Earlier today, Jelurida, the development company behind Nxt and Ardor, has announced new details about the upcoming ICO on their website.
The Jelurida team is now happy to announce that the legal, technical and organizational preparations for the IGNIS ICO are entering their final stage. The ICO will start near the end of July or early August 2017 (exact date and time to be disclosed at least two weeks in advance).
After inquiries into the start date of the ICO have been asked by the community on a daily basis, this should hopefully bring some clarity now on how the rest of Q3 will shape up to be like, even if no exact date has been given yet.
NXT in the ICO
As mentioned in our earlier newsletter, Jelurida mentioned that NXT will be used in the ICO and that this was due to technical reasons. Now, with the announcement, we can see why this was chosen.
The token sale itself will be conducted on the Nxt blockchain platform. A “controllable currency” called JLRDA will be issued and offered for sale in several consecutive rounds.
Being a controllable currency, the JLRDA tokens will not be tradeable or transferable between user accounts. The purchased JLRDA currency units will only serve as a proof of ownership and initial IGNIS balance for the Ardor Genesis Snapshot.
Purchasing JLRDA tokens will require NXT, however users will be able to exchange other cryptocurrencies to NXT conveniently within the Nxt wallet using the integrated ShapeShift and Changelly third party exchanges, subject to availability.
For 1 JLRDA token the participants in the ICO will receive 1 IGNIS coin at the time of the Ardor Genesis Snapshot.
So, the IGNIS ICO will utilize the Monetary System feature of the Nxt blockchain, where a controllable currency called JLRDA will represent the IGNIS to be distributed when Ardor launches. Purchasing a controllable currency on Nxt directly requires NXT as the transactions are on the Nxt blockchain itself.
Ardor Genesis Snapshot
The announcement also shed some light on the snapshot date for NXT balances where 0.5 IGNIS is given for every NXT an account holds.
As already promised, approximately half of the IGNIS coins will be reserved and distributed automatically to the NXT holders based on their account balances at the time of the Ardor Genesis Snapshot, at 1 NXT = 0.5 IGNIS ratio.
The Ardor Genesis Snapshot will be performed at least two weeks after the end of the last JLRDA sale round.
However, since the exact date of the start of the ICO and the duration of the ICO are still unknown, we can only estimate when the Ardor Genesis snapshot will happen.
There have been some complaints on some channels in the community about false information being spread around, such as that the launch was supposed to happen on July 1st, despite multiple announcements for over a year that Q3 was when Ardor would launch, not necessarily July 1st. Because of this confusion, Jelurida was prompted to also state this in their announcement:
All official information regarding the IGNIS ICO will be published on this website only. If you receive information from other sources always make sure that it is consistent with this page.
While Nxter Magazine strives to provide the most accurate information, if any conflicting information is found on this website with Jelurida, please trust the content posted on Jelurida’s website as they are the development team and may have made some changes and we just did not get to update our content yet.
Also, read about the core dev's mobile app @ Nxtwiki.org
The NRS (Nxt Reference Software) Client is the Nxt core developers’ official wallet release.
NRS is a locally hosted client server application. By default it downloads the Nxt blockchain, but from version 1.10.0e you can run it as a light client as well as a full node. To forge and earn forging fees from processing transactions on the network you must run the Nxt Client in full mode, which is possible even on small devices like laptops, or on a Raspberry Pi. There are also bounties for running public nodes.
The Nxt Client is easy to install. Use the 1-click installers for Linux, Mac and Windows or read this INSTALLATION GUIDEto launch the NRS .zip from terminal.
On October 07, 2016, Damelon announced the incorporation of Jelurida BV, a new startup software development company consisting of Nxt core developers Jean-Luc, Riker and Nxt Foundation member, Damelon.
Jelurida BV, as holder of the intellectual property rights for the Nxt software and the Ardor platform, aims to create a sustainable and thriving business around the Nxt ecosystem by providing software licenses, maintenance, and services to a new breed of blockchain-based applications.
The ninja announcement of a “Nxt company”, and the fact that the lead developers of Nxt and Ardor were going to monetise their services and IP naturally sparked discussions in the Nxtchat Slack channel. Damelon posted a few answers, but asked the Nxt community to save their further questions for a Q&A session with the core developers, which was to be kicked off Sunday.
martis [2:09 PM]
so Nxt became a company?
Damelon answered (before the Q&A):
damelon [2:10 PM]
No, the devs are in a company now (including me, who is also on it). I am managing director. It’s a Holding with two separate BVs contained in it. There is a BV that holds the IP and a BV that is “active” and signs.
The main purpose is to ensure that the code is protected, and secondly licensing to generate a cash flow. The direct benefit is continuity and more possibilities to actually partner with companies. That benefits the community and holders. Even if licenses are sold for private chains, this means the devs are funded which means they can continue to work on the code without having to hold down other jobs. It also allows us to grow the developer pool with quality people which also benefits the code and users.
The way we want to create value for holders is by ensuring we deliver value in the form of the software and in attracting customers and users to the platform. It’s another step in professionalizing and it’s also a big step towards making sure Nxt and Ardor will be sustained into the future. The Nxt code is and still will be under GPL, so public chain use is not affected.
Also, this is about the IP mostly. The devs do not want to let the copyright out of their hands. Handing it over to the Foundation would leave them at the mercy of other people. Having it consolidated in their own company allows them to keep control in situations where it’s needed, like when licensing is involved.
The Q&A session took place in nxtchat.slack on October 09, 2016, 20:00-21:46.
This is a summary of the event. All questions about expected ups and downs in price and “how to use Ardor” have been removed from the summary. For a general FAQ about Ardor, the Ardor token ARDR, and Ignis distribution you can visit the FAQ thread on Reddit.
Now let’s get to it.
riker [8:05 PM]
Ready for Q&A guys ?
legs11 [8:06 PM]
damelon [8:06 PM]
@channel The devs are here, so please shoot your questions.
development is on track, but it takes time. schedule is unchanged for now. nothing has changed really in the project direction, or our plan for ardor.
We feel good about the project direction and we do enjoy our work.
it is a challenge to keep the code simple. the code is based on Nxt, intentionally so that to minimize bugs, but I have started some refactoring which makes further merges from the 1.0 codebase harder.
Jelurida plans to make money from licensing, support, and consulting
Any chance of us buy into this company at this early stage ?
it is a private company, the general public can’t buy into it
Who owns how much percent of the company?
This information is confidential.
Can you describe what a paying customer would get?
License to change the NXT core code for their purpose. License to use a private blockchain. Maintenance, support and consulting.
Many organizations will never use a public blockchain because of regulatory issue or confidentiality. We would like to get into the private blockchain niche
Doesn’t ComeFromBeyond, for example, have anything to say about this?
CfB has written code under the MIT license only. The developers who have contributed code under the GPL have transferred their copyright to Jelurida.
as we speak, banks and financial companies are cloning Nxt and using it privately.
By getting them to pay for it, we plan to make future Nxt development self sustainable
Which IP rights are Jelurida going to “protect”?
People are currently copying NXT left and right, even if they want to pay for NXT they didn’t have whom to pay. If they don’t pay, we can now go after them. That what it means to protect our rights.
In the absence of a single legal entity which owns the copyright, it is hard to enforce the GPL, we have seen examples of it being violated by companies who know there is no one to sue them
conversely, if a company does want a commercial license, and is willing to pay for it, it is hard to do legally without a single legal entity that has the copyright, as the case was until now.
Jelurida for investors
So you wanna get into private blockchain niche. Can you tell us why this is good for investors in the tokens ARDR, NXT and IGNIS?
We can use the funds we receive from private chains to promote the development of the public chain which will in turn provide marketing and public relation for NXT/Ardor and bring us more private chain business. We hope to obtain such eco-system which provide win-win situation both for the public token investors and private blockchain customers
it doesnt seem fair for the token holders honestly, lets say you are now investing 60% of DEV in private chains and earn decent revenue, how are devs still motivated to work on NXT/ardor + it will only slow down progress
I think we have to realize that the current model of using community funds/donations to promote NXT does not work. This new model has much better chance.
Again we hope to generate positive feedback in which private blockchain profits are used to promote the public blockchain which in turn supports the private blockchain
Current system is not sustainable, dev need to earn money.
But i’m afraid the incentive to work on the public chain will be too low. Imagine you are successful and you have a lot of contracts to build private blockchains. Since you get paid for it you have to focus all your ressources on those contracts. What happen to the public blockchain in that time? it will be put aside. Basically there is a conflict of interest between successful public blockchain and successful private business. What do you think?
We won’t be able to sell private blockchains unless we have a successful public chain. We all realize this. NXT promoted Jelurida and Jelurida will promote NXT. The challenge is to create a win/win situation and we need your support for this.
