Topic: NXT :: descendant of Bitcoin - Updated Information - page 874. (Read 2761624 times)

This is very good news actually. The reason is 1 NXT is clearly way too big for tipbot, but .1 or .01 is fine, so if it was easy it would have meant a long delay to get the added precision beyond the .01

My latest projections are showing that 1000TPS is most definitely a real possibility to happen, this year. Imagine if the entire economy of a country was run on top of NXT. Even a .0001 fee would generate 6 NXT for every block, which is a lot more than it is now. Those 6 NXT would also be worth a lot more at that stage.

Not sure where it is on the priority list of things, but I would rank it very high to get more precision to NXT.

James

Not, if the runtime for calculating a sig is dependent on the number of bits of the payload.

It is a common misconception that basic operations are in O(1), but that's wrong. Even addition and multiplication of larger numbers take longer than of smaller numbers. The same hodls for sig function.

I like the conceptual idea of having set-based transactions because set-based thinking is one of the principle of modern computer science.

What I was trying to explain to you was that you should not make not unproven statements.
Show me the runtime complexity of the sig function in terms of payload length and we'll see.

Question: Is it possible to re-use the nxt_db directory when upgrading from 0.7.4 to 0.7.5  without downloading the whole blockchain again?

Raspis do have a tough time doing that, crashes 1-3 each time, must be restarted, takes severla hours in total...

ho well, if you think 24 millions is high... check this http://blocks.nxtcrypto.org/nxt/nxt.cgi?action=34
some people should sell a part of their NXT.

yes thats it!
Also, all deposit and withdrawal requests are via AM, everything is transparent. All gateways and actually anybody can monitor the expected balance of the multisig acct and if there is ever a discrepancy, it is detected right away.

I am still worried about all the deposits getting lost in case two gateways disappear (assuming 4 of 5 multisig), but I think it might be possible to create an unpublished transaction that simply empties the account into a new emergency dead man switch acct. This would be set to happen at the beginning of every month. Then the worst case scenario is that we have to wait a month to recover from simultaneous disappearence of two gateways. Also, prior to the next month, all the gateways need to transfer all the funds into a new multisig to avoid the deadman switch.

Something like that, I just had that idea as I was typing so I am sure it can be improved. Since you are approving of multisig approach, I will start authorize starting the coding for the automated multisig gateway.

I am currently in contact with 2 groups who want to provide gateway services. I am looking for at least 3 more. There will not be much profit in being a gateway from deposits and withdrawal fees. I am hoping that it will be as close to 0 as possible. If you are planning on being rich from running a gateway, change plans. Having a path into NXT AE for all other cryptos without any fees will be the best solution. If anybody doubts this, I just mention one word: "dgex" I say no more about fees.

What incentive is there to be a gateway other than community appreciation?
Plenty! NXT is decentralized and there are no official contacts businesses (or countries) can make if they want to quickly get up to speed, eg. issue Assets, custom coins, etc. Who will they naturally turn to? The community gateway businesses, who else.

I will continue posting valuable business ideas for anybody to be able to make a nice living with, but the gateways will have an advantage for a lot of these ideas. The reason is that they are the ones that are the gatekeepers into the NXT economy. So, view being part of the multisig gateway as the foundation for many other ways to monetize. You probably all have a lot of NXT anyway, so making NXT worth 10 times more might even be sufficient motivation.

Anyway, I am calling for people who want to be a gateway. Oh, the community will make sure the automated software works and is reliable. Not sure if we will go as far as make a push button GUI to setup a gateway, so you probably need to know linux command line. The Amazon secure servers seem like a good place to run a gateway server on.

This is all coming together nicely.

James

Huh?

You've lost me - a sig is a sig - that is a one time function over data.

If you have a tx that outputs from X to 1000 other accounts it only requires 1 sig check at the end to verify. That will be basically 1000x faster than having a sig for each of the 1000 accounts.

Still not clear?

Size maybe. Verification depends on the runtime complexity of the verification function.

Do not think that calculating 1 sig has constant runtime = O(1). It should be depend on the size of the to-be-verified payload.

No response to this from  "Zerocoin" proponents?

ripple valuation is total fiction. They have only distributed 7 billion XRP, so divide the crazy market cap by 14. Even after that it is not a liquid market, of the 7 billion most of it was acquired at little to no cost. Look at trading volume. A more realistic valuation of XRP would put it at the bottom of the top 10, maybe not even that.

I hear rumors of big deals they are working on, but until it materializes, it is not very practical.

The real competition for NXT are the various fiats!

James

A key thing that Nxt *has* over its rivals is fast txs. If I have a tx with 100 outputs and 1 sig vs. 100 outputs and 100 sigs then the latter is going to be slower both in terms of data size and sig verification.

So I think that Nxt should allow such more compact txs in order to provide the "leanest and meanest" tx system in the crypto currency world.

Salsa is exactly right, it takes 3 or 4 people to handle a conference the way we need it done.  The Miami event was 1500+ people, there was barely enough time to meet with all the major players let alone meeting with different crypto supporters. We made it happen, however, additional resources would have gotten us even further.

I'd also recommend reading Nikel's summaries, it's a great way to provide real time information back to the community to take action. It would be nice if we could put together some type of document outlining best practices.

For example, the best way to meet everyone in a circle is asking the primary to introduce you.  When I would talk to someone at the conference, I'd find out who they knew and ask for an introduction. Networking 101 goes a long way when you're surrounded by a crowd that might not be as familiar with how to control the flow at larger trade shows.

Depends which cost function you take into consideration. The size of the block part occupied by a multi-transaction would still be O(n) as are n transaction. So, yes, it could be cheaper by a factor of 2 or so. Calculation of the sig is still O(n), too.

If the amount is the same to each output then it would be much smaller and even if not you only need 1 sig for all the outputs rather than 1 sig per output (so yes it should be a lot cheaper).

We should always have someone close to these conventions, this will minimize the costs. Just making that ONE key contact is all that is needed to pay for these events.

Without attending this conference, we wouldnt be discussing building a country's currency on top of NXT. It has a giant advantage over paper money. It cant be counterfeited as long as the NXT network is secure! secondarily no costs for printing.

As soon as the first country, or village, builds a currency on top of NXT, all realworld items will be priced in NXT
I see the Asset Name space getting very crowded.

James

yea 2.4% is too much of the stake. that person needs to sell for the sake of the security of the network.

there are other accounts with a lot too. It's a lot more spread out compared to the early days though

http://87.230.14.1/nxt/nxt.cgi?action=34

http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=2584657662098653454

24 Million NXT? In one account. Holy crap.

Why should a multi transaction of the size of n transactions be cheaper than n transactions alone?