NXT :: descendant of Bitcoin - Updated Information

[landomata]

....and I, for one, welcome our new DGEX overlords.

 

[chanc3r]

OK, this is my cue to update status of community gateways. Keep in mind I am talking about the first step along the path toward fully automated DAC solution. No need to wait for that if we can get a more traditional solution in the meantime.

James,

on gateways I am a little confused as to how you want them to work.
So If I want to buy LTC with BTC via gateways.

I deposit BTC with a BTC gateway under my NXT account ID
Someone has deposited LTC with an LTC gateway under their NXT account ID
They have also posted an exchange offer for an LTC/BTC exchange.

I submit a request to buy the LTC at the offered rate.

The BTC gateway creates a transaction to move the required BTC held under my NTX account ID to the NXT account ID of the LTC seller
The LTC gateway creates a transaction to move the required LTC held under the seller NXT Account ID to my NXT account ID.
The gateways would exchange the transaction IDs which would contain the buyer/seller NXT account IDs
Only when both transactions were confirmed the exchanges would release the LTC and BTC held under the NXT account IDs on those gateways.

This would require some trust/verification between the gateways?
Would the transactions appear against the NXT accounts?
Assume fee's would be in NXT or would they be in BTC/LTC?
Who's keys sign the transactions?

I've probably got this wrong but I'm trying to figure out how between the gateways you would create a contract that could ensure completion on both sides.

[xadidos]

plz send me any coins in testnet 8934589681199444737
thanks guys

[xyzzyx]

Here's my spot of Latin for a NXT slogan:

non deorum, non reges, iustus NXT

No gods, no kings, just NXT
(corrections welcome)

You know, I think the original "no gods, no kings, just us" works too -- especially considering that Nxt will likely become a foundation upon which other currencies ride.  The "just us" is all-inclusive.

Just a thought.

[CoinTropolis_JustaBitTime]

CfB and Jean-Luc,

"Hello John,

I was looking at the API but it seems like there aren't any APIs for bulk
usage; like returning all of the transactions for all of the accounts held
by the node or the balances of all the accounts. Everything has to be
queried one by one, which I guess wouldn't be a big deal in the early
stages but once there is more volume would be very inefficient.

I haven't looked at the code yet though, so it may not be that hard for me
to add those API calls.

-CoinPayments.net"


Please comment and I'll get that process moving with CoinPayments.

Querying many accounts at once will be slow even if done on the server side, it will be better to have a way to subscribe for notifications when the balance of an account changes. Currently this is not possible with the http API, only with the direct Java API (i.e., you would need to write Java code to talk to the server).

Also not sure what he means by "all of the accounts held by the node" - each node has information about all existing accounts on the blockchain, so it is not a very useful query.

Thank you Jean-Luc and CfB, information passed on to CoinPayments.

[Anon136]

OK, this is my cue to update status of community gateways. Keep in mind I am talking about the first step along the path toward fully automated DAC solution. No need to wait for that if we can get a more traditional solution in the meantime.

James,

on gateways I am a little confused as to how you want them to work.
So If I want to buy LTC with BTC via gateways.

I deposit BTC with a BTC gateway under my NXT account ID
Someone has deposited LTC with an LTC gateway under their NXT account ID
They have also posted an exchange offer for an LTC/BTC exchange.

I submit a request to buy the LTC at the offered rate.

The BTC gateway creates a transaction to move the required BTC held under my NTX account ID to the NXT account ID of the LTC seller
The LTC gateway creates a transaction to move the required LTC held under the seller NXT Account ID to my NXT account ID.
The gateways would exchange the transaction IDs which would contain the buyer/seller NXT account IDs
Only when both transactions were confirmed the exchanges would release the LTC and BTC held under the NXT account IDs on those gateways.

This would require some trust/verification between the gateways?
Would the transactions appear against the NXT accounts?
Assume fee's would be in NXT or would they be in BTC/LTC?
Who's keys sign the transactions?

I've probably got this wrong but I'm trying to figure out how between the gateways you would create a contract that could ensure completion on both sides.

you send btc*1 to bob. bob sends BobsBtcToken*1 to you. you go onto the orderbook for BobsBtcTokens and fill a buy order. Nxt appears in your account. Now you find a ltc gateway. Say betty seems the most trustworthy. Fill a sell order for BettysLtcTokens. Receive BettysLtcTokens*X. Send BettysLtcTokens*X to Betty's nxt address with a message containing your ltc address. Wait for ltc to arrive.

It seems overly complicated now but it'll feel natural once it gets rolling and everyone gets used to it. All steps serve their purpose, these extra steps are the cost of decentralization.

[ChuckOne]

Just to have it posted here as well, even if it is somewhat offtopic right now recognizing all these latin quotes: https://forums.nxtcrypto.org/viewtopic.php?f=2&t=530&p=3729#p3729

Don't know what the plans are on the side of CfB, JL and BCNext.

