NXT :: descendant of Bitcoin - Updated Information

[notsoshifty]

Why do you personally need a Global Voting? For decide what kind of things exactly?

To vote on adding alias transfer.

Why should alias transfer be dependent upon a vote (i.e. VS implementation being a pre-requisite to alias transfer implementation), when other features are being implemented based on demand/steer from forums and from dev team? Do others on this forum not want alias transfer to be implemented sooner?

[Ebrelus]

I think Nxt needs to become more democratic by splitting "transactions mining" system to be in half based on proporcional dividend as we have now and in half based on dividend payed random active accounts of Nxt community.

Give us please this weapon to defend Nxt and respond properly to all accusations about Nxt as system rewarding only richest getting richer with no chances for poorer, mass participants. It is much more troublesome to promote it in this shape, because all altcoin hypes were based on possibility of each new participant to mine by himself even very small amount of cryptocurrency and look on growing account.

With this you will see massive feedback from small fishes who bring big fishes and not doubts which are blocking proper progress.

Also somebody should do something with thread Nxt Big Giveaway. Why is it closed for comments and no rewards are payed for few days while all these people are still waiting for it or working hard on Nxt promotion? This is behaviour which undermine faith in Nxt.

And what is it all about that voting system? You want to make Nxt a stock company or club of aristocrats or serious product for everybody? Nxt should stay a free currency for free people and there shouldn't be any totalitarian tools to decrease rights of Nxt owners or do invigilation like NSA criminals do. Keep Nxt decentralisation and freedom of each owner to do what he wants with his own property (as he has with private coins in his pocket).  

Nxt is arrow, since you fired it let it fly, don't cut it's wings and wind will do the rest.
I like others belive in Nxt but don't make from it religion, it always ends badly

Keep up and good work. Development progress is really impressive!  All the best in new year o7

[chanc3r]

VOTING

Sorry if this has gone off topic – but I had an idea and just had to write it down...

This is Voting Proposal that tries to balance stake with number of participants – its not 1 account 1 vote but hopefully the blend in here will make it difficult to screw the vote with either 1 account holding lots of NXT or lots of account holding little NXT.

1. A vote is proposed

• default majority is 51%,
• default participation is 51% of all 30 day active accounts with min 1 NXT BEFORE the vote was proposed.
• default duration is 24hours and this is minimum.

2. The properties of the vote is that the proposer can propose are

• the required majority level (weighted NXT)
• participation level (max 100%, minimum 10% of active accounts)
• the duration (hours, min 24)

2. The vote is submitted to the network.
4. The voters can weight their vote with their non-refundable NXT Fee min 1 NXT
5. The voters also confirm or reject the majority & participation proposals if they are different from the default, this component is NOT weighted by the NXT Fee and always requires 51% of the participating voters to agree.
6. The vote completes once the participation level is met and 51% of those voting have agreed with that participation level.
7. If the vote does not achieve  51% agreement of proposed participation and achieve that participation then the voting transaction fails and everything rolls back.
8. If the vote does achieve 51% agreement of proposed participation AND that participation is achieved then the vote is successful and the transaction completes.
9. People need to be able to query the vote, see the current stats and increase their FEE if they so wish.
10. The vote result is the number of VOTEs for/against weighted by their respective NXT Fees.
11. The Total Vote Fees are then divided equally between the forger of that block and the participating voters.

So you can buy votes but not by buying NXT and just holding it, you need to be active and put some of your stake behind your vote – if everyone feels equally strong and puts 100 NXT in their vote then you will get most of your stake back but if you want so badly to win you put 1,000,000 NXT in and everyone put in 1 NXT then you may well win but then your stake is divided up amongst the voters.

Yes some people will vote with 1 NXT hoping to get more than 1 NXT in Fees I guess and will try to use mutiple accounts but whatever system is implemented there will always be some who try to screw it.

this is interesting ....good job....Cfb could it this be implemented?

Yes, if there are no flaws. But original voting is based on other algo.

Sorry one further thought - if you wanted to make sure you got a good response from a vote - you could seed it with a bounty as an 'Abstain Vote' - people voting would then see that there was a reward for their view and participate in the vote.

Of course then how many 'votes' might we be running and whatever the split - some of this would go to the forging revenues.

People might run a vote to get peoples opinion on something - not just to change the course of NXT or some other planetary issue..

If you implement voting right so that rewards/revenue can come from participating in the votes people might use it for many things, it won't bias the outcome because people would get the reward irrespective of their vote.

[ireneang]

I severely concern the reliability and validity of the NXT transaction mechanism and DGEX system. Two days ago, I attempted to transfer 13287 NXT (plus 13 NXT transaction fee) to my DGEX account as deposit with a transaction deadline of 1 hour. Unfortunately, after one hour (1 hour deadline passed), the transaction was not made, and in my DGEX account history, it was stated that the NXT deposit was pending. Hence, for this pending order, I clicked the “cancel” button to cancel the “deposit”. Then in the history, it was stated that the “pending deposit” was canceled.

