Topic: NXT :: descendant of Bitcoin - Updated Information - page 1391. (Read 2761650 times)

Miami will not be live.  It will be a recorded event with a live audience, you'll hear/see it first on letstalkbitcoin.com on Saturday the 1st of February.

does anybody know what time the miami show will be on live? Would it be possible for somebody that is in Miami but not on stage to post to the thread any questions that are being asked that help is needed with?

With the entire NXT community on tap, I doubt there will be any question that couldn't be quickly answered outside of in depth crypto algorithm or TF part 2 and 3.

Not sure if there will be enough time to relay the question and answer back and forth, but if the format of the show can accomodate even a minute or two from question, maybe we can get a preview of what will be asked? Just by 2 minutes?

James

I agree.

some sort of predicted (unconfirmed) blockchain could be propagated alongside "official" blockchain, maybe even with possible branches and all paths could be pre-calculated by the few nodes that are the candidates to forge so that when a block is finally forged, the next one is already done (n-levels deep) We could end up with a block per millisecond if the forging node has enough bandwidth and this explain the hallmarking system and why it is there. As long as most of the forging is done by the presumably much faster hallmark servers, the TPS will be just mind-boggling. Even when a little rasberry or cellphone ends up forging a block, it would just slow down to 100 TPS.

This avoids any centralized database and the current code can be used to do most of the branch processing, just need to add the branch prediction and locally store all public keys that have ever been seen. Maybe the predicted forging tree N-levels deep can even be broadcast (or added to actually forged block)

I think it would make more sense to increase the granularity of blocks instead of making the blocks bigger so the whole network won't have to wait for a smartphone to process 60000 transactions. I wonder what the fastest the network can propagate a block is? 3 seconds? 1 second?

James

This is temporary. Dilution based valuation of DOGE/NXT would be around 34 (34 billion DOGE vs 1 billion NXT), currently it is trading at about 40. This means that even with NXT in beta and most of its features not out yet and only NRS as client, it is still at a premium over pure dilution valuation.

DOGE has all the tech is will ever get, its feature set is static. However, it is at alltime high against NXT due to its having sponsored jamaican bobsled team for olympics. Traders are buying in anticipation and my guess is that after the olympics, the ratio will drop to the more "historical" 50:1 ratio. Not that there is much history as both NXT and DOGE markets are relatively new, especially NXT with bter. DOGE is benefiting from the network effect, it is getting more popular because it is popular. This is a positive feedback loop and should continue to benefit DOGE long after the olympics.

Even in these very early days for NXT, it is trading above dilution parity against the hottest crypto in the market. Only 5 of the top 50 cryptos have gained in the last 24 hours, only DOGE in the top 16
As NXT matures and gets all the promised features, it is expected that it will trade at significant premiums to the dilution valuation against NXT. How high is anybody's guess. With all the upcoming marketing, new client(s), transparent forging, asset exchange, etc., I would not be surprised at a 10:1 premium over dilution valuation, but all that will take time.

Now that the initial influx from Chinese customers of bter has run its course, NXT market price is consolidating at much lower volumes. Just prior to bter listing, NXT was doing this low volume consolidating at half the current price. It seems that with more people able to purchase NXT, the equilibrium point has significantly increased. It could continue to go down for a bit, but considering that we are more than double just several days ago, this could just be a nice buying opportunity.

James

I think I figured out how off chain transactions work. But for it to work any computer receiving
instant NXT transactions must be connected to a centralized database of information shared by other receivers.

This database is called "A"

A contains the public keys of each NXT account, along with their pending transactions.

Alice wants to send 1000 NXT to Bob instantly.

Alice marks a transaction to Bob and generates a signature for the transaction with her private key.

Bob uploads the signed transaction to Database A where it is there verified by checking the signature with her public key. If the verification is successful it is added to the DB A's pending transactions.

The Database is used to prevent double-spends, however this could easily (and more efficiently) be replaced by having an open stream of information between the receiver and other peers to keep a decentralized database of pending transactions. Nothing would have to be forged, at that point it would all be information and not subject to a blocktime of 1 min.

Raising the TPS limit merely means increasing the amount of information that can be shared between peers per second in java.

Theoretically there would be no limit to how many transactions per second the nxt network could process. Infinity transactions per second, suck it Visa.

The DogCoin will be more than the market value of NXT.

NXT is really a 2nd generation ? Why weaker than DogCoin.

Providing login info to strangers is unsafe. Any online instruction to setup node in own server?

