NXT :: descendant of Bitcoin - Updated Information

[jl777]

brooklynbtc,

I am not 100% sure about this as I am making some inferences and deductions to arrive at the following:

NXT will implement colored coins. From whatI have seen of the protocol, it is totally flexible and allows anybody to issue anything.

You could issue a colored coin and make each one worth a rolls royce. I think it is one NXT per colored coin, but maybe there is a non-1:1 mapping possible.

Anyway, since each of these are worth a rolls royce, at some point somebody can come to you and say, I want to redeem my rolls royce. Here is the coin, where is my car. At this point, you either hand him the keys to the rolls royce or default. Therein lies the problem. Unless you have credibility as to access to fancy cars, your issuing rolls royce coins will probably not find a big market. Even if you did, people will still be a bit skeptical.

The only thing at stake for an issuer of a colored coin is their reputation. This could be something super valuable, or it could be very low value. So, it is caveat emptor free market. Ripple gateways struggle for a long time before people start trusting them enough to use them.

This is why I believe working with ripple makes a lot of sense as the gateways to USD, BTC, CNY are well established. What that means is that converting NXT into and out of those currencies is already implemented just by using a ripple NXT gateway.

James

P.S. Over time, trusted issuers will emerge within NXT and it is also possible ripple gateways will open up their NXT counterparts.

[utopianfuture]

landomata,

I see a couple of issues with a NXT/BTC gateway. First problem is that there is no guarantee it will be a monopoly and almost a sure thing that there will be multiple issuers of BTC within NXT.

What most people here don't realize is that the entire trust the issuer problem has been ignored. Over in ripple-land, that is the single biggest hurdle for any gateway.

The other issue is competition. I know that peercover isn't charging fees for their ripple gateway and so it is quite possible someone will setup a free service to be a BTC gateway into NXT.

Of course, there is nothing to stop anybody from taking the ball and running with it. Just offering my take on it

James

It may not be a monopoly in the world but it will be the ONLY Gateway for BTC/NXT on the Asset Exchange....you will need some form of Gateway to deposit/withdraw either NXT or BTC for example from Nxt Asset Exchange ....JUST AS IN DGEX HOMEPAGE....we deposit/withdraw/Trade and pay a fee in the process like any normal exchange.

Its basically GDEX automated and linked to the Nxt Asset Exchange....who cares if there are other competitors....other competitors are not gonna pay out monthly dividents to share holders.....other competitors are not gonna have their shares traded in the NXT Asset exchange ....I repeat the NXT ASSET EXCHANGE IS READY!


I am not a dev...so I can;t code this but I don;t think it would be difficult....I would surely invest in this....and also trade the shares and many would cuz they can profit from price movements.


IT WOULD ALSO BE INNOVATIVE and could act as a template for other decentralized autonomous corporation....and the main exchange to list would be the NXT ASSET EXCHANGE....cuz it has a liquid and developed marketplace....if NXT doesn;t do this somebody else will.

 

You need to understand that NXT network does not know BTC address. They belong to two completely separate blockchains. There is no way you can send or receive real BTC within NXT. Please wait for documentation on the asset exchange operation.

[smartwart]

What do you guys think of this?

http://nxtra.org/nodes/

I noticed everyone seems to copy the same "easyCopyString" for the list of server nodes (wellKnownPeers) in web.xml - however, wouldn't it be better if that list of server nodes was different for everyone?

That's what my tool does, it gives back a random sampling of the well known server nodes. That way there'll be no overloading and everything will be less centralized. Now of course, I'd like to know CFB's opinion on this (and anyone else's).

GREAT !!!

[landomata]

I AM JUST PROPOSING WE AUTOMATE DGEX AND SET IT AS THE FIRST AUTONOMOUS CORPORATION TRADED ON THE NXT ASSET EXCHANGE.


PEOPLE JUST WANT A SAFE PLACE TO DEPOSIT/TRADE/WITHDRAW....A SAFE GATEWAY FOR NXT.


I REPEAT WE AUTOMATE DGEX AND ISSUE SHARES ON NXT ASSET EXCHANGE.


SIMPLE...EASY...

[mr_random]

I AM JUST PROPOSING WE AUTOMATE DGEX AND SET IT AS THE FIRST AUTONOMOUS CORPORATION TRADED ON THE NXT ASSET EXCHANGE.


PEOPLE JUST WANT A SAFE PLACE TO DEPOSIT/TRADE/WITHDRAW....A SAFE GATEWAY FOR NXT.


I REPEAT WE AUTOMATE DGEX AND ISSUE SHARES ON NXT ASSET EXCHANGE.


SIMPLE...EASY...

What do you mean by automate dgex?

