Today the 3rd batch of Round 3, with 25 M JLRDA tokens, became available for sale. At the time of writing, there were still JLRDA tokens available.
Finally – some would say – the IGNIS ICO hype calmed down a little. Finally, it is possible to attend the ICO and buy JLRDA without running a full node client, placing several buy-orders in advance, or having to figure out the most advantageous peer settings and transaction fees in order to get a chance to win the over-participated lottery for future IGNIS tokens on the Ardor Blockchain Platform.
ICO: Jelurida [ID 823491988455668070]
Live data from the Nxt blockchain
As someone said on the forum in the ICO thread:
In round one 1 NXT = 4500 Sat. 1 JLRDA = 0.4 NXT = 1800 Sat.
In round [three] 1 NXT = 2000 Sat. 1 JLRDA = 0.76 NXT = 1520 Sat.
So, the guy who ran away with all the JLRDA in the first few rounds did not get such a great deal afterall …
Live data from the Nxt blockchain
Either the whale investors
Gave up (as they attended on equal terms with everyone else)
Believe that 1 IGNIS token will be worth less than 0.76 NXT at the current NXT price
(0.76 NXT = 0.07 USD or 0.0000162252 BTC)
Believe that the price of NXT will rise a lot in the future – keep in mind that by holding NXT you get 0.5 IGNIS per NXT that you own at the snapshot (Q4 2017) and you get to keep your NXT
Decided to invest in ARDR instead of JLRDA
Do not even know about Jelurida’s work and the IGNIS ICO
Let us take a look at the three tokens in play, and you can choose your path to success by choosing which one best suits your interests and needs.
Nxt launched in 2013 as the first 100% Proof-of-Stake (PoS) blockchain ever and has run stable ever since. Over the years Nxt was optimized with built-in smart contracts that anyone can use “as is” or use them to build their decentralized applications with – without risking their investors’ money or the security of the blockchain, as no 3rd party code is added to the blockchain. Nxt’s smart transactions are rigorously tested in production and can be accessed using the Nxt API, which supports over 200 request types. Nxt is coded in Java, the leading industry standard language for corporate applications. The Nxt platform is open source for its open and supportive community. Nxt is called the “Swiss army-knife” of crypto, undervalued in the markets, and technically ahead of the competition.
With the new JPL license, owners of NXT are entitled to receive 10% of tokens from clones of Nxt.
Ignis will be the first child chain on Ardor. Ignis will have all of the features of Nxt, except for forging – it will be secured instead by Ardor’s main chain. Users of Ignis get UNRESTRICTED ACCESS to all existing and future Ardor child chain features. Do not expect unrestricted access from any other child chain in the ecosystem, as their creators may restrict those. Ignis will constantly be pruned (no blockchain bloat – means: globally scalable) and will feature cross-chain transactions, e.g., token and asset trading, and access to custom features on any other child chain. JLRDA, the non-transferable token sold in the ICO, represents the monetary unit and transactional token of Ignis, IGNIS, 1:1. JLRDA tokens will convert to IGNIS automatically at the Ardor Genesis Snapshot.
Ardor is Nxt 2.0 and is best described as a Blockchain-as-a-Service (BaaS) platform, currently running on testnet. Ardor is the main chain that will secure, bundle and forge all transactions on the network of child chains. Ardor will make the features of Ignis available to other child chain creators, but restrictions can be placed if certain features are not desired, such as shuffling of tokens, the unrestricted decentralized marketplace or the unregulated asset exchange. Child chains will have their own operational token so users will not have to buy “gateway tokens” such as NXT, ARDR or ETH to use them. Child chains will be prunable and will not have to be bootstrapped, as they are secured by Ardor. Child chains can be spawned and customised with help from Jelurida, but the ability to create new chains will eventually be integrated into the software as a DIY module. For those that like account and ID regulations and restrictions – Ardor is the place to be. For those that like to forge all child chain fees – Ardor is the place to be.
Migration of ARDR balances from the Nxt blockchain asset to the Ardor Genesis block
Spawn of the IGNIS child chain based on NXT and JLRDA balances
Spawn of Bitswift child chain with 10% share drop to IGNIS holders
Spawn of BTC, EUR, and USD pegged child chains backed by 3rd party business entities
ICO’s are hot right now, and the choice is hard if you have money to invest. The choice is entirely up to you – supporting any chain supports Jelurida, the company that owns the IP for the above tokens.
Right now, the JLRDA tokens are for sale on the Nxt blockchain and will be automatically swapped for IGNIS tokens on the Ignis child chain when Ardor and Ignis are launched together in Q4 2017.
You need NXT to buy JLRDA. The most secure and the recommended way to buy JLRDA is from the IGNIS Token Sale link in the NRS Client, currently running V1.11.9.
You can use Jelurida’s online Nxt node or download and run the client locally – as light (no blockchain download) or full node. You can also use Nxt OFFLINE to create cold storage accounts to buy IGNIS.
JLRDA tokens cannot be transferred or traded until Ardor is launched – do not fall for scams.
Stay tuned for more up-to-date coverage on the ICO. We will explain in more detail about Jelurida, Ignis, Ardor, and everything else that is pertinent to this ICO. We won’t give trading advice.
Follow us on Twitter for breaking updates. And please help us grow as we continue to provide our readers with excellent and focused coverage on the ever growing blockchain space by rewarding us for our efforts – Donation address: NXT-TK9J-MEKH-MUP9-HFCH2.
This article is for educational purposes only. It is advisable never to invest more than you can afford to lose.
NXTER.ORG’s RubenBc interviews Roberto Capodieci, who is the CEO of DeBuNe (Decentralised Business Network) and OTDocs.com (Open Trade Docs) and also the Founder of TheSoundKey.com + Go.Notifile.me.
Roberto has extensive experience in the IT and business sectors. At age 10 he developed and sold his first video game, began his IT entrepreneurial career when still in his teens and at 20 years’ old was running an office of almost 40 developers and software engineers.
On January 16, 2015, he announced DeBuNe in Nxtforum and 10 days later began a successful fundraising campaign.
Roberto sees himself as a farmer with a seed in his hand (DeBuNe), a good fertile field to plant it in (Nxt) and needing only some more water (investors) to be sure of a bumper harvest.
RubenBc: Roberto, I’m delighted to be speaking with you and look forward to learning about the technology that you’re presenting to us. First of all: What is DeBuNe?
Roberto: Thanks Ruben – it’s great to be chatting with you. Basically, DeBuNe was born with the aim of decentralising business processes. More specifically, putting business processes on the blockchain, delegating the execution of pre-agreed decisions to smart contracts and phasing transactions. DeBuNe therefore enables entrepreneurs to put the administrative aspects of their business relationships on auto-pilot. This of course means they can then focus much more on the aspects of their work that require their key skills.
RubenBc: What types of project are currently running on the DeBuNe platform?
Roberto: Before having the chance to become a service open to everyone, DeBuNe has become a technological foundation for other projects of our own. We’ve been using it as a platform to implement some of our other technological solutions:
For example, OTDocs. This was the first project to use DeBuNe decentralised business process solutions to help manage documentation in international trade finance. We’re currently working on proof of concept pilot projects with several banks in Singapore and Australia.
Another of our projects is TheSoundKey; this is a small hardware device you can use to digitally sign blockchain transactions while making sure your digital identity is absolutely secure at all times.