I think better public relations would go a long way to bringing in customers as well as new devs. Is any more activity in this department planned for the near-term?
Yes, not sure we can share concrete plans at the moment. We’ll start with a website and all the marketing materials expected from a startup company
Will you inform the community about new deals etc?
As a private company we probably won’t share everything publicly. We may issue press releases on signed deals etc
If I am a company in need of a private chain. Why use NXT/Ardor/etc… over a different crypto?
(1) POS is much better suited for private chain then POW
(2) You can develop in Java and not in some weird scripting lang (i.e. ETH)
Why not Lisk then if Java and POS?
We have 2 years advantage and we have a more experienced dev team
I would rather deal with real people with real names. Just sayin’
Jelurida has public directors listed in the Dutch trade registry. The identity of the actual developers has no significance the same way you don’t know who are Java developers but you trust Oracle to support Java.
Don’t you know Bas? Didn’t you watch my latest presentation?
Will the private blockchains be made with nxt now and later with ardor blockchain or always nxt?
For now private chains will be based on NXT of course. We will probably transition to Ardor when it’s stable enough
depends on demand, but Nxt 1.0 is tried and tested technology, and Ardor is an overkill to use as a private chain for a single company. Most of the Jelurida private blockchain customers would not need the complexity of Ardor, with its multiple child chains.
Now that you have settled down a company, are you thinking about recruiting more developers in the near future?
yes, but it is a chicken and egg problem… hard to recruit developers until we have at least few paying customers
if we get serious demand for private chains, we would also get licensing fees and income that allows us to hire more developers
How is Jelurida going to encourage new devs to join the development team when they know for sure that their work won’t be credited? Just for the money Jelurida will pay them? Will all the new devs be writing code for Jelurida and not for the Nxt community from now on?
Jelurida intends to either pay salaries or give shares to compensate developers (perhaps both). Some of the code may be developed as closed source code and some will be shared with the community.
In the future there will millions of blockchains some public some private we want as many as possible to be based on NXT.
new developers after short training would be dedicated to support and feature development for private chains first, so that the more experienced core devs can focus on Ardor
Jelurida and the Nxt community
how is Jelurida going to support the community if it is a private company?
I can see the Promotion effect of public chains for private chains.. but i dont see it for the other direction. Why should Ardor get more value if a Company will use the tech behind it? That makes no sense to me.
I hope that Jelurida and the NXT foundation will share the profits
How do you encourage the community to continue to work as a volunteer knowing that their developers and the leader of the foundation may be working for private solutions?
Would you like the devs to work for free or almost for free forever? Jelurida will work together with the community to advance NXT/Ardor and make it into a sustainable business
What is the role of the community in this new situation? Can happen that People now leave that were good contributors. How to prevent it.
Jelurida will open up doors for NXT activists to get real paying jobs in dev, consulting, support, training
Would you like the rest of the Nxt community to work for free or almost for free forever AND FROM NOW ON to make bigger a private company like Jelurida? :point_left: It could be seen this way
If Jelurida is successful there will plenty of funds to pay everyone.
Will we see in 6 months from today another big surprise (like Jelurida’s) which is currently being cooked behind the scenes?
@riker when is the nxt mobile app release planned?
It’s ready for initial testing but we want to get Jelurida and the Ardor token distribution first
riker [9:43 PM]
Enough for today ?
farl4bit [9:46 PM]
@riker @jean-luc Thanks very much! I am looking forward to more of these sessions.
ARDOR is brought to you by the core development team from Nxt. After years of building and testing the Nxt platform, the team is going to involve the public even more. As the first Blockchain 2.0 platform, the community has continually improved Nxt and now looks forward to release Ardor for companies, organizations, and of course, users.
ar•dor(ˈɑr dər) n.
1. greatwarmth of feeling;fervor.
The Nxt core dev team is letting anyone get into the blockchain space with a new child chain platform, ARDOR, which will incorporate the technologies proven for years by the Nxt 1.0 cryptocurrency and blockchain. Soon, anyone will be able to create their own solutions using the blockchain technology with the Ardor child chains.
Nxt is undergoing a dramatic evolution. Research by the Nxt team has led to Ardor, a platform that uses child chains and incorporates all of Nxt’s latest blockchain innovations while being backed by the core developers of Nxt. Ardor is more than just about money: It’s about making a blockchain platform that is open to everyone, from single users all the way up to FinTech startups and governments, and one where anyone can create their own child chain and interact with the whole blockchain ecosystem. That means anyone, anywhere, will be able to utilize blockchain services with relative ease.
We can’t give away too much until the final features of Ardor are tested repeatedly.
A few of the features coming with the new Ardor release:
Blockchain as a Service
Ardor will open blockchain development to organizations and individuals across the world. The high barriers to getting started with blockchain are about to vanish.
Manageable Blockchain Size
Ardor will solve the problem of scalability by separating transactions and data that do not affect security from those that do, and moving all of those that don’t affect security onto child chains. The Ardor team will create the first child chain to house many Nxt 1.0 tools as well as future features. This small size also comes with short transaction times so processes need only a fraction of time compared to Bitcoin to execute functions.
A Decentralized Asset Exchange
Building off of the Asset Exchange on Nxt, Ardor will enable the ability to trade assets on any child chain for any of the child chain tokens. This allows child chains to interact with each other and opens up numerous opportunities for collaboration as well as allow cross chain asset trading, a long-requested feature within the Nxt ecosystem.
Decentralized Voting and Governance Systems
Ardor will be at the core of decentralized consensus in the future. Secure and anonymous voting will be an available feature on all child chains as it is on the Nxt platform.
Users can set multiple conditions before a transaction is executed, such as a minimum number of votes and a set amount of time. Like Nxt, Ardor will use Smart Transactions. With this, users will only need to submit the parameters necessary for the transaction and the ID of the functionality they want to use. The transaction process is also completely decentralized. No centralized server, service, or application, like Ethereum’s Oracle, is needed.
“Rather than providing smart contracts, NXT is focused on implementing the important use cases and functions directly into the core of both Nxt and Ardor. This approach has proven to be scalable and secure and will become more so when Ardor is released” – Riker
These are a few of the things Ardor will give you and the cryptocurrency community. As development continues and testing is finalized, you’ll get a detailed analysis of each of the new tools, as well as the core features built into Ardor. We’ll also reveal, step-by-step, a list of our partners and what they’re doing with our technology.
This is all possible because of new developments within the Nxt community. Decision-making and planning is becoming more professionalized. The community and team structure are adjusting to the new demands while the Nxt and Ardor technology remains entirely open source. Ardor is more than a cryptocurrency – it’s a blockchain platform specifically designed to let anyone build decentralized tools with the latest innovations in blockchain technology.
How to get Ardor
You’ll be able to participate in Ardor right away. As Ardor continues testing and development, Nxt 1.9 will be released. With Nxt 1.9, you’ll getyour first chance to own a piece of Ardor. All those who hold an amount of NXT will also get a piece of Ardor. Snapshots will start be taken on an hourly basis, starting on July 14th to October 12th. Then, your total NXT will be averaged, and you’ll receive that amount in Ardor tokens on October 12th, which will be freely tradeable up until the Ardor system launches.
At block 1,000,000 on October 12th, 2016, snapshotting will stop, and you’ll be allowed to trade your Ardor tokens in NXT 1.9 in preparation for the launch of the Ardor blockchain.
After Ardor has launched, Nxt 1.0 will remain active and supported. Nxt 1.0 is the giant on which Ardor is built and it will remain running as a core component of the Nxt eco-system, functioning as a complete blockchain solution in its own right, as well as assisting in the development and refinement of the Ardor blockchain platform.
There’ll be a lot more news in the weeks and months to come. Ardor aims to be a powerful platform for users and businesses alike by building on the technology pioneered by Bitcoin and Nxt. If you would like to be a part of it, acquire NXT now and get your stake in ARDOR!
Recent Poll: Almost 50% of People Believe Bitcoin Will be Worth Over $500 by 2016
Expert analysis suggests that Bitcoin’s price potential for next year will surpass its highest points during 2014 and 2015. It has been forecasted that the digital currency’s value will end at around $500 this year.
Based on a recent poll by CoinDesk, it revealed that almost half of the respondents (48%) believe that Bitcoins will be valued at more than $400 by next year. But, some 33% were also hopeful to see it rise to around $501-$1,000 before the end of this year.
From January’s depreciation to below $200, the price of Bitcoin trading jumped by more than $410 this month. It is notable, but still far from its historical high of around $1,150.