[ZeroTheGreat]

Are there any estimates as to the amount of transaction fees each feature is expected to generate?

Totally unpredictable, I suppose. Try to imagine: how much of people'll (including new) be forging at each point, how many non-feature-txs'll be sent, how many feature-ones and so on. Too complex.

[landomata]

What do you mean by automate dgex?

withdrawal are now handled manually....but deposits are automated.

[ZeroTheGreat]

Is there any way we could include that timer in the cmd window and/or is there any other way we could check that we are still forging?

I could add some API calls. Remind me after the release plz.

Doubling request, waiting for release.

[utopianfuture]

I AM JUST PROPOSING WE AUTOMATE DGEX AND SET IT AS THE FIRST AUTONOMOUS CORPORATION TRADED ON THE NXT ASSET EXCHANGE.


PEOPLE JUST WANT A SAFE PLACE TO DEPOSIT/TRADE/WITHDRAW....A SAFE GATEWAY FOR NXT.


I REPEAT WE AUTOMATE DGEX AND ISSUE SHARES ON NXT ASSET EXCHANGE.


SIMPLE...EASY...

Dgex belongs to Mr. Graviton. You could persuade him listing in NXT asset exchange by emailing him and asking him so. And please stop spreading the bull concept of DAC. They belong to invictus and protoshare group which has litter thing to do with NXT.

[mr_random]

Do we have a list of all the developers working on NXT. From what I can gather we have:

Developers

- BCNext
- Come-From-Beyond
- Nexern? (This is from memory correct me if I am wrong)
- Jean Luc

1. Is this list complete?
2. Are all these individuals anonymous or do we have a public figurehead here? Someone like Gavin for Bitcoin rather than BCNext acting as Satoshi.
3. What is the development timeline? - My understanding is parts of the source code will be open sourced on January 3rd. What features will be complete and when? I know when is difficult in software development

The more developers we have working on this, the better it looks (and is) for NXT!

And the development timeline is also important in my opinion to inspire confidence that we are working to a schedule and have a plan. It will also make the features seem more real. When alias suddenly appeared it generated a lot of buzz for NXT.

Three things are important I feel:

- Development/features
- Marketing! Spreading the word in related forum topics, reddit, blog posts, getting on sites like coindesk etc
- Services

Those are my thoughts for the day  

I am trying to collect Nxteam here:
https://docs.google.com/spreadsheet/ccc?key=0AgAGADgnQcrtdHRrV3V3Z1lzOXVEMWtqdElUaEtqV1E&usp=drive_web#gid=6

But
- BCNext
- Come-From-Beyond
- Jean Luc
belong to the paid Core, while othes are only activists

Cool. When you said paid Core, you mean they are being paid for their development work? If so, full details of this should be provided (not the amounts obviously, but who is paying who, for what duration etc).

Development team is a major plus of this coin.

[mr_random]

What do you mean by automate dgex?

withdrawal are now handled manually....but deposits are automated.

That is because of the risk of bugs in the new software or chain forks.

If withdrawals are automated (handled by code with no intervention) and the dgex site owner is not awake and something bad happens money on the exchange will be lost. Potentially a lot of money.

I assume automatic NXT withdrawal will happen when confidence grows?

[landomata]

I AM JUST PROPOSING WE AUTOMATE DGEX AND SET IT AS THE FIRST AUTONOMOUS CORPORATION TRADED ON THE NXT ASSET EXCHANGE.


PEOPLE JUST WANT A SAFE PLACE TO DEPOSIT/TRADE/WITHDRAW....A SAFE GATEWAY FOR NXT.


I REPEAT WE AUTOMATE DGEX AND ISSUE SHARES ON NXT ASSET EXCHANGE.


SIMPLE...EASY...

Dgex belongs to Mr. Graviton. You could persuade him listing in NXT asset exchange by emailing him and asking him so. And please stop spreading the bull concept of DAC. They belong to invictus and pro to share group.

I use Gdex so that you may have a conceptual picture/framework in your mind....it can be any other exchange......I'm not even excited about the exchange per sec...im more interested in how the IPO process will work...how  I will be able to trade shares on the Asset exchange....If I don;t want to trade Nxt....I just trade my shares....IT'S ANOTHER DRIVER FOR NXT!.similar to forging....& share holders also get monthly dividends based on their holdings.....I think this is what Mr. James has been pushing.

[jl777]

I know that peercover's gateway is automated in both directions.

They are also finalizing a trading page that will allow trading. I have not seen it yet, but it sounds like you won't need to open special accts and it will automatically handle the exchange using mostly client side code.

