Topic: | Nxt | Blockchain Platform | Proof of Stake | Official - page 399. (Read 941285 times)

Sadly, mate, Ethereum probably won't. Ethereums current launch date is 6 months away, look how far NXT has come in the last 6 months. NXT will have a full years lead time on Ethereum by then, and that year is important. Ethereum may well be technically superior, but by then NXT will dominate the 2nd gen space.
We'll see....interesting times, anyway.

I think you put too much hope in Ethereum. It's more like eMunie #2. The coin that will be launched "soon".

So far there were only too currencies that have been actually launched and are being constantly developed: Nxt and Qora. Nxt is the best currency ever existed and Qora is following its steps, that's why I believe it's a next big thing. All other coins: Ethereum, eMunie, NEM, NXTL, eXo are aiming the same goal but it feels like they won't be launched any time soon because there's no talanted and focused developers behind them. Only marketing, big money, teams etc. but they don't have that one person that can make it happen.

Another option would be to tie in the price of NXT to network robustness/security/number_of_transactions in some way. Not sure how that could be implemented, but it would be a decentralized way of setting fees. Those who want lower fees would make sure there are plenty of nodes/forgers. If the nodes/forgers decreased, then the fees increase to incentivise forging more. If number_of_transactions increased too much (spam), then fees would increase to curtail the amount of them.

This would be longterm. For now it's best that it's set as considered best by the community and developers.

In 6 months, Etherium will be out which will probably blow every 2nd gen initiative to kingdom come unless it's already well established.

Don't say you weren't told.

I've had enough of it in the previous thread. I still don't understand how it could be a problem to pay 6 cents for a transaction. Unless you make thousands of transactions every days. But in this case it's your problem.

I'd make it higher to make forging more profitable.

To decide how much minimum fee should be at any moment i'm wondering if it is possible to implement the following voting system in the NXT protocol:

Current fee is 1 NXT, every 1440 blocks (24 hours) NXT users vote and new fee can only be set to 3 possible values, previous fee - 10% or previous fee or previous fee +10% (0.9 or 1 or 1.1 NXT in this case)

                       BALANCE                                      FEE
NXT account 1: 1,300,000 NXT      vote for         1.3 NXT
NXT account 2: 3,000,000 NXT      vote for         2 NXT
NXT account 3: 150,000 NXT         vote for        0.5 NXT
NXT account 4: 400,000 NXT         vote for        0.1 NXT
NXT account 5: 1,500,000 NXT       vote for        10 NXT

Switch fee at 0.9 NXT option gets 150,000+400,000= 550,000 votes
Switch fee at 1.1 NXT option gets 1,300,000+3,000,000+1,500,000= 5,800,000 votes

Now we take 550,000 votes away from each one of the above and add them to the leaving fee unchanged option

Switch fee at 0.9 NXT option gets 0 votes
Leave fee unchanged at 1 NXT option gets 1,100,000 votes
Switch fee at 1.1 NXT option gets 5,250,000 votes

New fee is 1.1 NXT

1440 blocks afterward:

Fee is 1.1 NXT, possible values for fee are now 1 or 1.1 or 1.2 NXT

                       BALANCE                                      FEE
NXT account 1: 1,000,000 NXT      vote for         1.7 NXT
NXT account 2: 3,000,000 NXT      vote for         2 NXT
NXT account 3: 150,000 NXT         vote for        0.5 NXT
NXT account 4: 700,000 NXT         vote for        0.1 NXT
NXT account 5: 1,500,000 NXT       vote for        0.1 NXT

Switch fee at 1 NXT option gets 150,000+700,000+1,500,000= 2,350,000 votes
Switch fee at 1.2 NXT option gets 1,300,000+3,000,000= 4,000,000 votes

Now we take 2,350,000 votes away from each one of the above and add them to the leaving fee unchanged option

Switch fee at 1 NXT option gets 0 votes
Leave fee unchanged at 1.1 NXT option gets 4,700,000 votes
Switch fee at 1.2 NXT option gets 1,650,000 votes

New fee is unchanged at 1.1 NXT

1440 blocks afterward:

Fee is 1.1 NXT, possible values for fee are now 1 or 1.1 or 1.2 NXT

                       BALANCE                                      FEE
NXT account 1: 1,000,000 NXT      vote for         2.3 NXT
NXT account 2: 3,000,000 NXT      vote for         1 NXT
NXT account 3: 150,000 NXT         vote for        1.1 NXT
NXT account 4: 700,000 NXT         vote for        0.1 NXT
NXT account 5: 1,500,000 NXT       vote for        0.7 NXT

Switch fee at 1 NXT option gets 1,500,000+700,000+3,000,000= 5,200,000 votes
Switch fee at 1.2 NXT option gets 1,300,000+3,000,000= 1,000,000 votes

Now we take 1,000,000 votes away from each one of the above and add them to the leaving fee unchanged option

Switch fee at 1 NXT option gets 4,200,000 votes
Leave fee unchanged at 1.1 NXT option gets 2,000,000+150,000=2,150,000 votes
Switch fee at 1.2 NXT option gets 0 votes

New fee is set at 1 NXT




Every user can change desired fee in any moment.
The idea here is to implement a democratic process that simulate a real free market as best as we can.
All NXT users have incentive to choose a fee that maximize NXT protocol utility, the above system will hopefully allow the community to converge to the best fee value at any moment.

ignored

It's not the best way to make people interested in Qora.

Don't listen to it, guys. I think NXTers are Qora's best friends. NXT made a way for 2nd gen coins, fought all those Bitcoin clones and leads other 2nd gen coins to the top. Maybe sometime in the future Nxt and other 2nd gen coins will be competitors. Now all 2nd gen coins are alies.

Thank you, Mr. Jam, for stopping by. I think I will sell all of my Nxt now and buy Qora.

By the way, does this sound like BCNext?


Also, Re: the lack of code to review, you guys must love surprises.

We have already heard about Qora. Thank you very much.  Nxt will be #2 ahead of Litecoin in six months. Good luck chasing.

And BXNect has nothing to do with Qora, but even if he did who cares? BCNext isn't the one who brought Nxt to #3.

while you are there check out Qora, the latest development from BCNext that will overtake NXT within 6 months. Don't say you weren't told.

https://bitcointalksearch.org/topic/ann-qora-released-16-may-100-pos-new-source-522102

Here's the latest on the fee discussion. Lots of options.

https://nxtforum.org/general-discussion/fee-to-0-1/

Lower than 1 Nxt? You're out of your mind?

No hostilities intended - note the smiley. Going through the fiat to Bitcoin to exchange to NXT is part of the process. Best to try it with a couple bucks first than a couple thousand.

Yes we do. I made this thread:

https://nxtforum.org/general/transaction-minimum-fee-am-i-the-only-one-that-desperatly-wants-lower-fees

Please post your concerns regarding fee change there!

Thank you!

price is up,need low fee now.

I think we should vote on who can vote at all first. Not that the voting on the voting-vote rights are abused!

i think we should vote about voting on voting. I propose a vote.

Awesome. I should have visited but tickets were very expensive 

Much good news in NXT world today, as usual.
We're soooo good......

2 bits of conference news:

CEBE Vienna, salsacz has posted a very cool update, sounds like the lads did good.
https://nxtforum.org/central-europe-bitcoin-expo-%28vienna-may-31-2014%29/day-2/20/

I'm trying to decide if NXT should go to Dublin?
https://nxtforum.org/nxt-promotion/bitfin-2014-%28bitcoin-finance%29-dublin-ireland-july-3-4/msg33662/#msg33662