https://ibb.co/nHY43G
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Topic: NTX - New approach to anonymity (Read 489 times)
Yawn...
I recognize that there are few technically informed/interested people on this forum, but rather a whole lot of people trying to advertise their own investments... Myself somewhat included...With that said, I want to underline that the purpose of the thread is to try to raise a hypothetical discussion on whether a technology like this is plausible.
Yawn...
The whitepapers for this coin is very interesting(please keep in mind that English is not the native language of the developers):
"Chapter 3. Technical Breakthrough of NTX--Recasting of Block Chain
Firstly, recasting can make the user in the system of currency own more fair
status. Take the alias of NXT for example, it can be owned forever once registered, so
there is no chance for the latter. It is an inevitable measure of maintaining the vitality
of block chain to collect low fees for protection of alias and digital asset. Each round
of recasting is a new life, which can ensure that block chain forms safe closed loop in
the appropriate volume. In NTX, it often comes at a cost for the behavior of rush
registration of aliases. Each round of recasting is charged fee for the aliases held. If
you rush to register 1000 aliases, you have to sell them cheap or each round of
recasting will be charged fee of 1000. All this is protection of block chains resources.
There are a lot of Chat spam messages which are meaningless to remain in the block
chains.
In short, recasting happens after the block number gets to the preset values, then
nodes of forging does each recasting for the starting blocks of the original ones and
recasts the unpaid transaction of old blocks to the newest ones and collects the
handling charges in Chapter 1, meanwhile the block chain which is not deleted with
the blocks recasted should be used as research and recasting for each nodes, and after
a new round of recasting opens, the block data recasted in the last round should be
abandoned. In this way, a period of history transaction information could be reserved.
Recasting could prevent the block chain from expansion and realize the anonymity of
coins untraceable, and reuse some coins which has been lost forever after several
rounds of recasting so as to guarantee that the total amount of coins never decrease or
increase.
The two main problems that recasting should resolve are as follows: one is the
problem of the expansion of block chains, the other is the Permanent loss of digital
currency. The lost coins are definited as long-term unexpended transaction and the
transaction should be recasted by the miners as the block chains get to a fixed amount
and the paid transaction should be abandoned. The unpaid transaction should be
collected handling charge of 1 coin, and recasting will decrease one coin, such as
1000 coins in your wallet! It will get back to Zero after 1000 times of recasting. You
could transfer address once before recasting and prove that these coins are
commanded by someone and adjust according to the volume of block chain, for the
big amount of paid transaction data is totally useless indeed, for example, no one cancrack them if you send 10 coins to a random address! However, after ten rounds of
recasting, this transaction is recasted and gone! The total amount of coins remains
unchanged and the recasting data over 5 rounds is remained. Basically, it is unaffected
to recast once a year, and the recasting is not finished instantaneously, and after the
recasting feature opens, each new produced block is on account of unpaid transaction
in old blocks at certain distance, besides, the coins can’t be paid after the recasting
finishes, but have to wait after five rounds. There is no recasting for Bitcoins, it is
sure that many coins will lose forever and the total amount will be less and less, and
the block chain will be bigger and bigger! It can only guarantee that the coins won’t
decrease too much in your lifetime. However, the forging of nxt is still not the most
perfect scheme, but NTX has solved many realistic problem through the new skill
frame of recasting. For example, some account can’t transact after a long period, it is
indicated that the controller of those coins goes wrong, which may caused by the loss
of password or the abnormal status of holders. In this way, as the time passes, it will
lead to artificial deflation problem of coins! Popular speaking, recasting is to abandon
the block untransacted and to rewrite the old block transacted into new blocks, which
is equal to realize the effect of the anonymous."
This is really revolutionary if it can be implemented, in Bitcoin we have no idea of how many coins there are in cirkulation. Out of the 13 million, there are probably huge chunks which are inaccessible - due to the loss of passwords etc. Why not let these coins pay for the continuation of the network?
A bit further down we also find:
"Chapter 6 Cases
4.1 Small size full data nodes
you may forge them by using low-power consumption devices like smart phone,
tablet PC or pocket PC and provide full data nodes for the whole net."
