Topic: NXT :: descendant of Bitcoin - Updated Information - page 603. (Read 2761627 times)
BTER finaly gave me back my 100K Nxt. It took more than one month...
Good point. By limiting forging power to 1% per account, I think we are opening ourselves up to a greater threat. Any thoughts?
I don't think that we are at all. Firstly already only 1/4 of the "potential forging power" is being used (this will very likely change when people can grant forging rights to pools and we do not want to make it easy for 1 pool to have a huge amount of control which they *will* if there is no max. limit imposed).
Those that are "solo" forging are going to "split up" their NXT to ensure they get their maximum forging benefit (if they are bothered enough to forge then I think they would be bothered enough to do it in the most effective manner).
Do you know how to calculate what percentage is forging? If I can make each nodeminer do that calculation and also a check to make sure the acct is forging, we can create whatever reward we want. It could be per acct, per acct * sqrt(stake), per acct with max of X, per IP, etc.
The goal is to get people forging. If we make it in their financial interest to forge with a consistent generation of NODEcoin, then I think a lot of people will forge rather than not forge. Especially if the NODEcoins end up being worth more than the expected forging income, then the whole "pool" issue is moot.
James
yup. I think many would be interested in trying out NODEcoin once its all setup, I certainly would. You could set up something on BTT thread about it too as everyone around these parts are interested in the next alt-coin to "mine"
Good point. By limiting forging power to 1% per account, I think we are opening ourselves up to a greater threat. Any thoughts?
I don't think that we are at all. Firstly already only 1/4 of the "potential forging power" is being used (this will very likely change when people can grant forging rights to pools and we do not want to make it easy for 1 pool to have a huge amount of control which they *will* if there is no max. limit imposed).
Those that are "solo" forging are going to "split up" their NXT to ensure they get their maximum forging benefit (if they are bothered enough to forge then I think they would be bothered enough to do it in the most effective manner).
Do you know how to calculate what percentage is forging? If I can make each nodeminer do that calculation and also a check to make sure the acct is forging, we can create whatever reward we want. It could be per acct, per acct * sqrt(stake), per acct with max of X, per IP, etc.
The goal is to get people forging. If we make it in their financial interest to forge with a consistent generation of NODEcoin, then I think a lot of people will forge rather than not forge. Especially if the NODEcoins end up being worth more than the expected forging income, then the whole "pool" issue is moot.
James
I personally agree with the idea of locking this topic as it gives us good training for not relying on a "central point of failure".
If the Nxt project is going to be derailed as easily as just by locking a few topics on forums then we are in serious trouble (and personally I find this topic to be more effort than I think it's really worth).
I envision that down the track all communication between the Nxt community should be *via* that Nxt platform itself.
If the Nxt project is going to be derailed as easily as just by locking a few topics on forums then we are in serious trouble (and personally I find this topic to be more effort than I think it's really worth).
I envision that down the track all communication between the Nxt community should be *via* that Nxt platform itself.
Ripple has some pretty good looking charts on http://www.ripplecharts.com/#/
Could somebody with javascript expertise look at the source code at https://github.com/ripple/ripplecharts-frontend and estimate how much work it would be to get something like this for displaying NXT AE assets?
I will offer bounty to get this done, just not sure how big the bounty should be.
Could somebody with javascript expertise look at the source code at https://github.com/ripple/ripplecharts-frontend and estimate how much work it would be to get something like this for displaying NXT AE assets?
I will offer bounty to get this done, just not sure how big the bounty should be.
Good point. By limiting forging power to 1% per account, I think we are opening ourselves up to a greater threat. Any thoughts?
I don't think that we are at all. Firstly already only 1/4 of the "potential forging power" is being used (this will very likely change when people can grant forging rights to pools and we do not want to make it easy for 1 pool to have a huge amount of control which they *will* if there is no max. limit imposed).
Those that are "solo" forging are going to "split up" their NXT to ensure they get their maximum forging benefit (if they are bothered enough to forge then I think they would be bothered enough to do it in the most effective manner).
What is the feeling of everyone about integrating zerocoin into the NXT mainnet after testing?
Since we cant integrate C++ code into the NXT core, it would have to be put into the gateways and clients for peer validation. If we put NXTcash validation into NODEcoin also, we would get a large scale peer reviewed NXTcash. Essentially it would be a NXTcash blockchain on top of NXT that is enforced by NODEcoin. We might not have to store the large 30K proofs in the blockchain, not sure on this yet but there is a promising approach using gateway that could encapsulate the large proofs. I am hopeful that we will be able to submit to jean-luc and all Java set of mods to the NXT core that will support NXTcash. In March.