More reasons for Bitcoin’s increased value
The same report also noted some of the main reasons for the possible increase in value of the virtual currency. Here are the top reasons for Bitcoin’s increased value in 2016:
• Surge in capital control in China
• A slew of positive news stories from the mainstream media
• Switching interest from Blockchain to Bitcoin
• Continued investments and adoption from industry companies
• Exemption from value-added tax (VAT) especially in Europe
• Launch of Bitcoin exchange Gemini in New York
However, some 27.4 % also said they are not certain what had caused the price movement or the recent increase in the price of Bitcoin. Economist Brendan O’Connor mentioned in an interview with CNBC that he felt the rumors about “international rings of traders teaming up to drive up the exchange rate,” could have substance although he was unable to confirm the rumor was 100% true.
Bitcoin is now gaining strong traction from consumers and businesses alike. Big brands such as Dell Computers and The United Way have integrated the digital currency in to their business payment processes.
Slowly but surely, Bitcoin is going mainstream, yet it still remains in a decentralized currency status. No single entity, corporation, or government holds or affects the virtual currency’s price.
Contrary to most assumptions and rumors, it seems unlikely that Bitcoin will replace physical currencies or lead to its extinction.
“History shows that it’s unlikely that more traditional physical forms of currency will disappear as humans have shown a fundamental desire for a physical means of trade,” as written on FXCM’s The History of Currency. “But at the same time, developments have shown that individuals and societies will seek ever-widening definitions for the concept of “currency” to increase the economic efficiency and advantages obtained from trading.”
Though, Bitcoin is still seeing growth worldwide. Although there are other digital currencies being used for trade and exchange, they are not all accepted by merchants and nowhere near as popular as Bitcoin.
Bitcoin ATM worldwide
There are a growing number of Bitcoin ATMs in operation worldwide (more than 400 operating terminals), helping drive its popularity and use of the digital currency. But a financial software strategist believes that the trend is ‘unlikely to last in its current form.’
Devon Watson, vice president of global software company, said that these ATM terminals have relied so far on a ‘flawed distribution model.’ The current Bitcoin ATMs are said to offer advantages to small markets, but are unlikely to succeed in a competitive one.
“[Bitcoin ATMs] provide only one benefit to the customer, whereas the majority of ATMs have a number of different possible transactions and meet a number of needs,” said Watson in an interview this year.
Watson’s company is still investigating the full capability of Bitcoin ATMs in the consumer market. Should the need arise in the future, he believes providers will be able to cope up with the demand. However, currently they are still assessing “when it might make sense and how.”
Today a press release from Nautiluscoin announces the launch of a full economic ecosystem, built on the Nxt blockchain. The launch event of the Drachmae Ecosystem will take place on September 26, 2015. Furthermore, Brian Kelly Capital (BKCM LLC) will be making a seed investment in a new entity that will deploy this ecosystem globally, first targeting developing micro-economies in Latin America and Africa.
“We are pleased to announce that we have formally joined forces with the Drachmae Project and have developed a full economic ecosystem for the island of Agistri”, Nautiluscoin writes. “This ecosystem includes a fully functional mobile banking system, a B2B ecommerce platform, and a travel-booking site, all fueled by Nautiluscoin. This ecosystem will be rolled out on the Greek island of Agistri on September 26, 2015.
We are providing the tools for the municipality and businesses of Agistri to investigate ways of generating new revenue via our blockchain-based ecosystem. Businesses will be able to save money via the B2B platform by connecting directly with suppliers, while at the same time offering discounts to travellers via the travel platform. Powered by Nautiluscoin, the ecosystem will offer efficiency and simplicity, providing tourists with a simple one-stop shop for all aspects of booking a holiday.
We are focused on the end users of the currency – the businesses, citizens and visitors – this is our community. This proof of concept will illustrate how digital currencies and blockchain technology can benefit a community. To that end, the communtity in Agistri will be actively involved in the project and will share ownership and revenue from the Drachmae Project.
The mission of the Nautiluscoin project is to use digital currency and blockchain technology to bring money into an economy. While digital currencies have been successful at providing a means to remove capital from an economy, few have successfully shown that adoption and use can drive economic growth – the Nautiluscoin project is about to change this.[sharing tagline=”” tagline_color=”” title=”” link=”http://test.nxter.org/?p=11118″ description=”” pinterest_image=”http://test.nxter.org/wp-content/uploads/2015/09/nxt-nautuluscoin-greece-cryptocurrency.png” icons_boxed=”” icons_boxed_radius=”4px” box_colors=”” icon_colors=”” tooltip_placement=”” backgroundcolor=”” class=”” id=””][/sharing]
The Drachmae Ecosystem has been built using the NXT Platform and Nautiluscoin will soon be swapped onto the NXT monetary system. We have chosen NXT because of its superior technical capabilities, security and community support. The business orientation of the NXT community will be the foundation on which we build our ecosystem.
The NXT Foundation will be assisting with the coin swap that will commence on September 18, 2015. We will post the coin swap instructions on Bitcoin Talk on Wednesday, September 16, 2015 and the offical commencement will be announced via Nautilsucoin’s Twitter account.
The NXT Foundation will also be assisting with the structure and the operation of the Nautiluscoin community, which includes the businesses and citizens of Agistri who wish to join the project. This project would not have been possible without the expertise and support of the NXT Foundation. The NXT team and Foundation have been integral to realizing this opportunity to utilise the power of blockchain technology.
The Launch Event
The September 26, 2015 launch of the Drachmae Ecosystem will include a community barbecue where the Nautiluscoin airdrop will formally take place. Each citizen that attends will be given €100worth of Nautiluscoin to spend at the barbecue and local businesses. As well, members of the press will be given €100 worth of Nautiluscoin.
We will also be hosting a Hackathon event for developers to explore our blockchain ecosystem and create apps. We encourage anyone with an interest in blockchain technology to develop apps that can solve real world problems for the community. We will be hosting up to 40 developers to join in this first of its kind Hackathon in Greece. We are also extending an open invitation to companies and government organisations to visit and observe the event.
The launch event will be capped off with a televised fashion show featuring professional models wearing GetNauti gear. We have hired a camera crew to be on island for the launch event to capture this historic moment. This fashion show is a pre-shooting for the Athena Model TV Show that will be hosted on Agistri in 2016.
We are excited to bring this revolutionary technology to Agistri and are grateful for the foresight of the Mayor, local businesses and citizens. This will be the first time an entire economic ecosystem has been experimented and deployed and we are looking forward to this historic event.
Brian Kelly Capital Investment
The ecosystem that will be deployed is both scalable and efficient, making it suitable for multiple use cases. In parallel with the Drachmae launch on Agistri, Brian Kelly Capital (BKCM LLC) will be making a seed investment in a new entity that will deploy this ecosystem globally. The new entity will license and implement new blockchain based economic ecosystems similar to the Drachmae Project. Currently, the entity anticipates targeting developing micro-economies in Latin America and Africa.
Commenting on the investment, Brian Kelly said, “With this technology we can deploy a fully functioning economic ecosystem which includes a banking system, a commerce platform and a currency. We are excited to be a part of this revolution.”
The new entity will be focused on deploying this technology to other countries, municipalities or organizations that need a fully functioning micro-economy.”
A. Blockchain (25 votes) and Wealth Management (21 votes).
Q. What is missing in the FinTech ecosystems in South East Asia?
A. [Top 2 answers] Cultural change in large institutions to allow innovation (34 votes); improved regulatory frameworks (24 votes).
And here’sthe most important result of all from the survey: the number of first time blockchain users (specifically Nxt blockchain users) in the world has increased!
As it would have been impossible on the day to have arranged for the participants each to have their own funded and activated Nxt accounts so that they could cast their vote using the Nxt voting system, we instead created a wrapper with a PHP application, and used a single account that sent the votes as messages to itself, and another app that counted the votes.
It really wasn’t meant to demonstrate a secure method of voting, but rather to take people who had never used a blockchain before for a micro ride into this world, to trigger their curiosity and desire to learn, and maybe kill the “fear of the unknown” that stops so many from getting started with crypto platforms.
The guy in the front [2nd from left – click pic to enlarge] is Sajid Javid, Secretary of State for Business, Innovation and Skills from the UK.
Hopefully, Mr Javid will have attended one of Roberto’s presentations and learned for himself how the OTDocs system can remove the potential for international trade finance documentation to be misused in fraudulent schemes that cost businesses around the world billions every year.
‘OTDocs is a license fee free Open Source software tool that provides a platform for certification and compliance to online identities and documents as a mean to facilitate document management and process, respect privacy, and prevent international trade finance frauds.’
TVE enables users to promote their websites and social media presence whilst earning NXT, Bitcoin and Blitz for their social interactions on all the major social networks.
