Please stop nesting all those quotes or I will delete the posts to keep the thread readable.
+1 behave urself folks.
+1 Stop quoting yourself.
Topic: | Nxt | Blockchain Platform | Proof of Stake | Official - page 355. (Read 941287 times)
behave urself folks.
+1 Stop quoting yourself.
Please stop nesting all those quotes or I will delete the posts to keep the thread readable.
+1 behave urself folks.
+1 Stop quoting yourself.
Please stop nesting all those quotes or I will delete the posts to keep the thread readable.
+1 behave urself folks.
Please stop nesting all those quotes or I will delete the posts to keep the thread readable.
Less technical discussion of Nxt Multigateway (MGW) from jl777 
James' reply (not quoted so it is easier to read):
***
multigateway is designed for bitcoind and its forks to go into and out of NXT AE.
NXT AE itself can do a lot of things and is the right thing to compare against ripple.
For MGW I decided not to use the user's key as there is no assurance that they will be around to sign a tx when needed. The multisig accts have the keys held by the three MGW servers. While each person gets his own multisig deposit address (for each supported coin), these addresses are actually used by MGW as pieces of the virtual wallet. There is no central wallet, but rather the sum of all the multisig accts.
You might ask, how can MGW tell apart a user deposit from internal funds transfers. Yes, this was a problem,but I decided to charge a small fee on withdrawal and that fee creates a small output (currently equal to txfee) to flag whether an output is a user deposit or internal transfer. This solves an otherwise tricky problem and I can tell for sure if an unspent output is a user deposit or internal transfer.
Every withdraw triggers an acct balancing via internal transfers. This way, all the multisig accts will converge to the average balance. Not only does that make it possible for a higher withdraw rate throughput, it also discourages hackers from bothering as it is a lot of work to break into multiple servers and then construct raw multisig transactions all with a time sensitive deadline as hundreds of nodes will be monitoring every blockchain event related to MGW
So, you will be able to track the amount in your multisig acct, but the contents do not represent your balance, rather the amount of assets inside NXT AE represents your balance. I hope that makes sense.
So MGW is not fully trustless, you have to trust that we will continue to operate the MGW. It uses 2 of 3 multisig so even if one server disappears without notice, we can always recreate new accts from the two remaining servers. As of now bithaus will be running one of the servers and I am still searching for the third host. Until we do, TEAM staff will be running the pair of MGW servers.
The fee structure to begin with will be no cost for deposits other than the 1 NXT to generate the AM to request a deposit address. and two txfees for a withdraw. This is an introductory rate as MGW will be spending 1 NXT txfees on AMs and that cannot be sustained forever. If the txfee is reduced to 0.1 NXT, then maybe it wont be a big deal. So MGW will definitely be a big step up from centralized exchanges which either have a large central wallet or large cold storage wallets, either which can be compromised with a single intruder.
MGW will be able to handle an arbitrary number of deposits as the deposits are just entries in the various blockchains and they are not moved at all and utilized in place. The withdraws are currently limited to ~1000 withdraws per day per coin, but this can be increased when there are enough accounts.
The NXTservices that has the MGW client is running 99% the same software as the MGW server. So it can precisely monitor what the MGW servers are doing, including calculating the balances in all the accounts, monitoring pending deposits/withdraws, etc. I do not believe any centralized exchange has this level of visibility. Everyone will know that for each satoshi of BTC assets, there is a corresponding amount in unspent outputs in the sum of the multisig accts.
James
***
Source: https://nxtforum.org/nxtventures/mgw-multigateway/msg44493#msg44493
I have been watching this for months. I was just wondering about this post on a different forum. It seems like NXT multi-gateway has to use keys. Ripple can process things like oil, dollars, euros, and gold. These things don't have keys. That would mean really NXT multi-gateway is not like Ripple, but more any exchange that only deals with coins. Is that right?
James' reply (not quoted so it is easier to read):
***
multigateway is designed for bitcoind and its forks to go into and out of NXT AE.
