Topic: | Nxt | Blockchain Platform | Proof of Stake | Official - page 153. (Read 941285 times)
The second Nxt Vanity Account auction has started, starting bid 100 NXT!
So, a childchain on Nxt 2.0 doesn't look the same as Nxt 1.x? Or maybe in the beginning, but after a while new functions will be added to the Nxt 2.0 childchains and NOT to Nxt 1.x?
The FNX chain will be as Nxt 1.x with the added benefits of being on the Nxt 2.0 platform.
Nxt 1.x will in this plan only be supported with bugfixes and general support, but work on new features will be done on 2.0. However, if other devs want to work on 1.x, this is still possible. The core team just doesn't have the man hours to do both.
Will holders of Nxt get Nxt 2.0 and Fnxt?
Yes and yes.
They will get Fnxt (now FXT) ata 1:1 ratio based on a three month snapshot period (they will receive assets representing them which will be freely tradeable) and will receive FNX (the Nxt 2.0 tokens if you will) at a 1:0,5 ratio at the time of launch of mainnet 2.0.
When does the snapshot begin? What about Nxt on exchange wallets?
https://nxt.org/roadmap/
So, a childchain on Nxt 2.0 doesn't look the same as Nxt 1.x? Or maybe in the beginning, but after a while new functions will be added to the Nxt 2.0 childchains and NOT to Nxt 1.x?
The FNX chain will be as Nxt 1.x with the added benefits of being on the Nxt 2.0 platform.
Nxt 1.x will in this plan only be supported with bugfixes and general support, but work on new features will be done on 2.0. However, if other devs want to work on 1.x, this is still possible. The core team just doesn't have the man hours to do both.
Will holders of Nxt get Nxt 2.0 and Fnxt?
Yes and yes.
They will get Fnxt (now FXT) ata 1:1 ratio based on a three month snapshot period (they will receive assets representing them which will be freely tradeable) and will receive FNX (the Nxt 2.0 tokens if you will) at a 1:0,5 ratio at the time of launch of mainnet 2.0.
When does the snapshot begin? What about Nxt on exchange wallets?
So, a childchain on Nxt 2.0 doesn't look the same as Nxt 1.x? Or maybe in the beginning, but after a while new functions will be added to the Nxt 2.0 childchains and NOT to Nxt 1.x?
The FNX chain will be as Nxt 1.x with the added benefits of being on the Nxt 2.0 platform.
Nxt 1.x will in this plan only be supported with bugfixes and general support, but work on new features will be done on 2.0. However, if other devs want to work on 1.x, this is still possible. The core team just doesn't have the man hours to do both.
Will holders of Nxt get Nxt 2.0 and Fnxt?
Yes and yes.
They will get Fnxt (now FXT) ata 1:1 ratio based on a three month snapshot period (they will receive assets representing them which will be freely tradeable) and will receive FNX (the Nxt 2.0 tokens if you will) at a 1:0,5 ratio at the time of launch of mainnet 2.0.
I take it that once the transition is made that NXT will eventually phase out?
I'd say that this is an assumption and may well be wrong.
Nxt 1.x will be supported for at least a year after mainnet 2.0 launches (until Q2 2018).
Personally, I think it still has plenty of options and could probably be useful.
Discarding old stuff is not always a good idea.
Conversely, it might even be taken over by a completely new set of devs.
To say it's going to just fade out is premature.
Sorry, perhaps i dont fully understand, but i thought NXT 2.0 was designed to replace the old NXT blockchain?
We have seen similar things happen with other coins in the past.
No Nxt as it is stays. But now it will get a motherchain underneath. You can use Nxt as you do now!
EDIT: I added the news to Nxt.org https://nxt.org/russias-central-securities-depository-uses-nxt-blockchain-voting/
Sorry, but this needs to be corrected.
Nxt 1.x will remain and will continue to be supported.
Nxt 2.0 is a new chain, that is split into a main chain (which will validate using FXT) and many child chains (the first of which will be using FNX as transactional token).
Nxt 1.x and 2.0 will have no direct relation on a blockchain.