Not sure how Jared is implementing it, all I know is his stuff is solid and very cool

James

[utopianfuture]

I AM JUST PROPOSING WE AUTOMATE DGEX AND SET IT AS THE FIRST AUTONOMOUS CORPORATION TRADED ON THE NXT ASSET EXCHANGE.


PEOPLE JUST WANT A SAFE PLACE TO DEPOSIT/TRADE/WITHDRAW....A SAFE GATEWAY FOR NXT.


I REPEAT WE AUTOMATE DGEX AND ISSUE SHARES ON NXT ASSET EXCHANGE.


SIMPLE...EASY...

Dgex belongs to Mr. Graviton. You could persuade him listing in NXT asset exchange by emailing him and asking him so. And please stop spreading the bull concept of DAC. They belong to invictus and pro to share group.

I use Gdex so that you may have a conceptual picture/framework in your mind....it can be any other exchange......I'm not even excited about the exchange per sec...im more interested in how the IPO process will work...how  I will be able to trade shares on the Asset exchange....If I don;t want to trade Nxt....I just trade my shares....IT'S ANOTHER DRIVER FOR NXT!.similar to forging....& share holders also get monthly dividends based on their holdings.....I think this is what Mr. James has been pushing.

Yes, thee will be a lot of trading. Lot of shares. Exchange etc.

[landomata]

I know that peercover's gateway is automated in both directions.

They are also finalizing a trading page that will allow trading. I have not seen it yet, but it sounds like you won't need to open special accts and it will automatically handle the exchange using mostly client side code.

Not sure how Jared is implementing it, all I know is his stuff is solid and very cool

James

So why can;t we do it too.....as I mentioned THE NXT ASSET EXCHANGE is ready....we are just waiting for the client from Nexern...its not rocket science to see the potential.

[jl777]

My idea for NXTcompany is that we start recruiting people to concentrate on maximizing the value created from each new NXT feature that generates transaction fees.

We can leave it to the existing companies to handle their own IPO

I guess one problem is how they will pay dividends. Since all of the transaction fees they generate is being distributed to the winning block. Each NXTcompany will have to charge a premium on top of the transaction fee for this to work. I do not know enough about how things will be setup to know how hard that will be.

Unless there is a way to change how forging is allocated to include some portion to the associated NXTcompany (highly unlikely unless CfB says otherwise), this probably won't work

James

[arafel71]

Do we have a list of all the developers working on NXT. From what I can gather we have:

Developers

- BCNext
- Come-From-Beyond
- Nexern? (This is from memory correct me if I am wrong)
- Jean Luc

1. Is this list complete?
2. Are all these individuals anonymous or do we have a public figurehead here? Someone like Gavin for Bitcoin rather than BCNext acting as Satoshi.
3. What is the development timeline? - My understanding is parts of the source code will be open sourced on January 3rd. What features will be complete and when? I know when is difficult in software development

The more developers we have working on this, the better it looks (and is) for NXT!

And the development timeline is also important in my opinion to inspire confidence that we are working to a schedule and have a plan. It will also make the features seem more real. When alias suddenly appeared it generated a lot of buzz for NXT.

Three things are important I feel:

- Development/features
- Marketing! Spreading the word in related forum topics, reddit, blog posts, getting on sites like coindesk etc
- Services

Those are my thoughts for the day  

I am trying to collect Nxteam here:
https://docs.google.com/spreadsheet/ccc?key=0AgAGADgnQcrtdHRrV3V3Z1lzOXVEMWtqdElUaEtqV1E&usp=drive_web#gid=6

But
- BCNext
- Come-From-Beyond
- Jean Luc
belong to the paid Core, while othes are only activists

Hi

for my part, i begin to work on the core of a future Alias search engine (index + request tools) implements in java . I think it could be interesting to have a query tools allow us finding alias and URI associate. In a second step maybe we can implement a more sophisticated crawler (tags ans metada of URI ) . what the forum think about this project ?

But it will take some months to implement this project.

[landomata]

JUST DO IT! 

[landomata]

Re: [ANN] Nxt :: descendant of Bitcoin
November 08, 2013, 07:59:19 AM
Reply with quote  #446
It is real.

BCNext WROTE:

Here is an example

I want to run a business.  I issue an asset (let's call it Krusty Krab tokens - KKT).  I set quantity of KKT to 1000.  I announce that I sell KKT for 20 NXT each and pay 5 NXT monthly interest within next 6 months.  I create an ask order -- 1000 KKT for 20,000 NXT.  You create a transaction that sends me 500 NXT for 25 KKT.  It's up to you what to do with your 25 KKT (you can place an ask order and sell them for 27 NXT) but each month I will check the blockchain to see who owns KKT.  And I will send 5 NXT for each KKT to those who owns them.

[xibeijan]

I can't wait!