Last, but not least, our latest project – my favorite and for sure the best – but it’s still top secret! One of the four versions of this project, http://go.notifile.me, will run on the Nxt blockchain, and will hopefully help to keep Nxt alive!
RubenBc: Do you require a new financing round? If so, will you be making use of the Nxt platform to raise the finance?
Roberto: The short answers are: not yet and yes I expect we will be doing so but only when the time is right. Nxt of course is not only a platform, it’s also a community and it was the amazing enthusiasm and support of the Nxt community that gave me, and the rest of the team, the courage to drop everything else and focus 100% on DeBuNe and collateral projects. The funds which we raised initially represent less than 10% of what we ourselves have invested so far.
The income generated by the DeBuNe projects is distributed according to asset ownership which in practice means that approximately 25% is distributed, as revenue share, via the Nxt platform, to the individual asset holders and the rest is retained by DeBuNe to cover the running costs. This is why DeBuNe will never put up for sale in the market more than 50% of the total amount of assets.
To support our efforts we have started offering consulting on blockchain projects, and implemented a couple of solutions. We are now hoping with our most recent (and still top secret) project to generate some fast income, and at the same time we are closing some paid pilot projects with some banks in Singapore.
We haven’t yet accepted any seed fundings with our startups because, before we sell any equity to investors, we want the companies to be worth as much as possible. In this way we’ll be able to raise the necessary finance without having to give away too much share capital.
RubenBc: I’ve read some of your articles, blockchain technology clearly fascinates you and specifically the Nxt blockchain…. How do you think DeBuNe can change the way a business is run?
Roberto: Through data decentralisation, combined with the use of digital signatures and thus identities, secure “timestamping” of transactions, non-repudiation, and pre-programmable actions. These are all key aspects of how DeBuNe can prevent business processes from being manipulated by any third party.
Two other things are needed. First, a reputation management system that lets everyone know how much trust they can place on a user via his digital identity (i.e. their public key on the blockchain with which they sign all their digital transactions). Second, coupled with that, a good decentralised KYC system which ties a person’s or company’s real identity to their digital identity. Together these two things will empower people and companies all around the world to do business with each other, regardless of where they are located, or what prejudices other people may have of them or indeed they may have about other people.
RubenBc: We have started 2016 with a remarkable increase of confidence in the crypto ecosystem thanks in part to the prospect of another large crisis in the financial markets. What will happen with DeBuNe during 2016?
Roberto: DeBuNe will take time to release a finished product, due to several legal and practical (funding) reasons, but it has opened the doors to the means to get there. DeBuNe sub products will see the light of day this year, and I am very confident that they will succeed!
RubenBc: Do you think that the growth of Nxt’s adoption and other cryptocurrencies will be constant, progressive or will there be an event which will make it grow exponentially?
Roberto: As with any new technology there is a huge need for education in order to gain adoption. At the moment though, the “blockchain” is just a buzz word and every financial institution thinks it needs to have a project involving one, even if in most cases they have not much idea of what it means. And, at the other end of the supply chain – the end users – don’t even know what they are using.
I recently overheard someone expressing his surprise that to use Facebook he needed an Internet connection: to him Facebook was an application on his phone, and had nothing to do with the Internet. It will therefore very likely take a few years before this person understands crypto platforms!
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.”
Nxters, get your Raspi2 running;
Grewalsatinder has pushed a SuperMesh.io test release.
Grewalsatinder writes: ‘SuperMesh.io Test Release is a small bundle of applications and services which provides easy access to various decentralized technologies like MeshNET, NXT Full Client, Decentralized DNSs, TOR websites/services (e.g. onion websites).
It’s a basic feature build/OS which enables any person with some technical knowledge to build their own Raspberry Pi device and use it as a smart router providing easy access to MeshNET and Decentralized technologies’.
You can find an updated grewalsatinder’s roadmap for SuperMesh.io HERE.
Note that there aren’t any .nxt websites to explore in the meshnet yet, as we just entered it. Eventually there will be, for example nxter.nxt will be set up soon for you to enjoy in the meshnet. Until then, you can find a list of useful meshnet websites related to the Hyperboria (CJDNS) network here: http://hyperboria.be/.
SuperMesh.io and Nxt are not related to CJDNS and Hyperboria in any way.
This first test release is for Raspi2 users only and will not be stable on older Raspberry Pi models. Upcoming releases may support all the old RasPi models.
SuperMesh.io test relase 0.01
1. NXT Full Node.
2. Updates NXT automatically.
3. Access to .nxt DNS.
4. Decentralized DNS with IPv4 & IPv6 Support.
5. HotSpot WiFi.
6. Access MeshNET services as SuperMesh.io WiFi client with ease.
7. Access TOR services (.onion) as SuperMesh.io WiFi client with ease.
8. Run NXT Full Client using TOR Network.
9. Run NXT Full Client with IPv6 Support Enabled.
10. Easy access to NXT client via web page.
11. Auto Configure CJDNS and connect it to Hyperboria network.
12. Easy access to MeshNET websites/services as SuperMesh.io WiFi client.
NOTE: This test release is still experimental. So, please evaluate it, test it, and if possible break it and/or improve its security features. Then share your findings and any solutions with the community as part of the ongoing process to optimise security and efficient usage. If you do enhance its security, please share your solution, so I can include that in the next build and put your name in credits.
SuperMesh.io Test Release:
Version: Beta 0.01
Date: 12 July 2015
1. Raspberry Pi 2.
2.1 Edimax WiFi Adaptor – Model EW-7811UN (for WiFi Access Point).
2.2 An additional Edimax WiFi Adaptor – Model EW-7811UN (for connecting your node to existing WiFi connection)
4. USB Keyboard & Mouse.
5. HDMI cable.
6. You can use micro USB Charger from most phones and cameras to power your Raspberry Pi.
7. microSD Card (8GB or 16GB) – I used SanDisk Extreme Plus. Little bit faster than usual.
SSH and Terminal Access Details
#### IMPORTANT: Change the default Password ####
It’s very important to change your SuperMesh.io node’s default login password to something different and stronger. You can change the password after logging in to SSH or Terminal using command ‘sudo raspi-config’. Use arrow keys and select second option ‘Change User Password’ to enter new password.
WiFi Access Point Access Details
WiFi Access Point Info:
Default SSID: SuperMesh.io WiFi
Default Password: SpaceMesh.org
#### How to change your default WiFi Access Point’s Password ####
Default password of WiFi Access Point can be changed from file /etc/hostapd/hostapd.conf
Open the file and change the value of ‘wpa_passphrase’.
#### How to connect your SuperMesh.io node to existing WiFi connection ####
For that you’ll need to edit ‘/etc/wpa_supplicant/wpa_supplicant.conf’ file as root user. Use the following command:
If your existing WiFi connection does not need any password to connect to just enter its SSID on line 6. Replace word ‘YOUR_WIFI_ID_HERE’ with your SSID.
If your existing WiFi connection needs to be connected using a password, I have configured common settings there. Go to line 13 and update your WiFi SSID where it says ‘YOUR_WIFI_ID_HERE’, and replace the string ‘YOUR_WIFI_PASSWORD’ with your existing WiFi connection’s password.
