could anybody send some testNXT to 14982679201235752929 please? thanks
I've send you 1KTestNxt
received, thx
I've sent you another 4K TestNxt
Topic: NXT :: descendant of Bitcoin - Updated Information - page 691. (Read 2761650 times)
I've send you 1KTestNxt
received, thx
I've sent you another 4K TestNxt
That's why we need a nice, detailed discussion here.
I think somebody wrote this before: We need to talk about incentives for running a node and incentives for forging.
I think somebody wrote this before: We need to talk about incentives for running a node and incentives for forging.
can we get some clear definitions on these terms? (sorry if I missed this happening elsewhere)
1. Forging = Running an open client that contains some Nxt in it.
2. Running a Node = ?? Is this Hallmarking?
Hallmarking is when you mark a node with an account signature. This gives the node more weight (higher importance) in the network the more NXT the account contains. Typically, you hallmark your node with your account signature.
Try with this code :
Code:
java -Xmx1024M -cp nxt.jar;lib\*;conf nxt.Nxt
TYVM
It works?
Has anyone tested James' DOGE gateway yet?
I made some format changes in AM and with testnet down for so many hours, I am just about to debug the withdrawal side. I hope to make a fully functional release before I finish my day today. Still very young and could have bugs, that is why we use real DOGE and testNXTJames
If you have your node running, but don't have any NXT, you are not securing the blockchain.
This is why the NXTcoins will payout dividends in NXT. for a signing bonus, I will probably just seed every miner with 1 NXTJames, please do not build upon false statements.
could anybody send some testNXT to 14982679201235752929 please? thanks
I've send you 1KTestNxt
received, thx
First thing to remember: node != account.
Node is computing unit like a Raspberry Pi.
Account is a virtual entity in NXT.
Node is computing unit like a Raspberry Pi.
Account is a virtual entity in NXT.
Interesting, I could see many coins being built with this model in mind, a coin that provides a service, paid for in Nxt, and mined to keep the network strong.
Please note that just "running a node" is not the same as "forging" in terms of "protecting the network".
Although it can help with things like DDoS and for those that are blocked from accessing IP addresses the most important work is that done by "forging nodes" as only those nodes are "confirming transactions".
Wouldnt that be "protecting the network"?
James
If you have your node running, but don't have any NXT, you are not securing the blockchain.
Quote
By the way: NXT’s main advantage over Bitcoin is, that it is not wasting energy as bitcoin and its mining concept do.
If this does got out to Humble Bundle I think there should be more of an incentive for mining/foraging (joining NXT) than its "not wasting energy" and "green". This should be one element on the NXT platform were pushing not the primary one I'm hoping/assuming.
That's why we need a nice, detailed discussion here.
I think somebody wrote this before: We need to talk about incentives for running a node and incentives for forging.
I think somebody wrote this before: We need to talk about incentives for running a node and incentives for forging.
can we get some clear definitions on these terms? (sorry if I missed this happening elsewhere)
1. Forging = Running an open client that contains some Nxt in it.
2. Running a Node = ?? Is this Hallmarking?
1) Forging is done by a node that have the private keys of at least one account that is due to forge. <<< is that understandable?
2) Running a node is running a node. Performing necessary computations for:
- answering peer requests
- storing and redistributing the blocks and transactions
It's impossible to do "decentralized" fiat exchanged. Fiat is not crypto currency, so I don't see how it can ever be possible to have decentralized fiat withot trusted gateway.
Indeed I wouldn't be holding my breath waiting for fiat but I think you'll find that crypto to crypto will be operating on Nxt within a few months.
Try with this code :
Code:
java -Xmx1024M -cp nxt.jar;lib\*;conf nxt.Nxt
TYVM
When is the decentralized exchange coming? I don't mean the asset exchange, I mean decentralized which allows Nxt to BTC directly, and hopefully eventually fiat though I don't know if I see that being easily implemented for a long time to come.
