Topic: [BOUNTY] Announcements for Nxt (the first pure POS coin) - page 11. (Read 63065 times)

I did another rewrite of the basic article and emailed it to Come-from-Beyond and bybitcoin for any comments. If that is something you want me to continue with then let me know otherwise I may or may not eventually release it sometime down the way.

Cheers. Great job everyone.

@The Chinese guy who opened the Nxt thread in the Chinese section: while it is not related to the Chinese translation of the general article bounty, but if you continue to present Nxt on that thread and answer Chinese members' questions about this project well (we will have another Chinese to audit and check it later), we can award you 50K Nxt after certain period of time. But you should make that thread clear, up-to-date, by presenting correct information to the audience and direct them to Nxt main threads, this bounty thread, the big giveaway thread, the main trading thread, or the exchange site which should come up very soon. If you are ready to do this, please quote this post.
[/quote]

Yes I would like to open the NXT thread in Chinese section for more chinese members.

Some translation I have done:
https://bitcointalksearch.org/topic/nxt-361812
https://bitcointalksearch.org/topic/nxt-361693
https://nextcoin.org/index.php/topic,748.0.html
https://nextcoin.org/index.php/topic,164.0.html
https://nextcoin.org/index.php/topic,331.0.html

Video:
http://i.youku.com/nextcoin

Chinese twitter
http://weibo.com/nxtcoin

Donation:15904446403154732365

We have to remember this press release is for a general audience - but thank you for the clarification.

EDIT: the press release does not mention selfish mining. Can you please clarify via PM exactly what you mean?

Yes, but Selfish Mining =/= 51% attack.

Thank you for all the feedback guys.

The press release does already mention that NXT cannot be subject to a 51% attack.

I will wait for bybitcoin's feedback before we send it out, and also take on board CFB's feedback

psybits

Some Important Updates:

-We received 600K more from our big donor, so we have about 1.2M fund in reserve to continue our bounty projects!

-About the videos I have come to this conclusion: I watched all videos carefully and by my sight, I believe lynxx initial video with his awesome narration is the best among others. The only problem is lack of animation and also not including the important featurs, decentralized exchange and DNS, Coloredcoins.. but still all in all his video is the best so far. So my intial decision is to award him 300K and distribute 200K among other participants proportionally, and hope that he (lynxx) could provide us with some additional part about those features for his video before the new year holidays. Please comment my decision.

-Also I decided to pay a 50K to the guy with that awesome compilation and distribute the remaining 50K among other participants (after more reviewing their articles). And also I ll cancel that 50K for Chinese translation (that has been planned for translation of the yet to be selected article) and put that 50K available for legitimate translations of our press news article+that compilation into various languages (every translation will get 2500 Nxt)

-The press news article I've received, I ll review this evening and will send my feedback to psybits, but I guess CfB should review that part too.

I need to have some update from Cunicula about the paper he is working on.

+1

Excellent report btw!

Excellent press release!

But I think the websites nextcoin.org and dgex.com need to be put in order before it's published.

nextcoin.org should have all the basic info on the front page, just like all crypto coins do, not just a forum where people would have to search for information.

and dgex.com is slow as it is, if there is a sudden traffic spike, things will grind to a halt pretty quickly.

I know, I am probably being Captain Obvious here

@psybits : I think you may forgot the biggest improvement:  51% attack proof, even 90% attack proof.

Here is a copy of the Press Release draft we have sent to bybitcoin for review before sending it out to Yahoo Finance, The Wall Street Journal and more (full service at http://bitcoinprbuzz.com/services)! Many of our Press Releases also appear on CoinDesk and Bitcoin Magazine. The Press Release has been partially funded by BTC donations so I am unsure if we are eligible for any bounties but I am posting it here anyway As soon as the release has been approved by bybitcoin we will send it out

Bitcoin Descendant NXT Features 100% Original Code Base, Green Mining, Decentralized Trading And Many More Primary Innovations

Second generation digital currency NXT possesses a 100% original code base, eliminates transaction confirmation wait times, utilizes 100% green (or low energy) mining, decentralizes trading, and enables the creation of smart property via “colored” coins. NXT currently possesses an entirely original code base, instant transactions and green mining; the rest of these features and more will be introduced in January 2014 when the new NXT client launches, with some believing NXT is poised to overtake Bitcoin within two years.