TVE is the first social exchange platform that allows users to cash out points to digital currencies.
The Viral Exchange (TVE) is a next generation social exchange with the goal of monetising social network activity via the blockchain.
TVE is a free social exchange network which helps businesses increase their social network presence and drive users to their websites. The exchange system is very simple: every time a user likes, follows, or views another member’s social media page they receive Viral Points which can then be used to get more followers, likes, views or visitors to their own website or social media pages. The Viral Exchange is the first social exchange platform that allows users to cash out points to digital currencies. Users can earn Bitcoin, NXT and Blitz with their Facebook, Twitter, Google+, YouTube plus many more.
The Viral Exchange is now a SuperNET official partner! TVE will be helping to raise awareness of SuperNET inside and outside of crypto, while also providing free marketing on the platform and exposure through our press releases. TVE will also utilize InstantDEX for automated user withdrawals once its ready and we will be integrating SuperNETs innovative technology with TVE wherever possible.
Version 2 of TVE is currently in beta testing and 100 Blitz is being offered for every new bug found (cosmetic bugs not included).
TVE is being redeveloped from scratch, the new platform will utilize an MVC Architecture providing an extensive API. Moreover, the NXT Monetary system will be used as part of our Proof Of Reserve system, this will give users, marketers and asset holders complete visibility of the purchases and withdrawals on The Viral Exchange. Asset holders will not need to rely on the information we give them: all deposits and withdrawals will be publicly available on the blockchain.
(‘PeerExplorer is your gateway for Nxt infrastructure. Be a part of building the world’s most advanced decentralised open-source platform. Feel free to use the API. Don’t know what Nxt is? Take a look here!‘)
NxtVault is an open source Android application, which stores your Nxt passphrases encrypted in isolated secure storage. You will never need to enter your Nxt passphrase again, and you will no longer be at risk of viruses or keyloggers infecting your machine. Not only is it encrypted but Android’s security sandbox prevents other processes on your device from accessing the apps’ isolated storage.
After three bad attempts at entering your pin you will be locked out for 1 hour. Another bad attempt and you are locked out for 24 hours. Another bad attempt and the application will wipe out all of its data and shut down.
Let’s make this even simpler:
For every web transaction, NxtVault pops up and displays a detailed report of exactly what the transaction intends to do, giving you a chance to review and then either confirm or deny it. The goal of the developer isn’t hard to grasp: ‘To have every third party web application support this type of transaction’.
Jay includes http://jnxt.org/jayex/ which enables you to watch and trade your Nxt assets from a web browser; transactions are secured by the Jay framework and/or NxtVault.
JayEX is allowing for a Nxt AE trading with the security of the localhost NRS client, the inspiration of SecureAE, and the chart ideas and layout idea from Poloniex.’
The full Nxt NRS Client is available at http://jnxt.org/nxt/ as a website (and a downloadable .zip to host locally, if you prefer). Update: The jnxt.org site and the Jay Client + framework is no longer maintained. The source code can be downloaded from https://github.com/jonesnxt/
Sign in with your Nxt account, not your secret passphrase.
Do what you like.
Send your tx’s by scanning the qr code with NxtVault, or sign it with the Jay localhost client on your desktop.
Nxt Android apps on top of NxtVault
NxtVault developer, mr_e, writes:
Other Android applications can raise an intent to NxtVault to request for it to sign and broadcast transactions on it’s behalf. I have created an API so that Android developers can create third party applications that are not required to be open source, nor will you need to worry about trusting them with your passphrase!
NxtVault can handle both signing the transaction, and broadcasting the transaction to light nodes that are detected on the network, in a decentralized way.
I hope that this will unleash a whole new suite of trustless android apps.
Let’s actively bring Nxt into every university and school all over the world!
Crowdfunding usually needs three actors: the project initiator, supporters and a platform connecting both parties. Crowdfunding websites exist only for 6 years. During 2013 $5.1 billion USD was raised by millions of individuals! However the biggest disincentive to using websites such as Kickstarter is their fees. Kickstarter demands 5% of the money raised as a fee, and payment processing fees are another 5%, which in the era of blockchain technology is a little difficult to justify.
Nxt recently released a new monetary system with a crowdfunding feature, which makes a third party – a platform – fully automatic and decentralized. Since January 2015 it’s finally been possible to organize a crowdfunding campaign via the Nxt client with all costs and fees totalling less than a half USD.
The very first example of a completely decentralized Crowd funding via Nxt Monetary System started at the beginning of February 2014, when a Czech Nxter, Petr K. Salsa, issued a currency: NxtAcademy with ACDMY as a code.
500,000 NXT (= 500 units) need to be raised during February in order to successfully finish the crowd funding campaign. If 500 units aren’t bought before block 370,000 (= 1st March 2015), all pledged NXT will be returned. If at least 500 units are bought, the funds raised will be used for maintaining Nxt Academy (= at least 1000 USD/month). More funds = more projects for students, more lectures all over the world, more external teachers, more printed materials.
Nxt is an important part of the open source technology. Nxt Academy recognizes Nxt’s spirit and guarantees all content accessible for anyone, anywhere, for free. It is a long term project which focuses on providing free education for the students and children. Every teacher will be able to download and use teaching materials for their students. Everyone will be able to attend free online courses about Nxt from their home. Young people, as yet completely unaware even of the existence of cryptocurrency, will be informed about Nxt via school bulletin boards and via lectures and student projects organized at their school.
The world of cryptocurrencies has got a huge enemy – ignorance. Society isn’t yet ready for the wider acceptance of the cryptocurrencies. Nxt will in time revolutionize many industries, but right now it is just a toy for geeks. Nxt Academy is going to prepare society for the Nxt crypto revolution by providing teaching materials and much more. Nxt Academy isn’t a commercial project, its existence, form and size depends on donations from the Nxt community.
Direct marketing to Students – education
Nxt Academy isn’t only a passive website with videos and texts. It actively propagates Nxt at schools, universities and student festivals. Nxt Academy will be targeting all bigger Universities and sending its materials to their students. Students will be working on team projects with their classmates, while Nxters will be mentoring them.
Teachers will be receiving teaching materials, infographics, textbooks and worksheets for children, they could even teach young kids about Nxt. It will be easy to download all sources and printed materials will be sent to the schools or handed out after the speeches / lectures at the schools and universities.
Online Marketing and Cooperation
All content created by the Nxt Academy will be actively distributed to the other similar projects – Khan Academy, Coursera, Coin Academy, College Cryptocurrency Network… It’s about spreading the knowledge, Nxt Academy will try to have its courses at all of those sites and many others.
Nxt Academy will be targeting people whose lives are as yet untouched by the cryptocurrencies at various online platforms. Nxt Academy provides press releases, news, blog posts, Twitter/Facebook/Weibo posts, forum posts, videos at multiple platforms… SEO, online marketing etc.
Nxt Academy will be supporting the crypto research
The database of the research/students papers will be very helpful for all cryptocurrency researchers. This side project will create a library with crypto-related articles saved at multiple platforms. With enough funds, Nxt Academy could provide student scholarships, grants or awards. The dream goal is to have a crypto thesis of the year contest during the Nxt Academy conference.
Online courses and textbooks
Before entering the Universities’ or Student festivals, Nxt Academy needs to prepare the teaching materials.
Online courses – Easy-to-use platform for everyone who will be able to learn about Nxt, its ecosystem, its ideas, its abilities. New fresh videos and edited videos will be followed by chosen articles and infographics.
Textbooks – If we want to get cryptocurrencies and Nxt into the mainstream, we need to prepare educational materials for teachers. Textbooks will be created by a cooperation with university professors and school teachers.
Worksheets – Children as well should have the chance to learn about the cryptocurrencies. We need to prepare the world for this new revolution. Worksheets, educational programs for children will be prepared by a cooperation with the school teachers.
Infographics – Social media campaigns need well-prepared infographics to reach the biggest audience.
After two weeks Nxt Academy raised 120,000 NXT. 35 Nxters decided to support the project with their donations. It is also possible to donate directly, you can send NXT to: NXT-W4FQ-JGAE-JHS9-3PMNR (from online wallets, exchanges…).
Salsacz can devote himself full time to the project, hire an ‘in-house’ co-worker (school teacher), external university teachers and pay for outsourcing micro-jobs (translations, voice-overs, corrections) via Nxt-jobs or Fiverr. All costs are very low, because the salaries in Czech Republic (1 full time and 1 part time) are very low compared to western countries. The smallest possible budget is 500,000 NXT for a year. More money = more projects for students, external coworkers, printed materials, more speeches…
Nxt Academy is a project supervised by Petr Salsa, who has spoken about Nxt at 5 conferences and one University. A few other speeches at Economics Universities are being planned for the near future. Salsa attended all of the online courses about cryptocurrencies, such as “Introduction to Digital Currencies” by University of Nicosia, Coin Academy, Coursera, Princeton University and University of Virginia. He wants to devote his experience, skills and time to build similar courses about Nxt.