Save the file, and restart networking service:
sudo /etc/init.d/networking restart
Or just reboot your system with command ‘sudo reboot’. Next time you boot up your system, it should connect to WiFi. If not, you have to find your correct settings for WiFi configuration. Search ‘How to setup WiFi on Raspberry Pi’. That might be of some help. 🙂
TOR Network and Access Details
System by default connects to clearnet. It does not enable TOR access for WiFi clients by default. There are two ways to enable TOR access to WiFi clients:
1. Enable line 21 from file /etc/network/iptables.ipv4.nat. Remove ‘#’ from the line, save it and restart network interface, or just reboot the system. This will route all traffic of WiFi connected clients by default through TOR. Whatever service they access will pass through TOR network. You can visit website ‘ipchicken.com’ and it will show you your public IP and a hostname if there’s one for that public IP.
But, some people still don’t trust the TOR service. That’s why I set it not as default to route all traffic of connected WiFi clients through TOR. In case you do not want to mess with iptables, you can use the second option.
2. Use SOCKS Proxy setting for your browser or applications to access TOR services or route through TOR network. The SOCKS Proxy details are as follows:
SOCKS Proxy IP: 192.168.10.1
SOCKS Proxy Port: 9050
With the second option you do not need to make any changes to iptables or anything else. Just connect to WiFi Access Point of SuperMesh.io node and use proxy settings to surf internet through TOR.
NXT Full Node Access Details
NXT Full node is accessible via all network interfaces of SuperMesh.io node. If you do not know what IP address the SuperMesh.io node got when you plugged the LAN cable into it, you can just connect to its WiFi Access Point, and visit http://192.168.10.1. On that web page click on ‘NXT Full Node’ link and access your NXT Client’s Web interface.
The web page is static. This test release does not give any dynamic information, e.g. internet/TOR/MeshNET/LAN network conectivity info. However, future builds may do so.
NXT Full node by default connects to peers through clearnet/internet. It does not route through TOR. If you want to enable TOR for NXT Full Node, you can edit the file ‘/home/pi/nxtpi/nxtrun.sh’. Open the file and remove ‘#’ from 3rd line and add ‘#’ to 4th line. Save the file and reboot the system. Next time SuperMesh.io node boots up it will be connecting your NXT Full node to internet through TOR network.
NOTE: TOR settings for NXT Full node are exclusive to NXT only. Any changes made to iptables for WiFi clients will not enable NXT Full Node to route through TOR network.
CJDNS MeshNET Access Details
When you boot your system for the first time SuperMesh.io node by default generates a new CJDNS configuration file and populates it with a CJDNS Public Peer. You do not need to do any single settings or change your CJDNS Settings. If you still want to play with it, or want to see what’s inside your CJDNS settings you can check the file /etc/cjdroute.conf.
If you want to see what your MeshNET IPv6 address is, enter command ‘ifconfig tun0’ or ‘ip addr show tun0’. The line with ‘inet6’ shows your IPv6 address.
If you want to confirm if you are connected to CJDNS MeshNET you can ping to my CJDNS Public Node IPv6 ‘fcdc:1bde:c1f4:4b9c:5a91:d33b:d771:d492’.
On Mac and Linux use command:
On Windows use command:
ping 6 fcdc:1bde:c1f4:4b9c:5a91:d33b:d771:d492
HyperBoria Websites Access Details
The build is now able to access Hyperboria websites, as the SuperMesh’s own temporary CJDNS public peer got some nodes connected which connects us further to existing Hyperboria only websites like ‘uppit.us‘ or ‘socialno.de‘ or ‘nodescan.hype’ (by slothbag).
By adding that peer you’ll be able to connect to Hyperboria websites. But, maybe others still won’t.
#### How you can help NXT and SuperMesh.io Nodes to connect to Hyperboria network? ####
If you have made your SuperMesh.io node a public node, and your CJDNS is peered with a node which connects to Hyperboria, you can share your peer info with me, and I’ll add it to my CJDNS Public Peer. That will help other SuperMesh.io nodes out there connect to existing Hyperboria websites.
Make your own website/service exclusively available on CJDNS MeshNET
Yes, having this SuperMesh.io node gives you a very easy platform to build your own website or service and make it available on MeshNET. This test release of SuperMesh.io node comes with ‘NginX Web Server’ installed with it. It’s a very lightweight web server. Do your research and check out how you can use your Raspberry Pi as a website server or for any other kind of services.
Decentralized DNSs on SuperMesh.io node
This test release has everything set up to access services accessible through Decentralized DNS .nxt.
You can setup your NXT Aliases to be used as Decentalized DNS. All existing NXT Aliases can be used with .nxt.
Example: If I have NXT Alias name ‘satinder’ registered in my NXT Account, I can set it with type ‘Other’ and use following JSON data in ‘Data’ field:
Once the changes are saved and confirmed on NXT Blockchain, I can access my website using ‘satinder.nxt’ or ‘www.satinder.nxt’.
If you need to set up your NXT Alias as a Decentralized DNS for IPv6 address (as for your MeshNET node), you can use the following JSON string:
Grewalsatinder writes: ‘I had issues while testing NXT Alias as Decentralized DNSs. Mostly the issues were due to wrong JSON formatting. You can copy your JSON string to the following online JSON editor and verify if your JSON string is valid: http://www.jsoneditoronline.org/. Once confirmed, only then use your JSON string as Data for NXT Alias to make a Decentralized DNS.
It’s thanks to communities like NXT, CJDNS, Raspberry Pi, DNSChain, SuperNET and so many developers from related communities that this build was possible. I hope you’ll like this SuperMesh.io test release, and join this project to improve it further’.
toenu – for adding .nxt support to DNSChain.
slothbag – for making base of Decentralised DNS on NXT Blockchain
If you want to support grewalsatinder for his efforts you can send some love in the form of NXTs.
His NXT address NXT-QK5L-7YM9-YPVF-55GL5
James has been in deep coding mode, resulting in a total reconstruction of the SuperNET CORE, improvement of the distributed Multigateway (MGW), and some new SuperNET tech. Meanwhile, the rest of the decentralised dev teams/coins and services in SuperNET has been busy as well. This newsletter will give you an update on James’ work, the CORE coins and services. As you can see, SuperNET progress hasn’t slowed down at all! Dive in 🙂 SuperNET Slack can be joined by sending a request to: email@example.com.
‘Syscoin devs are working on exposing its features via user friendly interfaces. ‘The big release for that is 1.6 (http://syscoin.org/roadmap) which introduces a new wallet that brings everything front and center. Certificates, data-store/aliases are [already] on the blockchain and working, however they don’t have a UI in the wallet yet so it is all command-based (for now). When we roll out our V2 wallet which will be much easier to build upon than QT, we will begin rolling out each feature in the wallet through continued development’, writes Sebastien.
Syscoin brings a talented and established team of developers to the SuperNET table. One of the interesting features will be their decentralised market – the Blockmarket. Its Beta GitHub repository is public, and you can set up your own Blockmarket on their testnet: https://github.com/syscoin/blockmarket.
‘If you are following my github, you will see the progress everyday. I am getting more and more functionality with less and less code, this is what happens toward the end. I also had to take some time out to solve the blockchain bloat problem. Lchain (the evolution of Ramchains). Testing is going well. Then realtime MGW via decentralized load balancer. All is in the new “plugin” system, which is more like cooperative agents. The new agents’ system will let people easily become a publisher. It is quite a general solution, beyond pure crypto.’
‘I originally estimated about 6 months to complete my tech, but the extra time needed to accommodate feedback from what has become a much bigger community has made this longer.
