way to directly convert by burning bitcoins. This is the same mechanisms as someone interested in bitcoin could decide to buy a mining rig or to directly buy bitcoins on an exchange.
So instead of an initial-public-offering the coin has a continous-public-offering with decreasing reward over the next few years. This makes sure that the coins will be distributed quite broadly to many people.
January 21, 2014, 10:07:05 AM
Seeking Additional Java Developers
We have successfully decompiled the Nxt source and are now in the process of performing a massive refactoring and cleanup of the code base.
Short term goals.
Remove the primitive addressing scheme and use a scheme that looks like Bitcoin. Bitcoin addresses are more readable, have a checksum and have many tools to generate them. Nxt addresses that are all numerical are something that came out of the 1950's.
Secure Wallet. Nxt wallet is fundamentally insecure. Exposing a wallet to the public internet for everyone to hack is just idiotic. No wonder so many Nxt users have lost money!
What exactly do you mean when you say the Nxt wallet is exposed to the internet?
January 21, 2014, 09:54:45 AM
Hope you can distribute coins fairly.
January 21, 2014, 09:49:08 AM
...
In fact I was looking for such a nice fairer alternative to NXT.
BTW, NEM's author is a VERY BIG stake holder in NXT, which makes no difference than original NXT.
is he?
maybe he's also a big stakeholder in bitcoins, doesn't really matter, does it
(btw. FrictionlessCoin probably sits on half a million premined IXcoins)
NEM seems legit, whereas NEX is based on lies, think about it...
January 21, 2014, 09:42:48 AM
I am interested!!
In fact I was looking for such a nice fairer alternative to NXT.
BTW, NEM's author is a VERY BIG stake holder in NXT, which makes no difference than original NXT.
January 21, 2014, 09:33:55 AM
Joining NEM, a real alternative to Nxt.
awesome, thanks for the info (https://bitcointalksearch.org/topic/ann-nem-4-billions-coins-part-1-this-thread-is-no-longer-used-422129)
joined NEM also, looks so much more real (and fair) than the NEX scam
("the litecoin of NXT", cool)
January 21, 2014, 09:23:53 AM
I'm interested! 
NEX open source from the start. Why would anyone prefer the closed source alternative? (NXT promised the sources for January, they now say April; it will probably never be fully open source. This is too bad for serious money)
NEX open source from the start. Why would anyone prefer the closed source alternative? (NXT promised the sources for January, they now say April; it will probably never be fully open source. This is too bad for serious money)
Haven't you heard? Nxt is a proprietary closed source coin disguising itself as 'open source'.
We've already decompiled it and have a running version of it. One reason it is closed source is because the code is plain horrible.
In fact, the entire experience is horrible. People can't get their clients to sync, people lose wallets all the time and it is so common for the files to become corrupted. I'm not making this up, just head over to the Nxt threads.
Anyway, that's why the 1:50 Nxt to NEX exchange is reality plain and simple charity. Same kind of charity we are giving the VisaCoin victims. Nxt coin holders are actually victims not investors.
Liar. She doesn't even know how to read the codes. Join NEM instead https://bitcointalksearch.org/topic/ann-nem-4-billions-coins-part-1-this-thread-is-no-longer-used-422129. We have a real intention and we don't take your
money and promise bull.
Joining NEM, a real alternative to Nxt.
January 21, 2014, 09:23:17 AM
Interested.
How does the zero cost buy in work?
I see the 1:50 trade NXT for NEX, but that is not a zero cost buy in now is it.
There needs to be a way to distribute coins freely and fairly.
How does the zero cost buy in work?
I see the 1:50 trade NXT for NEX, but that is not a zero cost buy in now is it.
There needs to be a way to distribute coins freely and fairly.
January 21, 2014, 09:20:04 AM
Interested!!!
January 21, 2014, 09:17:52 AM
I'm interested!
NEX open source from the start. Why would anyone prefer the closed source alternative? (NXT promised the sources for January, they now say April; it will probably never be fully open source. This is too bad for serious money)
NEX open source from the start. Why would anyone prefer the closed source alternative? (NXT promised the sources for January, they now say April; it will probably never be fully open source. This is too bad for serious money)
Haven't you heard? Nxt is a proprietary closed source coin disguising itself as 'open source'.
We've already decompiled it and have a running version of it. One reason it is closed source is because the code is plain horrible.
In fact, the entire experience is horrible. People can't get their clients to sync, people lose wallets all the time and it is so common for the files to become corrupted. I'm not making this up, just head over to the Nxt threads.
Anyway, that's why the 1:50 Nxt to NEX exchange is reality plain and simple charity. Same kind of charity we are giving the VisaCoin victims. Nxt coin holders are actually victims not investors.
Liar. She doesn't even know how to read the codes. Join NEM instead https://bitcointalksearch.org/topic/ann-nem-4-billions-coins-part-1-this-thread-is-no-longer-used-422129. We have a real intention and we don't take your
money and promise bull.
January 21, 2014, 09:15:34 AM
Interested in this coin.
January 21, 2014, 08:58:31 AM
PROPOSAL:
Implementation of the following PROOF OF BURN: https://bitcointalk.org/index.php?topic=422309.0;topicseen FOR NEX
In summary, this looks like an excellent idea. Pre-launch NEX coins will be LV1 coins and new coins will be LV2 coins.