Getting started with Nxt and the powerful Nxt NRS Client just got a whole lot easier for newcomers.
NxtLite makes it very easy for ‘normal’ users to run the NRS GUI; Simply download it, click on the icon in the start menu and start using Nxt. No console windows, no Java, no browser urls, no blockchain download. Nxtlite supports single node and multi node blockchain-less functions.
It’s 100% the same code as NRS GUI. Any new features in NRS will be available in NxtLite as quickly as I can recompile the installer and upload.
All tx signing happens in the client/browser just like NRS, so the only thing you can’t do is forge, because that requires the server knowing your secret key. NxtLite uses PeerExplorer for peers, but eventually it could use the same peer finding that NRS uses to discover new peers on its own.
NxtLite has possibility to integrate with Nxt Trezor project using lower level OS functionality.
NxtLite is cross platform software.
Older windows may need to have the latest DirectX runtimes installed, if they haven’t been already; on Windows 8, NxtLite works right out of the box. For Linux and OSX, you will need to install mono – it’s a download and a few clicks: http://www.mono-project.com/download/. Once it’s done you don’t have to worry about it again.
The initial mode selection screen is the only thing changed from the NRS client.
You can change your settings from the login screen later. Normal users should choose “Multi node”.
You type in the address of one node you own/trust. You’ll get the NRS GUI 100% unchanged connecting to whatever IP address you specified.
Why? Run a headless, console NRS node on one machine, enjoy the GUI in a native app on your desktop.
The app will download all the open API nodes from PeerExplorer and route each individual NRS API command to the next public node in the list. This means you can now use a 90% functional NRS GUI without needing to run a full blockchain node. (No forging)
Why 90% functional? Because some of the local node specific screens like Update checks, fork checks and NRS state info don’t make sense in multinode mode.
What is the value of 10 NXTs?, you may ask. This article might give you an answer. Let’s start off with a short dialog though.
“What is the value of $10?”, the teacher asked his class. “$10, of course”, a student responded quickly.
“Try to explain it without using $10”, so the student rethinks and replies with a grin: “10 times $1, right?” But the teacher is still not satisfied: “Well, what is the value of $1 then?”
Another student joins in the discussion: “$10 is worth whatever you can buy with them”.
For one thing, this short conversation illustrates the fallacy which many people fall for when they try to understand what the value of their assets and disposable income is; for another, it succinctly shows the way in which people commonly understand the value of a monetary unit, for example the US Dollar: the value of $1 simply being the amount of goods and services one can get in exchange for $1 (in other words: its purchasing power).
One might then ask: how do you measure the value of a dollar? The simple but unsatisfying answer is: it’s the amount of goods and services you can buy with it. A more complicated, but equally unsatisfying answer (because of its reliance on other artificial constructs), involves exchange rates, Treasury notes and foreign exchange reserves. The value of the US Dollar, like any fiat currency, therefore depends on factors seemingly far removed from people’s lives. For the reasons put forward in the next section, it remains difficult to understand the real everyday value represented by the US Dollar even if one uses it many times each day.
Goods and Services
One big problem with using goods and services to demonstrate the value of a fiat currency is their lack of interchangeability: whereas one dollar bill is entirely interchangeable with any other dollar bill, different goods and services (although they may cost the same) are not of course interchangeable. This lack of interchangeability makes it impossible to ascertain whether, say, 10 bottles of beer (purchased for $10) is a better or worse measure of fiat value than, say, 5 loaves of bread (also purchased for $10). In effect this is the same issue facing government statisticians who have to choose which items to include in the average consumer’s notional shopping basket for the purpose of measuring changes in a country’s consumer prices index.
A related problem is that the precise nature of numbers gives an appearance of certainty to things which don’t actually possess it. Thus, people fail to understand either the real value of $10 or the real value of ‘5 loaves of bread’ which are in practice both as imprecise as each other: dollar bills, although they are interchangeable, have no intrinsic value in themselves, only in terms of what they can buy; however, the things that can be bought with dollar bills, although they do of course have intrinsic value in themselves, are not interchangeable and therefore have no dependable utility as a measure of value.
The lack of preciseness can be ascribed to the lack of a measuring tool which serves in a replicable way to measure the value of something no matter where, when and by whom it is bought and sold. The nearest thing available is the market price expressed in units of fiat currency. However, the market price of something is not necessarily the same as its value. Although an important indicator of value, the market price only tells us the minimum amount that people are prepared to pay, but not the maximum amount (i.e. their willingness to pay). Moreover, due to external factors, under- or overvaluation might occur – i.e. short term prices may be too low or too high compared with the long term average.
The need for a measuring tool, as described above, would quickly become evident were you to go into a grocery shop and ask the price of something. Such a question would definitely produce different answers depending on whether the shop was located in North America or in Asia (leaving aside the question of conversion rates). Repeating this experiment 10 years from now would also result in different outcomes. Furthermore, businesses adjust the prices of their products to better meet the requirements of their trading partners or customers on a deal to deal basis.
Given that observation, we can ask the question how are prices created and how do they change? That is a field of ongoing study which is outside of the scope of this article. Prices are the result of complex social interactions, political considerations, emotions and even the technological progress. In the remaining part of this article, we will discuss what the value of a NXT is.
When using the Nxt platform, all you need are NXTs. You can buy goods and services on the Nxt Marketplace, you can buy assets on the Asset Exchange, you can buy brands, cast votes and much more and all you need to have are NXTs. Those tokens are the default currency unit of the economy platform: Nxt. With them, you can buy a variety of native Nxt objects as well as user-generated content, products and services. However, we still have the same imprecise definition of the value of 10 NXTs as we have with $10.
There is, though, another element that plays an important part in helping to determine the value of one NXT. NXTs are not only relevant to pricing goods and services but also to paying for transactions. Transactions are the most basic native objects you can buy with your NXTs. They are and will be omnipresent in the Nxt platform. At the time of writing, 1 NXT is worth 1 transaction (in most cases). Thus, the value of 10 NXTs is the ability to buy 10 standard transactions, like those described above. That basically means if you have n NXTs in your wallet, you can buy n transactions from the network.
We can describe an experiment to measure the price of a transaction in Nxt. The price for a transaction – also called a fee – has a minimum at which the network accepts the transaction. It is encoded in the social contract enforced by the Nxt network and its current implementation can be found at the repository. This experiment can be repeated irrespective of who you are or where you are. It can only change over time if the network agrees to change. From this point of view, the minimum transaction fee is the most equal and transparent price we have; independent of your location and yourself.
Given that tool, we can now measure how much a good or a service on the Nxt Markeplace is worth in terms of transactions. When we pay somebody 25 NXTs for his service, we are in effect enabling him to perform 25 further transactions and we can do 25 transactions less than we could before.
When analyzing the calculation of the minimum transaction fee, one can recognize a correlation between the minimum fee and the size of the transaction. However, the correlation does not apply whilst, as is currently the case, the relevant coefficient is set to zero. It is assumed that in future versions of the Nxt protocol, the network will decide to raise this coefficient in order to better reflect the actual expenditure of verifying and propagating transactions of a specific type through the network. Still, the process of price setting is visible and verifiable and equal among all people using Nxt. There are many possibilities regarding how to agree on these coefficients and other constants which make up the minimum fee. However, this is a problem which needs to be addressed in another article.
Each NXT represents the ability to buy exactly one standard transaction which gives us a precise tool to measure how much worth a good or a service would be. Instead of asking how many NXTs does it cost, you might equally well ask: if I buy this good or service how many fewer transactions will I be able to carry out (i.e. how many transaction performances will it cost me)? Similarly, the seller, instead of asking how much NXT can I get for this good or service can just as well ask: if I sell this good or service, how many more transactions will I be able to carry out (i.e. how many transaction performances is my good or service worth)?
Thus, 10 NXTs are worth 10 transaction performances or the goods and services you can get for them in exchange.
Nxt Marketplace (formerly known as the Digital Goods Store, or DGS) is a decentralized mall created for buying and selling digital goods. Like the Asset Exchange, it is built into the Nxt client and enables direct peer-to-peer trading. Although it was designed for buying and selling digital merchandise – music, ebooks, software, and so on – physical items have also been listed for sale.
The Marketplace was a planned feature from the start, detailed by Nxt creator BCNext before Nxt was launched. As BCNext remarked, the workflow is relatively simple:
1] A developer sends a message describing a product (it’s stored on the blockchain).