This technique could be expanded to add other blockchains that could be totally independent unto themselves, or be interwoven with NXT blockchain via gateway.
I used to think gateways were just boring deposit/withdrawal functionality. Now I am realizing that a gateway can be used to bridge the gap between a lot of things that are not NXT with NXT. By doing so, NXT gets effectively extended.
James
Since we cant integrate C++ code into the NXT core, it would have to be put into the gateways and clients for peer validation. If we put NXTcash validation into NODEcoin also, we would get a large scale peer reviewed NXTcash. Essentially it would be a NXTcash blockchain on top of NXT that is enforced by NODEcoin. We might not have to store the large 30K proofs in the blockchain, not sure on this yet but there is a promising approach using gateway that could encapsulate the large proofs. I am hopeful that we will be able to submit to jean-luc and all Java set of mods to the NXT core that will support NXTcash. In March.
This technique could be expanded to add other blockchains that could be totally independent unto themselves, or be interwoven with NXT blockchain via gateway.
I used to think gateways were just boring deposit/withdrawal functionality. Now I am realizing that a gateway can be used to bridge the gap between a lot of things that are not NXT with NXT. By doing so, NXT gets effectively extended.
James
I think that's a great plan. Also, thought you should check out http://opentransactions.org pertaining to DAC, pretty interesting stuff.
I'm considering locking this thread on page 2100. What are everyones' thoughts?
I don't want to interrupt communication, but I think we would make more progress if we were better organized.
Poll - https://forums.nxtcrypto.org/viewtopic.php?f=2&t=839
I didnt realize our progress was so slow...I don't want to interrupt communication, but I think we would make more progress if we were better organized.
Poll - https://forums.nxtcrypto.org/viewtopic.php?f=2&t=839
I find it really convenient that everything NXT is here. If I have to keep going to many different places, there is a much larger chance that I will miss something.
Please dont kill this thread. Its cool. Its history.
All that would happen is that someone (me) will create a new thread, so it wont serve any purpose.
James
Locking this thread would be an absolutely terrible decision. Aren't we all about the freedom to do what we want, why force people to a certain forum. We are getting tons of stuff done here and other threads, leave it.
What is the feeling of everyone about integrating zerocoin into the NXT mainnet after testing?
Since we cant integrate C++ code into the NXT core, it would have to be put into the gateways and clients for peer validation. If we put NXTcash validation into NODEcoin also, we would get a large scale peer reviewed NXTcash. Essentially it would be a NXTcash blockchain on top of NXT that is enforced by NODEcoin. We might not have to store the large 30K proofs in the blockchain, not sure on this yet but there is a promising approach using gateway that could encapsulate the large proofs. I am hopeful that we will be able to submit to jean-luc and all Java set of mods to the NXT core that will support NXTcash. In March.
This technique could be expanded to add other blockchains that could be totally independent unto themselves, or be interwoven with NXT blockchain via gateway.
I used to think gateways were just boring deposit/withdrawal functionality. Now I am realizing that a gateway can be used to bridge the gap between a lot of things that are not NXT with NXT. By doing so, NXT gets effectively extended.
James
Since we cant integrate C++ code into the NXT core, it would have to be put into the gateways and clients for peer validation. If we put NXTcash validation into NODEcoin also, we would get a large scale peer reviewed NXTcash. Essentially it would be a NXTcash blockchain on top of NXT that is enforced by NODEcoin. We might not have to store the large 30K proofs in the blockchain, not sure on this yet but there is a promising approach using gateway that could encapsulate the large proofs. I am hopeful that we will be able to submit to jean-luc and all Java set of mods to the NXT core that will support NXTcash. In March.
This technique could be expanded to add other blockchains that could be totally independent unto themselves, or be interwoven with NXT blockchain via gateway.
I used to think gateways were just boring deposit/withdrawal functionality. Now I am realizing that a gateway can be used to bridge the gap between a lot of things that are not NXT with NXT. By doing so, NXT gets effectively extended.
