NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs - page 1407.

patmast3r

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Quote from: nzminer on February 09, 2015, 03:00:43 PM

What was the big deal about multisig anyway?
Im not sure why the devs wanted to add this before launch, I would have been happy to wait for it to be added later but it is a good feature, but i should also mention that there are other coins currently already using it.

1) devs will be in control of a huge amount of coins and do not want to risk holding them in regular accounts.. 1 hack = devs lose credibility and nem dies.

2) other coins do have multisig, but not blockchain based multisig. there is a MASSIVE difference.

3) the more skeptical investors, or risk averse, will feel much safer investing in Nem knowing they can secure their investment safely with multisig.

4) 3rd parties(exchanges, payment processors et al) will be able to use multisig to secure funds so we wont have any mtgox, bter, bitstamp [and so] type hacks which make the coin stolen look bad even though its nothing to do with the actual coin(most of the time). also we wont ever end up in the position of nxt having to think about a roll back to recover 5% worth of coins that got stolen.

having multisig ready for launch was the BEST move the devs could have made.

While that is the ideal pov i do want to add some thing from my pov.

@2) I maintain that NEM is NOT the only system with blockchain enforced multi-sig. BTCs multi-sig has to be enforced by the blockchain. It may be right that you have to prepare everything for that on the client side but the blockchain has to enforce it somehow otherwise there is no multi-sig. If I have multi-sig set up and the network still accepts tx without the co-signatories then noone would dare to say BTC has multi-sig because that would be a lie. NEMs implementation is infinitely more userfriendly though.

@4) They have the possibility but I personally doubt that they will use it (eventhough they very much should). From my experience crypto-service providers have their one implementation and try to squeeze every new coin in there no matter what. Everything else is just to much of a hassle for many or even most. At least that's what I suspect.

Eadeqa

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Quote from: jabo38 on February 10, 2015, 02:15:53 AM

I am not the best to answer this, but I will give it a try. With Bitcoin, each service has their own multi-sig adaption; that they have to run extra software that they design themselves on top of the regular Bitcoin client. use NEM asset exchange webpage to make a multisig account. I can sign a transaction on my mobile app made by my friend, and somebody else can sign it on the desktop app made by the core devs, and so on.

I haven't used multisig fearure, but that's not what I see on google

the following bitcoin clients are known to support multi-signature addresses:

Bitcoin-qt
Electrum
Mycelium (Android app)
Android Wallet (Android app)
Airbitz (Android & iOS apps)
BitcoinSpinner (Android app)

Here is screen shot that shows very popular bitcoin wallet that I use (Electrum) supports multisig

https://electrum.orain.org/wiki/Multisig_Wallets

Looks to me BTC (and all it's clones) fully support multisig without third party support. Bitcoin-qt is the main bitcoin client

nzminer

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Quote from: nzminer on February 09, 2015, 03:00:43 PM

What was the big deal about multisig anyway?
Im not sure why the devs wanted to add this before launch, I would have been happy to wait for it to be added later but it is a good feature, but i should also mention that there are other coins currently already using it.

1) devs will be in control of a huge amount of coins and do not want to risk holding them in regular accounts.. 1 hack = devs lose credibility and nem dies.

2) other coins do have multisig, but not blockchain based multisig. there is a MASSIVE difference.

3) the more skeptical investors, or risk averse, will feel much safer investing in Nem knowing they can secure their investment safely with multisig.

4) 3rd parties(exchanges, payment processors et al) will be able to use multisig to secure funds so we wont have any mtgox, bter, bitstamp [and so] type hacks which make the coin stolen look bad even though its nothing to do with the actual coin(most of the time). also we wont ever end up in the position of nxt having to think about a roll back to recover 5% worth of coins that got stolen.

having multisig ready for launch was the BEST move the devs could have made.

OK, that answers alot i was not aware of.
Thanks

jabo38

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Quote from: Eadeqa on February 10, 2015, 01:31:23 AM

Quote from: ?? on ??

2) other coins do have multisig, but not blockchain based multisig. there is a MASSIVE difference.

Really? Then what is this?

https://en.bitcoin.it/wiki/Address#Multi-signature_addresses

I am not the best to answer this, but I will give it a try. With Bitcoin, each service has their own multi-sig adaption; that they have to run extra software that they design themselves on top of the regular Bitcoin client. Coinbase does it there way, GreenAddress does it there way, and Bitpay is doing it their way, and so on. As far as I know, I can't just download the blockchain and run a Bitcoin client on my computer with a general multisig feature all by myself. So if I want multisig in Bitcoin, it means teaming up with a third party (as far as I have seen, please correct me if I am wrong). Further more, if I have my coins in any of these services and they go down, my coins are stuck. For this reason each of them offer open source support software on Github but its not the type of thing a regular person would be able to understand or use. It'll take a real techie person. You could probably do it for instance, but I couldn't.

At NEM it is different. Any third party can build on NEM and build on a multisig feature that is shared by all. I can make a multisig account on my computer all by myself with no help from a third party, and then I can throw my computer away and disappear in a cave. But if you are my cosigner on that account, you can now initiate and send from that account no problem as long as you get the other cosigner(s) to sign.