NXT AE itself can do a lot of things and is the right thing to compare against ripple.
For MGW I decided not to use the user's key as there is no assurance that they will be around to sign a tx when needed. The multisig accts have the keys held by the three MGW servers. While each person gets his own multisig deposit address (for each supported coin), these addresses are actually used by MGW as pieces of the virtual wallet. There is no central wallet, but rather the sum of all the multisig accts.
You might ask, how can MGW tell apart a user deposit from internal funds transfers. Yes, this was a problem,but I decided to charge a small fee on withdrawal and that fee creates a small output (currently equal to txfee) to flag whether an output is a user deposit or internal transfer. This solves an otherwise tricky problem and I can tell for sure if an unspent output is a user deposit or internal transfer.
Every withdraw triggers an acct balancing via internal transfers. This way, all the multisig accts will converge to the average balance. Not only does that make it possible for a higher withdraw rate throughput, it also discourages hackers from bothering as it is a lot of work to break into multiple servers and then construct raw multisig transactions all with a time sensitive deadline as hundreds of nodes will be monitoring every blockchain event related to MGW
So, you will be able to track the amount in your multisig acct, but the contents do not represent your balance, rather the amount of assets inside NXT AE represents your balance. I hope that makes sense.
So MGW is not fully trustless, you have to trust that we will continue to operate the MGW. It uses 2 of 3 multisig so even if one server disappears without notice, we can always recreate new accts from the two remaining servers. As of now bithaus will be running one of the servers and I am still searching for the third host. Until we do, TEAM staff will be running the pair of MGW servers.
The fee structure to begin with will be no cost for deposits other than the 1 NXT to generate the AM to request a deposit address. and two txfees for a withdraw. This is an introductory rate as MGW will be spending 1 NXT txfees on AMs and that cannot be sustained forever. If the txfee is reduced to 0.1 NXT, then maybe it wont be a big deal. So MGW will definitely be a big step up from centralized exchanges which either have a large central wallet or large cold storage wallets, either which can be compromised with a single intruder.
MGW will be able to handle an arbitrary number of deposits as the deposits are just entries in the various blockchains and they are not moved at all and utilized in place. The withdraws are currently limited to ~1000 withdraws per day per coin, but this can be increased when there are enough accounts.
The NXTservices that has the MGW client is running 99% the same software as the MGW server. So it can precisely monitor what the MGW servers are doing, including calculating the balances in all the accounts, monitoring pending deposits/withdraws, etc. I do not believe any centralized exchange has this level of visibility. Everyone will know that for each satoshi of BTC assets, there is a corresponding amount in unspent outputs in the sum of the multisig accts.
James
***
Source: https://nxtforum.org/nxtventures/mgw-multigateway/msg44493#msg44493
I have watched James work for some time now on this project. He has had frustration after frustration, but perseveres and works through them. On multiple points (about once a month) I ask him a serious question and he answers honestly and thoroughly. What he is trying to do is not easy at all. He is getting really close though and is running a test net.
After his last explanation, I went into his AE exchange and gave him my money via his InstantDEX asset! (or somebody else that bought from him and then sold to me) I am saying this not to pump the price, but because I really believe in this project (I am definitely in this for the long haul and not a day trader). If we were in the field of music, he would be a real rock star. I can honestly say, I think everybody should be showing him a lot of support.
BE A MAN GO MINE SUM COINS
DIS SHIT IS RETARDED SCAM
You sick in da head for selling this scam
1000 million free coins just for u
How do ya sleep at night knowing ur fucking da poor
3000 pages da cum 4u trolls
trolls al over dis place
U are ridiculous. Nem owns u any day.
Nxt is nothing against New Economy Movement <
Less technical discussion of Nxt Multigateway (MGW) from jl777
James' reply (not quoted so it is easier to read):
***
multigateway is designed for bitcoind and its forks to go into and out of NXT AE.