However I doubt it will be double, as there are many who are now helping me directly. Anyway, this is pretty tricky code and I don’t want to do a bitshares and push something out before it should be.
I am well aware of the ticking clock and I am focused on getting InstantDEX out, but need MGW stable and fast first. My recent release of the fault tolerant comms relays should solve all the network connectivity and reliability issues. The modular agents’ system solves the exponential increase in complexity of the overall project. These are things I didn’t foresee and reliable decentralized networking is not as easy as it sounds.
Also the bitcoin protocol is, …., there are just no words. I just want to find the unspent balance for multisig address but to do that I have to basically reimplement most of the bitcoin code.
I pushed ramchains that allows rewiding to any block and it will recreate the exact blockchain state as of that block. I don’t know of anything else that lets you set a block number in the past and then calculate the rich list (and all available unspents). Not really a must have use case, but this ability just came for free as a result of my now having totally mastered the bitcoin blockchain.
Now I will take a little break and can push the MGW to the finish line. ‘
SuperNET is now a BTCD plugin, or an “agent”.
James writes: ‘I run the host code inside BTCD, and SuperNET plugs into it. Then other software agents can plug into SuperNET. Each agent can broadcast locally, or globally.
The core set of agents
I split out all the major [SuperNET] components. There is a relays’ agent, a peers’ agent that deals with the broadcasting to all the peers, a coins’ agent that can talk to any gen1 coin, a database agent that does some pretty intense multilevel caching and data packing, the MGW agent, the ramchain agent, a subscriptions agent that manages subscriptions (still very early for this one). Teleport will be a comms agent, I think a chat agent [for InstantDEX] is a matter of a day’s work. I have 12 working agents now. ‘
Anybody will be able to make a SuperNET agent
‘With 100 lines of code, you can make a new agent, publish its availability to the relays, and start selling subscriptions or whatever. I have it so each agent has three sets of methods: public, normal, authenticated – so you can have methods that can be accessed by anyone, or just on local machine, or needing authentication.
What’s in it for the end-user?
It will be possible to make a drag and drop GUI where you can connect up the different modules and end up with a fully customized working crypto solution. Want anon? Add an anon agent. Want a blockchain? Add the blockchain agent. Want to support assets, add the asset agent. Want atomic cross chain trades? Add that agent.
What this also means is that we get dynamically loadable command sets for non-built in agents, you can automatically make a websockets interface that has a text debug HTML page too.
Lchain is new tech, implemented as several agents.
James writes: ‘Ramchains went a bit too far for max performance, so I made some tradeoffs to reduce resource usage, and added a lot more useful data to Lchain. Having a super high performance DB system has allowed me to accept making some DB calls for less frequent things. I added a ram cache on top of the fastest key/value store DB system, but it is more than just a cache as I have arranged the data to map to consecutive indices, so I can have a packed array that is synchronized to the HDD via DB calls at regular intervals.’
‘Lchains solves the problem of blockchain bloat. The BTC blockchain is growing exponentially, so soon people won’t be able to run it locally, but with Lchain, it will only grow linearly, so people’s HDD will keep pace. It is like a train in the movies, the one that is speeding toward the edge of the cliff but there is no bridge. Lchain is the bridge that will allow for continued use of bitcoin on people’s computers. The ledger file for BTCD at 220K blocks is 1MB – of course you still need some support files, but actually you can get the info for the support files from the relays. Still need to have archival nodes to keep a copy of the full blockchain, to be used for verification of the Lchain.’
‘The legacy MGW is running code that is 1 year old!
That is very old code and there really only has been one bug.
The problem with MGW uptime has been that all three [servers] had to be in 100% sync at all times. Now this is no longer the case, yet we still get the same redundancy, actually more.
Lchain addresses the problem of slow startup and peer validation.
The Lchain is a data provider to the MGW servers. The MGW function only needs access to the Lchain servers + up to date blockchain locally, then it queries the Lchain, verifies locally and signs, gets consensus, submits. So you can have 10 computers with Lchain to make sure 3+ are available 100% of the time. Now an Lchain server can go offline, but MGW is still running. If all the Lchains are in agreement, that is good enough for MGW to verify locally, so there are actually additional safety checks with this separation of function.
Another problem was connectivity. The MGW servers lose connection with each other once every few days and need to be kick started, and then the startup time makes it go offline for a bit. The startup time is MUCH improved, but for MGW it won’t even matter as it is the Lchain that takes time to startup. MGW startup will be pretty instant. Faster and more reliable, so this removes the need for restarting due to comms problems (assuming it is indeed more reliable) and downtime due to restarting the ramchain. Now I just have to port the existing code to use the Lchain, but most of the code isn’t needed anymore since Lchain does most everything that is needed.’
Coin confirmation time: + 10 seconds.
In other news, James also writes: ‘I got a test release out for BTC realtime MGW. ‘ It’s happening.
There have been questions about when InstantDEX will finally be out of testing and available in beta, and for general use. Cryptosleuth writes: ‘there are only some small things to fix in the GUI but it is functional. Been focused on API testing, and then will need feedback on what people want changed in GUI.’
Eth writes that the website will be up shortly, but that there are too many variables in play to give an accurate answer about a launch for SuperNET’s distributed real-time trading engine, itself: ‘ “Tuesday” is the best you will get for now, but API is looking great. Also, I have been lucky enough to fiddle with the SkyNET API, I can just say that I am impressed.’ SkyNET will have an important role in InstantDEX.
Essentially, InstantDEX’s ‘punch-through’ trading will mean that it is possible to conduct a trade that spans several exchanges. InstantDEX knows about MGW coin assets being 1:1 to native crypto, and it uses this to calculate virtual prices across all exchanges. Once the communication with InstantDEX is set up, other exchanges’ liquidity are added to the InstantDEX orderbook. Perhaps you want to buy OPAL in return for NXT. Poloniex has the best OPAL <> BTC rate, and InstantDEX has the best NXT <> BTC rate. Putting the two together in the background enables users of InstantDEX to gain the best spreads across exchanges.
Updates will be posted in SuperNET Slack channel #crypto777
The crypto777 protocol is described in http://test.nxter.org/supernet-newsletter-16/
The purpose of crypto777 is to fully decentralize realtime backed and pegged crypto.
James writes: ‘It will have a built-in way to generate fees, via blockchain. I am working with Consensus Research who will be doing the whitepaper and modeling. These fees will be assetized and I will be issuing an asset within a few weeks. Preference will be given to purchases made via BTCD but I need to finish InstantDEX first as I will use it to create the orderbooks for the sales directly in BTCD.
‘Now the actual backed and pegged cryptos are “hard” assets, so I can’t give out dividends in those. The asset is based on the sum of all the fees from all the backed and pegged assets that will be created. There will be a price ladder so early birds get a discount, but as the whitepaper is released and the tech matures, the price will be raised at the milestones.
‘I am thinking of allocating 5% of crypto777 revenues to BTCD stakers.’
eth writes: ‘We have started an official blog for SuperNET, you guys can read it in: http://supernet.org/blog. The main objective is to create a communication point where information will flow in a friendly, mostly continuous way to keep all the users, community members, investors and everyone else interested about SuperNET up to date regarding advancements in development. The blog will be limited to allow posts from the core team only, but of course if you or whoever else feel that it could be reworded to improve comprehension or in any other aspect, everyone is really welcome to do so and distribute it.