And Come-from-Beyond's paraphrase of BCNext's Transparent Forging description:

https://bitcointalksearch.org/topic/m.3888740

Here's an explosive paragraph from Anon's excellent essay (https://docs.google.com/document/d/1E_ToOMG2l1XThx6YnyXEajXaf6H1k2yjq8XkAF0ScB4/mobilebasic?pli=1) that deserves to get some attention at Miami:

"In addition to solving some of the previously mentioned problems with proof of work, NXT also offers a number of potential advantages. While it is not possible to predict who will author the block 1440 blocks from now, it may be possible to predict, one, two or maybe even ten blocks into the future. What this means is that, if a merchant trusts the next six forgers in line to author the next 6 blocks (perhaps because they have a long standing reputation for honesty), then it is equivalent to the merchant as if this transaction has 6 instantaneous confirmations. What we are talking about here is the possibility of a decentralized crypto with instant transactions. No more waiting around for confirmations, as with Bitcoin. This is the first Holy Grail of NXT. Furthermore, you could, in theory, rather than broadcasting your transactions to the whole network, send them directly to the next block author. He could, in theory, clear your transactions with other market actors before recording them in the blockchain. So as an example, imagine that a shopper is paying Walmart 10 dollars and Walmart is paying a contractor 10 dollars during the same 1 minute period. Instead of recording both transactions in the blockchain, the block author could simply record it as the shopper having paid the contractor directly. If that contractor wants to then spend 10 dollars on a new pair of shoes in the same block, then the Walmart shopper’s 10 dollars could be paid directly to the shoe salesman. This could potentially allow NXT to match or even surpass Visa’s transaction load. This is the second Holy Grail."

I have a question for our nxt GuiGurus here ..

I have the nxt api implementation for my nxTrader fairly well under control now, and I am working on the operations model of the client.

Please bear with my - I started late on this, only 1 week ago.

As I understand the nxt operations mode is as follows - please drop me a line if I have any misunderstandings there:


1 - information percolates through the network by the new blocks being generated (in rare cases they do not contain any transactions).

2 - when a new block is generated, it is broadcast through the network. the 'block' contains a bunch of metadata about itself, plus a payload. The payload is a list of transactions.

3 - a client is constantly on the lookout for new blocks. it does that by regularly polling an NRS server with the 'getState' query.
     the 'getSTate' query contains information about the network status, including the last block number. when that last block number changes from one poll to the next, that number will be the new block then.

4 - when that happens, the client has to 'getBlock' that new block, peel out the transactions therein, and analyze the transactions by type: 0,1,2 : transaction, messaging, coloredCoins, and subtypes. descritption of subtypes can be found with 'getConstants'.

5 - the client can do whatever it wants with the informaion about those transactions. it may disregard some, it displays different ones in different manners.

6 - the history of transactions is in the blockchain and transactions. also, the transactions for a specific account are always available via 'getAccountTransactionIds', so the client does not need to sift through    the whole history of the nxtNetwork every time it starts, it only needs to grab the transactions every time a new account number is entered.




Issue: I am (mostly) using a raspi to run my NRS. The raspi seems to have SIGNIFICANT problems to keep up with a polling freqency of even 1 second. I am using a QTimer - if I go to  something between 2 and 5 seconds, I don't have problem. But 1 second seems way too fast for the raspi, because it keeps returning only every 2 or three seconds (I have a clock that displays the time of return)


Questions:

1 - why does the raspi seem to have such problems with that?

2 - when I maintain that overload, i.e. query once per second: do the queries queue up and crash the raspi?

3 - this does not only concern the raspi: since I have a QTimer in my poll button, I can just as well query with  1 millisecond. If there is such an issue,  could I be able to bomb any NRS into oblivion with that?
    @CfB, Klee - would it make sense to test that on the testnet?

4 - oops - in addition to the post below- what exactly does the 'broadcastTransaction' do? if I 'sendMoney' , the transaction is sent into the network automatically, isn't it? so why (re?) - 'broadcastTransaction' ??

cheers,
l8orre

More posts from davethetrousers about his Cubietruck w/ solar panel:



Not only is it operational, but it's running one of the top 20 nodes on the network:

Perfect, thank you.

This is the best picture of the Cubietruck/solar panel:

https://bitcointalksearch.org/topic/m.4666019

I just dropped Adam an email to get final clarification.

I don't know, but here is a post from NxtChoice where he says his Cubietruck (without solar panel) has been running well for the past 10 days, and gives some basic instructions for setting one up:

https://bitcointalksearch.org/topic/m.4666373

And here is a post from davethetrousers where he shows a picture of it "running automomously" with solar panel, with the only incoming cable being the ethernet cable:

https://bitcointalksearch.org/topic/m.4675599

I'd say that means it probably is fully operational.

Perfect, this would serve as a great central point of info for the conference.

Anon spoke with Adam.

I'm pretty sure there won't be any difficult tech questions. After all LTB guys want interesting show. They won't be asking questions about cryptography, algo etc.

I'm free today and through the weekend. I don't have as much technical knowledge as the devs, but I can write up summaries of the wiki articles, and anything else folks request.

I've created a wiki page hub for this: http://wiki.nxtcrypto.org/wiki/Miami:Main (Also accessible from the link at the bottom of the wiki home page). Will fill out the articles linked to from there. Feel free to join in everyone, nxtwiki is the free reference resource that any nxter can edit! If you want to request material to be added, just edit that page directly to tell everyone.

(Technical note: I'm using the "Miami:" namespace for these summary articles, to avoid conflicts with the regular wiki articles. If you know what that means, would appreciate it if folks add new articles geared towards the conference under that namespace too. If you don't know what that means, don't worry, go ahead and edit anyways. It's a wiki, we can always clean things up  . Also, don't worry about translations.)

My timezone is about half a day away though, so I probably won't be able to respond in real time to conference proceedings.