This proof of burn functionality is superior to the 'forging' feature of Nxt.
The LV1 coins will be called "NEX Foundation Coins"
The LV2 coins will be called "NEX Proof of Stake Coins"
Note: Only NEX Foundation Coins are exchangeable as described by the proposal.
We will refine this over time.
Implementation of the following PROOF OF BURN: https://bitcointalk.org/index.php?topic=422309.0;topicseen FOR NEX
Level 1 (LV1) coins are the name of the currency that will be distributed via the pre launch fundraiser. These are the coins that will be on exchanges and can be bought and sold. These coins will generate 1 additional LV1 coin per week for every 1,000 LV1 coins that you own (updates fractionally on the blockchain every 15 seconds and are rounded up to the nearest millionth). This means that in one year of holding 1,000 LV1 coins, you will receive roughly 50 LV1 coins, or 5% per annum. Doesn't seem like much? Keep reading.
Level 2 (LV2) coins can only be obtained by burning Level 1 coins. For every 1,000 LV1 coins that are burned you will receive one LV2 coin. These coins can not be exchanged, sold, or discarded by any means and will be attached to the wallet indefinitely. Each LV2 coin will generate five LV1 coins per week. In one year of holding one single LV2 coin, you will receive roughly 250 LV1 coins. This equates to an increase of 25% per annum. Much better isn't it?
Level 2 (LV2) coins can only be obtained by burning Level 1 coins. For every 1,000 LV1 coins that are burned you will receive one LV2 coin. These coins can not be exchanged, sold, or discarded by any means and will be attached to the wallet indefinitely. Each LV2 coin will generate five LV1 coins per week. In one year of holding one single LV2 coin, you will receive roughly 250 LV1 coins. This equates to an increase of 25% per annum. Much better isn't it?
In summary, this looks like an excellent idea. Pre-launch NEX coins will be LV1 coins and new coins will be LV2 coins.
This proof of burn functionality is superior to the 'forging' feature of Nxt.
The LV1 coins will be called "NEX Foundation Coins"
The LV2 coins will be called "NEX Proof of Stake Coins"
Note: Only NEX Foundation Coins are exchangeable as described by the proposal.
We will refine this over time.
Very interesting proposal. Do we get our bonus LV1 coins only when we're forging, or does the network give us them even when we're not forging? Or is there no forging going on at all?
The best way to think about this is to make the analogy between banks and enterprises.
Actually, I should rename the LV1 and LV2 coin, "NEX Bank Coin" and "NEX Enterprise Coin" .
With the NEX Bank Coin you get 5% interest. You never lose your principal.
With NEX Enterprise Coin you consume NEX Bank Coin but in the process you stand to gain 25% of what you gain.
It is actually a quite excellent and simple system.
Finally some innovation!! That's the spirit if we're gonna surpass NXT.
January 21, 2014, 08:57:57 AM
I'm interested!
NEX open source from the start. Why would anyone prefer the closed source alternative? (NXT promised the sources for January, they now say April; it will probably never be fully open source. This is too bad for serious money)
NEX open source from the start. Why would anyone prefer the closed source alternative? (NXT promised the sources for January, they now say April; it will probably never be fully open source. This is too bad for serious money)
Haven't you heard? Nxt is a proprietary closed source coin disguising itself as 'open source'.
We've already decompiled it and have a running version of it. One reason it is closed source is because the code is plain horrible.
In fact, the entire experience is horrible. People can't get their clients to sync, people lose wallets all the time and it is so common for the files to become corrupted. I'm not making this up, just head over to the Nxt threads.
Anyway, that's why the 1:50 Nxt to NEX exchange is reality plain and simple charity. Same kind of charity we are giving the VisaCoin victims. Nxt coin holders are actually victims not investors.
January 21, 2014, 08:35:08 AM
I'm interested!
NEX open source from the start. Why would anyone prefer the closed source alternative? (NXT promised the sources for January, they now say April; it will probably never be fully open source. This is too bad for serious money)
NEX open source from the start. Why would anyone prefer the closed source alternative? (NXT promised the sources for January, they now say April; it will probably never be fully open source. This is too bad for serious money)
LOL no, now it's April at the earliest
gang of amateurs, they'll soon have horde of angry Chinese people looking for their money
January 21, 2014, 08:30:26 AM
I'm interested!
NEX open source from the start. Why would anyone prefer the closed source alternative? (NXT promised the sources for January, they now say April; it will probably never be fully open source. This is too bad for serious money)
NEX open source from the start. Why would anyone prefer the closed source alternative? (NXT promised the sources for January, they now say April; it will probably never be fully open source. This is too bad for serious money)
January 21, 2014, 07:52:01 AM
Interested.
January 21, 2014, 07:41:10 AM
interested!
January 21, 2014, 07:33:48 AM
I'm in, how do i get coins? =)
Say you are interested in this thread. We will allocate coins for free.
Sure, but if you want more, then
1. buy NXT with bitcoins
2. go to (https://bitcointalksearch.org/topic/ann-offer-nxt-to-nex-exchange-one-nxt-to-50-nex-coins-limited-424724) and allocate (sell)
3. receive your NEX for
Plus you would really help FrictionlessCoin to get his 1 Mio. NXT as a byproduct
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