James
Developers, we made it into a scientific paper (as NXTcoin, lol), it claims that PoS is easily "killed" by a 51% attack:
It Will Cost You Nothing to 'Kill' a Proof-of-Stake Crypto-Currency
Abstract:
It is a widely spread belief that crypto-currencies implementing a proof of stake transaction validation system are less vulnerable to a 51% attack than crypto-currencies implementing a proof of work transaction validation system. In this article, we show that it is not the case and that, in fact, if the attacker’s motivation is large enough (and this is common knowledge), he will succeed in his attack at no cost.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2393940
Responses?
It Will Cost You Nothing to 'Kill' a Proof-of-Stake Crypto-Currency
Abstract:
It is a widely spread belief that crypto-currencies implementing a proof of stake transaction validation system are less vulnerable to a 51% attack than crypto-currencies implementing a proof of work transaction validation system. In this article, we show that it is not the case and that, in fact, if the attacker’s motivation is large enough (and this is common knowledge), he will succeed in his attack at no cost.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2393940
Responses?
was talked about earlier
Nxt is mentioned here - http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2393940 (It Will Cost You Nothing to 'Kill' a Proof-of-Stake Crypto-Currency)
Resume of this paper: All PoS coins will die except Nxt coz it's 90% attack-proof.
It doesn't matter how many coins are needed for destruction in his model, even 99.9% attack-proof currency would fall. Resume of this paper: All PoS coins will die except Nxt coz it's 90% attack-proof.
It doesn't matter for NXT and other PoS currencies, because it's a ridiculous model.
Short summary:
Each unit has a known, true value.
Holders are willing to sell their coins at higher price than their real value.
An attacker has enough money to buy enough coins (using "true" valuation) to destroy the currency.
Because he can do it, everyone sells his coins for nothing, because if he does buy the coins, anyone left holding will lose money. This causes the price to go to zero.
Therefore, it costs nothing to destroy any PoS currency.
pure genius. let's sell nxt, everyone.
How can they assume that the price per unit (aka 1 NXT) will stay the same if someone is buying up a large quantity of them? The more the attacker buys, the more the price will increase (exponentially) because other people will see the price rising and want to buy too. No one is going to sell their coins for "0" just because someone on the internet claims they can buy out all of PoS instantly - which they cant anyways, because not all coins are for sell on the market at any given time. For comparison, I think only ~1-2% of Bitcoins are moved a day (volume): http://bitcoincharts.com/markets/. If someone bought up that 1%, Bitcoin price would be in the thousands, with more and more people willing to buy and sell higher and higher.
Also another scenario: If everyone knows this guy has the money to buy out a significant portion of the coins, wouldn't they just hold because they know he wants a certain amount and will pay whatever price to get it? Basic market forces here, if everyone knows there is huge demand, they are going to put their selling price higher and higher until the supply matches the demand.
Last bit: Is the author's use of "cost nothing" an exaggeration? Like I mentioned earlier, no one will believe someone who claims he can buy out any PoS currency until he actually does it. Therefore, it does cost something, and the attacker would have to be willing to part with $millions-$billions of his own money. And then there's the fact that NXT is 90% resistant, so he'd pretty much be giving all (90%) of the current stakeholders a incredibly large sum of money.
Developers, we made it into a scientific paper (as NXTcoin, lol), it claims that PoS is easily "killed" by a 51% attack:
It Will Cost You Nothing to 'Kill' a Proof-of-Stake Crypto-Currency
Abstract:
It is a widely spread belief that crypto-currencies implementing a proof of stake transaction validation system are less vulnerable to a 51% attack than crypto-currencies implementing a proof of work transaction validation system. In this article, we show that it is not the case and that, in fact, if the attacker’s motivation is large enough (and this is common knowledge), he will succeed in his attack at no cost.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2393940
Responses?
It Will Cost You Nothing to 'Kill' a Proof-of-Stake Crypto-Currency
Abstract:
It is a widely spread belief that crypto-currencies implementing a proof of stake transaction validation system are less vulnerable to a 51% attack than crypto-currencies implementing a proof of work transaction validation system. In this article, we show that it is not the case and that, in fact, if the attacker’s motivation is large enough (and this is common knowledge), he will succeed in his attack at no cost.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2393940
Responses?
I'm considering locking this thread on page 2100. What are everyones' thoughts?
I don't want to interrupt communication, but I think we would make more progress if we were better organized.
Poll - https://forums.nxtcrypto.org/viewtopic.php?f=2&t=839
I didnt realize our progress was so slow...I don't want to interrupt communication, but I think we would make more progress if we were better organized.
