Topic: NXT :: descendant of Bitcoin - Updated Information - page 762. (Read 2761642 times)

+ don't forget to place near a picture of distribution of, say, Bitcoin blocks'es generators. I'm pretty sure amount of (successful) miners is dynamically decreasing, cos almost all new miners and part of existing ones only mine in pools to get stable reward. But when u're joining pool, there's no +N successful miners anymore, there's pool and it'll generate blocks of the system.

Has anybody had any luck with bter NXT deposits the last 24 hours?

NEM is like a malevolent dictatorship.  Now they are just pulling peoples' stakes if they don't like what you say.

IMO ethics in that case - is giving any Nxter a choise: to push things or to wait for completely natural growth. Both options're completely healthy. But, personally, I dislike often repeating of something non-mortal in form of screaming (color, size, letter's register).

Any updates about this?

Upper limit is 20 (as that Javascript website shows) - can read here: https://bitcointalksearch.org/topic/what-is-the-upper-limit-of-m-and-n-for-m-of-n-transactions-215213 although there may still be a "relay" limit of 3 in place (so you might try submitting a 4 of 5 "test" tx directly to say blockchain.info).

Fee is just in accordance with the total tx size and UTXO "coin age" as per usual.

U can't mix up communism and decentralization. It's unnatural ideology so it requires centralized force (a big one) to be settled down to vast majority of people (for how long, if so?).

Communism've nothing to do with wealth equality w/o economic activity. That cypto is egalitarian (before trading'll start).

))))

Cool! It wouldn't be too hard to add more nodes to the multisig gateway code, just want to start with a universal solution. Do you know what the limits are? What about the txfee?

If there is demand, it is possible to create additional layers, eg. a trio of gateways for each third of withdrawal. However, since the gateways will be independently managed and they have to reach consensus before any funds can be withdrawn, any hacker would have to crack two separate facilities.

For deposit, I am initially just funneling all through a single gateway as I couldnt get listunspent to work on multisig transactions, even after I created account associations on each server with  addmultisigaddress. As it is, it was a great pain to implement a listunspent equivalent with gettxout's. Alpha version assumes no pending transactions, but once the basics are working it shouldnt be too hard to initialize to a correct state as all relevant gateway events are broadcast via AM. This way, not only can all the gateways monitor things in near realtime, so can anybody.

The whole multisig in bitcoind seems unfinished. Some things work fine, others not so good, and a lot just not at all. No wonder there is no end user wallet support for multisig.

James

It's question about wanted level of security. 1 confirmation in Bitcoin - some pretty big hashrate needed to overwrite (less whole network's hasrate, cos block generator own only part of it + cos within 10 minutes not every each peer see every other one), 2 confirmations - some^2. And so on. 6 confirmations give us pretty good level. And after 20 hours (?) - with 120+ conf. (if so) u're completely safe.

In Nxt - some not hashrate, but cumulative stake involved. There goes 10 conf. as OK-level, 100 conf. as strong level and 720+ conf. (12-18 hours) as "u're safe" level. With TF, as I recall, level for strong security'll greatly reduce.

I think your information is "out of date" when it comes to Bitcoin but it could well apply to clones based upon older source code.

Well, I was told that if it had more than 3, it would be rejected by a lot of the network as it is not considered standard. Also, for DOGE, it simply fails.

James

NXT takes care of all the hard stuff like blockchains. I like simple, so my coin will just be a NXT Asset. I've figured out how to implement PoW with a minimum of redundancy, so instead of all miners competing against each other, they will be cooperating. "Mining" is just a familiar metaphor. Imagine if all computing resources spent on mining was actually doing useful computations. By useful, I dont mean some far future cure for cancer, but real world business computations.

The  hard part was solving a way to verify the PoW with minimum redundancy.

I think it will be easier to just start with a single pool, then I can just issue a fixed amount of coins on a timer. The coin issuing will be automated and tightly controlled. solo mining is pretty much obsolete anyway, so I will just need to create a secure way to allocate the coins to the pools. All participating pools would need to reach consensus on each pools payout, all automatically of course. Since owning more or less of the coin doesnt affect the ability to make new coins, I dont see there being any 51% attacks possible.