Nxt 1.x is not being abandoned, but it will not receive new features from the core team. It will get bugfixes and updates that are required for safety and maintenance.
This does not mean new devs could not take on this project, though.
So, a childchain on Nxt 2.0 doesn't look the same as Nxt 1.x? Or maybe in the beginning, but after a while new functions will be added to the Nxt 2.0 childchains and NOT to Nxt 1.x?
I take it that once the transition is made that NXT will eventually phase out?
I'd say that this is an assumption and may well be wrong.
Nxt 1.x will be supported for at least a year after mainnet 2.0 launches (until Q2 2018).
Personally, I think it still has plenty of options and could probably be useful.
Discarding old stuff is not always a good idea.
Conversely, it might even be taken over by a completely new set of devs.
To say it's going to just fade out is premature.
Sorry, perhaps i dont fully understand, but i thought NXT 2.0 was designed to replace the old NXT blockchain?
We have seen similar things happen with other coins in the past.
No Nxt as it is stays. But now it will get a motherchain underneath. You can use Nxt as you do now!
EDIT: I added the news to Nxt.org https://nxt.org/russias-central-securities-depository-uses-nxt-blockchain-voting/
Sorry, but this needs to be corrected.
Nxt 1.x will remain and will continue to be supported.
Nxt 2.0 is a new chain, that is split into a main chain (which will validate using FXT) and many child chains (the first of which will be using FNX as transactional token).
Nxt 1.x and 2.0 will have no direct relation on a blockchain.
Nxt 1.x is not being abandoned, but it will not receive new features from the core team. It will get bugfixes and updates that are required for safety and maintenance.
This does not mean new devs could not take on this project, though.
Will holders of Nxt get Nxt 2.0 and Fnxt?
Yes i believe so.
I take it that once the transition is made that NXT will eventually phase out?
I'd say that this is an assumption and may well be wrong.
Nxt 1.x will be supported for at least a year after mainnet 2.0 launches (until Q2 2018).
Personally, I think it still has plenty of options and could probably be useful.
Discarding old stuff is not always a good idea.
Conversely, it might even be taken over by a completely new set of devs.
To say it's going to just fade out is premature.
Sorry, perhaps i dont fully understand, but i thought NXT 2.0 was designed to replace the old NXT blockchain?
We have seen similar things happen with other coins in the past.
No Nxt as it is stays. But now it will get a motherchain underneath. You can use Nxt as you do now!
EDIT: I added the news to Nxt.org https://nxt.org/russias-central-securities-depository-uses-nxt-blockchain-voting/
Sorry, but this needs to be corrected.
Nxt 1.x will remain and will continue to be supported.
Nxt 2.0 is a new chain, that is split into a main chain (which will validate using FXT) and many child chains (the first of which will be using FNX as transactional token).
Nxt 1.x and 2.0 will have no direct relation on a blockchain.
Nxt 1.x is not being abandoned, but it will not receive new features from the core team. It will get bugfixes and updates that are required for safety and maintenance.
This does not mean new devs could not take on this project, though.
Will holders of Nxt get Nxt 2.0 and Fnxt?
I originally thought that we would keep NXT as it is, then add "Fnxt" alongside for forging.
So now, if im correct is that NXT will remain, but FXT and FNX will be added as seperate chains?
So now, if im correct is that NXT will remain, but FXT and FNX will be added as seperate chains?
I thought the current Nxt was going to be one of the childchains of Nxt 2.0/FXT. Haha, still learning. Not much time to read all more in details. 
I take it that once the transition is made that NXT will eventually phase out?
I'd say that this is an assumption and may well be wrong.
Nxt 1.x will be supported for at least a year after mainnet 2.0 launches (until Q2 2018).
Personally, I think it still has plenty of options and could probably be useful.
Discarding old stuff is not always a good idea.
Conversely, it might even be taken over by a completely new set of devs.
To say it's going to just fade out is premature.
Sorry, perhaps i dont fully understand, but i thought NXT 2.0 was designed to replace the old NXT blockchain?
