The importance of this sort of functionality can not be overstated and it could definitely be built in to the protocol if it isnt already.
We could add some kind of "startIPO" transaction.
Topic: [NXT] Decentralized Asset Exchange Discussion Thread - page 21. (Read 31346 times)
We could add some kind of "startIPO" transaction.
Very good news.
WTS RandomBux for testNXT. Its the most valuable thing in the universe so dont miss this once in a life time opportunity!
Can we do anything else in the testnet except issuing assets ? ( i know it is the client functionality issue ). I used fmiboy's client.
Any plan to add some of the core functionality of crowd funding? Ill give an example of what i mean.
Say my wife wants to start a bakery. So she issues tokens representing loaves of bread. She calculates that a loaf of bread is worth about 2 dollars and that she needs about 100,000 usd to start her bakery. So she takes 100,000 and divides it by 2 and issues 50,000 bread colored nxt tokens. She now wants to go out into the market to sell her tokens inorder to raise the money to start her bakery but she runs into a problem.
If wife only manages to sell say half of her tokens than 50,000 usd is not enough to start a bakery. She can not simply sell half a loaf of bread for each token instead of a whole loaf because half a bakery is enough to produce a single loaf. Rational investors realize this risk and so no one is willing to make the first leap. The project doesn't get funded even though there is willingness in the community.
Crowdfunding solves this by having a central authority collect promises to pay and refrains from charge anyone anything UNLESS the total amount of funding required to fund the project is raised.
The importance of this sort of functionality can not be overstated and it could definitely be built in to the protocol if it isnt already.
Say my wife wants to start a bakery. So she issues tokens representing loaves of bread. She calculates that a loaf of bread is worth about 2 dollars and that she needs about 100,000 usd to start her bakery. So she takes 100,000 and divides it by 2 and issues 50,000 bread colored nxt tokens. She now wants to go out into the market to sell her tokens inorder to raise the money to start her bakery but she runs into a problem.
If wife only manages to sell say half of her tokens than 50,000 usd is not enough to start a bakery. She can not simply sell half a loaf of bread for each token instead of a whole loaf because half a bakery is enough to produce a single loaf. Rational investors realize this risk and so no one is willing to make the first leap. The project doesn't get funded even though there is willingness in the community.
Crowdfunding solves this by having a central authority collect promises to pay and refrains from charge anyone anything UNLESS the total amount of funding required to fund the project is raised.
The importance of this sort of functionality can not be overstated and it could definitely be built in to the protocol if it isnt already.
There was a similar thread for crowdfunding in bitcoin:
https://bitcointalksearch.org/topic/ann-bitprivacy-decentralized-trustless-privacy-200952
crowdfunding functionality would be HUGE and can't be underestimated!
For test purposes, besides API, the 0.0.5 clieNxt client can be used:
https://bitcointalksearch.org/topic/m.5054385
Also nxtFreeRider, tool in python I haven't tried yet - https://bitcointalksearch.org/topic/m.5080052 . Unsure if it can hook to the testnet.
https://bitcointalksearch.org/topic/m.5054385
Also nxtFreeRider, tool in python I haven't tried yet - https://bitcointalksearch.org/topic/m.5080052 . Unsure if it can hook to the testnet.
Is there a wiki (or just a webpage) that covers the basic functionality (that might be helpful to newcomers)?
Well, newcoming programmers could read http://wiki.nxtcrypto.org/wiki/Nxt_API#Asset_exchange_operations, should be enough for them...
Any plan to add some of the core functionality of crowd funding? Ill give an example of what i mean.
Say my wife wants to start a bakery. So she issues tokens representing loaves of bread. She calculates that a loaf of bread is worth about 2 dollars and that she needs about 100,000 usd to start her bakery. So she takes 100,000 and divides it by 2 and issues 50,000 bread colored nxt tokens. She now wants to go out into the market to sell her tokens inorder to raise the money to start her bakery but she runs into a problem.
If wife only manages to sell say half of her tokens than 50,000 usd is not enough to start a bakery. She can not simply sell half a loaf of bread for each token instead of a whole loaf because half a bakery is enough to produce a single loaf. Rational investors realize this risk and so no one is willing to make the first leap. The project doesn't get funded even though there is willingness in the community.
Crowdfunding solves this by having a central authority collect promises to pay and refrains from charge anyone anything UNLESS the total amount of funding required to fund the project is raised.
The importance of this sort of functionality can not be overstated and it could definitely be built in to the protocol if it isnt already.
Well, newcoming programmers could read http://wiki.nxtcrypto.org/wiki/Nxt_API#Asset_exchange_operations, should be enough for them...