NXT AE itself can do a lot of things and is the right thing to compare against ripple.
For MGW I decided not to use the user's key as there is no assurance that they will be around to sign a tx when needed. The multisig accts have the keys held by the three MGW servers. While each person gets his own multisig deposit address (for each supported coin), these addresses are actually used by MGW as pieces of the virtual wallet. There is no central wallet, but rather the sum of all the multisig accts.
You might ask, how can MGW tell apart a user deposit from internal funds transfers. Yes, this was a problem,but I decided to charge a small fee on withdrawal and that fee creates a small output (currently equal to txfee) to flag whether an output is a user deposit or internal transfer. This solves an otherwise tricky problem and I can tell for sure if an unspent output is a user deposit or internal transfer.
Every withdraw triggers an acct balancing via internal transfers. This way, all the multisig accts will converge to the average balance. Not only does that make it possible for a higher withdraw rate throughput, it also discourages hackers from bothering as it is a lot of work to break into multiple servers and then construct raw multisig transactions all with a time sensitive deadline as hundreds of nodes will be monitoring every blockchain event related to MGW
So, you will be able to track the amount in your multisig acct, but the contents do not represent your balance, rather the amount of assets inside NXT AE represents your balance. I hope that makes sense.
So MGW is not fully trustless, you have to trust that we will continue to operate the MGW. It uses 2 of 3 multisig so even if one server disappears without notice, we can always recreate new accts from the two remaining servers. As of now bithaus will be running one of the servers and I am still searching for the third host. Until we do, TEAM staff will be running the pair of MGW servers.
The fee structure to begin with will be no cost for deposits other than the 1 NXT to generate the AM to request a deposit address. and two txfees for a withdraw. This is an introductory rate as MGW will be spending 1 NXT txfees on AMs and that cannot be sustained forever. If the txfee is reduced to 0.1 NXT, then maybe it wont be a big deal. So MGW will definitely be a big step up from centralized exchanges which either have a large central wallet or large cold storage wallets, either which can be compromised with a single intruder.
MGW will be able to handle an arbitrary number of deposits as the deposits are just entries in the various blockchains and they are not moved at all and utilized in place. The withdraws are currently limited to ~1000 withdraws per day per coin, but this can be increased when there are enough accounts.
The NXTservices that has the MGW client is running 99% the same software as the MGW server. So it can precisely monitor what the MGW servers are doing, including calculating the balances in all the accounts, monitoring pending deposits/withdraws, etc. I do not believe any centralized exchange has this level of visibility. Everyone will know that for each satoshi of BTC assets, there is a corresponding amount in unspent outputs in the sum of the multisig accts.
James
***
Source: https://nxtforum.org/nxtventures/mgw-multigateway/msg44493#msg44493
I have been watching this for months. I was just wondering about this post on a different forum. It seems like NXT multi-gateway has to use keys. Ripple can process things like oil, dollars, euros, and gold. These things don't have keys. That would mean really NXT multi-gateway is not like Ripple, but more any exchange that only deals with coins. Is that right?
James' reply (not quoted so it is easier to read):
***
multigateway is designed for bitcoind and its forks to go into and out of NXT AE.
NXT AE itself can do a lot of things and is the right thing to compare against ripple.
For MGW I decided not to use the user's key as there is no assurance that they will be around to sign a tx when needed. The multisig accts have the keys held by the three MGW servers. While each person gets his own multisig deposit address (for each supported coin), these addresses are actually used by MGW as pieces of the virtual wallet. There is no central wallet, but rather the sum of all the multisig accts.
You might ask, how can MGW tell apart a user deposit from internal funds transfers. Yes, this was a problem,but I decided to charge a small fee on withdrawal and that fee creates a small output (currently equal to txfee) to flag whether an output is a user deposit or internal transfer. This solves an otherwise tricky problem and I can tell for sure if an unspent output is a user deposit or internal transfer.