We are aware that we have not been very communicative lately regarding the progress of the different services we are developing, and that is a big mistake, since we feel some people are losing a bit of faith, mostly caused by this lack of communication. Entirely our fault, so we are here to fix it.’
The Jay Client and Framework was released about a month ago.
Further details (and videos) can be found in SuperNET Newsletter #16.
Until recently there has only been Jay Wallet ( http://jnxt.org/wallet) to use to test Jay, and Jay can do so much more than this. Jones has now released the AE side of JayEX, allowing for ‘Nxt AE trading with the security of the localhost NRS client, the inspiration of SecureAE, and the chart ideas and layout idea from Poloniex. I’d call it officially beta now’, Jones writes.
‘My hope is that Jay Version 2 will be released around the time that Nxt 1.5 hard fork occurs, but there is much to do’. Jay v2 will support currently released SuperNET features. http://jnxt.org/nxt just has the original for now, I’ll need to check what tx types are needed for the supernet agents, jay integrated NRS with SN agents. Could work pretty easily.’
doppelganger follows up: ‘We had to change core architecture of the project, for example switch from NoSQL to relational database. We believe major bugs are sorted out, so we decided to initiate testing on the main chain. Next development target after core system is a SuperNET agent, to simplify game experience. We have there mostly UI minor bugs [which needs to be fixed], no majors, no blockers.’
Note that a transaction fee of 1 NXT goes to the network on every bet or chip swap.
Jones writes: ‘I am going to marathon a neodice-jay web client, then move on to Jay v.2 work after that. Because jay has the advantage of being online, I can add some more features, like a chat box and backend processing.’
Fast withdrawals on AE
Also James chips in: ‘I think during the testing period the withdraw times are intentionally set to be very long (720 blocks). But we can just put a buywall for fast cashout, so that people who want to convert to NXT right away can just do it from AE.
I’ve put up a buywall on AE so to redeem, just sell into the buywall.’
‘The software developer is working according to schedule to finish the playmoney version by the end of May’, writes 5000Bitcoins. It is estimated that the real version will be live and integrated with SN 1-2 months after that.
Live NXT to USD/EUR conversion calculator
Instant viewing of NXT price equivalents in USD and Euros
Price equivalents’ update along with shipping options and quantity changes
Send NXT to another account directly from within FreeMarket
Buy/Sell NXT for BTC, BTCD, or LTC from within FreeMarket using ShapeShift
Menu bar notification of your pending sales if you are logged in
List multiple quantities for the same item, for the same low listing fee
You now have two durations to choose from: 2 week or 4 week duration
Image enlargement: Click on any image to zoom in. Animated GIFs are supported
No permanent storage of your NXT wallet passphrase at any point.
FreeMarket now remembers your language settings between sessions.
‘We will be carrying out deeper integration of First Swiss card in Coinomat. The whole process will be at Coinomat, including card ordering, and card loading will be instant. We are integrating the bank API now, the bank had doubts over this, but now all is settled.
This week it should be complete. No public info for a couple of days longer, we’re rebranding it so it is completely white label. After that we will start promoting the card and pay cryptocard dividends. Sorry for the delays but it’s not really our fault indeed.’
‘Guys, if you’re in Europe I’d like to remind you that we offer very cheap crypto buying and selling options by SEPA. It’s protected against volatility. USD is credited first and then you buy coins. Coins are sold at 0% to current open market rates.’, writes Coinomat.
Nexern writes, ‘You can query data and indicators now.
The API is growing hourly atm and the first 100 indicator specs are ready tonight.
The current silence means I am coding heavily. Here is a quick overview on what I am working [on] atm: http://finhive.com/download/web_quicklist_indi.txt
The now designed API is input data agnostic, [which] means it acts also as a very extensive financial math/analytics gateways where users can query the whole API functions with their own time series (via json POST). This adds an additional revenue stream for users who prefer to analyse their own data.
Another good thing is that I have also finished the missing math bindings and intend to look into a R binding next weekend. This would add additional, valuable finance logic like risk management, portfolio handling, quants and many other very usable stuff to the framework but this is optional and not a must have at current stage, completing the actual API modules is paramount now.
You can see an indicators API spec (ind_sma) proto here:
http://api.finhive.com/v1.0/run.cgi?section=crypto&run=api, it includes also naming, descriptions, signaling interpretation and more, shared by the TA encyclopedia ( “sec_knowledge”:  ) later.
Moreover, ‘last regression tests on the custom TA lib [are] successfully done. All +300 indicators returning correct and cross-checked result sets. The lib (optimized, plain C) is pretty fast and lean (185kb, nix shared with ~8k loc.) and presents an important skynet asset (simply because it is the most actual and complete TA lib on the market from my pov) besides the data collected so far. The server side LuaJIT lib binding (serving the JSON API) is also working as expected and reaches ~80% of native C speed. This speed was/is crucial and not pedantic because the API supports pre-calculated, and more important, dynamic (on request) data creation. Well, nuff said about the tech for a while’.
SuperNET Radio icon Kevondo has left the building. Lootz writes, ‘New talent is being recruited and interviewed regularly for a new host for chillax hour. Once we hit a larger audience I have many giveaways such an SuperNET Pure silver coins to give away, so stay tuned.’
SNRN is looking for a short article writer to write reviews on the shows. Compensation paid on a per article basis. If you operate a site and would like a banner put on supernetradio.com, contact lootz. SuperNET Radio is now broadcasting its stream through all of icecast and shoutcast communities. This means that all shows are now broadcasted to a lot more people.
‘We plan on having A LOT more content coming up, so the music will not be so prominent, but at the moment – here’s what’s goin’ on. All day we have a mixed bag. Pop, rock, old, new. Hard (no screaming), Soft. It’s a decent work mix. And right now as we’re in our “transitional” period, replays of past talk shows will play around 1 PST/4 EST Mon-Fri. Every Night at 8 PST/11 EST, electronic music starts for sweet dreams. Then, Wednesdays and Fridays are Hip-Hop nights starting at 5 PST/8 EST. And finally, Sunday is a slow day, we have Trip-Hop/Downtempo starting at 9AM until Classical starts at 5PM. Also, on the weekends we have Super Security Saturday, and Coin of the Week on Sunday as well.’
‘SuperNET Radio is now open to all Core Coins and Supernet related assets. If you want to showcase, explain your tech, basically any word you want to get out it, is now open and FREE. Let’s get people to understand SuperNET and all its parts on voice packets. Contact me with details and we will make it happen. I want this to be truly SuperNET’s Radio Station, and believe this will be a good direction for our community. DM lootz.’
SNRN (asset ID 3501237268087927815) will be released monthly in small portions. ‘Revenue from ads/sponsors will go to holders as dividends. Also any 1 company, technology, venture, who holds 20% will have free advertising on the station 24/7 played 12 times a day and in our shows that get many replays by multiple communities, as I keep inserting SuperNET Radio into different communities. We have 27 websites broadcasting atm, and will continue to grow’, writes lootz. So if you like what SNRN does, instead of a donation, just get some SNRN, maybe one day SNRN can say thank you with dividends.
The heavy discount at which JLH (asset ID 6932037131189568014) is trading on its NAV will shrink in due course.