After two days (as of now), in my NXT account, 13300 NXT still disappears. From the information button “i”, I found the transaction ID, indicating 13300 NXT was transacted to the DGEX system. However, I could not see any deposit in my DGEX account. 

Two days ago, I sent an email to DGEX and left a message in DGEX website. Up to now, no reply from DGEX…

My specific questions are:
1) Why did the NXT transaction still proceed even after the deadline was passed?
2) Where is my 13300 NXT now?
3) Why DGEX does not reply me?

[Come-from-Beyond]

I think Nxt needs to become more democratic by splitting "transactions mining" system to be in half based on proporcional dividend as we have now and in half based on dividend payed random active accounts of Nxt community.

I'm not sure I got ur idea, but I suspect it's flawed (vulnerable to Sybil attack, for example) or outcome will be exactly the same as in current implementation.

[ferment]

Quick 22k.io update

Since the NXT Blockchain explorer is offline, I added a simple way to peek at an account. Just substitute the account number.

http://22k.io/-account/4915862015826193000

Now if you set an alias to a uri like "acct:4915862015826193000@nxt", you'll get nice forwarding to the account page.

http://22k.io/acct22k

Like?

ps - Thanks for the donations! Keep 'em coming and I'll keep hacking! 4915862015826193000

[landomata]

Well, for the NXTalias company we have wesleyh and I am sure others now who feel deserving of a share of the NXTalias pie.

aldrin has pledged his 1% stake's forging output. This is such a fantastic thing that it makes all of this possible.

to make this more real, we need to have the following:


a) Calculation of total forging revenues based on NXT pledged to community fund. This acts as a surrogate of pooled mining, instead people contributed to increasing transaction fees and get a prorata share of big NXT pool

b) percentage distribution of a) for each different method of transaction fee generation. I think right now it is sending fees and alias fees.

c) Nomination of people who should split up the allocation of b)

d) peer voting of all properly nominated people in c) to determine each person's share. Eg. each person has a fixed number of points they can give to each other person other than themselves. Tally up each person's total to get their percentage of the NXT.

In math we trust.

I will be happy to be arbiter for whatever issues require arbiting. As long as the voting is by public post, it will eliminate collusions and we all know who the heavy lifters are.

James

P.S. I think someone in the NXTIPO company should do most of the above as the NXT represents profits directly attributable for a group and makes an excellent starting point for company profit reports which allow for investor valuation of NXTcompanies in general. Maybe each NXTcompany would allocate some percentage of their NXT to the NXTIPO company for this?

James...couldn't we combine....Aldrin 1% forging stake & the NXTIPO company into one entity....based on Aldrin's 1% base capital....the NXTIPO company would list on the NXT Asset Exchange(to gain even more forging capital) and pays out the mining fees it generates as a monthly dividends....it's shares would also be traded on the NXT Asset Exchange.


EDIT: the NXTIPO Company becomes the 1st NXT forging pool....no need to trust anyone with your NXT.....just buy shares(to enter the pool) of the NXTIPO Company and received your monthly dividends.

The share price can also appreciate over time.

[jl777]

ebrelus,

I think you missed aldrin's post about his plan of divesting 75% of his founder NXT and then pledging 100% of his remaining 1% of NXT's forging revenue to a community fund.

If this is the average behavior of NXT founds,that means 75% of NXT will be distributed into the early adopters and that the initial concentration of 40% in a dozen(?) full 1BTC founders will be down to 10%

That is less than Ripple Lab's percentage of XRP and with their curing cancer angle, people aren't complaining so much about the 20%.

so with half the Ripple Labs percentage and 100% of income from that diminished percentage funding community activities that mathematically reward people in direct correlation to their contribution in boosting NXT valuations, how exactly is there an image problem?

Contrary to an image problem, NXT has created a nice balance between the wealthy and the rest. BCNext is the one who made the founders wealthy by giving away millions of dollars of software to the founders. That was his right. It is done. Now the founders are selling the vast majority of their shares and giving away 100% of their future income so the early adopters can earn NXT.

Just communicate what is happening, there will be no image problem that I see. On the contrary, the truth of what is happening will be very positive.

James

[bitcoinrocks]

I just updated 2 out of my 3 public nodes to 0.4.8 and both are stuck on block zero.  What should I do?

Add more well-known peers. And next time don't delete *.nxt.

What if I were a new user?  I wouldn't have any *.nxt files.  I would be required to add more well-known peers?  If so, why not include them in the distributed web.xml?  It would be good to make this software work out of the box.