Unlike all other alt coins which are really just variations of Bitcoin, NXT is a completely original design built from scratch with an entirely new code base. NXT supports instant transactions while still being extremely secure; ending the endless confirmation wait times. NXT transaction speeds are almost as fast as the VISA and Mastercard transactions of the debt based economy which make buying and selling so convenient. But with NXT, those instant transactions can be just as anonymous as Bitcoin, bringing to its users the best of both the fiat and crypto worlds.

NXT is currently traded on the Bitcoin-Next Exchange with a current value of 0.00001000 BTC/NXT. However, the Bitcoin-Next Exchange is only temporary. Soon, centralized exchanges with their ever present risk of the operators suddenly disappearing and making off with the users’ funds, will be a thing of the past. The NXT wallet client is currently rolling out a new feature which will enable decentralized peer to peer trading between NXT and BTC, once and for all eliminating the need to place trust in whoever is behind the centralized exchange. Furthermore, those trades can be conducted completely anonymously.
 Decentralized trading is only the beginning. Next comes decentralized DNS (significantly enhancing Namecoin's current offering), decentralized instant messaging and chat, completely anonymous websites with no additional plugins required to browse them, decentralized stock exchanges, and peer to peer transactions of all kinds which are 100% green, secure, encrypted and irreversible.

NXT was initially brought into circulation by 71 stakeholders who donated a total of 21 Bitcoins in exchange for a stake in the NXT genesis block which generated one billion NXT. In other words, all the NXT has already been mined. However, transaction fees will continue to be distributed to all NXT wallet clients based on the portion of total NXT each client holds. This proof of stake mining, or more accurately, forging, completely eliminates the need to secure the network with vast amounts of hashing power. It also eliminates any incentive to control 51 percent of the network. Finally, it is a truly green network because the amount of energy required to “forge” transaction fees is minimal. Any ordinary computer with the client installed can forge; which means anyone worldwide can participate in and get rewarded for maintaining the NXT network.

NXT’s code supports the creation of “colored” coins, a way to designate specific coins and tie them to physical property. This concept has been attempted with Bitcoin but so far those attempts have been unsuccessful. The ability to “color” or designate specific coins serves as a bridge between the cryptoworld and the physical world. It also provides a way for cryptocoins to be tied to some kind of physical asset. This ability is already being built into the very foundation of the NXT code base.

With its instant transaction confirmations, decentralized trading, 100% green mining or forging, and utility for creating smart property, NXT has immediate utility, high demand and unlimited value because of the multitude of possibilities within its ecosystem.

One result expected to take off is a multitude of profitable decentralized autonomous corporations (DACS) which will be 100% backed by shareholders and which will pay out profits to shareholders in dividends. NXT will also support the near complete replication of existing financial systems—with the added benefit of actually being decentralized and anonymous.

For the first time in alt coin history, we will have a currency and infrastructure which is based on a 100% original code base, 100% green, accessible to anyone on the planet, truly secure, and fast. With NXT, anyone worldwide can participate in securing the network of this emerging next gen digital currency which is positioned to explode; the high barriers to entry which are characteristic of Bitcoin today will be a thing of the past.

To learn more: http://nextcoin.org
To trade NXT please go to: http://dgex.com
NXT thread on Bitcointalk: https://bitcointalksearch.org/topic/nxt-descendant-of-bitcoin-updated-information-345619

This video lacks one important emphasis - despite the fact that the guy with a lot of coins gets most part of fees, everyone gets the same ROI.

Hi Klee,

Sorry for the late reply, been busy for the last week. I appreciate the offer, but it is not needed, please feel free to add my reward to any other viable bounties.

