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Topic: NXT :: descendant of Bitcoin - Updated Information - page 575. (Read 2761626 times)

legendary
Activity: 1890
Merit: 1086
Ian Knowles - CIYAM Lead Developer
Alright. Hmm, so, we have no empirical data so far.

Indeed - and there was no empirical data presented to "justify" the penalty (or whatever we call it - the *name* of it is not an issue to me - so call it "a rose" but I still think it is a kludge and I am not convinced it will help with the security of the network).

By "fragmenting" the forks all over the place it will actually reduce the effectiveness of such attacks.

Why is that? Malicious nodes could spread forks all over the place and generate blocks very easily on top (because it's PoS not PoW) at the same time to suppress branches from other nodes.

The issue I am referring to is perhaps best illustrated like this:

A1 - B
A2 - B
A1 - C
A2 - D

So assuming that A1 and A2 have the "same weight" then B here is trying to keep both A1 and A2 branches going whilst C and D have each only built on the 1 branch.

Now here is a possible next step:

A1 - B
A2 - B - E
A1 - C
A2 - D - F

Here E and F have separately chosen A2 - B and A2 - D as being "their first choice" and only built upon those (being non-malicious nodes).

So now B's attempt to continue the A1 branch has failed (that fork will likely die now) simply because E did not try to forge 2 blocks at the same height.

Now if we were instead to use the "penalty" approach then in fact we would instead have this result:

A1 - B - E
A2 - B - E
A1 - C - F
A2 - D - F

As both E and F know they are going to get penalised by one or other branch they will forge on both branches causing the branching to continue.

I hope this helps clarify what I am seeing and why I think the idea of "only forging the 1 block at the one height" is a better approach (sure people can "cheat" but as shown provided those cheating are in the minority the effect is greatly reduced).
member
Activity: 77
Merit: 10
legendary
Activity: 1176
Merit: 1134
I was just looking up Auroracoin, and now I know why it's marketcap is insanely inflated: There are only 98251 coins in circulation, but coinmarketcap is also including all 10,500,000 (50%) of the premine coins for a total of 10,598,521 coins.

The true value of the Auroracoin marketcap is currently $2,672,427. The moment the airdrop happens, expect the price to eventually plummet to less than 1% of it's current value when the airdrop is finally complete. If I were an Icelander, I'd grab my free ~$900 USD and dump it right away, the price is only going to drop as the supply inflates by %10,000 in less than a year's time.

I'm almost considering creating a warning post outside of this thread... people don't seem to realize that currently, one entity controls 50% of the total Auroracoin supply (10,500,000) while there are only ~100k coins being traded by everyone else.
But the marketcap of AUR is only 3% of Iceland's GDP. Are you saying that it wont go to 300% of Iceland's GDP??

Edit: Dont people realize AUR is not supported by Iceland govt? Not sure that people can actually transact in AUR in Iceland. My guess is that people are selling their DOGE to buy AUR
full member
Activity: 224
Merit: 100
I was just looking up Auroracoin, and now I know why it's marketcap is insanely inflated: There are only 98251 coins in circulation, but coinmarketcap is also including all 10,500,000 (50%) of the premine coins for a total of 10,598,521 coins.

The true value of the Auroracoin marketcap is currently $2,672,427. The moment the airdrop happens, expect the price to eventually plummet to less than 1% of it's current value when the airdrop is finally complete. If I were an Icelander, I'd grab my free ~$900 USD and dump it right away, the price is only going to drop as the supply inflates by %10,000 in less than a year's time.

I'm almost considering creating a warning post outside of this thread... people don't seem to realize that currently, one entity controls 50% of the total Auroracoin supply (10,500,000) while there are only ~100k coins being traded by everyone else.
legendary
Activity: 1176
Merit: 1134
- build a great gateway á la james
- work hard on AT and atomic cross chain transactions

Without a doubt if we can achieve atomic cross-chain txs then we will have basically got rid of the business model for all exchanges that don't do fiat.

IMO "this is our job".