As announced by James about a month ago: ‘Please don’t be surprised or complain. My goal is to lower spreads across the board, target of 1% to 2%, but it needs to be done gradually unless market conditions change. So it is a multidimensional mapping issue where all the related assets are linked via adaptive bots. The natural consequence of this will be price moving in harmonic oscillations similar to the forex currencies. I make simple arbitrages, constrained by liquidity of the other assets, but as spreads narrow across the board, liquidity will increase, allowing more arbitrages. Iterate…’
Bots will not be deployed yet, but James has now put up some small buy walls at ~10% below NAV.
James writes: ‘JLH really should be trading at some sort of premium, but the liquidity problems has made something that nearly quadrupled in NAV in less than a year and tripled in price, to somehow be a significant discount to NAV asset. In the real world, anything that is quadrupling in a year will most likely not be at any discount!
Now there is no gauging how much more stuff I will add into JLH over the next months and years, so let us set the value of that at zero. Still even with this santa claus valuation, the NAV really should be the floor, so I will make that happen with buywalls.
Over the weeks, I will gradually raise this [~10% below NAV) closer and closer to NAV. If it ever starts trading at a premium to NAV, the reverse process will be used to get it back to NAV. What this means is that JLH will end up trading around the NAV on a long term basis.
I realized it is easy to get the funds required to put up buywalls, just by selling small bits, if funds are needed. With almost half a million NXT in the acct now, it won’t be necessary to make any sales. This method is a much better use of funds than dividends or lotteries. When I get a chance I will automate it, until then it will be an occasional thing, whenever I get a chance.’
BitcoinDark development has been ongoing behind the scenes and we are now approaching a time when that development will begin to bear fruit. One of the new developments includes a new HTML-local-host Wallet GUI to replace the old QT version.
I’d like to announce that with the donation funds the community has raised so far we have been able to hire Onsightit, VRC’s GUI and Cross-Platform Developer, to help primarily with the back-end of the new BTCD HTML-localhost Wallet GUI. Getting talented developers on board is important to meeting our goals so please keep those donations coming!
Support BitcoinDark development
Send your donations to the following Official BTCD Donation Address:
or you can donate BTC using the Official Multisig Donation Address:
The MMBTCD asset is live. Nxt AE asset ID: 8122396658538927693
The aim of this asset is to increase liquidity for BTCD and place gentle upward pressure on it. Coinomat has done great work with the MMNXT asset. BTCD has much lower volumes and thinner order books, so we’re taking a mutual fund as well as market-maker approach. Hopefully using revenues from other assets will inject some liquidity and give us something to work with. Coinomat has very generously donated 100,000 coinomat assets to MMBTCD.
Due to migration to new SuperNET servers, the Asset ID for the active mgwBTCD asset has changed. You can send your old mgwBTCD assets (ID 11060861818140490423) to the special redeem account NXT-6YQW-HHCG-NATW-DCHJ3. Soon you will receive the same amount of the new superBTCD (asset ID 6918149200730574743).
Bitstar has now moved from 35% a year stake reward to 25%, writes BitstarDev.
VeryVeriViral writes, ‘VeriCoin’s new “Proof-of-Stake Time” protocol testing is now done. Proof-of-Stake-Time Wallet 1.6 released! You can now download the new 1.6 wallet by going to help “Check for update” or downloading at the website: http://www.vericoin.info/
-PoST will become active after block 608,000. Biggest PoS change since Nxt.’
‘Well we’re just trying to make some great tech. The funny thing is… PoST is just the foundation. I mean it’s legit and all… but we have other things coming too. We’ve realized the importance of the Anon crowd. We’re going to deliver something that is pretty cool in that regard. (It would replace our currently “centralized” VeriSend feature.)’
danosphere writes, ‘We’re working on exposing features via user friendly interfaces. The big release for that is 1.6 (http://syscoin.org/roadmap) which introduces a whole new wallet that brings everything front and center.
FibreLock 2.0 will soon be submitted for peer review! Once all the devs taking part have provided their feedback and the changes have been made, we will release the open source code for FibreLock 2.0. After the code has been open source for a while and audited by the community, we will release Fibre and Bitcoin wallets including the new and improved FibreLock. The source code will be available so any coin will be able to implement FibreLock.
ZeroTrust + FibreOS
ozboom writes, ‘ZeroTrust (ZT) is being audited for release (decentralized and trustless transaction mixer, never been done before), FibreOS is coming with its own device (Ubuntu derived, super hardened Linux distro for safely keeping your wallet on a USB stick) and holds incredible promise imho’. Sigwo will be the official US distributor of the FibreOS Device. All SuperNET Core coins will be available on this device, Blitz wallet will also be included.
Trustless HD Wallet FibrePay for Google Chrome
Fibre vs Blitz
Killakem, Fibrecoin founder, has taken the lead on Blitz (formerly known as Ocupy).
Blitz and Fibre are separate projects.
mxxxxx writes: ‘Thanks to involvement of Killakem bigger Fibre investors are enabled to receive revenues from Bitalize ventures. Fibre will have FibreNodes, Blitz will have BlitzNodes but they will share the same pool of revenues. 40% of all revenues generated by platform and services running on it will be shared amongst NodeHolders – they get 60% of it (and receive additionally fees from transactions), smaller holders of 15k of Blitz will get 40% and no fees from transactions.’
The holding requirement for running a FibreNode in the BDN Network will be 15k Fibre. This will ensure that the number of FibreNodes in the BDN does not saturate the revenue share. This model is setup for the investor, as we do not profit unless we deliver and make this a successful project’, writes Killakem. ‘We have many ideas and concepts flying around but we have implemented the same release system that Fibre uses: “Don’t mention any tech until we are 100% sure we can deliver”. It has worked really well for Fibre! Hence we have received no FUD and you would struggle to find someone with a negative view of us.’
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.
As the name UNITY suggests, SuperNET is not a coin but a cooperation between selected coins. If you’ve been following the SuperNET Newsletters, you will know that all SuperNET CORE coins have been chosen with great care. No copycats, no simple clones of Bitcoin, no scamcoins pumped by a huge marketing budget: only truly innovative, useful coins with active developers. Here they are in a flash…
Nxt is currently the frontrunning 2.0 cryptocurrency platform, meaning that it enables far more than simple cryptocurrency transactions. Nxt offers a wide variety of powerful blockchain-based features, both in the core and as 3rd party services. Nxt is where James, the inventor and lead developer of SuperNET, started his journey into the crypto world.
Nxt core functionality includes Arbitrary Messaging (uploading encrypted data to the blockchain); a decentralised Marketplace (think eBay for digital goods, without the fees and servers); the Asset Exchange (based upon what Bitcoiners refer to as ‘coloured coins’, with the ability to issue assets representing for example shares in a company, paying dividends to asset holders, etc); a decentralized DNS-system; crowdfunding – in fact a whole new Monetary System, for issuing new customizable decentralized currencies on top of the secured Nxt blockchain – and soon a p2p voting system and multisig transactions (allowing, for example, math-based escrows and Nxt / asset / Monetary System-coin holders to vote on whether to veto or recognize a transaction), and more.
Nxt is a platform, meaning it was designed to be built upon. James was one of the first people to see this, and his brainchild SuperNET has emerged from (and combines) many projects started on top of the Nxt blockchain. It was natural for him to base SuperNET on Nxt, and so the 1.0 coins in SuperNET all gain their 2.0 features from Nxt.
