Topic: NXT :: descendant of Bitcoin - Updated Information - page 1389. (Read 2761645 times)

Ok, this makes sense. But won't this will lead to a massive amount of data being sent to one peer (the forging account)? This would also cause the next forging account to do a massive amount of work, even if the work is distributed across multiple future predicted forging accounts.

Don't read "instant" literally. A merchant will give purchased goods only after sending the transaction to next generator. The other 10 merchants will do the same and they'll get a reply that their transactions r illegal. This will take 3-5 sec.

Aye, interesting. But it looks quite complex comparing to Nxt PoS algo. It doesn't make sense to use something more sophisticated, only due to political reasons.

Chance of peers being isolated is below zero, but the chance of all peers being able to communicate with all other peers to prevent double spend is even lower than that. Plus, the doublespender has a one minute window with BCNext's proposed method, his balance would have to be updated in the blockchain for doublespends to be prevented.

Chance that all 10 merchants r isolated from Nxt network is below zero, I think.

If you have 100 NXT in your account, that means you have 10 NXT for "instant transactions". In order for you to "double-spend" (literally to spend 200 NXT, so 10 NXT * 20 times), you would have to fool all the peers on the network 20 times. Chance of that is so low, in most cases you will just end up paying the merchant multiple times

In the scenario of A sending to unconnected B and C, because he has 100 NXT in his account, he ends up sending 10 NXT to B and 10 NXT to C, no ripoff there.

EDIT: Also, I'm not sure if the balance is updated instantly (can malicious attacker ignore this?), but if so, in this case it would be 10 NXT to B and 9 NXT to C, and as n -> infinity, eventually 0, but never past zero.

Has anyone seen this - http://blog.ethereum.org/?p=39/slasher-a-punitive-proof-of-stake-algorithm? I don't think it is hugely relevant to us but an interesting read none the less.

I follow this thread everyday and picking the most important news out. Still working on it so it's not out yet;

It will be nice! Because later on you can see every Milestone we accomplished with the project here.

To check results; http://ilgunf.wix.com/nxtmovement
Or Follow; https://twitter.com/NXTmovement

Ps; Missed all bounties, because I joined late December to this community. I hope I can get some NXT with this. So far I got 1 =)

But! The future is bright.

Taking this to the logical extreme, what if he sends it to 11 merchants, and gets 110 NXT worth of product instantly? This approach is good but not airtight.

Ok, check this solution out.

Account A wishes to make his account instant.

On the next block Account A requests 10 checkpoints (peers) from the forging account,

The forging account will send 10 peers to Account A and send one signed message to each peer telling them that they are a checkpoint for  Account A.

Account A sends one declaration of checkpoint acceptance to each checkpoint in the form of a signed message.

These checkpoints save that message for one hour and generate a list of pending transactions for that account (At this time 0). All active checkpoints for account A communicate with each other as soon as account A's balance is updated.

Account A saves this list of peers and the account that generated them as a file.

When account A wishes to make an instant transaction he will include this file with the signed transaction information.

Account A will send this file to a receiving account.

The receiving account will check the timestamp on message (valid for one hour), check if the account that determined the checkpoints forged the block, and send the signed transaction information to each peer.

Each peer will confirm the new account balance.

They will generate a response telling the recipient if his account balance is large enough to complete the transaction.

If everything checks out this will approve the transaction.

The beauty here is that X number of peers are chosen at random by a deterministically chosen forging account. This prevents account A from having their own set of fake peers to validate fraudulent transactions. These few peers hold a temporary ledger of where account A's money is, it doesn't have to be mass distributed across the network. It is impossible to double spend with this system, and account A's full balance could be used for instant transactions.

http://www.nxtcoins.nl/50-2/

https://twitter.com/NxtcoinsNL

just a little information concerning jester Frictionless.

current moves:
- self-moderated thread (https://bitcointalksearch.org/topic/ann-nxt-to-nex-buy-in-exchange-1-nxt-for-50-nex-moderated-429399) -> he deletes posts he doesn't like, if you don't pay attention you don't see the self-moderated

- and Come-from-Beyond is used as a mini-ambassador (because he's in the newest list of NXT-to-NEX traders)

Has a lot of energy and time that FC 
(or let me rephrase, he really believes in NXT because he so desperately wants to exchange them for NEX  )

so many posts are here published everyday, two weeks ago I lost the track of whats going on..... I am not able to follow all forums and news about NXT.
How do you solved this? what is the most important to follow from discussions? 

What's "s.t."? I just can't think of anything so critical that it needs to arrive with 1 second precision.

The way I understand it - your account will still be charged 2 times, so no one gets screwed.

In Bitcoin coins are unique, in NXT you only have account balance. So if there are 2 transactions, your balance will be deducted twice. Something like that

hmmm -- the only way of obtaining the information that s.t. has happend is by polling the NRS - it does not operate in push mode. So The less often I poll, the less I know.

I have not been trying to load test - 1 second just seemd like something reasonable. Besides, someone from the GUI devs also recommended 1 second.

What would you use?

If he sends 10 NXT then he has 100 NXT on the balance and 20 NXT will be charged.

Account A makes his account special.

He now has 10 NXT in instant balance.

What's stopping him from sending 10 NXT to both peer B and C as payment if they are not connected? I mean sure, it could be prevented at the next block, but that isn't instant.

B and C would both send the goods to account A instantly and then get screwed 1 minute later when they find out it was a doublespend.

https://bitcointalksearch.org/user/cunicula-14703

Is there hope for us to get the white paper in the near future?
cunicula came back from a long vacation.

Why do u ask for Nxt ID? Token already contains the ID.

https://bitcointalksearch.org/user/cunicula-14703

Cunicula was active a few days ago. Any news on him? Can someone track him down?