Poll - https://forums.nxtcrypto.org/viewtopic.php?f=2&t=839
I find it really convenient that everything NXT is here. If I have to keep going to many different places, there is a much larger chance that I will miss something.
Please dont kill this thread. Its cool. Its history.
All that would happen is that someone (me) will create a new thread, so it wont serve any purpose.
James
James,
I have a few more questions about your gateway, if you have time to answer. I am starting to realize what the capabilities of this gateway are. This understanding raised the question: If someone will be able to send an external asset to the gateway and it is then represented by an internal asset that can be traded on the AE, what happens to the external asset? Is it held in a collective wallet, like an escrow account or security account? Or is the external asset even transferred at all and the AE generated internal asset is just a promise to pay, and the holder of the External asset would still have to be trusted to deliver the asset once traded? I know you are busy, and hate to keep bugging you, I just was pondering the implications of this.
I am doing a nearly atomic exchange of the actual crypto with NXT asset. The only glitch could be during an internal transfer, the NXT asset issuance fails for some reason. I havent had a chance to implement full error handling, it is only 10 days old, but when all the error cases are handled, all the confirmed crypto deposits will match up to confirmed NXT asset transfers.I have a few more questions about your gateway, if you have time to answer. I am starting to realize what the capabilities of this gateway are. This understanding raised the question: If someone will be able to send an external asset to the gateway and it is then represented by an internal asset that can be traded on the AE, what happens to the external asset? Is it held in a collective wallet, like an escrow account or security account? Or is the external asset even transferred at all and the AE generated internal asset is just a promise to pay, and the holder of the External asset would still have to be trusted to deliver the asset once traded? I know you are busy, and hate to keep bugging you, I just was pondering the implications of this.
The actual crypto is put into a multisig account. That is why it took me so long to get the alpha release. I had to tediously construct rawtransactions based on looking at all of the unspent outputs, which I had to recreate since bitcoind (at least dogecoind) didnt seem to properly track multisig transactions.
The AE asset therefore represents not just a promise to pay, but there will be a publicly visible multisig acct with the funds there. There will be a gatewaychain.info analogous to blockchain.info where you can verify deposits and withdrawals and their intermediate state.
To add more weight to the promise to redeem the asset for the crypto, multiple (3) gateways are simultaneously monitoring the NXT blockchain for asset transfers back that are coming in for redemption. All gateways query their local bitcoind and generate a proposed rawtransaction and a signed rawtransaction. Every single byte of the raw transaction must be identical between all of the gateways, then the selected gateway signs the already signed rawtransaction from one of the other gateways and submits it to the network.
I will be creating NODEcoin 2.0, which in addition to rewarding people for forging, will be actively validating all gateway transactions and will generate alerts if it ever detects any funny business. As long as the gateway monitors are happy, all is well. I dont expect more than an occasional yellow alert, when there is a network glitch and a transaction has to be manually resent. With the malleability issue, we need to be careful about blindly trusting any request for manual payment.
As long as the NXT community operated gateways continue to function and two of the independent gateway operators dont collude, all the withdrawals are assured. In case the deposit balance in the multisig accounts get too big, we can always fragment them and have dozens of multisig accts, each with a small fraction of the overall balance. Minimize the size of the acct to remove temptation to steal it, and require cooperation of another party to pull of the withdrawal.
I would think that most people would assess the security of this setup as much more secure than trusting some centralized exchange from going rogue or being hacked (c-cex for 300 BTC, poloniex for 150 BTC both this past week) or going belly up (Mtgox, etc).
Properly implemented after thorough testing and review, there would be no practical difference between trading a NXT AE crypto asset or the real thing. We will get the automated gateway so reliable that we will be able to offer NDIC (NXT deposit insurance), max 10000 NXT per person 100000 NXT total. So if the gateway ever causes a loss, there will be the insurance to cover some of the losses.
James
P.S. Can some marketing types take all this and make it nice and presentable?
can somebody answer me a question?
I withdraw 200 nxt coin to my account about 1 month ago. i can see my balance in the blockchain records.
http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=13001171831413444318
but there is no any credit in my account when i logged in.
plus: i logged in at local address https://127.0.0.1:7875/
ths.