BitcoinDark (BTCD) started as a side project for James as programmer. As time went on, it developed into a whole new technology. Rather than being a simple coin, BTCD is now a whole anonymity ecosystem. ‘Teleport’ functionality makes it extremely difficult to trace transactions on the blockchain, and ‘Telepathy’ makes it nearly impossible to track them off the blockchain.
BTCD provides SuperNET with the anonymity required for secure private transactions. If Nxt is the 2.0 engine that gives users all the functionality they need, BTCD is the highway that connects all the different services available. It’s also the first coin to pay dividends to its holders. 5% of SuperNET revenue will go to stakers.
Will provide secure decentralized cloud storage for SuperNET users.
Current VeriCoin features include VeriBit – paying for anything with VeriCoin anywhere that Bitcoin is accepted; VeriSend – optional coin mixing for privacy; VeriSMS – a service that allows VeriCoin to be sent to/from nearly any cell phone in the world using SMS (text messaging). There will also be a special SuperNET feature – stay tuned for more information!
OPAL has a number of features that fit with SuperNET’s goals. It implementsPeter Todd’s stealth addresses so that users receive funds through the use of a public address; funds transferred to this address are not visible on the blockchain as they are sent to an alternative hidden address.
Opal drive enables decentralised storage of encrypted files, built on top of Storj‘s API. The project is under development and has received the help of Shawn, one of Storj’s core developers.
OPAL has also integrated colored coins and has encrypted messaging.
Its purpose within SuperNET is to make available a network of ATM units to enable buying and selling of SuperNET currencies – as well as other cryptocurrency-related services than can be offered to ATM users.
The Chinese-developed VPN coin is closely connected to BitNET.
VPN coin will be the native currency of this network. BitNET is a cross-currency network that includes VPN capability, support for voice and video chat, file transfer, p2p domain and website creation, tipping and more.
FibreOS is an anonymous optimized and hardened Ubuntu operating system. The OS and Fibre Wallet data files can be stored on SD or USB, and leaves no trace on the host PC when unplugged.
FibreConnect is FIBRE’s encrypted messaging system. FibreLock is a security feature that fights keyloggers by removing the keyboard from the password entry process. FibreDarkWallet allows you to automatically connect to the Internet using the TOR Network, which will make your IP address and location hidden. FibreDark does not rely on TOR exit nodes, but has hard coded onion addresses that point to new FibreDark nodes. ZeroTrust is a trustless decentralized mixing technology, which makes your transactions 100% anonymous (according to the FIBRE Team).
SuperNET is financially attached to BBR. The Boolberry tech is not implemented into the core yet.
Boolberry is a cryptocurrency based on CryptoNote technology. It uses ring signatures to provide anonymity for its users.
Ring signatures are effective because any one of a number of accounts could have signed a transaction, raising doubts about where the funds originated. Boolberry (BBR) avoids the blockchain bloat problems of other CryptoNote-based coins with an innovative form of blockchain pruning, reducing the blockchain by some 55%.
Although BTCD’s Teleport offers strong anonymity for SuperNET, this will be complemented by BBR; Boolberry transactions will provide on- and off-ramps for funds to move from the regular blockchain into BTCD’s anonymous ‘hyperspace’.
SuperNET is financially attached to CHA, but the lead developer has gone. jl777 has a big bounty for anyone who can continue the project. James writes:
If we get a java dev, it can be taken over. I can offer 1% of chancecoin to the new dev that is taking over. chanc3r said the tech was good.
Chancecoin was developed for the purpose of betting on dice rolls and other games in a decentralized casino. Casino gaming has a great userbase and decentralized gaming may soon become a core market for crypto.
Randomness is provided by published NY Lottery Quick Draw numbers, and owners of the coin are automatically invested in the house bankroll. Chancecoin’s protocol is built on top of the Bitcoin blockchain; the coins were created by burning Bitcoins during an initial proof-of-burn period.
Only coins that bring one or more unique features to the network will be added to the core, though any other cryptocurrency can benefit from these features on a third-party basis. (For example, Litecoin would not be eligible for addition to SuperNET. However, it would still have access to Teleport, InstantDEX and other services).
In other words, any 1.0 crypto coin can enhance their wallet with SuperNET.
This will give them access to trading on SuperNET’s distributed exchange, all of its fully decentralized services and features, from the coins described in this article, other SuperNET CORE features as well as more 3rd party features developed for SuperNET.
Create a new currency in 2 minutes with the Nxt Monetary System
Nxt’s long-awaited Monetary System – an innovative platform that allows the fast and straightforward creation of completely new cryptocurrencies on top of Nxt – will go live on 10 January 2015.
The Monetary System (MS) allows users to launch new currencies, securing them with the Nxt blockchain using the second-generation cryptocurrency’s established network, rather than requiring that developers create a coin from scratch and bootstrap it with its own network. The ultimate value of the coin is determined by the market, depending on adoption and demand, and by the parameters set by the issuer. However, coins may also be created by ‘locking’ a certain amount of NXT, thereby giving a floor value to the issued currency. The idea is similar to the sidechains development taking place in Bitcoin – with the difference that the additional functionality is all contained within the Nxt platform, without the need for an external two-way peg.
MS brings a high degree of speed and convenience to a process that can otherwise be lengthy and complex – and inaccessible to most users. MS is tailored to real-world application as well as the cryptocurrency community, and aims to make it as simple as possible for individuals and businesses to launch a new coin. The range of potential use cases includes loyalty points, crowdfunding efforts and fiat- or commodity-backed tokens, as well as new altcoins.
The Monetary System allows the creation and launch of coins and tokens in as little as two minutes. Coin features are selected from a list to give the currency the required properties, making the process not only extremely fast but remarkably flexible.
The full list of parameters (with potential use cases) includes:
Exchangeable: Currencies can be exchanged all within the Nxt platform or on traditional exchanges, each identified by unique name and ticker symbols (e.g. BTC, USD).
Controllable: Currencies may optionally only be traded with the issuing account (e.g. backed tokens such as gift vouchers).
Reserveable: Currency units are released and distributed if funding requirements are met within the given timescale, if not funds are automatically returned (e.g. crowdfunding).
Claimable: Reserveable units can later be exchanged at an agreed rate.
Mintable: Currencies can be mined by proof-of-work algorithms (SHA-256, SHA-3, Scrypt and keccak), whilst still being secured by Nxt’s proof-of-stake algorithm.
Shuffleable: Coins can be shuffled when this feature is implemented (anonymity).
The Monetary System improves the distribution of wealth across the Nxt ecosystem, each currency unit possessing its own financial value.
MS also allows for the further decentralization of cyptocurrency and the wider economic landscape, achieved by:
Importing: First generation cryptocurrencies can transition into an MS currency, allowing them to take advantage of the many powerful features of the Nxt platform and ecosystem – including the Asset Exchange, Marketplace, encrypted messaging and Alias registration, as well as a fast-growing list of third-party applications and services.
Exporting: In the future a whole economy based on a MS currency could be transferred out of the Nxt system to another platform should the necessity arise.
For more information and to try for yourself please visit www.nxt.org.
You can republish this article for free. A full size featured image can be downloaded here.
Nxt’s Monetary System allows users to create new decentralized currencies on top of the secured Nxt blockchain. New coins are highly customisable, with a wide range of parameters that can be set to govern their properties and use.
