Topic: | Nxt | Blockchain Platform | Proof of Stake | Official - page 356. (Read 941285 times)
I agree about the James' work. I reread many of his posts couple of times trying to soak up the knowledge. There's a rumour going around that he's not a person, but a T777.
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?
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.
No, not really new but first time new wallet 
I heard about (and unfortunately bought) in january / feb
I heard about (and unfortunately bought) in january / feb
I see.
Do not worry. Could you give some feedback regarding the wallet?
We always seek to improve Nxt.
nice work so far. Nothing to complain about.
No, not really new but first time new wallet
I heard about (and unfortunately bought) in january / feb
I heard about (and unfortunately bought) in january / feb
I see.
Do not worry. Could you give some feedback regarding the wallet?
We always seek to improve Nxt.
No, not really new but first time new wallet
I heard about (and unfortunately bought) in january / feb
I heard about (and unfortunately bought) in january / feb
dont miss out on deal of the decade. buy NEMstake on Nxt ae for steal bargain price at the moment
thank me later!
No, not really new but first time new wallet
I heard about (and unfortunately bought) in january / feb
I heard about (and unfortunately bought) in january / feb
Thanks!
You are welcome. New to Nxt, I guess? Where did you know about it the first time?
Thanks!
Last question
And why the "new user" button? Makes no sense to me. If i m a new user i can use any password and get my new account. Know what i mean?
And why the "new user" button? Makes no sense to me. If i m a new user i can use any password and get my new account. Know what i mean?
Do not hesitate to ask.
The more the better.As already stated: it is to guide new users.
Last question
And why the "new user" button? Makes no sense to me. If i m a new user i can use any password and get my new account. Know what i mean?
And why the "new user" button? Makes no sense to me. If i m a new user i can use any password and get my new account. Know what i mean?
Because that option will lead you to generate a good, secure passphase. Without it people tend to choose weak ones then complain that their nxt was stolen.
Last question
And why the "new user" button? Makes no sense to me. If i m a new user i can use any password and get my new account. Know what i mean?
And why the "new user" button? Makes no sense to me. If i m a new user i can use any password and get my new account. Know what i mean?
And what if i create a new account with existing password?
Maybe, you need a better explanation.
I assume you know Facebook. There, you log in with your PUBLIC email-address and your PRIVATE passphrase.
However, the PUBLIC part is superfluous in Nxt.
Think of it as having your email-address encoded right into your passphrase.
Btw. this would also work for Facebook. You actually do not need a username or an email address to log in. That is just a feature of their login-mechanism but superfluous from the functional point of view.
Nxt use the absolute minimum of login data -> the private part.
What´s the difference between "returning user" and "new account" ? I mean both of them creates a new account !? 
The difference is functional. Returning user let's you log in with any passphase, while "new account" help you create a secure one. And what if i create a new account with existing password?
Maybe, you need a better explanation.
I assume you know Facebook. There, you log in with your PUBLIC email-address and your PRIVATE passphrase.
However, the PUBLIC part is superfluous in Nxt.
Think of it as having your email-address encoded right into your passphrase.
And what if i create a new account with existing password?
Your password, is your account. And what if i create a new account with existing password?
If you use the same password, you use the same account.
And what if i create a new account with existing password?
What´s the difference between "returning user" and "new account" ? I mean both of them creates a new account !?
Sorry?
returning user - user that is coming back
new account - new
I mean both of them creates a new account !?
No?
Former re-uses existing account.
Latter creates new account.
What´s the difference between "returning user" and "new account" ? I mean both of them creates a new account !?
Sorry?
returning user - user that is coming back
new account - new
I mean both of them creates a new account !?
So why the "new account" button?
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