In the wake of this Mt. Gox catastrophy.. seems like it might be very nice to be able to say that you can directly buy coins from within the client and don't need to trust any exchanges or anyone else to hold onto them for you.
The other idea to throw out there is something like this decentralized insurance idea:
https://nextcoin.org/index.php/topic,4186.0.html
I think the decentralized exchange should be enough though.
Totally off-topic for this: Totally agree users should be rewarded for running a node, it doesn't need to be a whole lot but it needs to be worth their while. You may still get volunteers otherwise but you want people to thing off forging as cool and something that helps draw people to this amazing coin, that is so much more than just a coin.
Combine the automated multisig gateway and AE and we have a decentralized exchange!In the wake of this Mt. Gox catastrophy.. seems like it might be very nice to be able to say that you can directly buy coins from within the client and don't need to trust any exchanges or anyone else to hold onto them for you.
The other idea to throw out there is something like this decentralized insurance idea:
https://nextcoin.org/index.php/topic,4186.0.html
I think the decentralized exchange should be enough though.
Totally off-topic for this: Totally agree users should be rewarded for running a node, it doesn't need to be a whole lot but it needs to be worth their while. You may still get volunteers otherwise but you want people to thing off forging as cool and something that helps draw people to this amazing coin, that is so much more than just a coin.
That is why I have been working so hard to get a release out. Depositing is very close to atomic exchange. For withdrawals, the 2 of 3 multisig requires all withdrawals to be verified and even though everybody can see the funds are in the account, nobody is able to withdraw it by themselves.
James
Quote
If you enable SSL, you need to set nxt.keyStorePath and nxt.keyStorePassword, and obviously you need to have your own SSL certificate (self-signed or signed by a CA) in a keystore file.
How i can make a self-signed certificate? Some guide step to step?
That's why we need a nice, detailed discussion here.
I think somebody wrote this before: We need to talk about incentives for running a node and incentives for forging.
I think somebody wrote this before: We need to talk about incentives for running a node and incentives for forging.
can we get some clear definitions on these terms? (sorry if I missed this happening elsewhere)
1. Forging = Running an open client that contains some Nxt in it.
2. Running a Node = ?? Is this Hallmarking?
And the most important feature:
The network can detect which miners don't take part in block generation and act accordingly.
The network can detect which miners don't take part in block generation and act accordingly.
CIYAM's opinion yesterday on this was something like "only penalize bigger accounts".
could anybody send some testNXT to 14982679201235752929 please? thanks
I've send you 1KTestNxt
received, thx
Would there be any proof of stake in your coin? What happens when the coin is mined to capacity? To me the whole issue with people who mine is that they only mine for the coins. What will happen when there are no coins left to mine? They will move on to the next coin. The whole thing about the mining logic is that they are not in it for the network (which I can understand). To me it seems that POW is not the best answer in the long term. A mined coin may get a lot of initial support but in the long run, POW is not going to compete with POS..... especially when the asset exchange allows people who don't know how to write program to create there own coins. I think for a coin to be long term successful POS or some form of rewarding has to be used to keep people using running the network once the coins are mined out. I like your idea though.
As far as the duration of mining
1 billion issued
100,000 minedper day
10800 days = 30 years
Maybe it should be 250,000 coins per day? I really dont like the exponentially decaying output that almost all the coins have. It shouldnt be constant, but close to it. Actually, why cant it be constant. That would make it easy to code
The early adopters get a big advantage as when the first dividend comes in, they will be the ones with the biggest percentage of the coin. I am still not decided on the coin mining rate, but since the number of coins is totally independent from network security, it can be any method at all. I could build in a lottery system. Miners could get extra on their birthdays, etc.
As the network gets bigger, its value increases and as long as the marketing arm of the coin is doing its job, it will be able to bring in more revenues. Which boosts the coin value, which increases the number of miners, which increases its value.