So all of a sudden multisig accounts can be made here, and operated there, and even multiple third party apps built on NEM can all be a party to the same multisig transactions. Say for instance you use NEM asset exchange webpage to make a multisig account. I can sign a transaction on my mobile app made by my friend, and somebody else can sign it on the desktop app made by the core devs, and so on.

Eadeqa

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2) other coins do have multisig, but not blockchain based multisig. there is a MASSIVE difference.

Really? Then what is this?

https://en.bitcoin.it/wiki/Address#Multi-signature_addresses

futurebit640

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new wallet is really good..it works to me well!

jabo38

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mining is so 2012-2013

Quote from: Hollowman338 on February 09, 2015, 11:40:06 PM

Quote from: nutildah on February 09, 2015, 08:24:16 PM

NEM = Nothing Ever Made

You forgot to switch accounts, nutildah.

Here are some tips for trouble shooting.

What I did was go to search in windows. Type "Java Config".

In the Java control panel click "view". Then delete all the things related to NEM.

Then navigate to the NEM folder and delete the whole thing. C:\Users\user name\nem

Turn off computer and restart. Download the database file. http://bob.nem.ninja/nis5.h2.db-11772.tgz

Also download the stand alone version from http://bob.nem.ninja/ (I had to unzip it and then unzip it a second time)

Then start NIS in the stand alone. Then NCC. Then close them both down. (open the folder called "package". click "runNis" and "runNcc". If you do this correctly some command prompt boxes will pop up and be running code)

After 30 seconds close the NIS and NCC.

New NIS and NCC folders were created. Paste in the database into the NIS folder at C:\Users\user name\nem\nis

Do not put any old wallets in NCC. Just make fresh ones when NCC starts.

Restart NCC and NIS on stand alone.

Go to http://localhost:8989/ncc/web/index.html

wiser

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Quote from: nzminer on February 09, 2015, 03:00:43 PM

What was the big deal about multisig anyway?
Im not sure why the devs wanted to add this before launch, I would have been happy to wait for it to be added later but it is a good feature, but i should also mention that there are other coins currently already using it.

1) devs will be in control of a huge amount of coins and do not want to risk holding them in regular accounts.. 1 hack = devs lose credibility and nem dies.

2) other coins do have multisig, but not blockchain based multisig. there is a MASSIVE difference.

3) the more skeptical investors, or risk averse, will feel much safer investing in Nem knowing they can secure their investment safely with multisig.

4) 3rd parties(exchanges, payment processors et al) will be able to use multisig to secure funds so we wont have any mtgox, bter, bitstamp [and so] type hacks which make the coin stolen look bad even though its nothing to do with the actual coin(most of the time). also we wont ever end up in the position of nxt having to think about a roll back to recover 5% worth of coins that got stolen.

having multisig ready for launch was the BEST move the devs could have made.

Great post. It answered all the questions I didn't realize I had

I especially like #4.

Hollowman338

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Quote from: nutildah on February 09, 2015, 08:24:16 PM

NEM = Nothing Ever Made

You forgot to switch accounts, nutildah.

makoto1337

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I am not Dorian Nakamoto.

Quote from: Djinou94 on February 09, 2015, 08:05:29 PM

Multinem is important Cool

Proof-of-XEM Master

nutildah

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NEM = Nothing Ever Made

dandruff1138

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Quote from: nzminer on February 09, 2015, 03:00:43 PM

What was the big deal about multisig anyway?
Im not sure why the devs wanted to add this before launch, I would have been happy to wait for it to be added later but it is a good feature, but i should also mention that there are other coins currently already using it.

1) devs will be in control of a huge amount of coins and do not want to risk holding them in regular accounts.. 1 hack = devs lose credibility and nem dies.

2) other coins do have multisig, but not blockchain based multisig. there is a MASSIVE difference.

3) the more skeptical investors, or risk averse, will feel much safer investing in Nem knowing they can secure their investment safely with multisig.

4) 3rd parties(exchanges, payment processors et al) will be able to use multisig to secure funds so we wont have any mtgox, bter, bitstamp [and so] type hacks which make the coin stolen look bad even though its nothing to do with the actual coin(most of the time). also we wont ever end up in the position of nxt having to think about a roll back to recover 5% worth of coins that got stolen.

having multisig ready for launch was the BEST move the devs could have made.

Very Professional post. Can't wait for March.

Djinou94

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Multinem is important Cool

Siegtal81

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Quote from: ?? on ??

Quote from: nzminer on February 09, 2015, 03:00:43 PM

What was the big deal about multisig anyway?
Im not sure why the devs wanted to add this before launch, I would have been happy to wait for it to be added later but it is a good feature, but i should also mention that there are other coins currently already using it.

1) devs will be in control of a huge amount of coins and do not want to risk holding them in regular accounts.. 1 hack = devs lose credibility and nem dies.

2) other coins do have multisig, but not blockchain based multisig. there is a MASSIVE difference.