The whole bitcoin process is revolutionary, but needlessly inefficient. I want to tap into the massive computing that is there for altcoins and connect it to a paying business market. Miners will get a prorata revenue share from the revenues created by the mining calculations.

Since NXT Assets are created all at once, the miners would need to trust that I wont simply transfer some of them outside of the mining. Since even if NXT Assets could be increased incrementally, miners would have to trust that it wont be increased without mining, there is no difference with issuing all at once. There will be realtime reconciliation of the number of issued but unreleased coins vs mined coins. These should add up to the creation amount, so any malfeasance on my part will quickly destroy any value in any coin. I have the most incentive to make sure the correlation is always exact!

It might make sense to have coins put into escrow and time released to the bot, but that shifts the trust requirement to the escrow guy. Would you be interested in being escrow for entire future coin(s) supply?

James

3 gateways, that is only for the start? In the future they will be more?

^ This is not correct - you might want to have a play with this: https://coinb.in/multisig/

No middle man. There will be three gateways that will be monitoring all deposits and withdrawals and 2 of 3 need to approve all withdrawals. This is because bitcoind only supports a max of 3 for multisig and it needs to be one less than 3, so that in case one of the gateways disappears for whatever reason, the other 2 can do an emergency transfer into a separate account and add a replacement gateway.

Inside NXT AE, there will be all the cryptos and as long as you stay inside NXT, you just use AE and trade away. The only time you need to use the gateway is for deposit and withdrawal and while at first it is a bit nervous to be dealing with so much real money flowing, I am counting on the NXT community to help get it fully debugged. Eventually, we will be able to port the multisig gateway into NXT AT, but not the first release of it and I am the impatient type, so I pushed forward with a practical solution.

I am planning on putting in manual threshold limits so that any large transfers need to be manually approved. Still many details to work out, but now that I got the multisig distributed signing working, the rest should be much easier.

James

jl777 are you talking about building another blockchain that uses the value of the nxt blockchain to grant it more security than it could achieve on its own? (since the security of a proof of stake coin is a function of the cost of purchasing 51% of the stake) or are you talking about stuffing the information relevant to your meta layer on the nxt blockchain and simply writing protocols to interpret that data?

Actually, a lot of the development I am doing are all components of a MUCH larger cohesive plan. I wrote about NXTlayers before, this is the evolution of that. From trustless gateways, datafeeds, NXTcoins, all the way to end use applications. I just dont do user interfaces or web sites.

I will ANN a new coin soon that builds on top of NXT, it be the first coin that directly performs useful work and essentially encapsulates a business model. This coin will be a demonstration of a three layer architecture I am developing for coins on top of NXT.

There is a platform layer that directly interfaces to NXT and provides services for coins to allow coin developers to concentrate 99% of their time on what makes their coin unique. No need to reinvent the wheel, eg. jumpstarting decentralized network, exchange, pools, even some promotion from being one of the platform coins.

Then to show the world how a coin should be done, eg. make it do something useful so it can directly make money, I will jumpstart an application layer that utilizes my coin. This is because my coin will provide a generic service that has uses in many different fields, but it always help to have a working example to fully understand it.

I think I have solved the presale problem with new coin distribution. On the one hand, a presale provides capital for development and marketing, but it also creates a large overhang of low cost coins that can really impact price negatively. Of course, this means that early investors wont get a windfall overnight, but in the long term ensuring a healthy environment for all the coins will generate much more profits. Especially since I am advocating making each coin actually directly generate revenues.

The answer is so simple, not sure why nobody has done it. Lets say pre-release investors get 10% of a coin. Instead of issuing all the coins at genesis, just give the investors 10% of what is mined. This way, nobody gets a large amount of coins. Also, the difficulty shouldnt go through a dramatic nonlinear increase. That really skews things.

I wont be doing any presales, premine or any pre with my coin, but I am open to investors to participate in the platform layer. I got the domains cpucoins.info and gpucoins.info and the platform company will use them. The current plan is for the platform company to get 10% of all the different coins that utilize it, as the coins are mined.

I dont need external investment to do most of this myself, but if there is enough interest I would consider opening it up for external investments. Any investments in *coins.info platform would need to be in NXT. PM me if you are interested. I would be more interested in sweat equity arrangements, especially for GUI, website and marketing.

James 

Hopefully we can get some C++ devs to help out.