The future will not be centralised!

ANY detailed info about atomic cross chain transactions ?
Let us assuming AT supports the same secret sharing methods that bitcoin scripts do. That will allow the method previously described to work, IF the external blockchain is accessible.

Since AT is in a sandbox, this data is not directly accessible, so I think it will need to coordinate with some external process (gateways!) that will put the required info in AM that the AT can access. I also think this means AT will need to support writing of AM, which to my knowledge is not yet on the list of current AT features. I am sure CIYAM is working out the details. In order to support automatic cross chain transactions, a lot of pieces need to be in place.

Since there is now a GIANT bounty for cross chain support. I think we might as well get started on it!

Due to constraints by dogecoin network and impracticality of lots of independent gateways, I limited the multisig to 2 of 3. However, for data validation purposes there is no need to limit to 3, we can have a larger number of peers to validate the external blockchain. I doubt there is much utility in going to more than 1 per geographic area. The idea is to have each bitcoind on whatever the local fork is. Then as soon as any forking is detected, all withdrawals stop. The only time withdrawals get processed will be when all the gateway bitcoinds are in agreement.

The multisig gateway is the first step toward automatic cross chain. What I hope is that the community recognizes this and we can create a standard set of software to run on hallmarked nodes. If all the hallmarked nodes have bitcoind, dogecoind, altcoind installed now, then that is the first step. I know the multisig gateway sure could use such an infrastructure in place.

Then we can create a layer of software that cross validates all the crypto daemon's blockchains (at least the subset we care about) and provide AM interface for AT and NXT clients.
In addition to crypto blockchain services, we can easily add market price information for everything and provide AM services for price data. AT can then be written to implement options, bets, etc.

This is why I have been saying that we need NXT layer. The multisig gateway is just the first alpha version of the full NXT layer. So, I hope it is not to controversial to ask the hallmark server guys to get a set of bitcoind, litecoind, dogecoind, etc. installed. Then when I make a release of multigateway, you can easily fill in the wallet addresses for the three gateways and public keys. This determines the multisig address and change a few strings and constants for the coin, recompile and new multisig gateway.

As far as error handling goes, I have not figured out how to deal with the network disappearing for 2 days Sad

Anybody that sent in DOGE, the deposit got swept into the multisig, but the unspent txout trigger is gone. I think I have to reconcile every transaction and use any discrepancies to further investigate a manual transaction. I will put in a NXT network down flag to prevent this in the future

James
member
Activity: 84
Merit: 10


To celebrate the world's first Nxt Asset Exchange multi-signature cryptocurrency gateway, built by jl777, I have sent 7 NXT to each of the Nxt Founder Accounts and 7 NXT to the Genesis Account.  I have done this in part to introduce myself to the Nxt Founders as they are an important group of people in the Nxt ecosystem.  I am interested in hearing from Nxt Founders about how they originally heard about Nxt, what services do the Founders envision built on the Nxt network, and how satisfied are the Nxt Founders with the progress of Nxt to date.  All founder viewpoints and ideas are welcome; please help me help the Nxt community by providing your feedback and experiences to date.  Your imagination and knowledge will enable me to write the best marketing material possible for Nxt.  Please PM.

This community is amazing.  Keep up the hard work everyone and Nxt will keep the momentum rolling.  Thank you to the Nxt Founder who has offered the 5 Million NXT Bounty for completion of the user friendly atomic cross exchange mechanism and client.  You are welcome to the Forgers who received the 74 NXT from my transactions today and the whole NXT community that now has 7 less NXT in circulation forever thanks to the Genesis Block NXT Shredder.

It is an honour to participate in the Nxt community; our collective efforts are making history as the Nxt cryptocurrency ecosystem breaks down the barriers to global participation in the digital society.   I voted today for the NXT Committee members and for the first time in my life I am confident that my vote actually counts, unlike "participating" in US Presidential elections from the West Coast.  Nearly 3 billion people globally are without access to traditional banking services, yet at the same time the cost of smartphones will soon allow those 3 billion people to participate in digital commerce, voting, asset exchange, and other essential services in the digital society.  Nxt stands ready to catch this demographic tidal wave of people yearning to participate in the digital future.