Where can I find a list of well-known peers to add to web.xml?

[Come-from-Beyond]

What if I were a new user?  I wouldn't have any *.nxt files.  I would be required to add more well-known peers?  If so, why not include them in the distributed web.xml?  It would be good to make this software work out of the box.

Where can I find a list of well-known peers to add to web.xml?

http://nxtra.org/nodes/

[utopianfuture]

What if I were a new user?  I wouldn't have any *.nxt files.  I would be required to add more well-known peers?  If so, why not include them in the distributed web.xml?  It would be good to make this software work out of the box.

Where can I find a list of well-known peers to add to web.xml?

http://nxtra.org/nodes/

Cfb, is minimum fee to 0.01 implemented at the same time as the launch of the asset exchange ?

[Come-from-Beyond]

Cfb, is minimum fee to 0.01 implemented at the same time as the launch of the asset exchange ?

No. Orders will be with cents but min fee still 1 NXT.

[gbeirn]

I just updated 2 out of my 3 public nodes to 0.4.8 and both are stuck on block zero.  What should I do?

Add more well-known peers. And next time don't delete *.nxt.

What if I were a new user?  I wouldn't have any *.nxt files.  I would be required to add more well-known peers?  If so, why not include them in the distributed web.xml?  It would be good to make this software work out of the box.

Where can I find a list of well-known peers to add to web.xml?

Peers may go up and down. What is on a list today may not be tomorrow. I think it would be pretty easy for someone to make a webpage where you enter your info (IP, Hallmark, etc.) and have it generate a web.xml for you.

[utopianfuture]

Cfb, is minimum fee to 0.01 implemented at the same time as the launch of the asset exchange ?

No. Orders will be with cents but min fee still 1 NXT.

any plan for min fee update. Like any NXT price target ?

[jl777]

landomata,

I don't think it makes sense to entangle things like that. Modular design is important in software and also incentive design.

I am envisioning that there will be founders and massive NXT early adopters who pledge a prorata share of their forging income. This can be public or private or anonymous.

Note that if someone with 50 million NXT pledged the forging revenue from 10 million NXT, they would actually send 20% of their overall forging revenue, essentially creating a forging pool of their own NXT.

So there is the community fund account that receives regular (weekly or monthly) payments from the participating donors. Some trusted person in the community runs this fund and a separate entity, the IPOcompany would calculate who should get what based on voting results submitted by each group.

The only subjective number is each groups voting results and that would be the responsibility of each group. The rest is totally calculatable with relatively simple blockchain analysis.

Now, whether each group decides to be a private group and receive 100% of their NXT upon disbursement or to each own shares in a NXTcompany and have the company get 100% of the NXT or anything in between, that would be a matter for each group.

Since we can start this right now without adding the IPOshares complexity, I suggest we start a dry run and calculate how much wesleyh should get. As we get more and more contributors and more and more groups,it will clarify as to which ones are on a large growth path and would benefit from the IPO process.

James

[Come-from-Beyond]

any plan for min fee update. Like any NXT price target ?

2 options:
- Stakeholders decide via VS
- When average number of transactions per block reaches some threshold (50% for example)

[bitcoinrocks]

I just updated 2 out of my 3 public nodes to 0.4.8 and both are stuck on block zero.  What should I do?

Add more well-known peers. And next time don't delete *.nxt.

What if I were a new user?  I wouldn't have any *.nxt files.  I would be required to add more well-known peers?  If so, why not include them in the distributed web.xml?  It would be good to make this software work out of the box.

Peers may go up and down. What is on a list today may not be tomorrow. I think it would be pretty easy for someone to make a webpage where you enter your info (IP, Hallmark, etc.) and have it generate a web.xml for you.

Are there plans to remove the NRS software's reliance on well-known peers?  Obviously it would be ideal for the software to connect to the network and find its own way as is the case with other P2P networks.

[utopianfuture]

any plan for min fee update. Like any NXT price target ?

2 options:
- Stakeholders decide via VS
- When average number of transactions per block reaches some threshold (50% for example)

Should have a technical milestone like in option 2. This belongs to technical category. You should ask BCNext. If there are two options, we have to vote again. Put it into technical category.  

[landomata]

Since we can start this right now without adding the IPOshares complexity, I suggest we start a dry run and calculate how much wesleyh should get. As we get more and more contributors and more and more groups,it will clarify as to which ones are on a large growth path and would benefit from the IPO process.

James

What target amount do you have for Wesleyh in mind?

[xibeijan]

That is ridiculous.  Have you or BCNxt offered to pay him?

BCNext is planning to spend some unclaimed coins to push development of clients for different platforms. Nexern is supposed to get something just like the other guys who develop something for Android and iPhone. But I wouldn't rely on unclaimed coins, not too much left.

Where have the coins gone?