Topic: Russia’s National Settlement Depository Successfully Tests E-Voting with NXT (Read 1452 times)

Exciting news indeed. 

Its shows that NXT is a secure and nice investment.

Nxt isn't a promise like Ethereum, Lisk, Waves, etc.. It's a safe investment because it's working already and it's proven good and safe.

Finally some acknowledgement of Nxt's technology. That's good to see.

Nxt is better than ethereum.

I thought this fits the best. It's more an news topic, sorry if I made a mistake.

Why is this in the "announcements" section and not in the normal Altcoin discussion section?

Added the news to Nxt.org: 

https://nxt.org/russias-central-securities-depository-uses-nxt-blockchain-voting/

NXT has the potential to hit 3000 TPS if modified and closed loop Nodes

Cool! 

Do you think this will translate into a price bump? NXT needs it asap!

255 tx / block is an artificial limit, like 1MB block limit in Bitcoin.

Yep, good times ahead. And I heard more big shots are interested in using Nxt for serious work. 

Yes, they forked the Nxt source code and tuned it. We'll soon see how they did it when they publish their modifications!  

Very exciting news, good days for Nxt ahead!
     

A lot of good things going on with NXT right now besides the fact that it's still head and shoulders the best decentralized Asset Exchange out there.

Wait, whut?
NXT with 800 TPS?
I thought they only allowed 255 tx / block and 1 minute blocks?

Are they running a modifided version?

Great news for the Nxt community! The National Settlement Depository (NSD), Russia’s central securities depository, has developed and successfully tested an e-proxy voting system running on a distributed ledger built with the NXT distributed cryptographic platform.

Nxt was carefully chosen above Bitcoin and Ethereum, because Nxt is fully functional and working for years successfully decentralized. 

Rymanov explained that the NSD’s e-proxy voting proof-of-concept (PoC) project specifications required setting up a private permissioned blockchain where every node participating in the network is known, and included a number of specific challenges related to processing capacity and permission-based access to the data. According to Rymanov, other blockchain technologies such as Bitcoin and Ethereum couldn’t meet the project’s requirements with an out-of-the-box solution, which motivated the choice of the NXT platform.

“Using the proof-of-work (PoW) Bitcoin blockchain would have potentially created a situation where a particular node with a superior computing power could gain an unfair advantage over its peers, thus jeopardizing the security of the network and, if being a malicious actor, could rig the results of the vote,” said Rymanov. “Furthermore, we see PoW systems as an unnecessary drain on resources in private permissioned blockchains.”

“With regards to Ethereum, our team has been in touch with the Ethereum core developers and has been informed that the current limit on processing is around 60 transactions per second,” added Rymanov. “However, even though Ethereum offered a huge improvement both in functionality and processing speed over Bitcoin blockchain, it did not match the NSD requirements.”

“After a careful consideration we have selected NXT,” Rymanov said. “The proof-of-stake (PoS) blockchain has provided us with enough flexibility to architect a solution that is scalable, stable and with processing capabilities well in the range of NSD expectations. In the lab environment we have pushed DSX fork of NXT to process up to 800 transactions per second. With the custom developed e-proxy voting module running on top of the NXT fork we have stabilized the system at 80 votes per second, which is 160 transactions per second reaching a notable result in line with NSD expectations.”

Read more here:

https://bitcoinmagazine.com/articles/russia-s-national-settlement-depository-successfully-tests-blockchain-based-e-voting-system-1464198071