Like with regular PoS, the more coins you hold for a longer period, the more the chance of mining a block.
No. Ur algo is flawed. BCNext used other algo.
Then can someone please explain?
Topic: Transparent mining, or What makes Nxt a 2nd generation currency - page 10. (Read 35868 times)
December 25, 2013, 11:05:20 AM
No. Ur algo is flawed. BCNext used other algo.
Then can someone please explain?
December 24, 2013, 02:57:55 PM
Like with regular PoS, the more coins you hold for a longer period, the more the chance of mining a block.
No. Ur algo is flawed. BCNext used other algo.
December 24, 2013, 12:32:12 PM
Also can you explain 'base target'?
Base target is a quotient that shows current difficulty. Each miners has a target that equals to BaseTarget*Balance.
So the incentive to mining blocks is the transaction fee.
Like with regular PoS, the more coins you hold for a longer period, the more the chance of mining a block.
December 24, 2013, 10:56:46 AM
Also can you explain 'base target'?
Base target is a quotient that shows current difficulty. Each miners has a target that equals to BaseTarget*Balance.
December 24, 2013, 10:01:54 AM
Also can you explain 'base target'?
December 24, 2013, 10:01:35 AM
I know.
I was just clarifying.
So let's move on to the next question.
I was just clarifying.
So let's move on to the next question.
December 24, 2013, 02:58:28 AM
It would be very difficult to obtain over 90% of Nxt. No more Nxt will ever be created and not very many people are selling.
December 24, 2013, 02:39:19 AM
See the question is how. Assuming an attack is 91%; suppose someone owns 95% coins, how will he not be able to create a forked chain which double spends coins?
He will be able to do that.
PS: I can't get what the problem with "Outside the network". Could u paraphrase the question, please?
You said --
Quote
The 2nd scenario can't be applied to Nxt, coz no NXTs exist outside the network. Let's look closer at the 1st scenario.
The 2nd scenario can be applied by someone possessing 91% or more of coins; this's similar to having a lot of 'mining equipment' or tools to mine coins. For Bitcoins it's ASIC miners, for Litecoins it's the graphics cards, for Quarks it's the CPU and for for PPcoin and NXT it's the currency themselves.
I meant that unlike Bitcoin et all. noone could bring extra mining power from outside.
December 24, 2013, 02:36:54 AM
Perhaps CfB can give an answer to that question. I don't see how you can make a double spend with pure PoS but I'm no expert.
Oh, yes you can. And it's not that hard (for regular PoS coins, not this one).
Quote
You need to run a full node in order for the wallet to mine blocks based on PoS and it should be up always; how many people will do that? (especially when the interest rate is low)? When these coins will be made popular, 90% people will run paper wallets giving power to the hands of these 10%; thus an attack may not be that hard to do.
December 24, 2013, 12:58:17 AM
See the question is how. Assuming an attack is 91%; suppose someone owns 95% coins, how will he not be able to create a forked chain which double spends coins?
He will be able to do that.
PS: I can't get what the problem with "Outside the network". Could u paraphrase the question, please?
You said --
Quote
The 2nd scenario can't be applied to Nxt, coz no NXTs exist outside the network. Let's look closer at the 1st scenario.
The 2nd scenario can be applied by someone possessing 91% or more of coins; this's similar to having a lot of 'mining equipment' or tools to mine coins. For Bitcoins it's ASIC miners, for Litecoins it's the graphics cards, for Quarks it's the CPU and for for PPcoin and NXT it's the currency themselves.
December 24, 2013, 12:51:50 AM
See the question is how. Assuming an attack is 91%; suppose someone owns 95% coins, how will he not be able to create a forked chain which double spends coins?
He will be able to do that.
PS: I can't get what the problem with "Outside the network". Could u paraphrase the question, please?
December 24, 2013, 12:05:21 AM
Perhaps CfB can give an answer to that question. I don't see how you can make a double spend with pure PoS but I'm no expert.
December 23, 2013, 11:55:47 PM
"Outside the network", do you mean the block chain cannot be forked?
I mean that unlike ASICs, that can be created by someone, noone can create NXT coins (which r like ASICs in PoS currency) and bring them into the system.
But we were talking about 51% attacks here. You mean the mining system is such that the block chain cannot be forked?
See the question is how. Assuming an attack is 91%; suppose someone owns 95% coins, how will he not be able to create a forked chain which double spends coins?
He'll not spend them, he'll hold them and use to create a forked block chain with false transactions (double spending the transactions which resulted in 95% of coins being with him).
December 23, 2013, 10:49:42 PM
"Outside the network", do you mean the block chain cannot be forked?
I mean that unlike ASICs, that can be created by someone, noone can create NXT coins (which r like ASICs in PoS currency) and bring them into the system.
But we were talking about 51% attacks here. You mean the mining system is such that the block chain cannot be forked?
See the question is how. Assuming an attack is 91%; suppose someone owns 95% coins, how will he not be able to create a forked chain which double spends coins?
December 23, 2013, 10:44:22 PM
Also can you explain 'base target'?
December 23, 2013, 10:42:23 PM
"Outside the network", do you mean the block chain cannot be forked?
I mean that unlike ASICs, that can be created by someone, noone can create NXT coins (which r like ASICs in PoS currency) and bring them into the system.
But we were talking about 51% attacks here. You mean the mining system is such that the block chain cannot be forked?
See the question is how. Assuming an attack is 91%; suppose someone owns 95% coins, how will he not be able to create a forked chain which double spends coins?
December 23, 2013, 10:37:37 PM
"Outside the network", do you mean the block chain cannot be forked?
I mean that unlike ASICs, that can be created by someone, noone can create NXT coins (which r like ASICs in PoS currency) and bring them into the system.
You mean there's no incentive to fork the chain?
Remember, original question is the meaning of "Outside the network".
December 23, 2013, 02:03:11 PM
"Outside the network", do you mean the block chain cannot be forked?
I mean that unlike ASICs, that can be created by someone, noone can create NXT coins (which r like ASICs in PoS currency) and bring them into the system.
But we were talking about 51% attacks here. You mean the mining system is such that the block chain cannot be forked?
December 23, 2013, 01:00:34 PM
But we were talking about 51% attacks here. You mean the mining system is such that the block chain cannot be forked?
Ah, sorry, lost myself.
With transparent mining we should talk about 90% attack. 51% attack can't be conducted coz the other 49% will stick to "legit" chain. I wish I could explain this but my English is too little for that.
December 23, 2013, 12:59:52 PM
I like these features, but I bet P&D miners just hate 'em. In fact, without the enthusiastic support of the "early miner" crowd, I wonder how nxt has even gotten past launch.
I wouldn't like to comment on this before understanding the coin but --
dgex.com
Quote from: dE_logics
How do you prove the authenticity of this site?
It maybe that the NXT author just inflated the prices (cause he's also owning the website) and took BTC for a crypto which has no value.
It maybe that the NXT author just inflated the prices (cause he's also owning the website) and took BTC for a crypto which has no value.
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