Articles
cunicula
https://bitcointalksearch.org/topic/m.3733803

cunicula
https://bitcointalksearch.org/topic/m.3804460

opticalcarrier
https://bitcointalksearch.org/topic/m.3827296
https://bitcointalksearch.org/topic/m.3893217
https://bitcointalksearch.org/topic/m.3980304

JohnnyBTCSeed
https://bitcointalksearch.org/topic/m.3832234

salsacz
https://bitcointalksearch.org/topic/m.3836768
2.0: https://bitcointalksearch.org/topic/m.4065929


Translations

everythingbitcoin
https://bitcointalksearch.org/topic/m.3706730

esuncloud
https://bitcointalksearch.org/topic/m.3726507

getfun12345
https://bitcointalksearch.org/topic/m.3903557
+
https://bitcointalksearch.org/topic/m.3917080


Stark-Fujikawa
https://bitcointalksearch.org/topic/m.3928945


Videos
lyynx
https://bitcointalksearch.org/topic/m.3760143
http://youtu.be/f8dLMoZLMzM

salsacz
https://bitcointalksearch.org/topic/m.3875930
http://wideo.co/view/1302961386354824506-nxt (reediting right now)
http://www.youtube.com/watch?v=zALTChPsXhQ new coming soon

Bonus:
https://bitcointalksearch.org/topic/m.3983245
http://wideo.co/view/1302961386976944647-nxt-mining
http://www.youtube.com/watch?v=w1FTzBjy_8Q

ThaFresh
https://bitcointalksearch.org/topic/m.3932600
http://youtu.be/hfan3u99dLc

Nice, may I ask you to upload them in youtube as well and post the link here.

I just created my second video, first was reported here:
https://bitcointalksearch.org/topic/m.3875930

Short description of NXT for general audience:
http://wideo.co/view/1302961386354824506-nxt Syncing voice
http://www.youtube.com/watch?v=zALTChPsXhQ
[/s] Coming soon

Then a lot of people asked me about NXT mining, so I created this second animation that is only about NXT Mining:
NXT Mining:
http://wideo.co/view/1302961386976944647-nxt-mining
http://www.youtube.com/watch?v=w1FTzBjy_8Q

NXT: 15003961341330858247

In the world where Bitcoin is king, altcoins only change parameters of the original Bitcoin code such as hashing mechanism, time between blocks, starting difficulty, and so on. NXT brings much more to the table and was designated a second generation cryptocurrency for a number of reasons; five of the most interesting ones follow:

1. It is not an altcoin such as litecoin, peercoin, or others who have their code based on Bitcoin's source code. It is brand new from scratch with its own code.

2. It utilizes a 100% proof of stake (PoS) mechanism versus the proof of work (PoW) mechanism other coins are based on. This effectively removes a security risk inherent in other coins, as the issue of a 51% attack and other vulnerabilities inherent to PoW coins become non-issues. Another plus here is how "green" its protocol is (not a reference to colored coins, that will come later) in power consumption, since 100% PoS mechanisms don’t require massive amounts of hashing power like Bitcoin/altcoins do.

3. NXT implements a new feature called "Transparent Forging" which will allow NXT to approach Visa/Mastercard rates of transactions. No other crypto currency can scale this high; this is possible with NXT because the transparency provided in the protocol will allow each user's client to determine which node will generate the next block. Other nodes can then send their transactions directly to that node. This also allows additional fees to be realized for immediate/priority transactions. An equally important feature of Transparent Forging is a security mechanism to prevent forked chains from being forged by high-stake nodes. This prevents against even a 90% majority owner of all NXT branching out and forcing a fork.

4. It was announced six weeks in advance, unlike mere hours like altcoins usually are. The 73 original stakeholders are responsible for distributing the 1 billion NXT coins that were ejected from the genesis block via an injection of their donated Bitcoin, 21 BTC total, into the genesis block. This is a requirement for any 100% PoS system to work and this distribution is now in progress. NXT is listed on http://coinmarketcap.com/ currently in 6th place and people are trading on a 1-on-1 basis in the forums as well as on BTC/NXT exchanges such as https://www.nxtchg.com and http://www.dgex.com. It is even traded as the Ripple/NXT pair on https://www.peercover.com.

5. It provides built in support for planned extra decentralized features such as a peer-peer exchange, colored coins, messaging/chat, DNS, and options for expedited transactions. Here is more information on these features.