Brian Snyder aka NxtMinnow
sr. member
Activity: 327
Merit: 250
The Best Investment Deserves The Largest Exposure
Hi guys Smiley

Congratulations with NXT! Really great job of you all!

I made a video why I invested half my bitcoins into NXT. Hope u like it.

http://youtube.com/watch?v=ruYAxKeWxnM


(I'm an early investor in Bitcoin, see all my video's here: http://www.youtube.com/user/Marcdemesel/videos?shelf_id=1&view=0&sort=dd)

This is an extraordinary video. Great content!

@marc: Keep in mind that we are probably 90% attack secure, not only 51%, with the latest TF algo ideas. Take this into your calculation and Nxt is some more magnitudes safer (in relation to btc) than as you thought it is already.

@all: Important point regarding marketing. We need to market this product the right way, otherwise it is the betamax of crypto currencies. And market it strong.


Thanks so much Bitcoinpaul, Damelon, jadedjack, lyynx and pinarello for your support! Smiley

Really made my day you guys liked it Smiley
legendary
Activity: 1512
Merit: 1004
I think you can ensure that per gateway there is only one AE asset type for a RL Asset e.g. USD, I think this will avoid confusion, if you have a legit USD and a scammer can create US or USd or some variant people will get scammed.

We cannot force other people not to build a gateway on their own. We can build a nice community-drive gateway which could become very big and everyone uses it. But that's about it.

Quote
and be clear on the AE which gateway and asset is being traded through.

Absolutely.

Just a stupid question:
How to distinguish different issued assets with same asset name by different issuers on AE ?
sr. member
Activity: 438
Merit: 250
The letter to landomata:
Hello
I'm Kylins, I sent you a private letter, that I want to buy the number of shares.
I hope you received the private letter, thank you.
sr. member
Activity: 630
Merit: 262
This account was hacked. just recently got it back
The DGEX Initial Public Virtual Offering has started. Share price is 125 NXT each. 31397 shares available (out of 108900 public shares, total 330000 shares).

Public trading will begin later in March. You can access the share purchase page from your DGEX member account main screen (green colored box mid-page).

https://dgex.com/pvo/dgex-prospectus-v2.pdf

https://nextcoin.org/index.php/topic,4276.0.html
Wow, lucky me I should be asleep since 2,5 hours and I still had some funds on DGEX  Cheesy
Got some shares yay Smiley
hero member
Activity: 966
Merit: 501
NXT FUNDING COMMITTEE VOTE IS NOW UNDERWAY UNTIL 12:01 AM MARCH 8 (UTC)

Per our previous poll, all three committees (NXTmarketingfund, NXTtechdevfund and NXTinfrastructure fund) will consist of five elected members.

Read candidate statements here:

https://bitcointalksearch.org/topic/m.5280476

Background:

https://bitcointalksearch.org/topic/m.5280786

DETAILS ON VOTING :

EVERY NXTer WITH AN ACCOUNT STARTED BEFORE FEB 21 MAY VOTE ON ALL THREE COMMITTEE BALLOTS.

If you want to vote, send me a PM with just the word VOTE in the title.  I will respond with your password and the voting site URL.  I will know who voted but I will not know who you voted for.


LIVE ONGOING VOTE RESULTS:

https://www.electionbuddy.com/elections/12343/results/t34ayqhm2


Update:  At 48 hours into the vote I have distributed 200 ballot access codes so far to nominees, candidates, PM requestors, and high-posting members of this thread from newcn's list of most active posters (see https://bitcointalksearch.org/topic/m.5456233 ).  I hope to have PMed out the additional ballot codes by 72 hours into the vote that will result in all posters with 10 or more posts in this thread having a ballot access code.  That's about 350 ballots that will have been distributed.  Beyond that, we'll see.  Here comes Austin.