-------------------------------------

I prefer the (1 NXT fee = 1) voting system.

I'd like to explain why:

Many of you suggest a playable system as insofar as splitting and merging of accounts will occur as the shareholders see fit in order to vote appropriately.
On the one hand side, splitting and merging of accounts is a good thing as the more NXTs are distributed.
But on the other hand side: it's just teasing shareholders. They have more effort to split and to merge their accounts.

Well, if you still want a playable system because you assume some fair-thinking of the shareholders, that's okay.

BUT, if we assume fairness of the shareholders, we could easily conclude that they would vote fairly within the (1 NXT balance = 1 vote) or (1 NXT fee = 1 vote) system as well.

Fair voting would mean: a shareholder would only put that much NXT on one option that it is worth to him.

In case of (1 NXT balance = 1 vote): he creates a new account, puts the NXTs he wants to throw into the vote in that account and votes.

in case of (1 NXT fee = 1 vote): he simply pays the amount of fees that an option is worth to him.

This is why I prefer the (1 NXT fee = 1 vote) system. Just in case the shareholders want to vote fairly, they can do it effortlessly in this system. If they do not want, they can do in every system.

[EvilDave]

Here's my spot of Latin for a NXT slogan:

non deorum, non reges, iustus NXT

No gods, no kings, just NXT
(corrections welcome)

You know, I think the original "no gods, no kings, just us" works too -- especially considering that Nxt will likely become a foundation upon which other currencies ride.  The "just us" is all-inclusive.

Just a thought.

Works for me....lets go for "just us".

Now, we need someone who actually knows Latin for a grammar check...I'm not totally sure if Google translate is trustworthy.  

[kpax7788]

plz send me any coins in testnet 8934589681199444737
thanks guys

Sent 10k

[CoinTropolis_JustaBitTime]

Information sent to CoinMKT for them to start evaluating Nxt (clients/api info etc..).

[chanc3r]

you send btc*1 to bob. bob sends BobsBtcToken*1 to you. you go onto the orderbook for BobsBtcTokens and fill a buy order. Nxt appears in your account. Now you find a ltc gateway. Say betty seems the most trustworthy. Fill a sell order for BettysLtcTokens. Receive BettysLtcTokens*X. Send BettysLtcTokens*X to Betty's nxt address with a message containing your ltc address. Wait for ltc to arrive.

It seems overly complicated now but it'll feel natural once it gets rolling and everyone gets used to it. All steps serve their purpose, these extra steps are the cost of decentralization.

If I read this right - 'No escrow' or atomic completion?
so buyer beware....

[allwelder]

I am constructing a Nxt navigation website,and the domain name has been registeredwww.nxtcrypto.com.
So plz list your website and category or function here,I will collect ,classify these websites ,and list all of them for Nxters easy to reach every website of Nxt.

salsacz's document sounds like a good way to start.

Yes,its very useful,thank for your remind.

[rajc]

I still say trying to tie the fee to some FIAT is the wrong direction.  Ill say it again - a transactions's fee should be tied to its byte size on the blockchain.  So lets say a NXT transfer is 128bytes, and its fee is .1NXT, so then an AM or alias of size 256bytes should cost .2NXT.
But no one likes my idea. 

This proposal will require a bit more code; but for the moment I think a straight .1 NXT for all works, as it will encourage more use for now.

+1000

you have to realize it is arbitrary message NOT chat

[allwelder]

Hi NXTers!

NXT's greatest competitor seem to be Ethereum. It's main feature that NXT still lacks is scripting, which is a wonderful idea (along with it's risks of course) - kudos to Vitalik and his team for bringing this up!

Because I want NXT to be competitive and because this is a great feature on it's own, I decided to personally fund a team led by CIYAM and CfB (as long as he is with us), to implement this technology in NXT too!

The code will be open sourced when the feature is finished and extensively tested.
We will use a private github repo if others want to easily review the source during development.

Let the good times roll!

Great

[allwelder]

The ZSE has added Nxt business.
https://www.zharifsofiaexchanger.com/site/home.php

[dzarmush]

http://www.cryptocoinsnews.com/2014/02/13/silk-road-2-0-has-been-hacked-and-4474-26-btc-stolen-operator-says-centralized-escrow-system-cant-ever-work/

http://www.forbes.com/sites/andygreenberg/2014/02/13/silk-road-2-0-hacked-using-bitcoin-bug-all-its-funds-stolen/?utm_campaign=forbestwittersf&utm_source=twitter&utm_medium=social

Yikes, bad for BTC.

In the bright side of things, almost simultaneously we find out that porn giants embrace BTC.

I believe in the end everything will be more than okay.

Cool. I just paid for porn. Didn't think such thing might happen to me ) If they start accept bitcoin on all their sites it will be bigger than anything before.