Decentralized Exchange
How are coins currently traded? Well, you have to sign up for an account on a centralized platform such as Cryptsy/BTC-E/Bter/etc, transfer your BTC to them, and pay them a varying percentage fee for transactions, sometimes along with a fee to withdraw. This method has a risk of unregulated centralized exchanges stealing funds, which actually occurred recently when the Sheep Marketplace absconded with 96,000 BTC, resulting in the largest theft in history. NXT is developing a peer-peer exchange into the protocol to allow for decentralized trading which will eliminate this trust point and to reduce trading fees to regular network transaction fees.

Colored Coins
NXT (pun intended) is one of the more curious services, colored coins, which go hand in hand with a decentralized exchange. First though, some background: With the Bitcoin blockchain, transaction can be traced. Not to a person mind you, but what is meant is that an individual coin or pieces of that coin can be traced back on a transaction by transaction basis. Since this is the  case, then if it was possible to expand the protocol to allow a person to designate or "color" a particular coin, we could build a bridge from the virtual crypto currency world to the physical world. That colored coin can then be used to represent some physical entity here on earth. Property, stocks/bonds, commodities, or any concept that can be concretely identified could be colored. This additional realization of NXT's blockchain is exactly what is being built into the code to allow for decentralized trading of real property. Coupled with a decentralized exchange, colored coins become a very powerful next generation currency.

Other Decentralized Services
But let’s not stop there. If you can have a decentralized exchange based on the peer-peer model then what else is possible? Well, quite a bit as it turns out; the developers are also building in a decentralized DNS system and messaging/chat support as well. Think of what this will allow: all decentralized anonymous websites and payments, to go with an anonymous support system in the chat/messaging feature, all 100% secure, encrypted, and irreversible.





Green & Earth Friendly
Let’s talk more about NXT and efficiency. Everyone knows Bitcoin is based on Proof of Work. That is, there are thousands of miners around the world crunching away at hashes and gobbling up TONS of power. Proof of Stake doesn’t involve ‘mining’ per se, so it’s important to realize that unlike Bitcoin exists currently, and like Bitcoin will exist in 2040 when all of it is mined, all NXT that will ever exist already exists, so client wallets now forge (in NXT the term 'mining' is replaced with 'forging') for transaction fees. Since this can be done on a client wallet loaded on a PC (CPU forging), it is MUCH more environmentally friendly and power efficient, and is also immune to CPU zombie forging.

More on Proof Of Stake Forging

Now, on to the nuts and bolts of NXT’s implementation of PoS. It is elegantly simple: block generations with their transaction fees are competed for proportionally to all active forging wallets based on the amount of NXT a wallet has. So if a wallet has 1 million NXT, then they have 1/1000 of a chance of forging any block and receiving any transaction fees in that block. The math here is 1 million (amount the client has) divided by 1 billion (total NXT in existence) is 1000, so that is 1/1000 of a chance. An even added bonus is that it is your NXT balance that forges for you, not ASICs that requires lots of power, maintenance, and that depreciates in value and processing power. Instead of buying equipment to mine with, you just buy NXT to forge for more NXT with.

Additional Details

NXT is a brain wallet, a very long and secure passphrase MUST be used to generate your account.

To forge (AKA mine) for transaction fees, your client must be running and unlocked on your machine.

The NXT official thread in Bitcointalk.org is here.

Additional info is available on the website http://www.nxtcrypto.org or on the fourms site at http://forums.nxtcrypto.org.

The currency symbol selected for NXT is

Now that I sent 200K for klee to continue the giveaway, I get enough free air to start reviewing the submitted videos and articles and finally arrive to a final decision about whom to award the bounty prizes (500K for the video, 100K for the artcile and 50K for the Chinese translation).

Please one of you that is more informed and up-to-date, list all the submitted videos and articles with the link in a post. You can also include submissions in other threads and sites, if you know of any!

About articles, yes there are some good ones, that compilation that I promised to receive min. 15K even if its creator can not prevail to exert and produce a good article (coindesk style) from it.  
But overally I am not too satisfied with the articles, some of them got submitted in the last moments close to initial deadline (5th of December) and in a hurry Also none of them includes any graphic and has not the standard format of coindesk or btcmagazine news articles.

The last deadline for the video and also the article is December 20th. If you are making one, let us know here ASAP!

I like opticalcarrier's general info article (with still some polishing maybe) at this phase. JohnnyBTCSeed's compilation and the other entries provide great material for compiling a FAQ.