Every withdraw triggers an acct balancing via internal transfers. This way, all the multisig accts will converge to the average balance. Not only does that make it possible for a higher withdraw rate throughput, it also discourages hackers from bothering as it is a lot of work to break into multiple servers and then construct raw multisig transactions all with a time sensitive deadline as hundreds of nodes will be monitoring every blockchain event related to MGW
So, you will be able to track the amount in your multisig acct, but the contents do not represent your balance, rather the amount of assets inside NXT AE represents your balance. I hope that makes sense.
So MGW is not fully trustless, you have to trust that we will continue to operate the MGW. It uses 2 of 3 multisig so even if one server disappears without notice, we can always recreate new accts from the two remaining servers. As of now bithaus will be running one of the servers and I am still searching for the third host. Until we do, TEAM staff will be running the pair of MGW servers.
The fee structure to begin with will be no cost for deposits other than the 1 NXT to generate the AM to request a deposit address. and two txfees for a withdraw. This is an introductory rate as MGW will be spending 1 NXT txfees on AMs and that cannot be sustained forever. If the txfee is reduced to 0.1 NXT, then maybe it wont be a big deal. So MGW will definitely be a big step up from centralized exchanges which either have a large central wallet or large cold storage wallets, either which can be compromised with a single intruder.
MGW will be able to handle an arbitrary number of deposits as the deposits are just entries in the various blockchains and they are not moved at all and utilized in place. The withdraws are currently limited to ~1000 withdraws per day per coin, but this can be increased when there are enough accounts.
The NXTservices that has the MGW client is running 99% the same software as the MGW server. So it can precisely monitor what the MGW servers are doing, including calculating the balances in all the accounts, monitoring pending deposits/withdraws, etc. I do not believe any centralized exchange has this level of visibility. Everyone will know that for each satoshi of BTC assets, there is a corresponding amount in unspent outputs in the sum of the multisig accts.
James
***
Source: https://nxtforum.org/nxtventures/mgw-multigateway/msg44493#msg44493
I have watched James work for some time now on this project. He has had frustration after frustration, but perseveres and works through them. On multiple points (about once a month) I ask him a serious question and he answers honestly and thoroughly. What he is trying to do is not easy at all. He is getting really close though and is running a test net.
After his last explanation, I went into his AE exchange and gave him my money via his InstantDEX asset! (or somebody else that bought from him and then sold to me) I am saying this not to pump the price, but because I really believe in this project (I am definitely in this for the long haul and not a day trader). If we were in the field of music, he would be a real rock star. I can honestly say, I think everybody should be showing him a lot of support.
BE A MAN GO MINE SUM COINS
DIS SHIT IS RETARDED SCAM
You sick in da head for selling this scam
1000 million free coins just for u
How do ya sleep at night knowing ur fucking da poor
3000 pages da cum 4u trolls
trolls al over dis place
U are ridiculous. Nem owns u any day.
http://bitscan.com/articles/six-months-on...-the-crypto-reshuffle
Please share, tweet, like, print out and give to your grandma, and comment, at your leisure.
Please share, tweet, like, print out and give to your grandma, and comment, at your leisure.
Awesome article
Thanks!
http://bitscan.com/articles/six-months-on...-the-crypto-reshuffle
Please share, tweet, like, print out and give to your grandma, and comment, at your leisure.
Please share, tweet, like, print out and give to your grandma, and comment, at your leisure.
Awesome article
Janitor notice:
I would like to thank drknumberuno for pushing this thread to the top of the altcoin forum so many times.
Know that we love you, and we thank you for your consistent help in bringing Nxt to the attention of more people
Without people like you, we wouldn't be where we are today!
I would like to thank drknumberuno for pushing this thread to the top of the altcoin forum so many times.
Know that we love you, and we thank you for your consistent help in bringing Nxt to the attention of more people
Without people like you, we wouldn't be where we are today!
Thanks ..
Here's my next NXT security question
Is creating multiple NXT accounts each with its own passphrase the same
idea as having your fiat cash spread among several financial institutions ??