We have seen similar things happen with other coins in the past.
No Nxt as it is stays. But now it will get a motherchain underneath. You can use Nxt as you do now!
EDIT: I added the news to Nxt.org https://nxt.org/russias-central-securities-depository-uses-nxt-blockchain-voting/
Sorry, but this needs to be corrected.
Nxt 1.x will remain and will continue to be supported.
Nxt 2.0 is a new chain, that is split into a main chain (which will validate using FXT) and many child chains (the first of which will be using FNX as transactional token).
Nxt 1.x and 2.0 will have no direct relation on a blockchain.
Nxt 1.x is not being abandoned, but it will not receive new features from the core team. It will get bugfixes and updates that are required for safety and maintenance.
This does not mean new devs could not take on this project, though.
I take it that once the transition is made that NXT will eventually phase out?
I'd say that this is an assumption and may well be wrong.
Nxt 1.x will be supported for at least a year after mainnet 2.0 launches (until Q2 2018).
Personally, I think it still has plenty of options and could probably be useful.
Discarding old stuff is not always a good idea.
Conversely, it might even be taken over by a completely new set of devs.
To say it's going to just fade out is premature.
Sorry, perhaps i dont fully understand, but i thought NXT 2.0 was designed to replace the old NXT blockchain?
We have seen similar things happen with other coins in the past.
No Nxt as it is stays. But now it will get a motherchain underneath. You can use Nxt as you do now!
EDIT: I added the news to Nxt.org https://nxt.org/russias-central-securities-depository-uses-nxt-blockchain-voting/
I take it that once the transition is made that NXT will eventually phase out?
I'd say that this is an assumption and may well be wrong.
Nxt 1.x will be supported for at least a year after mainnet 2.0 launches (until Q2 2018).
Personally, I think it still has plenty of options and could probably be useful.
Discarding old stuff is not always a good idea.
Conversely, it might even be taken over by a completely new set of devs.
To say it's going to just fade out is premature.
Sorry, perhaps i dont fully understand, but i thought NXT 2.0 was designed to replace the old NXT blockchain?
We have seen similar things happen with other coins in the past.
I take it that once the transition is made that NXT will eventually phase out?
I'd say that this is an assumption and may well be wrong.
Nxt 1.x will be supported for at least a year after mainnet 2.0 launches (until Q2 2018).
Personally, I think it still has plenty of options and could probably be useful.
Discarding old stuff is not always a good idea.
Conversely, it might even be taken over by a completely new set of devs.
To say it's going to just fade out is premature.
Maybe jl777 will take over Nxt 1.x?
I created a special topic about it to discuss how they made this happen and how Nxt did beat Ethereum and Bitcoin and for which reasons. This is a real government agency which choses POS and because of the simplicity and functionality. Big news!
Join the conversation here: https://bitcointalksearch.org/topic/russias-national-settlement-depository-successfully-tests-e-voting-with-nxt-1485090
Join the conversation here: https://bitcointalksearch.org/topic/russias-national-settlement-depository-successfully-tests-e-voting-with-nxt-1485090
Russia’s National Settlement Depository Successfully Tests Blockchain-Based E-Voting System
https://bitcoinmagazine.com/articles/russia-s-national-settlement-depository-successfully-tests-blockchain-based-e-voting-system-1464198071
"Rymanov explained that the NSD’s e-proxy voting proof-of-concept (PoC) project specifications required setting up a private permissioned blockchain where every node participating in the network is known, and included a number of specific challenges related to processing capacity and permission-based access to the data. According to Rymanov, other blockchain technologies such as Bitcoin and Ethereum couldn’t meet the project’s requirements with an out-of-the-box solution, which motivated the choice of the NXT platform."
“Using the proof-of-work (PoW) Bitcoin blockchain would have potentially created a situation where a particular node with a superior computing power could gain an unfair advantage over its peers, thus jeopardizing the security of the network and, if being a malicious actor, could rig the results of the vote,” said Rymanov. “Furthermore, we see PoW systems as an unnecessary drain on resources in private permissioned blockchains.”