2] A user sends a payment to the developer’s account.
3] The developer sends an encrypted message with a link or a code (stored on the blockchain as well).
4] The user decrypts the message and uses the code to unlock premium in the application. *
1] Developer publishes their account on their webpage to prove they are the legitimate owner (or uses Reputation System of NXT).
2] All actions are public and can be audited (the encrypted message can be audited if one of the parties reveals the key).
3] Only transaction fees are charged, 100% profit goes to the developer.
4] No one can shut the store down nor they can DDoS it.
(* Note: ‘to unlock premium in the application’ means, in effect: to obtain the product).
Nxt’s decentralised Marketplace was released at block 210,000, on 1 August 2014.
Using the Marketplace
Now, large parts of the workflow described by BCNext have been automized in the NRS client.
You can list your digital (or physical) goods with ease, set a price, change or cancel the listings if you wish, and communicate safely with your customers through encrypted private messages on the Nxt blockchain. Costs are limited to the transaction fee and the cost of exchanging messages (both currently 1 NXT). Listing and selling goods through the Marketplace is free, except for transaction fees.
Buyers are able to search goods by issuer ID (account), item name or by tag (category). Buyers can set an order expiration date, and also leave private or public feedback after receiving the product.
The launch of Nxt Marketplace was met with great enthusiasm in the Nxt Community, but since then relatively little community energy has gone into developing it further. There are few user-friendly solutions (like Secureae.com for the Nxt Asset Exchange).
Due in Q1 of 2015, Melodius is a website for independent artists, built on top of the Nxt Marketplace. A partnership with crypto exchange CCEDK allows users to buy and sell their music, concert tickets, merchandise and shares not only with cryptocurrency (NXT and BTC) but also with fiat money in their local currency.
This significantly enhances the buying process, since Nxt remains very much in the background. The attraction for indie artists is the low commission fees; whilst iTunes and Google Play take substantial percentages of artists’ sales, Melodius charges only the standard transaction fees required by Nxt Marketplace. Every penny earned goes directly to the artist. Interestingly, the CEO of CCEDK, Ronny Boesing, worked in the music industry for many years, selling music around the world for major brands. His partnership with Melodius brings together two areas of interest and expertise.
A possible concern with having a decentralized and unregulated global marketplace may be that it attracts people seeking to circumvent the laws of their particular country. Nxt has chosen not to censor goods, but 3rd party sites like Melodius.me can easily filter listings according to their niche, their users’ choices or their local laws.
When buying and selling goods online there is, as in the real world, a chance of getting scammed. There are far too many sad stories about people (and not all of them anonymous) in the crypto world who turned out to be scammers. The solution is to be on your guard at all times, preferably only deal with people you know, always do your due diligence and, if possible, use a trusted escrow for larger transactions.
There is currently no escrow or reputation system implemented in the Nxt core (Reputation System is a feature planned for future development), but a solution for 3rd party clients or websites could be to implement CONCORDE, the escrow system developed by blackyblack, which is currently being tested on Nxt Testnet. Concorde will be included in the next release of FreeMarket, a 3rd party marketplace built on top of Nxt’s Arbitrary Message feature, but can be integrated into any Nxt system.
If you you want to help with the testing, make yourself known in this thread: https://nxtforum.org/freemarket/ann-concorde/, where further information about how Concorde works can also be found. Concorde is open-source and a direct download link can be found in Concorde’s nxtforum thread. As blackyblack writes:
‘It is an escrow system opened for all NXT users. Feel free to build your own projects on top of it or use for your daily needs.’
At present, Nxt Marketplace is being used, but mostly through the Nxt NRS Client. It remains a hidden gem of Nxt: an almost undiscovered secret, ready to be put to wider use.
A few listing sites are available, which detail all the goods for sale on Nxt Marketplace; users can see and search the goods, but everything must still be bought and sold with a Nxt Client. An example of such a listing site is http://jnxt.org/market/.
The goods sold are up to the imagination of the sellers. A house has been put up for sale, ebooks and articles are sold, domains, oil paintings, screensavers, a NXT faucet organised (NXT-55AK-82KK-DK3Q-6U4RN), crowdfunding has been attempted, NXT node operation services arranged (NXT-9TNK-QXJ6-YPMY-32CTA), NXT lapel pins (NXT-WBFF-3UMJ-RMLD-7VWS4) are available, even home-made maple syrup is offered (118670936523580125). Also, Nxter.org has its own store, NXTER STORE (NXT-EAVH-SLEV-KSEE-EE2KP).
The low fees and decentralized nature of Nxt Marketplace mean that it can solve real problems, not least for writers, musicians, developers and other digital content creators. Nxt Marketplace can easily be made the backbone of an app store, a decentralized crypto exchange, a subscription-based payment system for magazines, game updates, or even a full-featured crowdfunding platform. Only the imagination of the developer – or the business ordering the use case – sets the limits.
As one new Nxt developer wrote in early March 2014, ‘This [Nxt] is almost like building with lego bricks again’ – this person ended up coding SuperNET.
Nxt Marketplace is only one of the Nxt [CORE] features available.
Added availableOnly parameter to getBuyOffers and getSellOffers, to return
only exchange offers with non-zero supply and limit, default false. This
parameter is however ignored when both currency and account are specified in
the above APIs.
Added getExchangesByOffer API to get executed currency exchanges for an offer.
Do not log currency exchanges of zero amount.
Fixed setting of peer state. Improvements in connecting to peers.
Added README.md, DEVELOPERS-GUIDE.md OPERATORS-GUIDE.md, and USERS-GUIDE.md
Added search for currencies based on code, name, or description keywords.
Fixed bugs in unconfirmed balance handling in currency exchange and currency
This release will perform a rescan, on testnet only.
This is the experimental release to test the new Monetary System major feature.
It is enabled on testnet, and those running testnet nodes should upgrade to this
release, even if they don’t plan to use the MS features, otherwise will be left
on a fork. This release is also possible to run on main net, but is not to be considered stable for production use there. The Monetary System block is not yet
defined for main net.
Dividend payment transaction. Asset issuers can make a dividend payment to all
asset holders with a single transaction. Required parameters are the blockchain
height at which asset holders shares will be counted (must be less than 1440
blocks in the past), and the amount to be paid per share.
Delete alias transaction. The owner of an alias can now delete it completely,
thus making the alias available for anyone to reserve again if desired.
Message pattern in AccountInfo. An account owner can set a regular expression
pattern in the AccountInfo for his account, using the setAccountInfo API.
Once such a pattern has been set, incoming transactions to this account are only
accepted if they contain a plain text message which matches this pattern. The
syntax follows the java.util.regex.Pattern specification.
After MS block, adding a public key announcement when sending a transaction to
an account without a public key will be optional.
Added withMessage boolean parameter to getAccountTransactions and
getAccountTransactionIds APIs, to return only transactions having a message
attachment, either non-encrypted or decryptable by the account.
Added optional includeLessors, includeAssets, and includeCurrencies boolean
parameters to getAccount API. Set to false when retrieving those data is not
needed, in order to improve the getAccount performance.
After MS block, sending messages, selling aliases, and leasing balances, to the
Genesis account, will be disallowed.
The popOff debug API now allows pop off of more than max rollback number of
blocks, triggering a full rescan in such case.
After the Monetary System block, the order in which transactions in a block are
executed will be determined by the block forger, instead of by id, default being
by arrival time at the forger’s node.
Improvements in blockchain download to prevent getting stuck on the wrong fork.
Nodes will download blocks in batches of not more than 719 blocks at a time
from a single peer, and after each such batch will verify with
nxt.numberOfForkConfirmations other peers (default 5) if this is the best
fork, before continuing, unless the downloaded batch is of less than 10 blocks.
Rescan status is now saved in the database, to prevent the database from being
left in an inconsistent state when a rescan fails or is interrupted. Once a
rescan has been scheduled, it will be triggered again at restart, until it
Improvements in the processing of unconfirmed transactions.
This release will perform a rescan on first start.
Coinimal has launched with SOFORT, EPS, SEPA and OBT as Euro payment options. At the time of the launch Coinimal accepts Euro, Bitcoin, Litecoin and NXT. VisitCoinimal.com.
If you buy with SOFORT, EPS or OBT, your coins are sent immediately after you have finished making your payment. SEPA payments usually take one business day to process, your coins are sent to you as soon as the funds have arrived in Coinimal’s bank account. If you use SEPA, the exchange rate will be set at the time of your order not when the Euro payment arrives in Coinimal’s bank account.