Triff ..
Here's my next NXT security question
Is creating multiple NXT accounts each with its own passphrase the same
idea as having your fiat cash spread among several financial institutions ??
Triff ..
Basically yes.
Another way to think of it: you simply use different username+password on facebook.
Thanks ..
Here's my next NXT security question
Is creating multiple NXT accounts each with its own passphrase the same
idea as having your fiat cash spread among several financial institutions ??
Triff ..
Here's my next NXT security question
Is creating multiple NXT accounts each with its own passphrase the same
idea as having your fiat cash spread among several financial institutions ??
Triff ..
Finally moving some NXT from the exchange to my wallet ..
Can I just create an additional NXT account with a different 'passphrase'
and just send some NXT between the two wallets to trigger the enhanced security
features or do I need a deposit from someone/where else ??
TIA
Triff ..
Thats fine....or a message, or a bid/ask or asset placement on the AE. Can I just create an additional NXT account with a different 'passphrase'
and just send some NXT between the two wallets to trigger the enhanced security
features or do I need a deposit from someone/where else ??
TIA
Triff ..
Finally moving some NXT from the exchange to my wallet ..
Can I just create an additional NXT account with a different 'passphrase'
and just send some NXT between the two wallets to trigger the enhanced security
features or do I need a deposit from someone/where else ??
TIA
Triff ..
Can I just create an additional NXT account with a different 'passphrase'
and just send some NXT between the two wallets to trigger the enhanced security
features or do I need a deposit from someone/where else ??
TIA
Triff ..
http://bitscan.com/articles/six-months-on...-the-crypto-reshuffle
Please share, tweet, like, print out and give to your grandma, and comment, at your leisure.
Please share, tweet, like, print out and give to your grandma, and comment, at your leisure.
SUPPORT LOL MORE LIKE YA ALL NEED THERAPY
BE A MAN GO MINE SUM COINS
DIS SHIT IS RETARDED SCAM
BE A MAN GO MINE SUM COINS
DIS SHIT IS RETARDED SCAM
You sick in da head for selling this scam
1000 million free coins just for u
How do ya sleep at night knowing ur fucking da poor
How do ya feel about DRKs instamine? Terrible stuff no, how could they do it? Shame about all the bagholders in the Pump and Dump no?
Also, what happened to your punctuation keys? Were they stolen by a naughty scamming NXTer?
SUPPORT LOL MORE LIKE YA ALL NEED THERAPY
BE A MAN GO MINE SUM COINS
DIS SHIT IS RETARDED SCAM
BE A MAN GO MINE SUM COINS
DIS SHIT IS RETARDED SCAM
You sick in da head for selling this scam
1000 million free coins just for u
How do ya sleep at night knowing ur fucking da poor
How do ya feel about DRKs instamine? Terrible stuff no, how could they do it? Shame about all the bagholders in the Pump and Dump no?
BUY BUY BUY
PUMP AND DUMP COIN NXT IS A SCAM
BUY BUY BUY
PUMP ME UP DUMP ME DOWN
PUMP AND DUMP COIN NXT IS A SCAM
BUY BUY BUY
PUMP ME UP DUMP ME DOWN
Really?
Doesn't even make much of an effort.
Trollers used to be so better in my days
BUY BUY BUY
PUMP AND DUMP COIN NXT IS A SCAM
BUY BUY BUY
PUMP ME UP DUMP ME DOWN
PUMP AND DUMP COIN NXT IS A SCAM
BUY BUY BUY
PUMP ME UP DUMP ME DOWN
I love you. You know that, don't you?
SUPPORT LOL MORE LIKE YA ALL NEED THERAPY
BE A MAN GO MINE SUM COINS
DIS SHIT IS RETARDED SCAM
BE A MAN GO MINE SUM COINS
DIS SHIT IS RETARDED SCAM
Thank you for this valuable advice. I'll mine some coins like a man, at hashrate.org
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