Nice - perhaps we also need something for specific clients (but of course that is up to the creators of those clients to create).
Is there a wiki (or just a webpage) that covers the basic functionality (that might be helpful to newcomers)?
Well, newcoming programmers could read http://wiki.nxtcrypto.org/wiki/Nxt_API#Asset_exchange_operations, should be enough for them...
Is there a wiki (or just a webpage) that covers the basic functionality (that might be helpful to newcomers)?
Could you please add some links with info about this NXT feature ?
Sure ill try to dig some stuff up.
Could you please add some links with info about this NXT feature ?
The title pretty much sums it up. This thread is for discussing any aspect of or related to the NXT decentralized asset exchange.
TestNXT instructions:
1. See CfB's post here.
2. Create testNXT account here: https://holms.cloudapp.net:6875
3. DO NOT use your main password account; create an account by using a new, unique passphrase.
4. You can download fmiboy's AE-enabled client here: https://bitcointalksearch.org/topic/m.5084677
5. Ask for testNXT in main thread or here; include your testNXT account number.
6. HAVE FUN!
Some links:
http://www.nxtcrypto.org/nxt-asset-exchange
https://bitcointalksearch.org/topic/m.5054385
http://wiki.nxtcrypto.org/wiki/Nxt_API#Asset_exchange_operations
A brief explanation of decentralized exchange:
Exchanges like nxt, ripple, and mastercoin work with an idea called colored coins. So with a bitcoin any one bitcoin is the same as any other bitcoin. They are what we call fungible. Colored coins are intentionally not fungible. They are intentionally distinct and different from one another. Colored coins have a value attached to them. So for example, speaking in abstractions here, a colored nxt may have the value attached to it of "Nxtsky promises to pay 1 btc to who ever sends him this token, signed nxtsky". Now that token can be traded on a market.
Lets say betty wants to trade litecoin for bitcoin. She sends litecoin to "hanks litecoin gateway" with a message attached "bettys nxt address:blablabla". Hank will issue "X hankLTCTokens" and sends them to bettys nxt address. Betty uses these to fill the highest bid for on their orderbook thus gaining nxt. Next betty uses her nxt to fill the lowest ask on the orderbook for nxtskysXCPTokens. She sends her nxtskysXCPTokens to nxtskys nxt address with a message attached "bettys xcp address:blablabla". Betty waits for the xcp to arrive.
its obvious to most at first the disadvantages of what i just described. Its very complex compared to sending your coins to cryptsy but this is the cost of decentralization and decentralization comes with its own rewards. at some point in the future you will not just be buying any old random token. You will buy the ones issued by the guy who lives down the street so you can go there and pick them up in person.
TestNXT instructions:
1. See CfB's post here.
2. Create testNXT account here: https://holms.cloudapp.net:6875
3. DO NOT use your main password account; create an account by using a new, unique passphrase.
4. You can download fmiboy's AE-enabled client here: https://bitcointalksearch.org/topic/m.5084677
5. Ask for testNXT in main thread or here; include your testNXT account number.
6. HAVE FUN!
Some links:
http://www.nxtcrypto.org/nxt-asset-exchange
https://bitcointalksearch.org/topic/m.5054385
http://wiki.nxtcrypto.org/wiki/Nxt_API#Asset_exchange_operations
A brief explanation of decentralized exchange:
Exchanges like nxt, ripple, and mastercoin work with an idea called colored coins. So with a bitcoin any one bitcoin is the same as any other bitcoin. They are what we call fungible. Colored coins are intentionally not fungible. They are intentionally distinct and different from one another. Colored coins have a value attached to them. So for example, speaking in abstractions here, a colored nxt may have the value attached to it of "Nxtsky promises to pay 1 btc to who ever sends him this token, signed nxtsky". Now that token can be traded on a market.
Lets say betty wants to trade litecoin for bitcoin. She sends litecoin to "hanks litecoin gateway" with a message attached "bettys nxt address:blablabla". Hank will issue "X hankLTCTokens" and sends them to bettys nxt address. Betty uses these to fill the highest bid for on their orderbook thus gaining nxt. Next betty uses her nxt to fill the lowest ask on the orderbook for nxtskysXCPTokens. She sends her nxtskysXCPTokens to nxtskys nxt address with a message attached "bettys xcp address:blablabla". Betty waits for the xcp to arrive.
its obvious to most at first the disadvantages of what i just described. Its very complex compared to sending your coins to cryptsy but this is the cost of decentralization and decentralization comes with its own rewards. at some point in the future you will not just be buying any old random token. You will buy the ones issued by the guy who lives down the street so you can go there and pick them up in person.
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