If you are selling coins, you only need to provide the bank account details where you want to receive the SEPA transfer. When you have finalized your order, you will be presented with a cryptocoin address, to which you must send your coins within 10 minutes. As soon as Coinimal receives the coins, you will be notified via email and they will send the SEPA transfer.
Coinimal & SuperNET
Coinimal will be featured as the EUR-gateway in the SuperNET client under the following agreement:
* All orders submitted through the SuperNET are eligible for this deal.
* The profit from eligible orders will be distributed in the following way:
49% Coinimal GmbH
* The Profit Share can be distributed freely but SuperNET is not allowed to issue an asset that includes the name “Coinimal” in the asset title.
* The Profit Share will be paid monthly.
* The Payment will be made in Bitcoin.
Coinimal GmbH is located in Vienna, Austria. CEO and co-founder of Coinimal is TwinWinnerd, a known trader, trusted escrow and cryptoholic on bitcointalk.org, Nxtforum.org and SuperNET Slack.
Nxt features cryptographically secured payments, a marketplace and a messaging and voting platform:
Secure Online Banking
Voting, Elections and Surveys[coming in 1.5]
Secure Online Banking
Nxt is an advanced system for online banking which secures your deposits through modern cryptography. All you need is a strong password and you can start making or receiving money transfers.
The default user interface was designed and built using modern Web technologies, which enable you to have access to your account at any time from anywhere (Smartphone, Tablet or PC).
Besides secure online banking, Nxt also provides an integrated marketplace. Equipped with a powerful tagging system and search capabilities, the marketplace already offers many goods and services from people from all over the world. As a buyer, you can provide feedback to the seller in case you are unsatisfied or to express your gratitude for a fast and smooth purchase. If something goes wrong, you can even get a refund.
Web-based interfaces likeFreeMarket can provide easier access to the integrated marketplace, highlight featured products and much more. Please note that all centrally managed Web applications, like FreeMarket, are free to filter the data on the blockchain or to alter its appearance in order to provide a smoother user experience and to comply with the requirements of their particular jurisdictions.
You can transmit encrypted messages with Nxt to protect sensitive information. Only the intended recipients can decrypt them, as guaranteed by the applied encryption technology.
Voting, Elections and Surveys
‘There are three kinds of lies: lies, damned lies and statistics’. Everybody understands the meaning of that quote.
Nxt makes this a thing of the past. Just create a new survey for your next project, product or final thesis. Being secure, encrypted and consensus-based, the voting platform ensures that the results are aggregated, analyzed and presented ready for use in such a way that guarantees their integrity and reliability.
Since the global financial crisis, we all know that the banks and regulatory authorities in our home countries cannot ensure that our money is 100% safe. This lack of trust is driving the wider adoption of cryptocurrencies as a medium of exchange. However, even exchanges for cryptocurrencies are no exception here; a notorious example being Mt. Gox, which jeopardized its customers’ funds because of its technical, security-related and financial shortcomings.
Again, we trusted the competence and integrity of the people who are in charge of these centralized exchanges. Such risks, however, simply do not arise when trading on a decentralized exchange as integrated in Nxt. Moreover, in addition to the security guaranteed by its decentralization technology, the exchange executes your orders for a minimal fee.
Web-based interfaces like SecureAE provide easy access and further tools to manage your portfolio on the integrated exchange. Please note that all centrally managed Web applications, like SecureAE, are free to filter the data on the blockchain or to alter its appearance in order to provide a smoother user experience and to comply with the requirements of their particular jurisdictions.
Nxt enables the creation of markets for a potentially unlimited range of assets and currencies. These are the things you can trade for profit on the integrated exchange:
shares issued on Nxt
other kinds of assets
currencies based on Nxt [coming in 1.4]
Dividends, Suffrage and Capitalization For Shareholders
Nxt provides the necessary tools to interact with shareholders:
the ability to declare dividends [coming in 1.4]
enabling shareholders to participate in important decisions [coming in 1.5]
Nxt features tools for entrepreneurs, artists and companies to manage their ventures:
Sales and Distribution
Going to start a new project but haven’t yet got the required funding? Or, perhaps you have an idea for a new product but you are not sure of its prospects for success and therefore need a stronger financial buffer.
Crowd funding has never been easier. Using the simple ‘Issue an Asset’ menu, you can quickly create an asset related to your product or service which others can then purchase, thereby demonstrating their support for your project. Thus, you receive both the necessary funding for your project, valuable publicity by virtue of your asset’s listing on the integrated exchange and a sense of the likely extent of your project’s appeal.
Furthermore, you will also be able to use the Nxt platform (starting from version 1.5) to ask for your assetholders’ help to make strategic decisions by using the voting platform.
Sales and Distribution
If you already have a production-ready product or a ready for delivery service, the integrated marketplace makes it even easier to develop your customer base, for example, by offering discounts to build customer loyalty.
In order for your customers to find your products, Nxt allows you to mark them with up to three custom tags of your choice. Your customers can also leave valuable feedback for you after they have purchased something from you.
Among the first people to use the Nxt marketplace were artists selling their pictures, writers selling their articles and books and independent musicians (so-called ‘Indie Artists’) selling their songs. Besides creative industry products, domain names, vouchers, properties and much more are for sale on the marketplace right now.
Being cool and memorable are the essential attributes of brands these days and your goods and services deserve such branding as well. With Nxt you can reserve a unique branding for your products and use it for marketing purposes. In Nxt, brand names are known as ‘Aliases’.
If you do not want to use your brand name anymore, you can simply list it for sale or release it for public use.
1 year has now gone by since the Nxt genesis block was created, and it’s 4 months since the last NXT Newsletter was sent out. What’s been happening in NxtVille since then? Oh, just an explosion of development, community activity, and drama, so there’s nothing new to report, eh? Wrong! Let’s catch up.
This week’s topics:
Nxt Community Funds Committee
What’s up next, Nxt?
There’s a new Nxt.org site up.
Nxt.org, which is perhaps Nxt’s most “controversial” website, has gone through tumultuous times since Bitventurer bought the domain for $10K in February, put it up for sale on nextcoin.org, regretted it and later gave it to the Nxt Community.
It’s now in the hands of the Nxt Organization, on behalf of which Berzerk has recently rebuilt the site.
[Ideenfrische] coded a nice website, but unfortunately it was not well perceived. Apparently the “bounce rate” was pretty high. So QBTC took over and created a new site for us. She did a good job and in the name of the Nxt Organization, I want to thank her for her hard work.
We talked with various people and we came to the conclusion that it is now time for a new Nxt.org. The first step is a professional website, in which content is maintained and updated. We as an unofficial organization, as a collective which wants to make Nxt better, can work on the site constantly!
We did the first step and created an all-new Nxt.org. With a fresher, more modern and sleeker look. We want to reach 3 user bases. The businessmen, the developers and the average user.
Please note that there may be bugs or mistakes on the website right now. Please look through it and contact us if you find anything.
We don’t plan to have our own news section, as there is nxter.org.
If you all have been watching Nxter Magazine at nxter.org, you have to be as impressed as I am!
Since the early days, Apenzl and I have shared similar goals and visions. He and his team have taken nxter.org to new levels and have the manpower and resources to do what I have been unable to do as a one-woman-show with sputtering energy.
I’m really proud of their professionalism and product and am pleased to say that, in the best interests of all, I am retiring the nerds and redirecting the nxtcommunity.org site to nxter.org. This will be effective immediately.
I have been running the site solo since December 2013, but the one-man band has now grown into a team of dedicated Nxters:
Cassius – as writer
oldnbold – as English editor
Ludom – as French editor and writer
KarlKarlsson – as accountant and ads/business manager
apenzl – as “leader”, pic-maker, writer and web administrator
and then the loosely committed, who help us out with knowledge and/or the writing part.
Nxt Weekly has taken on a new form. Whereas before I used to mail out a ~40-page newsletter, subscribers will now receive a weekly overview inside a beautiful template by Ideenfrische. New posts are being made to nxter.org almost daily with updates, blogs, in-depth articles, market reports or Nxt asset descriptions, as well as Nxt related PR texts, andNxter Weekly will be highlighting all of these.
Such posts don’t just magically appear on the site, so every Nxter is still welcome to contribute:
Our most recent initiative is the issuing of the NXTP asset which we use to reward our contributors worldwide for the work they do for Nxter.org. Being paid in NXTP is not a one-time payment, it’s a monthly dividend, based on nxter.org’s net profit, paid to contributors for as long as they hold NXTP.
Read more about this project here and maybe give it a go.
Maybe you’ll become the proud owner of 100 NXTP just for being a Nxt Newsletter subscriber. Read about our Nxt Birthday campaign.
What’s this? Haven’t you heard?
The development of new third party services and tools on top of the Nxt network is progressively turning Nxt into the platform it was meant to be.