I have vetted all PM requesters and have found all to be legitimate eligible NXTers with two exceptions: NXT-LILY and GT-R.  These two NXTers have created their accounts since the election was announced and so I will not be sending them ballot codes.  (See, I am checking.  Sorry, you two).   I have no pending PM requests for ballot access codes at this time.  I have received no unique requests to vote from nextcoin.org or nxtcrypto.org, only one that was also posted here on bitcointalk as well.  

For my current ongoing ballot code blind mailings to NXTers on newcn's "voter registration list", I am including a link to the candidate statements and a request for the recipient to read them before going to vote.  Candidates, you can always go edit your statements and polish them a little if you want.  I think they're really gonna matter.

At this time 107 of the 200 ballot access codes I have distributed have been used to vote.  





Thanks for your fantastic job.
As an average Nxter, I have been following this thread for months. It's been part of my life.
Glad to see lots of talented people like you are committed to Nxt.
hero member
Activity: 566
Merit: 500
The DGEX Initial Public Virtual Offering has started. Share price is 125 NXT each. 31397 shares available (out of 108900 public shares, total 330000 shares).

Public trading will begin later in March. You can access the share purchase page from your DGEX member account main screen (green colored box mid-page).

https://dgex.com/pvo/dgex-prospectus-v2.pdf

https://nextcoin.org/index.php/topic,4276.0.html
legendary
Activity: 1176
Merit: 1134
multisig? decenteralized trust by adding more trustee? with potentially losing all stake if one trustee went awol? I honestly dont get it. please explain. Also gateways have full node using bitcoind? What year is this? Just use electrum. It is better that a full node in terms of tradeoffs, security, effeciency and consistency.

I can discuss this in length and details if the devs are interested.
Currently it is 2 of 3 multisig. If one of the signers disappeared, the other 2 would need to transfer to a new wallet, presumably adding a replacement third signer.

This is 2014. I was not aware electrum supported all the altcoins. I will try to find electrum for DOGE.

I am definitely interested as I am just a simple C programmer and always trying to learn.

James

Edit: Please explain how all gateways using the same electrum servers makes it more secure? I thought that having geographically separate servers running their own bitcoind would at least provide redundancy and if any one of them goes on a fork, the other two would notice.
sr. member
Activity: 630
Merit: 262
This account was hacked. just recently got it back
Are multi-signature transactions possible with Nxt?

Just found out about https://www.bitalo.com, very interesting.
Bitalo promo Video: http://www.youtube.com/watch?v=EcYHOZeb6LA

Reddit user:
Quote
Would it be correct to say it's a mix between localbitcoins (escrowed mechanism for FIAT exchange) and blockchain.info (not holding private keys of the wallet)?
Guy from Bitalo:
Quote
It would be more or less correct Smiley. With one exception - Blockchain.info is a great service, but it has one downside - if your get a virus on your machine, you're screwed. Someone can read the private key when you log into your Blockchain wallet. On the other hand on Bitalo because we use multisig wallets AND two factor auth, so even if your computer at some point gets compromised, hacker would only get one part of the key, while we keep the other one safe. A hacker would need to compromise BOTH your computer and your smartphone to steal from you.

My guess is that it will grow rapidly after the Mt. Gox fiasco.


Another concern I still have with Nxt is the security aspect, with Bitcoin you can store your Bitcoins offline, you never have to connect to the internet in order to create a safe address.

In Nxt you have to be online to create an address and you have to have at least one outgoing transaction in order to protect your account further.


I know that these are really minor problems and that if you want to use your crypto money actively you wont get around being connected to the internet anyway.

But still I would really appreciate some information regarding these "issues".
member
Activity: 112
Merit: 10
How to upgrade your NXT node guide.