3) the more skeptical investors, or risk averse, will feel much safer investing in Nem knowing they can secure their investment safely with multisig.

4) 3rd parties(exchanges, payment processors et al) will be able to use multisig to secure funds so we wont have any mtgox, bter, bitstamp [and so] type hacks which make the coin stolen look bad even though its nothing to do with the actual coin(most of the time). also we wont ever end up in the position of nxt having to think about a roll back to recover 5% worth of coins that got stolen.

having multisig ready for launch was the BEST move the devs could have made.

Thats it ! + 100 % NEM

vonBerlichingen

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4) 3rd parties(exchanges, payment processors et al) will be able to use multisig to secure funds so we wont have any mtgox, bter, bitstamp [and so] type hacks which make the coin stolen look bad even though its nothing to do with the actual coin(most of the time). also we wont ever end up in the position of nxt having to think about a roll back to recover 5% worth of coins that got stolen.

having multisig ready for launch was the BEST move the devs could have made.

Yes. If I remember my stolen coins on mintpal and cryptorush...

nembit86

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NEM ....best currency distribution ever ...!!!!!!!

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Quote from: nzminer on February 09, 2015, 03:00:43 PM

What was the big deal about multisig anyway?
Im not sure why the devs wanted to add this before launch, I would have been happy to wait for it to be added later but it is a good feature, but i should also mention that there are other coins currently already using it.

1) devs will be in control of a huge amount of coins and do not want to risk holding them in regular accounts.. 1 hack = devs lose credibility and nem dies.

2) other coins do have multisig, but not blockchain based multisig. there is a MASSIVE difference.

3) the more skeptical investors, or risk averse, will feel much safer investing in Nem knowing they can secure their investment safely with multisig.

4) 3rd parties(exchanges, payment processors et al) will be able to use multisig to secure funds so we wont have any mtgox, bter, bitstamp [and so] type hacks which make the coin stolen look bad even though its nothing to do with the actual coin(most of the time). also we wont ever end up in the position of nxt having to think about a roll back to recover 5% worth of coins that got stolen.

having multisig ready for launch was the BEST move the devs could have made.

Well put Kodtycoon.....

Does everybody know the song ? ........ http://youtu.be/w3PoTnkLfxE 'Thats what our coin is '

nzminer

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What was the big deal about multisig anyway?
Im not sure why the devs wanted to add this before launch, I would have been happy to wait for it to be added later but it is a good feature, but i should also mention that there are other coins currently already using it.

sjarkara

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Quote from: lordoliver on February 09, 2015, 06:25:04 AM

Quote from: ?? on ??

Quote from: lordoliver on February 09, 2015, 03:43:44 AM

Quote from: ?? on ??

No one cares about innovative features, the fact is this coin is a rough copy of NXT, even the UI is the same. So what about the people who paid real money for this coin and are being treated like they are spoilt children for asking for what the paid for ina reasonable time that was promised. Leaders of coins hold all the power due to being anonomous and can really do whatever they want. Sadly not one single apology has come out of the leaderships mouths when pushed for promises to be kept...not one. New Economy? More like more of the arrogant same to me..

of course :-)
and bitshares is surely also a copy of NXT, hu? A yes. And Bitcoin as well.
The Nxt team build the software already in secret and satoshi stole their code... what a scammer...

If I didn't have a fucking clue and spoke shit English I probably wouldn't bother making comments. Clearly you feel differently.

No other argument, than blaming a german to speak no perfect english? Pity!

Edit: O my god, I even wrote english without the capital "E", how dare me...

I thought I was being nice focusing only on your language skills because what you actually said was so utterly fucking stupid I didn't want to embarrass you.

get a life you loser.

jabo38

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mining is so 2012-2013

I really like the new address book.

I saw a couple of things that I saw on the previous version that I thought could be improved. I put in messages in Github and now it is updated.

I am really happy with how the labels work through out the client now. Very useful!

lordoliver

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expect(brain).toHaveBeenUsed()

Quote from: ?? on ??

Quote from: lordoliver on February 09, 2015, 03:43:44 AM

Quote from: ?? on ??

No one cares about innovative features, the fact is this coin is a rough copy of NXT, even the UI is the same. So what about the people who paid real money for this coin and are being treated like they are spoilt children for asking for what the paid for ina reasonable time that was promised. Leaders of coins hold all the power due to being anonomous and can really do whatever they want. Sadly not one single apology has come out of the leaderships mouths when pushed for promises to be kept...not one. New Economy? More like more of the arrogant same to me..

of course :-)
and bitshares is surely also a copy of NXT, hu? A yes. And Bitcoin as well.
The Nxt team build the software already in secret and satoshi stole their code... what a scammer...

If I didn't have a fucking clue and spoke shit English I probably wouldn't bother making comments. Clearly you feel differently.

No other argument, than blaming a german to speak no perfect english? Pity!

Edit: O my god, I even wrote english without the capital "E", how dare me...

Topic: NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs - page 1407. (Read 2985787 times)