Hi. Sorry trying to catch up in this thread.
Will the Asset Exchange be fully automated exchange in terms of cryptocurrency?
I want LTC for USD or LTC for BTC?
From what I've read it works like Ripple but without Ripple tokens? Does this even use NXT?
I have asked James, the guy who runs the multisig subforum I Pm'd to you, to drop buy with an up to date and most accurate answer
It is feasible to have tokens on the Asset Exchange directly for anything but trust in the issuer will be required. James' work is built on the asset exchange but he has been working on cross chain transactions so LTC/BTV might be available at launch or soon after.
Have you read anything about InstantDEX yet?
Thank you for this. I hate to be the guy who doesn't sift through all the info for answers. But I'm trying at least! :/
No problem! How goes it in the BC thread? Has there been any of the planned super secret features announced yet? Snoekip and Rat4 might do something (they are unknown quantities to me) but that dzirberm (sorry for spellings) is just blowing smoke
If they do launch anything, they will be paying catch up
But let me know if/when anything big comes out.
You should read about the monetary system on nxtforum, coins can be based on the Nxt platform too. I'll stop rambling but BC could basically be secured by Nxts blockchain as well as any other crypto. Then the inflation wouldn't be needed as an incentive to stake (known as forging in these parts
).
We were the sponsor of Dogecoin. But it's fun things like that I love about BC. I don't think anything "big" in terms of what NXT is doing. BC is heading a different direction focusing on awareness, merchants, and exchanges. But I wouldn't be surprised if rat4 or "I forget his name" so I'll call him Community Manager or up to something. And then of course there's Iconic. I think a lot of people secretly love his "gray area" tactics but don't want to say on forum. He's our wildcard.
Apparently having higher inflation is the "newest" thing. BC 1%, WC 2%, Yellowcoin & Cinni 3.5%, I think Bluecoin 3%. I just let those groups argue what is better.
Right now I'm spending most of my effort figuring out what the hell to do with my WC investment.
Thanks James
While I am here, for anyone wondering what Asset Exchange will do, here is a real world plan for once it is launched
Here's a small example just using NXT from my own industry (software development). I am an independent software developer and I plan to use the NXT asset exchange (currently in development) to issue software licenses as follows:
[1] - a licensing component in the software makes a call to the NXT network and creates an account (instantaneous)
[2] - it writes the private key to disk and informs the user of the account number
[3] - the user purchases one license unit from the NXT asset exchange
[4] - on a subsequent launch (or periodically) the software detects the presence of the appropriate asset in the account it created for itself and considers the installation licensed
So NXT doesn't have to become the new bitcoin to become hugely valuable. It just has to capture a tiny part of some relatively tiny world markets for all sorts of applications to be massively in demand.
NXT will be needed to:
A. Issue the assets (Currently costs 1000 NXT per asset, but I don't know if there's a limit on the quantity you can issue)
B. Pay for the assets
TL:DR Software key issuance and management can be done on AE. Cheaply and securely. RE: asset quantities, the maximum Asset quantity that can be issued is 1 Billion.
Disclaimer: My reading comprehension might be totally off today about the following questions. :/
Thanks for taking the time to do this, James. But what you said is like "Woosh" It's all too technical. So I buy 1 license for (1 NXT is $0.02) for $20? And where does this $20 go? Can these licenses be traded? Can it be refunded or parameters changed if no buyer matches?
So then I have an asset license of "Selling 1 LTC for $20". Then I wait for a match. Is that automatic or do I have confirm manually later?
Max Asset quantity 1 billion is per person? And it can be refilled to 1 billion?