Bitcoin is constantly becoming more and more centralized, and the node problem is perhaps the biggest
problem facing Bitcoin right now.
I'm surprised that this coin has not gotten more attention, what does everybody think? Is this possible? Have they bitten off more than they can chew?
"Chapter 3. Technical Breakthrough of NTX--Recasting of Block Chain
Firstly, recasting can make the user in the system of currency own more fair
status. Take the alias of NXT for example, it can be owned forever once registered, so
there is no chance for the latter. It is an inevitable measure of maintaining the vitality
of block chain to collect low fees for protection of alias and digital asset. Each round
of recasting is a new life, which can ensure that block chain forms safe closed loop in
the appropriate volume. In NTX, it often comes at a cost for the behavior of rush
registration of aliases. Each round of recasting is charged fee for the aliases held. If
you rush to register 1000 aliases, you have to sell them cheap or each round of
recasting will be charged fee of 1000. All this is protection of block chains resources.
There are a lot of Chat spam messages which are meaningless to remain in the block
chains.
In short, recasting happens after the block number gets to the preset values, then
nodes of forging does each recasting for the starting blocks of the original ones and
recasts the unpaid transaction of old blocks to the newest ones and collects the
handling charges in Chapter 1, meanwhile the block chain which is not deleted with
the blocks recasted should be used as research and recasting for each nodes, and after
a new round of recasting opens, the block data recasted in the last round should be
abandoned. In this way, a period of history transaction information could be reserved.
Recasting could prevent the block chain from expansion and realize the anonymity of
coins untraceable, and reuse some coins which has been lost forever after several
rounds of recasting so as to guarantee that the total amount of coins never decrease or
increase.
The two main problems that recasting should resolve are as follows: one is the
problem of the expansion of block chains, the other is the Permanent loss of digital
currency. The lost coins are definited as long-term unexpended transaction and the
transaction should be recasted by the miners as the block chains get to a fixed amount
and the paid transaction should be abandoned. The unpaid transaction should be
collected handling charge of 1 coin, and recasting will decrease one coin, such as
1000 coins in your wallet! It will get back to Zero after 1000 times of recasting. You
could transfer address once before recasting and prove that these coins are
commanded by someone and adjust according to the volume of block chain, for the
big amount of paid transaction data is totally useless indeed, for example, no one cancrack them if you send 10 coins to a random address! However, after ten rounds of
recasting, this transaction is recasted and gone! The total amount of coins remains
unchanged and the recasting data over 5 rounds is remained. Basically, it is unaffected
to recast once a year, and the recasting is not finished instantaneously, and after the
recasting feature opens, each new produced block is on account of unpaid transaction
in old blocks at certain distance, besides, the coins can’t be paid after the recasting
finishes, but have to wait after five rounds. There is no recasting for Bitcoins, it is
sure that many coins will lose forever and the total amount will be less and less, and
the block chain will be bigger and bigger! It can only guarantee that the coins won’t
decrease too much in your lifetime. However, the forging of nxt is still not the most
perfect scheme, but NTX has solved many realistic problem through the new skill
frame of recasting. For example, some account can’t transact after a long period, it is
indicated that the controller of those coins goes wrong, which may caused by the loss
of password or the abnormal status of holders. In this way, as the time passes, it will
lead to artificial deflation problem of coins! Popular speaking, recasting is to abandon
the block untransacted and to rewrite the old block transacted into new blocks, which
is equal to realize the effect of the anonymous."
This is really revolutionary if it can be implemented, in Bitcoin we have no idea of how many coins there are in cirkulation. Out of the 13 million, there are probably huge chunks which are inaccessible - due to the loss of passwords etc. Why not let these coins pay for the continuation of the network?
A bit further down we also find:
"Chapter 6 Cases
4.1 Small size full data nodes
you may forge them by using low-power consumption devices like smart phone,
tablet PC or pocket PC and provide full data nodes for the whole net."
Bitcoin is constantly becoming more and more centralized, and the node problem is perhaps the biggest
problem facing Bitcoin right now.
I'm surprised that this coin has not gotten more attention, what does everybody think? Is this possible? Have they bitten off more than they can chew?
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