Topic: NXT :: descendant of Bitcoin - Updated Information - page 549. (Read 2761624 times)

Your solution needs trust for some third party gateway.
I prefer straigt solution.
But if there would be no progress in straigt atomic crosschain for several months and you will release slick and sexy "NXT blockchain <-> NXT AE <-> BTC blockchain" solution i may reconsider and propose another bounty for this (with yet not determined amount of NXT).

Which solution to automated crypto trading is your preference?

The plan is to have bitcoind, dogecoind, etc. all running on the gateway servers and all three (or more) that are involved in the transaction need to generate the exact same rawtransaction, down to every bit, before any withdrawals are approved. In order for this to happen, they have to all be on the same chain, which we presume to be the main chain if they are geographically separate

With all account balances reconciled after every block and all the gateways and however made clients (via nodecoin-qt) will provide near realtime detection of any problems. Trust, but verified many times.

I think if the gateways provide a 1:1 correspondence (publicly visible) of deposits to assets in AE (publicly visible), then we can directly trade any crypto asset against each other. With a small NXT API change to allow denominating trades in terms of a specified asset, people could directly trade AUR/BTC within NXT AE. There wont be any need to do complicated secrect publishing for each transaction. I think most people are trading more than one trade per day, if they are trading. Seems much more convenient to deposit what you want to sell, trade, withdraw what you got. Or you could just leave it in the community gateway multisig accts.

I really think we are a single API change away from being able to trade any crypto to any crypto. Just need to install all the bitcoind forks on the servers. We can have each set of three servers just multisig one bitcoind fork. The cold wallet multisig trustees would only need to run the wallets for the big money crypto, probably bitcoin and maybe a few others.

James

In order to have the NXT core directly interface with the BTC blockchain, we would need to put some bitcoind functionality into the NXT core. That would mean finding a Java implementation or porting bitcoind, and each and every update to bitcoind. So, it is not impossible, just impractical. By the time the new bitcoind version is ported to Java, a new one is probably just around the corner.

In addition to being impractical, doing a cross chain transaction for each transaction adds a lot of overhead and time, especially if somebody is actively trading. There is also no assurance that the trade will complete since it requires both parties to have fully funded account and to follow through with sending their side of the transaction.

The advantage of NXT blockchain <-> NXT AE <-> BTC blockchain, is that the deposit of BTC is automated and when it is traded in AE, there is a guarantee of payment. So while technically it might not be automated cross chain, it actually solves the problem of automatically converting NXT <-> BTC.

I am not the expert in the secret sharing methods for the atomic cross chain trades, so it might be possible to add to the NXTcore the required secret sharing logic that is needed for this. Then there would need to be a way for the two parties to come to agreement on price and we cannot use the AE, so that is essentially the same sort of thing, just different. After the two parties agree to a price, they would need to invoke some sort of semi-automated process where each one locally signs and broadcasts their half of the shared secret transaction. There is no assurance that both parties will fully satisfy the transaction and it could all just not happen if either of them bails out. Then assuming we have ported a subset of bitcoind into the NXTcore, it could do the rawtransaction secret sharing monitoring.

It just seems to me that the NXT blockchain <-> NXT AE <-> BTC blockchain solution is much closer to what users are expecting. It also has the advantage that people will be able to trade any crypto against any other using a decentralize AE. That will be a uniquely powerful advantage for NXT.

Which solution to automated crypto trading is your preference?

James

Make sure you are not running another instance of Nxt. Only then it will download blockchain.

Unless the other block chains are getting downloaded and updates locally by miners on BOTH chains, that can neer happen. Just settle for minimal trust of a gateway with 100% transparency of in-out?

I can't get Offspring to work, I see no blocks, no transactions and my balance is zero!

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

Release 0.8.5

(...)

Your testnode doesn't work any more, switching to nxtsolaris.

I can't get Offspring to work, I see no blocks, no transactions and my balance is zero!

I can't get Offspring to work, I see no blocks, no transactions and my balance is zero!

Atomic crosschain is by definition NXT blockchain <-> BTC blockchain (or other pair).
It is not NXT blockchain <-> NXT AE <-> BTC blockchain.
If the first is impossible, please give the proof.

I don't know. The 0.7.6 will no longer be maintained, 0.8.5 has bugfixes, but also new features relative to 0.8.3, so it may have other bugs.

We need a QA team even more than we need java developers. There is only so much testing that I can do myself. Even when we have unit tests one day, we will still need functional testing. At the end, it should be the QA team that declares a release stable.