Topic: NXT :: descendant of Bitcoin - Updated Information - page 1185. (Read 2761624 times)

BUMP.

Only three SMS messages total have been received and placed into the blockchain so far.

The only info that is put into the blockchain is the text body contents.  The header is discarded so it is pseudo-anonymous.  (The phone network providers that routed the SMS will have a record, of course.)

Want to give it a try?

*Edit: test was completed at 2:00GMT on 3rd of Feb. 2014.

Alias wrote:

Maybe I'm wrong but I think that there is a relatively easy way to do this:

Say Alice is a Counterparty user and Bob is a NXT user. Alice and Bob want to get their respective tokens "into" each others systems. They can set up a multisig address (2 of 2) on each system to which they both have 1 of the keys. They can both add some amount (say $10,000 worth) of their tokens into the multisig addresses. So now the NXT address has say 20,000 NXT and the Counterparty address has 4,000 XCP. Both Alice and Bob can define the appropriate assets/colored coins. They are effectively performing escrow for each other. In this manner you are actually "backing" NXT assets with NXT and XCP assets with XCP.

Of course there are all sorts of potential issues with this such as - how do you know that Alice and Bob aren't the same person. In the long-term that doesn't matter because both Alice and Bob will be DACs. You could technically trade between an "XCP colored NXT" and an "NXT colored XCP" via "Alice and Bob".

So there's an answer to your earlier question James: The most valuable DACs? - How about one which facilitates interoperability between decentralized exchanges.

Another neat way of doing this would be to extend the Counterparty Protocol across both Bitcoin and NXT (using the arbitrary message system)! This would mean the NXT system could have colored coins on top of colored coins. "This coin represents a Counterparty token which represents my deeds to this house".
***
He is in transit now and I need help to make sure I understand what we need to do in order to have a fully automated DAC gateway.

I understand what a ripple gateway does and I think the automated DAC gateway just needs to do the equivalent of what a ripple gateway does, namely receive actual XYZ and issue Asset name XYZ and the reverse, receive asset name XYZ and send actual XYZ.

I need a smart person to explain clearly how exactly the DAC can do this. Where does it exist, how does it run, how it will sync with two blockchains, etc.

James

Count me in.  

I've been thinking about this whole 1000 TPS thing and have a basic question.  If ANYBODY can be the node that generates a block, but a node with a low rate data link can't support 1000TPS, then are we saying that the NXT TPS chain is only as strong / fast as its weakest link?  

Thanks!!!

Hey, somebody's gotta be the pitchman at every carnival....for NXT, looks like it's me.

Speaking of which....

You!  Yeah, YOU!  You're not gonna let somebody named EVILAnything donate a higher percentage of his NXT than YOU are, right?  Cause YOU, dear reader, are one of GOOD guys...

Thanks!

Ricky: u blackmailing swine.
I've sent 30NXT to the community fund, (tx id 11497794773844040352, my account nr below)
This represents roughly one NXT per 500 in my holdings. I'm going to miss them.....

I hope they'll be happy  

obtain a list of participants, have them generate new accounts from new passphrases

these particiapants will provide IP addresses of their clients that will particpate.  these IP addresses will be used in wellknownpeers files

set up a network of clients that are configured to use some other 2 ports other than 7874/7875

have a member on 1 client willing to send NXT from their local client on the testnet from an existing account to all other new accounts

then we are basically running on an isolated fork with just limited people

Does anybody know how to setup a testnet? How many servers, etc.
I might need to get one setup as early as end of next week.

James

+10 to James
Just put me down as agreeing with pretty much everything above.

Thank you!

In my testing of AE,  its the asset id number thats important. names can duplicate.  Scratch that,  they cannot duplicate after all

NXTcommunityfund Update


I wanted to bump the links above as now being the official way to document either your donation to or request for funding from the NXTcommunityfund.  So far there have been the following donations to the NXTcommunityfund:

neer.g (I think): 25,001 NXT
Pouncer: 21,0861 NXT, from tech support fund
Pouncer: 892,017 NXT, from software dev fund
aldrin: 1,000,000 NXT

A sincere thank you to all.

And finally, TwinWinNerD has donated 100 NXT to the NXTcommunityfund !!!  

This donation was targeted as a bounty for a reddit tipbot:

https://bitcointalk.org/index.php?topic=345619.msg4881794;topicseen#msg4881794

This donation was around 0.07% of TwinWinNerD's current stake in NXT.  That's about one NXT coin out of every thousand.   If EVERY NXTer donated one out of every thousand coins in their stake, no matter how big or how small, IT WOULD MAKE A HUGE DIFFERENCE IN THE MONTHS TO COME.