Nice little positive feedback loop going on. I will probably only do a few coins to show an example of how it can be done and assuming the business coin does well, it will be very easy for new coins to be created to plug into the NXTcoins layer. By providing marketing and technical support for the NXTcoins, it allows someone that is totally technical to concentrate on what makes their coin unique and not have to get bogged down in the day to day details of marketing and customer support.
This also means that the NXTcoins platform company will need to hire non-programmers to help with the customer support and other non-technical tasks. The 10% of the NXTcoins and the dividends in NXT those NXTcoins get should provide enough budget to pay for whatever staff is needed. As the enterprise grows, more funds come in to pay for the costs.
James
P.S. I am looking for people to help me with my business coin. I think I can do most all the tech myself as all the hard work is already done with NXT. I just dont have the skills to do a decent website, nor the time to market this.
I can help to promote them in Chinese forumwww.nxts.info and Nxt websiteswww.nxt123.info if needed.
Thanks! I just got the domains NXTcoins.biz and NXTcoins.co
I think they are nice names for promoting the NXTcoin development kit. NXTcoins sites are for people who want to make their own coin.
I also have CPUcoins.info and GPUcoins.info for the different type of miners, so depending on what type of mining gear they have, they can go to the .info site to find NXTcoins to mine.
I do not think accounts should be penalized for not forging. NXT should reward people and not penalize them.
I think this discussion needs to be way more technical and detailed than just a "penalizing is bad, doesn't sound good" or something like that.
Agree.
There's more to life than just the technical side of things. Perception is an important of attracting users and I think 2Kool was stating that penalizing these users is bad for perception and possibly bad towards adoption.
If I'm Joe Crypto deciding whether I prefer Nxt, Ripple, Peercoin, Emunie or Novacoin, am I going to choose the currency/network that penalizes me for things I might not be able to control, like computer issues and power outages?
NXT users should be rewarded for forging or running a node. How about after fractional amounts are implemented, we split the transaction rewards 50/50 between the account forging and the NXT nodes that are hallmarked. Every time a block is found, half of the transaction fees are credited evenly to the hallmarked nodes.
Let's say 1000 hallmarked nodes are on the network. A block is found that has 10 NXT transaction fee. The forging account gets 5 NXT. The other 5 NXT gets divided up and distributed to the 1000 accounts running on hallmarked nodes. Each node's hallmarked account would get 5/1000 = 0.005 NXT. The 0.005 NXT would not be broadcast as a transaction, but simply credited to the account.
This would allow smaller accounts to provide a service for NXT, running a node, and get rewarded consistently at the same time.
I do not think accounts should be penalized for not forging. NXT should reward people and not penalize them.
Let's say 1000 hallmarked nodes are on the network. A block is found that has 10 NXT transaction fee. The forging account gets 5 NXT. The other 5 NXT gets divided up and distributed to the 1000 accounts running on hallmarked nodes. Each node's hallmarked account would get 5/1000 = 0.005 NXT. The 0.005 NXT would not be broadcast as a transaction, but simply credited to the account.
This would allow smaller accounts to provide a service for NXT, running a node, and get rewarded consistently at the same time.
I do not think accounts should be penalized for not forging. NXT should reward people and not penalize them.
Assuming the NXT network is at 10% utilization, each block will have 25.6 NXT transaction fees. ( 256 tx per block * 1 NXT tx fee * 10% = 25.6 NXT) Half of this, 12.8 NXT, gets rewarded to the hallmarked nodes' accounts supporting the network. At one block per minute, 18432 NXT will be distributed to all hallmarked node accounts per day assuming 10% network utilization. If there are 1000 hallmarked nodes on the network, each node will earn 18.432 NXT per day and 6727.68 NXT per year.
As more transactions are issued on the network, more hallmarked nodes will come on-line to partake in earning the node reward.
The only potential issue I can see with my idea is making sure at the time of block creation all hallmarked accounts are seen. This has to do with network topology.
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