“With regards to Ethereum, our team has been in touch with the Ethereum core developers and has been informed that the current limit on processing is around 60 transactions per second,” added Rymanov. “However, even though Ethereum offered a huge improvement both in functionality and processing speed over Bitcoin blockchain, it did not match the NSD requirements.”
“After a careful consideration we have selected NXT,” Rymanov said. “The proof-of-stake (PoS) blockchain has provided us with enough flexibility to architect a solution that is scalable, stable and with processing capabilities well in the range of NSD expectations. In the lab environment we have pushed DSX fork of NXT to process up to 800 transactions per second. With the custom developed e-proxy voting module running on top of the NXT fork we have stabilized the system at 80 votes per second, which is 160 transactions per second reaching a notable result in line with NSD expectations.”
https://twitter.com/NxtCommunity/status/735538901859860481
https://bitcoinmagazine.com/articles/russia-s-national-settlement-depository-successfully-tests-blockchain-based-e-voting-system-1464198071
"Rymanov explained that the NSD’s e-proxy voting proof-of-concept (PoC) project specifications required setting up a private permissioned blockchain where every node participating in the network is known, and included a number of specific challenges related to processing capacity and permission-based access to the data. According to Rymanov, other blockchain technologies such as Bitcoin and Ethereum couldn’t meet the project’s requirements with an out-of-the-box solution, which motivated the choice of the NXT platform."
“Using the proof-of-work (PoW) Bitcoin blockchain would have potentially created a situation where a particular node with a superior computing power could gain an unfair advantage over its peers, thus jeopardizing the security of the network and, if being a malicious actor, could rig the results of the vote,” said Rymanov. “Furthermore, we see PoW systems as an unnecessary drain on resources in private permissioned blockchains.”
“With regards to Ethereum, our team has been in touch with the Ethereum core developers and has been informed that the current limit on processing is around 60 transactions per second,” added Rymanov. “However, even though Ethereum offered a huge improvement both in functionality and processing speed over Bitcoin blockchain, it did not match the NSD requirements.”
“After a careful consideration we have selected NXT,” Rymanov said. “The proof-of-stake (PoS) blockchain has provided us with enough flexibility to architect a solution that is scalable, stable and with processing capabilities well in the range of NSD expectations. In the lab environment we have pushed DSX fork of NXT to process up to 800 transactions per second. With the custom developed e-proxy voting module running on top of the NXT fork we have stabilized the system at 80 votes per second, which is 160 transactions per second reaching a notable result in line with NSD expectations.”
https://twitter.com/NxtCommunity/status/735538901859860481
Going on to support 1.x while keeping 50% of transactional token of 2.0 is a genius idea. By that you get funding and avoid expropriation. It's like squaring the circle. Strange that this great and simple idea didn't come up in the big discussions of the last months.
I take it that once the transition is made that NXT will eventually phase out?
I'd say that this is an assumption and may well be wrong.
Nxt 1.x will be supported for at least a year after mainnet 2.0 launches (until Q2 2018).
Personally, I think it still has plenty of options and could probably be useful.
Discarding old stuff is not always a good idea.
Conversely, it might even be taken over by a completely new set of devs.
To say it's going to just fade out is premature.
Nope,
you will receive the forging token (FXT) based on your amount of NXT at 1:1 ratio + 50% of that in the child chain token (FNX).
you will receive the forging token (FXT) based on your amount of NXT at 1:1 ratio + 50% of that in the child chain token (FNX).
So am i correct in understanding that my balance will be split into a 50/50 amount of FXT and FNX?
So am i correct in understanding that my balance will be split into a 50/50 amount of FXT and FNX?
Yes but it's additional to your NXT, which you keep because the NXT 1.x chain will go on.
OK so i will get the same amount of FNX as is the amount of NXT I currently hold?
No, you'll get the same amount of FXT as your NXT (1:1) and 50% as FNX (1:2). The other half of FNX will be held by the devs to fund further development.
OK, so i will have FXT, NXT and half that amount in FNX?
I take it that once the transition is made that NXT will eventually phase out?
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