[Anon136]

you send btc*1 to bob. bob sends BobsBtcToken*1 to you. you go onto the orderbook for BobsBtcTokens and fill a buy order. Nxt appears in your account. Now you find a ltc gateway. Say betty seems the most trustworthy. Fill a sell order for BettysLtcTokens. Receive BettysLtcTokens*X. Send BettysLtcTokens*X to Betty's nxt address with a message containing your ltc address. Wait for ltc to arrive.

It seems overly complicated now but it'll feel natural once it gets rolling and everyone gets used to it. All steps serve their purpose, these extra steps are the cost of decentralization.

If I read this right - 'No escrow' or atomic completion?
so buyer beware....

perhaps our slogan should be "Caveat emptor"? No but seriously who runs the escrow for bitstamp deposits?

[chanc3r]

you send btc*1 to bob. bob sends BobsBtcToken*1 to you. you go onto the orderbook for BobsBtcTokens and fill a buy order. Nxt appears in your account. Now you find a ltc gateway. Say betty seems the most trustworthy. Fill a sell order for BettysLtcTokens. Receive BettysLtcTokens*X. Send BettysLtcTokens*X to Betty's nxt address with a message containing your ltc address. Wait for ltc to arrive.

It seems overly complicated now but it'll feel natural once it gets rolling and everyone gets used to it. All steps serve their purpose, these extra steps are the cost of decentralization.

If I read this right - 'No escrow' or atomic completion?
so buyer beware....

perhaps our slogan should be "Caveat emptor"? No but seriously who runs the escrow for bitstamp deposits?

True... but people need to be able to trust in the network because the individuals are by nature, remote and anonymous...
Btw if you are trading DOGE it should be "Caveat Canem"

[Sebastien256]

** Big News **

Nxt (along with Peercoin) will be one of two official currencies at Trekcon Springfield:

http://www.trekconspringfield.com/

We will have access to quiet a bit of media as well as tie-ins with Star Trek actors at the event. I will be working with local companies prior to the event to help support Nxt.  More details to come, still working on the logistics.  Here's a video we put out when we added Peercoin:

http://www.youtube.com/watch?v=89YI6_6Aw2E


Yes, that's me in the video. The guys are already lining up interviews with local tv and radio stations, we'll also be able to take part in that promotion.

Made me laugh, as I have been talking with James about a "Federation of Gateways" today.

OK, this is my cue to update status of community gateways. Keep in mind I am talking about the first step along the path toward fully automated DAC solution. No need to wait for that if we can get a more traditional solution in the meantime.

I have a job offer out to a fulltime dev who will help code my ideas, both crazy and not so crazy. The first task is to create reference code for automated gateways and clients along the lines of my post about this yesterday.

In parallel, I am working with traditional gateway providers to create a federation of gateways that users can choose between. We will create requirements to be part of the gateway and the community will need to help do the due diligence on each of the gateways as I have little expertise in data center security, etc.

NXT community gateway federation requirements:

A) we need source code of the automated gateway functionality, this way the smart guys can make sure that all the error cases are properly handled and if a database is used, that proper database techniques are used, etc. It is expected that all the federation members will work together to create best practices for deposit/withdrawal handling. No more bter funny business!

B) There needs to be an automatically updated balance of Assets issued and a corresponding account that can be checked using blockchain.info, trust but verify. This ensures that there is 100% backing of all the Assets issued into AE and people can trade it without worrying about fractional reserve.

C) There needs to be a publicly posted information about any and all fees charged. There will also be the option of the gateway provider to put up a bond against deposit flight risk. This allows even gateways run by an unknown newbie to have a chance, especially if they put up a bond big enough to cover all their deposits. Any reductions in bond will require enough time for adjustments to be made by holders of gateway's assets. [I need a place to host this information and also someone to keep it updated, maybe nxtcrpto.org?]

D) There needs to be an agreement to exchange gateway assets of the same denomination with the community asset at 1:1, this is something that ripple never achieved and it fragments the trading for all gateways to this day. By pooling all assets for the same thing, it reduces confusion for the user and also creates more liquidity and tighter spreads. Imagine if the highest bid and lowest ask for DOGE was always available within AE!

D) Anything else that is missing?

I cannot stress how important it is that we unite all the Assets for the same crypto, otherwise it will be a giant confusing mess. In ripple right now, anybody can issue anything, but there are no standards or requirements to be able to do this. Buyer beware. I am hopeful that each federation gateway will either start with enough credibility or be able to find a sponsor/partner that will be able to put up a big enough bond to allow for true interchangeability among all Assets for the same thing.

Getting the tech to achieve this is actually not new, having the community that can achieve freely interchangeable Assets among a federation of gateways, that is what is new here.

James

I like that, many gateway is more decentralized and more secore if done correctly.  

[gs02xzz]

I guess that we can solve the "latin issue" only by voting.

vox populi - "voice of the people". Short non-prearranged interview with an ordinary person (e.g. on the street); sometimes shortened to "vox pop".

How about Freedom, or Peace and Freedom? Isn't it what the NXT eventually want to achieve in a society?