Please think about it, then please do it.

One final note.  For the record, I am placing a backup copy of the password to the NXTcommunityfund into a stamped postal envelope addressed to James, and placing this envelope in my bank safe deposit box.  Just in case.  Because you never know...

Can you believe more bounty money for developers?

Well its true, there is a 7.5 BTC + 1700 XCP bounty (that continues to grow) for an Desktop GUI client.

Details are: https://bitcointalksearch.org/topic/counterparty-desktop-gui-bounty-thread-430998

I think this could provide nice additional funding for client developers. XCP is the only other crypto community that I have found is open to cooperating and I like that.

James

P.S. XCP is very slow thread, only 88 pages so you can catch up to it in less than a day https://bitcointalksearch.org/topic/annxcp-counterparty-pioneering-peer-to-peer-finance-official-thread-395761

I was thinking about the Asset name for the AE and it certainly would be cool if the asset name XCP represented the actual XCP from the XCP DAC gateway.

However, Asset names are not transferable. My proposal is this.

Whoever gets the asset name of the crypto name, eg. "BTC", "DOGE", "XCP", etc. would be the one that gets to run the DAC gateway using that name and the community will support this as long as the fees are not raised and publicly disclosed accts are fully funded at all times.

Currently the min fee is 1 NXT. I propose that the high bidders for the Asset names keep the fee at 1NXT or double the minimum transaction fee, even when the minimum fee goes to 0.1 NXT or less. I realize that this means that there wont be any profit at first. However, in the long run there will be much more profit if there are hundreds of transactions per hour and you are making fractional NXT on each one. Trading volumes are very sensitive to transaction fees.

This will unfortunately create a bidding war for the Asset names of the other cryptos, but I see no way around that.

Feedback?

James

I ** STRONGLY ** urge that we prepare for a dramatic increase in NXT transactions.

We will have zerocash functionality, we will have DAC gateways for ALL other cryptos. It is possible that 10% of all crypto trading will move to the NXT AE. The only cost will be the transaction fee of 1 NXT. Very low trading cost. Fully automated DAC gateways.

1000 TPS is probably enough, but we MUST be prepared for this. It will happen sooner than you think

James

P.S. There are other developments I cannot disclose yet, that will further add to this. Be prepared.

I have received a PM from Alias describing what DAC's can do, still digesting it. However in discussions with the XCP community, an idea for a DAC that is pretty simple came up.

Namely a gateway DAC for other cryptos. Its function would be to deposit and withdraw into the NXT Asset Exchange fully automatically. I recently discovered XCP and am impressed with what they are doing. I reached out to XCP team to see if we can get some guidance on how to automate XCP deposit and withdrawal.

https://bitcointalksearch.org/topic/m.4881075

I would like the DAC to be modular and be able to handle any other crypto assuming that the right interface functions exist for that crypto. This requires defining a layer that would be able to implemented by all currently known cryptos. This is why I think XCP is a good test case. If we can do it with XCP, we should be able to do it with DOGE, etc.

It needs to interact directly with the other crypto's blockchain, verify both sides of the transaction, etc.

No more waiting on the exchange to deposit the NXT. No more worrying about the exchange's solvency, etc.

Fully automated crypto gateways. Once we get the first one, it will be a relatively simple matter to add new ones by popping in a new low level to deal with the blockchain of the new crypto. All the other cryptos will be priced relative to NXT. this is part of what makes BTC so strong, all other cryptos go through it. BTC is the current reserve currency of the crypto world. Maybe not for long?

Imagine being able to do actual blockchain to blockchain exchanges of ALL other cryptos from within NXT Asset Exchange!! I am making an executive decision and fully authorizing 100000 NXT for this bounty. After the first one is done, maybe a much smaller bounty for each additional crypto added.

I prefer cooperative efforts, especially with the definition of the low level interface layer to the other crypto blockchains. After there is consensus on the external interface layer, then if the different people can't work in a team, then it will be a competitive race. Winner take all, so it is safer to cooperate and divide up the problem in to separate roughly equal pieces.

Please post publicly interface proposals and if you want part of the bounty.

James

P.S. full disclosure: I have burned some BTC and have XCP, but only because I think that they are cool and unlike emunie, etherium and mastercoin.

I know nothing about the Solaris client, but withdrawals from exchanges are notoriously slow.
A peer 2 peer NXt transaction will be almost instant, but your NXT are probably still safely queued at BTER.

I don't mind waiting...I'm just curious if anyone knows, in regards to NXTSolaris, if its like the PPC wallet...where you see incoming transactions that are still unconfirmed.

and that is the reason why I wrote in the NxtMyths theses that J-L comes from Switzerland

current block is very long.