I withdraw 200 nxt coin to my account about 1 month ago. i can see my balance in the blockchain records.
http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=13001171831413444318
but there is no any credit in my account when i logged in.
plus: i logged in at local address https://127.0.0.1:7875/
ths.
are you using NRS 0.8.3? It shouldn't take too long to update
------------
the problem has been solved. i download nxt solaris, and it seems work.
thank you~
can somebody answer me a question?
I withdraw 200 nxt coin to my account about 1 month ago. i can see my balance in the blockchain records.
http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=13001171831413444318
but there is no any credit in my account when i logged in.
plus: i logged in at local address https://127.0.0.1:7875/
ths.
I withdraw 200 nxt coin to my account about 1 month ago. i can see my balance in the blockchain records.
http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=13001171831413444318
but there is no any credit in my account when i logged in.
plus: i logged in at local address https://127.0.0.1:7875/
ths.
Has your client downloaded the entire blockchain? Wait a few minutes and see if your balance shows up.
maybe it is the problem. my client always show last transaction time nov.24 2013.
Make sure that you are using the most recent client 0.8.3 and give it some time to download the blockchain.
can somebody answer me a question?
I withdraw 200 nxt coin to my account about 1 month ago. i can see my balance in the blockchain records.
http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=13001171831413444318
but there is no any credit in my account when i logged in.
plus: i logged in at local address https://127.0.0.1:7875/
ths.
I withdraw 200 nxt coin to my account about 1 month ago. i can see my balance in the blockchain records.
http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=13001171831413444318
but there is no any credit in my account when i logged in.
plus: i logged in at local address https://127.0.0.1:7875/
ths.
are you using NRS 0.8.3? It shouldn't take too long to update
can somebody answer me a question?
I withdraw 200 nxt coin to my account about 1 month ago. i can see my balance in the blockchain records.
http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=13001171831413444318
but there is no any credit in my account when i logged in.
plus: i logged in at local address https://127.0.0.1:7875/
ths.
I withdraw 200 nxt coin to my account about 1 month ago. i can see my balance in the blockchain records.
http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=13001171831413444318
but there is no any credit in my account when i logged in.
plus: i logged in at local address https://127.0.0.1:7875/
ths.
Has your client downloaded the entire blockchain? Wait a few minutes and see if your balance shows up.
maybe it is the problem. my client always show last transaction time nov.24 2013.
can somebody answer me a question?
I withdraw 200 nxt coin to my account about 1 month ago. i can see my balance in the blockchain records.
http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=13001171831413444318
but there is no any credit in my account when i logged in.
plus: i logged in at local address https://127.0.0.1:7875/
ths.
I withdraw 200 nxt coin to my account about 1 month ago. i can see my balance in the blockchain records.
http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=13001171831413444318
but there is no any credit in my account when i logged in.
plus: i logged in at local address https://127.0.0.1:7875/
ths.
Has your client downloaded the entire blockchain? Wait a few minutes and see if your balance shows up.
can somebody answer me a question?
I withdraw 200 nxt coin to my account about 1 month ago. i can see my balance in the blockchain records.
http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=13001171831413444318
but there is no any credit in my account when i logged in.
plus: i logged in at local address https://127.0.0.1:7875/
ths.
I withdraw 200 nxt coin to my account about 1 month ago. i can see my balance in the blockchain records.
http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=13001171831413444318
but there is no any credit in my account when i logged in.
plus: i logged in at local address https://127.0.0.1:7875/
ths.
An "automated gateway" for NXT is just a decentralized exchange right?
Would it be possible to get it to look as much like an Exchange (think Bter, Cryptsy, etc.) as possible? Or is that not what an automated gateway would look like? Keep it simple and understandable for everyone that trades on the other exchanges.
If I have it all wrong...then sorry haha
The gateway is actually just the "finances" page of the exchange. the page where you go to get a new deposit address or submit a request for withdrawal.Would it be possible to get it to look as much like an Exchange (think Bter, Cryptsy, etc.) as possible? Or is that not what an automated gateway would look like? Keep it simple and understandable for everyone that trades on the other exchanges.
If I have it all wrong...then sorry haha
The trading happens within AE. Gateway just allows all other crypto to be directly traded by proxy, with assurance that they can be redeemed for the real thing
There is no reason that the clients can display the crypto AE's in a format nearly identical to what you see on exchanges and I strongly recommend that they do. Even though the bid/ask resolution is .01 NXT, as long as you are trading larger lots you can get a lot more decimal places in the price. The trade page can sort based on this higher precision price.
James
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