Hello XCP peoples!
I am James, active member of the NXT community and I really like what you are doing. Burned some BTC so I am also one of the XCP peoples.
I believe there is room in the growing crypto world for many different solutions to succeed. Of course, XCP must dominate mastercoin!
I just wanted to reach out and maybe there are ways we can help each other. NXT is already on many exchanges and has close to 20,000 accounts. Maybe it makes sense for XCP to be listed in NXT Asset Exchange? This would create a market for XCP and avoid all the fiat hassles as there is also a path from NXT -> ripple -> fiat.
I am busy managing the NXTcommunityfund, which just received over 2 million NXT so I personally don't have the time, but I am sure I can find somebody over in NXT community who would love to help or become an XCP gateway into the NXT Asset Exchange.
Still getting up to speed with XCP, so not sure if it is possible to get NXT listed within counterparty. If it is possible, I am interested in seeing how that can be done, etc.
James
James,
Thank you for your interest in Counterparty!
Getting NXT listed within Counterparty would be a bit tricky. Even if someone created asset REALNXT in Counterparty and sold them, he would have to 'back' REALNXT with NXT, and make a sort-of IOU out of it, such that REALNXT can be redeemed for NXT. The mechanism by which the latter happens will have to be determined by the issuer of REALNXT, of course, though I do have some ideas as to how this could be done.
It would be great if XCP could be sold on NXT Asset Exchange, though I do not know whether this is possible.
If you are interested in further discussing things further, please PM me or have someone from the NXT community PM me.
Let's do this!
It will be a huge boost for both projects, they share many things in common.
Maybe I'm wrong but I think that there is a relatively easy way to do this:
Say Alice is a Counterparty user and Bob is a NXT user. Alice and Bob want to get their respective tokens "into" each others systems. They can set up a multisig address (2 of 2) on each system to which they both have 1 of the keys. They can both add some amount (say $10,000 worth) of their tokens into the multisig addresses. So now the NXT address has say 20,000 NXT and the Counterparty address has 4,000 XCP. Both Alice and Bob can define the appropriate assets/colored coins. They are effectively performing escrow for each other. In this manner you are actually "backing" NXT assets with NXT and XCP assets with XCP.
Of course there are all sorts of potential issues with this such as - how do you know that Alice and Bob aren't the same person. In the long-term that doesn't matter because both Alice and Bob will be DACs. You could technically trade between an "XCP colored NXT" and an "NXT colored XCP" via "Alice and Bob".
So there's an answer to your earlier question James: The most valuable DACs? - How about one which facilitates interoperability between decentralized exchanges.
Another neat way of doing this would be to extend the Counterparty Protocol across both Bitcoin and NXT (using the arbitrary message system)! This would mean the NXT system could have colored coins on top of colored coins. "This coin represents a Counterparty token which represents my deeds to this house".
OK, I am in generalist mode so all these nesting of coins on assets on coins is making my head spin. However, from my ripple experience, I know that the biggest barrier to making it useful is the gateways. gateways that issue the IOU by and large suck. They are slow, or buggy or get hacked and go out of business (happened already!), etc.
Now forgive me if I am totally wrong on the details I am speaking generally.
What I would like to see is a TOTALLY automated way to make trades of the actual NXT and XCP. Within counterparty you can trade real XCP for ... not sure, but what if you could directly trade real XCP for real NXT without any actual gateway. It just automagically worked?
Similarily if in NXT if you could trade real XCP for real NXT, automagically.
If technically this is a DAC, then I think I can make executive decision and authorized 100,000 NXT bounty for a working implementation.
James
P.S. I will cross post this on NXT forum. Very cool if this is actually possible.
Total donations is about 0.28% of burned moneys, its really bad work from community...