NxtInside is a new promotional program to give Nxt a core ingredient brand identity, with the following goals:
Open ways for co-op promotion efforts between Nxt and NxtInside partners.
Raise awareness in developers about the capabilities and potential within Nxt, thus helping to introduce new partners into the platform.
Provide GUI/website branding as a link to bring more end users to the Nxt ecosystem.
Allow marketing initiatives to focus on the promotion of branded applications while implicitly promoting the Nxt platform.
Visibly connect Nxt to applications developed on top of the platform and using Nxt core features.
The official website for the Nxt Inside will receive regular updates with:
New featured NxtInside partners
New Development resources and materials
Blog posts about Nxt technology and development
If you are a developer for a third party application or website service and want to join the NxtInside program and website in the launch, please report in this threador contact VanBreuk.
The first and best known Nxt Inside partner is SuperNET.
jl777 announced the first Nxt Inside initiative in late August and thereby gave a name to the Nxt Inside project. He explained how he would bundle Nxt with BTCD, which later led to the SuperNET ICO.
When I started with NXT back in February I had to look for information in too many different sources – that’s what I want to change. Our aim is to provide all the information a newcomer needs in one place and in a simple language to make their lives easier.
Dear Nxter, spread the word: I am looking forward to any constructive feedback and am open to suggested changes.
Donations to NXT-56FE-J3YQ-7T7Y-EKTW4 are very appreciated – it helps to further develop this brand new web page.
Nxt Foundation wants to make it easy for businesses to connect to the Nxt platform.
Nxt Foundation made its first public appearance with the Nxt Community and Development video Updates, started by Tai Zen, Damelon, QBTC and Uniqeuorn. Their idea is to show some of the real faces behind Nxt, so that people know that Nxt is not just anonymous programmers hiding behind screens.
As the 5 people currently running Nxt Foundation have discovered, the absence of any legal structure for Nxt makes it very inconvenient when they are in contact with organizations or businesses, for example when attending conferences; the problem being that it is not possible to sign a contract, be it with a conference organiser or any other real world business, on behalf of a technology. It’s obviously not enough to say that you represent a public ledger or the decentralized financial blockchain tech of tomorrow. A real legal entity is needed.
In the meantime, Nxters have had no choice but to sign contracts regarding Nxt in their personal capacities, thereby making themselves personally liable under the contract. Another reason why a legal entity is needed is that it makes it easier to arrange short term insurance for Nxt representatives attending conferences.
The Nxt Foundation is a convenient way to solve these problems. In their mission statement on their website, the Nxt Foundation writes:
To grow the NXT platform and its community, NXT needs something that can connect and engage with the rest of the world (individuals and businesses) in a professional, friendly, safe and secure manner.
In order for the NXT platform to grow and gain widespread adoption, people must be able to connect with the new world of decentralized currencies (such as NXT) that are not owned by any government or central bank. For this to happen a bridge is needed between the NXT platform, community, developers etc. and the rest of the world which is still accustomed to the old world legacy banking system.
The NXT Foundation is a group of early adopters of the NXT platform who share the belief that the NXT technology has the potential to revolutionize how people make financial transactions and eliminate the inequalities of the legacy central banking systems and have volunteered to unify their efforts to promote the NXT platform with integrity and professionalism.
Still, adopting a name like ‘Nxt Foundation’ naturally causes instant fear in the heart of a decentralized community like Nxt’s. It goes to the very core of Nxt. Nobody wants to feel misrepresented by some central organ or by a bunch of Nxt representatives with whom they just don’t agree.
Nxt Foundation writes:
The NXT community does not need a ‘foundation’ for the community, it needs a ‘foundation’ for the rest of the world to be able to connect with the value that NXT and its community offers.
The NXT Foundation can be viewed as an interface between an old and new financial world guided by the NXT community and NOT directing the NXT community.
In the forthcoming months, Nxt Foundation will set up the necessary legal structures.
Learn more in this video announcement:
Nxt Organization was first announced by wesley on August 7 as a collaboration between dedicated community members who wanted to put an end to the passivity caused by the way the Nxt funding committees are set up. Mczarnek writes: ‘There was an initial vote regarding whether we needed something new and clearly we do. So, we saw there was a problem, instead of spending months voting on it (…), we organized a group of people who know and love Nxt, have proven their commitment, can work well together and decided to do something about it.’
The Nxt community was shaken. Like Nxt Foundation, the members now had to explain that they were NOT to be seen as representatives of Nxt as a whole, and the thread exploded in unconstructive debate.
On October 10, Berzerk announced a change in the structure.
Since the beginning of the NxtOrganization we wrote several huge documents with plans and ideas, in which we described how we will make the Nxt ecosystem a big success. However, at the end nothing was finished because we had no clear leader who made the final word.
I hereby announce that I took over this role since last week. I will now function as the CEO of the NxtOrganization. If you encounter any problems, just write me a PM here on the forums.
The plans for the networking, marketing and tech groups for 2014 are done. We will concentrate on the marketing and networking ones for now, as we are in a very comfortable situation in the development space with more than 7 active developers.
There are several internal votings going on in order to accomplish our goals, including over 30 tasks which need to be done this year. As we have finished the basic foundation of the NxtOrganization this week, we can finally start to actually accomplish things next week.
Currently there are six active members on board. We are constantly searching for more active members. So if you are interested in taking part just write me. I will get in contact with you as soon as possible then.
Berzerk can be contacted through nxtorganization.org. The first task solved was the nxt.org site.
Nxt Community Funds Committee
On March 7 the Nxt Community elected 3 funding committees with 5 (unpaid) members in each committee to control 9 million unclaimed NXT from the Genesis Block: A TechDev Committee, an Infrastructure Committee, and a Nxt Marketingfund Committee . The way it should work was that any community member could pitch a project and apply for funding from the committees, the committee members would then vote for or against the proposal, and see to it that the project got realised.
The way that the committees were set up seems to have fostered passivity, and several community (and committee) members have therefore called for a reorganisation of the committees to make them more proactive. 113 Nxters voted about the issue, with 86.7% in favor of such a reorganisation.
VOTING TIME, NXTERS!
Damelon has made a final proposal for the structure of a new committee.
The proposal will be up for a week, nxters should go there and vote AYE or NAY now!
The committee’s mandate will be a proactive one.
They can and should initiate projects and keep the community active in creative ways, including:
making a clear budget for the coming year.
recognising and funding well conceived projects that further the adoption of Nxt in any way.
initiating projects for Nxt adoption and finding partners to make them come to fruition.
proposing and incentivizing uses of Nxt.
overseeing the timely development of these uses once they have been agreed on.
communicating the progress of these projects in a simple to read format, making use of the numerous communication outlets that are already in place within the community, like the Twitter channels, Facebook pages and sites like Nxter.org and Nxt.org.
After the vote, there will be the following steps:
Self-nomination of candidates for the open positions.
Announcing the new committee, and transfer of funds to the new treasurers.
The new committee will be in control of the funds left in the 3 funding committees,see here.
BCNext left on February 28, the day before the Nxt source code became public, handing the rest of his Nxt code over to Come-from-Beyond, and the responsibilty of taking care of Nxt to the community. Come-from-Beyond added extra pressure, pointing out that April 4th was his last working day for Nxt. If some Nxter was still in doubt as to whether the community / the social experiment of the Nxt project was to take over or not, this doubt was killed with the release of the 3rd part of BCNext’s plan, published by Come-from-Beyond on April 1st, in which he stated:
BCNext went for good, he doesn’t feel himself responsible for the future of Nxt, he implemented an idea that was obvious but noone tried to do it (maybe because creation of a Bitcoin clone was much easier). One day he will come back with his main project under his real name. Don’t try to find real identity of BCNext, he intentionally copied style and ideas of different people, if you think you found him then you are likely wrong. BCNext has never existed, this sockpuppet was created only for Nxt and will never appear again.
We have expanded and grown several times as a community. We outgrew bitcointalk and moved to nxtforum.org on March 24. Community members began to have meetings behind the scenes, as various projects grew from the forum and these talks. Heated discussions and alliances were made.
We’re decentralized. All are aware of the value of the Nxt tech and eager to make the world understand it and make use of it. That’s what binds our community together, across national borders, political standpoints – for private reasons, privacy reasons, political reasons, businesses reasons.
This first Nxt Weekly leader has concentrated on the Nxt Community and the recent restructuring in our starfish organisation. We know now that Nxt is indeed a platform. Its value is defined by the use of it, not as currency but as a vehicle for NXT tokens, used by the projects and businesses built on Nxt.
NXTER MAGAZINE will cover these use cases in depth in a series starting this coming Monday, called Nxt CORE.