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Topic: [ANN][RSU]█ ReserveShare █ NXT AE | FAIR distribution | First POR| UNIQUE Source - page 10. (Read 256326 times)

sr. member
Activity: 252
Merit: 250
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.

Quote
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?



hero member
Activity: 574
Merit: 523
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
sr. member
Activity: 252
Merit: 250
I hope there will be a step by step procedure or guide (maybe with screenshots)  Smiley 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?
sr. member
Activity: 252
Merit: 250
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.
full member
Activity: 252
Merit: 101
C'mon, let's go with the project  Grin
full member
Activity: 139
Merit: 100
nice to see project can be take over
sr. member
Activity: 252
Merit: 250
Quote from: bee7

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.
hero member
Activity: 924
Merit: 520
I hope there will be a step by step procedure or guide (maybe with screenshots)  Smiley 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 Smiley Keep it up DEV. Smiley
hero member
Activity: 574
Merit: 523
I hope there will be a step by step procedure or guide (maybe with screenshots)  Smiley on burning said assets for everybody's benefit.

Yes, of course. Now we are discussing the technical aspects of the procedure.
hero member
Activity: 924
Merit: 520
I hope there will be a step by step procedure or guide (maybe with screenshots)  Smiley on burning said assets for everybody's benefit.
hero member
Activity: 574
Merit: 523
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.


sr. member
Activity: 252
Merit: 250
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.
hero member
Activity: 574
Merit: 523
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?
sr. member
Activity: 252
Merit: 250
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.
hero member
Activity: 574
Merit: 523

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

Quote
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.
sr. member
Activity: 252
Merit: 250

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

Quote
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.
hero member
Activity: 574
Merit: 523

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

Quote
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
sr. member
Activity: 252
Merit: 250
I think here nobody have nothing to lose (somebody loses before),we only have a chance to recover  Tongue, 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.
sr. member
Activity: 252
Merit: 250
Those of you who wish to contribute towards the Dev bounty, you can post quoting this topic or pm me if you want to keep it private. It can be big or small depending on what you hold although my request is targetted to those holding more than 10k and 20k. It does not matter, what matters is your intention to get this project going. We will appreciate that.

Kora - 20,000 coins.
DarkhorseofNxt - 5,000 coins.
sr. member
Activity: 252
Merit: 250
I also have some RSU and i'm going to donate some if there will be something to build up.
If you mind I can colaborate in the project, but first of all i think we have to make a pathway or something similar to follow.


to the moment I've seen only 4 people explicitly expressed their acceptance of my terms.

Should I undertake the lack of posts in this regard as "Yes"?
I've just read your post with the points.
First of all we need a 'crew'. 4-5 people is enough I think. We should start with the announcments, with the promotion. We should make an NXT account where RSU shareholders can send their rsunits and we have to administrate this. In change of rsunits they can get a 'token' or something similar. The only problem is that if we do this we are going to dig more ourself into nxt ae.

I am here only to do an SW development. The rest, i.e. promotion, marketing, e.t.c. is a duty of the community/some part of the community that has been delegated to do these tasks. DarkhorseNxt is willing to be a lead of the community and it seems the community has the consensus about this.

You could make, of course, an NXT account and send there whatever you see fit, but it seems you missed the key point: the original developer, badam, scammed the community by dumping not transferred assets (approximately 400k) and disappeared.

Now we have people who bought these assets for NXT. Literally they bought the air as badam did not produce even a wallet. The main goal of my presence here is to create something, i.e. a wallet, so the community, that part that own these assets now, has a chance to get their investments paid. I am ready to make a working PoS wallet according to the coin specs to be defined yet without prior agreement on amount of coins I will receive after a wallet is published, coins issued and the investors, these who owns assets, not the ones who did not claim their RSU, receive their coins in accordance with their owned assets. There is no possibility to take aboard these, who did not claim their RSU, more precisely who has no assets ATM. I am sorry, but this is the reality.

As for administration of the transfer process - you have no other option as to trust me (or any other developer, who would be picked for purpose of cloning a PoS wallet to suit the needs of the RS community).

If you ask: "why I should trust bee7", I will tell you. You have no risk be cheated by me as I am not receiving a penny until the wallet is available and every asset holder verifies that coins are credited to his address in a new wallet.

How this would be accomplished:
1) As soon as the community answers me what prefix letter the community want to have for addresses of the RS coin I make the paper wallet generator available, so every asset holder could create his RS coin address.
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.

So, if I refuse to do the step 3 at any time then I definitely get nothing but the option to forget about my handle.

Is that transparent and clear?

I think we can use the Prefix 'R' for the start.

By the way, can we list the action plan what we are going to do, so it would be easier to execute the actions in that manner. A list of what to do. I have shared something with Bee when we discussed about this project on how this RS can be developed. I cannot reveal much now, but we will do it step by step in order to reach that goal. This is an experimental. However i will share something now. Step 1: A basic POS wallet that can be developed with features in future. These features we can talk about later. Step 2: Mobile wallet development. Bee has given me a contact, and i am too in contact with someone who can go do these. Before we can move to Step 3, we must get the Step 1 and Step 2 done, bug free and stable. We are going towards Real World Usage of RS. This might fail, there are high chances i must say now, but we will try and break the barrier.

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

Quote
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?

Anyone want to take up the challenge for the new RSU logo? and gui development?

Oh yeah, about this,

Quote
DarkhorseNxt is willing to be a lead of the community and it seems the community has the consensus about this.
I need to clarify this, as probably most of you know, i am also one of the ORA development team, and i am planning to keep it that way. I do not think it would be possible for 1 person to be involved with 2 projects at the same time. But for the time being, i will put my effort into getting this project a life since ORA is a long way to go. I am also part of you guys, as an investor in RS project. I also intend to reduce 1 less scammed/abandoned project in the crypto world even though i am not a programming guy. 
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