Topic: NXT :: descendant of Bitcoin - Updated Information - page 914. (Read 2761655 times)

Anyone want to front me the 10btc for it? I'll run it at 1% fee and split it with you until you have your investment doubled.

Deal?

lets revise this thinking.. no one is getting "richer" by sending a 1NXT payment.

lets call NXT "Affordable"

I've forged plenty of blocks for 1, 2, 3 NXT. and just last week I forged a block with a 100,000 transaction that the sender included a 100NXT fee in., so I was happy.

It appears to be statistically based. I would imagine any selfish mining exploits would be able to create some extremely unlikely events since they are storing precalculated blocks. Maybe Evil bob is promoting this method?

One of the critical parts of the gateway is the trusted server  and that's your area isn't it?

How much would it cost to run a hardened gateway server?
Also, is there a way to set it up so that the keys used for the deposit wallet are only accessible to the gateway program itself? Here I go with the crazy stuff, but I cant help it, I spend all day researching about zeroknowledge this, magical algorithm that. It just gets to the point if I assume that anything can be done, usually somebody says, I read about something like that here

So, let us ignore how we initialize this server as that is most tricky.

I am imagining that there is a way to get a runtime signature of the gateway software code. This will be independently scanned and validated before any wallet access by a separate process. Maybe its as simple as a signed .jar file. We need a secure way to access the wallet for all the different cryptos. We want to make sure only the approved gateway code is able to do this.

I need somebody who knows about multisig, crypto in general, magic, to help figure out how the runtime can be secured. Even if somebody gets access to the server, I want the most damage they could do to be to blow up the server. this is a pain, but with all the pending transactions store in AM in the NXT blockchain, after a delay, everything should be back to normal

I am pretty sure somebody supertrusted needs to set things up, eg. making sure the code is compiled from the approved source and creating all the different keys and putting the backup in a physically secure place to be accessed only in emergency.

Not sure at all the right process, just throwing out something as a starting point for someone who knows how to properly setup a secure server and a bit of crypto magic

Any update on this?

yeah, there were any proofs at all; it seems that there is some kind of "rule of thumb" they have discovered.  They seem to confuse the selfish miner 25%/33% issue with doublespending; Im pretty sure they are complete separate issues.  Someone please correct me if im wrong.  Selfish mining, or a pool finding a block but not advertising it to the blockchain while it works on the next block (all other miners have no idea they should be working on the next block, so the selfish miner has the advantage; obviously the risk is that someone else publishes your block while you are headstarting) in advance, doesnt really apple to NXT's POS method.

Apparently they just have some rule of thumb for probability of doublespending.  If this is the case it WILL be exploited.

Considering that most people store their money on Dgex or Bter it's not a big deal.

Awesome!  Any ETA?

Nice work on getting us all started on this.  Keep in mind that for some assets such as BTC you could just imply a certain number of decimal points for more resolution.  Its times like this I wish I had gone the CS route in stead of the easier IT route in university - Im no coder.  Oh well, wish I could help out more.

But yes, the trust thing will be difficult.  Possibly some aspect of account control will assist here, whenever it comes out, since it looks like we will see account control instead of regular multisig.

Check this out:

http://www.reddit.com/r/bottesting/comments/1xp74d/nxtest/

Pretty neat, not?

From what I read it is basically using statistics to estimate the chance of a double spend happening. As more and more nodes see it, it becomes less likely for any chain to override this. I did not see any mathematical proofs about the accuracy of this method, especially how it would fare under a selfish mining attack. For example, a selfish mining group could have many blocks prepared ahead of time and even though it would be statistically unlikely, it could happen.

Since the article is talking about a statistical method, odds are good that it works, just not 100% guaranteed. Probably fine for small transactions, but if you are dealing with big amounts, just be patient.

As for how it affects NXT, I dont see much here to worry about. firstgen cryptos are still limited in the number of transactions, nothing close to 1000TPS would be in the cards for bitcoin anytime soon

James

GC, any advice on helping VoS add Nxt? You've obviously worked through all the major issues, I just need something to get them started.

Will be made available in a few weeks.

Good job...I think.  What exactly did you sign?  And...is he a vampire?

http://www.cryptocoinsnews.com/2014/02/13/the-mathematically-secure-way-to-accept-zero-confirmation-transactions/

Can someone more technically adept than I am (that would be any of you guys) comment on this, please? The claim about zero confirmations seems to imply that short times between blocks is far less important than network hashing power regarding prevention of double spending. Is his analysis correct? And are there implications for NXT?

Today's a good day for NXT

Asset Exch. Test
New Client
Tip-bot will soon launch
New exchange is considering adding us

!!!!!

Watch out real world, we coming for you

EVERYONE This IS OUR ONE CLICK CLIENT!!!

NO CMD, SUPER EASY TO UNDERSTAND!! I'M AMAZED!

I've worked with Mike getting Peercoin implemented on VoS. I simply sent a follow-up email, introduced him to the different developers we have in the community and let him know we're committed to working WITH exchanges to help drive traffic. I mentioned we are right under Peercoin at about 50 million... that's all that was needed.

There's a lot to be said about attending conferences and spending time making connections in the crypto community. I hope to leverage everyone I've met since Feathercoin in the coming weeks. Now that I have a team of guys (CoinTropolis) eager to help push Nxt forward, I feel we're in a great position!

I am sensing a generally positive reception to the community backed gateway concept, contingent on solving the technical details.

Since I am not seeing any specifics on how we can actually do this, I will post a ROUGH DRAFT idea of the tech pieces that are needed. Any improvements are definitely welcomed.

During a global Ddos attack like now, some websites are inaccessible, but NXT networks seems to be fine, a bit lagging but functional.

The gateway will be running NXT node as well as all the other altcoind's. This gives it access to AM. In order to not require the keeping of account databases, I am willing to live with a slight delay on deposit and withdrawal.

I realized that by issuing 1 billion units of an Asset and sending the exact amount of Asset received would give 100% backed Assets and you can tell how much should be there by the difference from 1 billion. There is the issue of lack of precision, which requires a min lot size to be determined for each crypto, but this is a small detail

Deposit: AM is sent to gateway acct with type of deposit, source wallet number, amount and destination NXT acct to receive the Asset. gateway parses this AM and returns an AM with wallet address for this deposit and waits for the appropriate blockchain to show that the deposit has come in. When it does, it transfers the received amount of Asset to the specified NXT acct.

Withdrawal: AM is sent to gateway acct with type of withdrawal, dest wallet number, amount and source NXT acct that will be sending the Asset. gateway waits for Asset to arrive and then transfers the coin to the designated wallet. AM is sent to source NXT acct with transaction ID.

A small amount of client code is needed to handle the AM messages and once we get this done it can be a universally available feature. As long as NXT network is running, the gateway requests will get to the gateway server. We just have to make sure the gateway server is always running.

Notice that the gateway server does not have to keep a database of user accts, just the pending transactions. it can always rescan the blockchain to figure out what transactions are pending. More importantly, it is public data so everybody can verify that all the deposits and withdrawals are happening.

Any volunteers to code the server side? The client side? We can develop the tech while we are figuring out the trust issue.

I also think there is a solution for the Asset name issue. Since it is likely that in the landrush for Asset names, "BTC", "DOGE", etc will all be taken. My solution is to just have a random prefix/suffix that is available for all the desired Asset names and then when the client software is presenting the orderbook for the available Assets, it would just strip off this random number.

Did I miss anything?

James

Great.
Can you expose the detail of the conversation with VoS?
For example , how do they think of NXT?