(text wall)


I update with your instructions my vps client to 0.8.3 but i can not see in my local browser nxt client

What URL are you using to access the client UI? Have you seen the previous comments?

https://188.226.169.81:7874/ does not work
http://188.226.169.81:7874/ does not work
https://188.226.169.81:7875/ does not work
http://188.226.169.81:7875/ does not work
https://188.226.169.81:7876/ does not work
http://188.226.169.81:7876/ does not work

Java seems is working well

I have not tried to activate ssl but
If you have no nxt.apiSSL=true and nxt.uiSSL=true, do not try to enter https, that will not work.

7875 is the interface
7876 is the API

1) nxt.allowedBotHosts=*
2) nxt.allowedUserHosts=127.0.0.1, localhost; 0:0:0:0:0:0:0:1; VPS IP; YOUR IP;
3) nxt.uiServerHost=VPS URL                       (ditto nxt.myAddress)
4) nxt.uiServerCORS = true

Test this!
full member
Activity: 196
Merit: 100
NXT FUNDING COMMITTEE VOTE IS NOW UNDERWAY UNTIL 12:01 AM MARCH 8 (UTC)

Per our previous poll, all three committees (NXTmarketingfund, NXTtechdevfund and NXTinfrastructure fund) will consist of five elected members.

Read candidate statements here:

https://bitcointalksearch.org/topic/m.5280476

Background:

https://bitcointalksearch.org/topic/m.5280786

DETAILS ON VOTING :

EVERY NXTer WITH AN ACCOUNT STARTED BEFORE FEB 21 MAY VOTE ON ALL THREE COMMITTEE BALLOTS.

If you want to vote, send me a PM with just the word VOTE in the title.  I will respond with your password and the voting site URL.  I will know who voted but I will not know who you voted for.


LIVE ONGOING VOTE RESULTS:

https://www.electionbuddy.com/elections/12343/results/t34ayqhm2


Update:  At 48 hours into the vote I have distributed 200 ballot access codes so far to nominees, candidates, PM requestors, and high-posting members of this thread from newcn's list of most active posters (see https://bitcointalksearch.org/topic/m.5456233 ).  I hope to have PMed out the additional ballot codes by 72 hours into the vote that will result in all posters with 10 or more posts in this thread having a ballot access code.  That's about 350 ballots that will have been distributed.  Beyond that, we'll see.  Here comes Austin.

I have vetted all PM requesters and have found all to be legitimate eligible NXTers with two exceptions: NXT-LILY and GT-R.  These two NXTers have created their accounts since the election was announced and so I will not be sending them ballot codes.  (See, I am checking.  Sorry, you two).   I have no pending PM requests for ballot access codes at this time.  I have received no unique requests to vote from nextcoin.org or nxtcrypto.org, only one that was also posted here on bitcointalk as well.  

For my current ongoing ballot code blind mailings to NXTers on newcn's "voter registration list", I am including a link to the candidate statements and a request for the recipient to read them before going to vote.  Candidates, you can always go edit your statements and polish them a little if you want.  I think they're really gonna matter.

At this time 107 of the 200 ballot access codes I have distributed have been used to vote.  



sr. member
Activity: 294
Merit: 250
I remember that someone was asking how to make POST request with PHP so i will paste this code:

Code:
$url 'https://wallet.nxtty.com:7876/nxt';
$data = array(
'requestType' => 'sendMoney',
     
'secretPhrase' => 'PASSPHRASE',
      
'recipient' => 'RECIPIENT',
      
'amount' => '1',
      
'fee' => '1',
      
'deadline' => '1440'
      
);

// use key 'http' even if you send the request to https://...
$options = array(
    
'http' => array(
        
'header'  => "Content-type: application/x-www-form-urlencoded\r\n",
        
'method'  => 'POST',
        
'content' => http_build_query($data),
    ),
);
$context  stream_context_create($options);
$result file_get_contents($urlfalse$context);

var_dump($result);
?>

You need to edit with your request.. Maybe someone already found a solution with cURL, this is an alternative
sr. member
Activity: 490
Merit: 250
I don't really come from outer space.
nobody is aware of nxt thanks to epic failing marketing

they burn nxt with zero result and wrong approach but nobody dare to tell

What's the correct approach?
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