The Nxt Monetary System (MS) enables the launch of altcoins without going through the trouble of bootstrapping the currency with its own blockchain and network, thereby removing a major impediment to easy, real-world adoption and use of different customized cryptocurrencies.
The ultimate value of a new coin is determined by the market, depending on adoption and demand, and by the parameters set by the issuer. However, coins may also be created by ‘locking’ a certain amount of NXT, thereby giving a floor value to the issued currency at which they can be redeemed for NXT if desired.
With Nxt, new coins are highly customisable, with a wide range of parameters that can be set to govern their properties and use. It is possible to launch an MS coin that is distributed by proof-of-work, but secured by Nxt’s PoS algorithm. It is also possible to create fiat- and commodity-backed tokens for particular real-world applications.
These allow for the creation of bespoke and niche currencies for highly specific applications, crowdfunding coins, ‘regular’ altcoins, reward points, coins pegged to fiat currencies or precious metals, while also being a stepping stone to new future Nxt features, such as p2p loans, meaning that Nxt can become the underlying tech for a completely decentralized banking system.
Monetary System offers greater exposure to NXT as the machinery that powers financial transactions, over and above its utility as a currency; however, this does not imply that NXT itself will become worthless. NXT remains a ‘decentralised store of value’, with fixed supply. MS currencies may become something akin to a decentralised credit system, meaning that users transact with MS coins but all of them depend on NXT for their ultimate utility.
Of course, this does not mean that MS will not catalyse a shake-up of the NXT ecosystem, providing an impetus for the redistribution of existing NXT wealth, as Come-from-Beyond writes:
‘In the beginning we will have an epoch of instability when hundreds of currencies will pop up every day. After a while some currencies will become more and more popular, but the whales will have their wealth dispersed among thousands and they will get only a fraction of initial wealth in the most popular currency.’
The Monetary System is necessary because different currency properties are suited to different applications. Having a series of currencies that fit the needs of the market are the obvious solution to the one-size-fits-all problems of both fiat and any single cryptocurrency. For example, as Come-from-Beyond also writes:
‘Having a fixed currency supply (like Bitcoin and NXT) isn’t ideal for all situations. Fixed currency supplies make a great ‘store of value’, but they make lousy credit systems. The Monetary System is simply another tool to allow people to create local currencies to break free of centrally controlled fiat.’
NXT will be bought by those looking to create currencies – it will not be used to purchase alternative currencies (as is presently the case).
‘NXT will have one specific use case only: to enable transactions. Nxt Monetary System is about separating power from economy. So, we can basically move the NXT Economy from this platform to another one if something is wrong with NXT or to penalize forgers if they misbehave.’
MS enables a series of far-reaching developments, including:
Coin shuffling. Claimable currency units can be shuffled and returned at the same exchange rate, allowing for anonymous transactions without potential loss of value in the process.
Fiat-backed tokens. Once USD, GBP, EUR or other fiat currency-backed coins are trading, it will be possible to send fiat money using the NXT infrastructure. This brings the benefits of speed and very low transaction costs to international money transfers. Unlike with Bitcoin and other cryptocurrency transactions at the moment, there would be no volatility, and exchange rates would be negligible (or zero, since these tokens could simply trade internally within the NXT system indefinitely, until the recipient wanted to redeem them against fiat).
Local currencies and exchange trading systems to benefit specific economies.
Niche loyalty tokens issued by businesses to reward customers. These tokens would also be freely and globally tradeable, meaning the market would set their value beyond what they could be redeemed for within the business in question.
The ‘Currency’ entity is the basic building block of the NXT Monetary System, currency has a unique name and code and uniqueness is guaranteed by the protocol, currencies can be deleted and their code can be reused under certain conditions.
The total currency supply is divisible into currency units. Like assets, currency units support decimal positions implemented as a client side feature. The maximum number of currency units which can be issued per currency is similar to NXT: i.e. 10^9 * 10^8. The actual maximum units supply is set by the currency issuer. The currency issuer is the account which issues the currency and pays the issuance fee. The issuer is responsible for setting the currency properties and in some configurations has additional control over the currency usage. Like asset balance, currency units can be transferred between accounts.
The currency entity supports several properties. Properties can be mixed and matched in various ways to compose the currency type. The currency type then controls the inner workings of the currency. The list of available currency properties is as follows:
EXCHANGEABLE – the currency can be exchanged with NXT. Holders of the currency can publish an exchange offer specifying the buy and sell rate of the currency, in much the same way as banks or currency exchanges publish their exchange rates. Each account can publish only a single exchange offer at any given time. Exchange offers have an expiry block after which they are no longer in effect.
Buyers and sellers can issue exchange requests to match published exchange offers. Unlike asset bid/ask orders, exchange requests are not saved, they are either executed immediately (fully or partially) or not executed at all. A match of exchange offer with a buy or sell exchange request creates an exchange entity which represents the transfer of currency units, in return, to NXT balance and causes the relevant account balances to update. Issuing an exchange offer reduces the NXT and currency balance of the offering account temporarily until the offer expires. Exchange offers also specify a limit on the number of exchanged units which can be larger than the number of units offered. When a buy exchange request matches an exchange offer the number of units offered for sell is reduced and the number of units offered for buy is increased as long as the limit has not been reached. Once the exchange limit of an exchange offer has been reached, this exchange offer can no longer be used.
CONTROLLABLE – currency property suitable for currencies which need to track an external entity. It imposes the following limitations on the currency: (1) Currency can be transferred only to/from the issuer account (2) only the issuer account can publish exchange offers. The issuer account can issue a large (practically infinite) supply of units in advance, then transfer units to accounts, or offer to exchange units, to reflect actual transactions which take place in an external system. The large supply of units in the issuer account can be used to mimic the effect of creating units out of nowhere to support features such as creating new units and interest payments.
RESERVABLE – currency units are not issued immediately. Instead the currency issuer sets a block height by which the currency is to be issued and a limit of NXT per unit needed in order to issue the currency. Currency ‘founders’ then spend their NXT to reserve their currency stake. If the amount of NXT per unit needed in order to issue the currency is not reserved before reaching the block height the issuance is cancelled and funds are returned minus fees. If the required reserve is allocated, the currency is issued and units are split between founders according to their proportional stake of invested NXT. In case of rounding, leftovers are sent to the issuer account. See below for a discussion of usage scenarios for Reservable currency.
CLAIMABLE – currency units of reservable currency can later be claimed at the same NXT per unit rate reached when reserving the currency. The ability to claim a currency at a certain rate imposes some practical limits on the rates at which users would want to exchange it. However claimable currency can also be exchanged if only for the purpose of exchanging the whole currency supply, so that the currency can be deleted.
MINTABLE – currency can be minted using proof of work algorithms in much the same way as Bitcoin. Unlike Bitcoin mining, minting currency does not secure the network (this is done by NXT). Minting is used solely for creating new currency units and serves as the only mechanism to increase the number of available units after the currency issuance.
NON_SHUFFLEABLE – this property indicates that in the future this currency cannot participate in coin shuffling. By default currencies are allowed to participate in shuffling.
Properties are combined into an Integer bit mask designated as the Currency type.
For exchangeable currency, each currency holder account, can publish a single exchange offer specifying the buy rate and sell rate vs NXT and the number of units she is willing to exchange (which cannot exceed her available currency units and NXT balance). Users can observe all currency exchange offers (intuitively similar to fiat exchange offices) and try to match them with buy/sell exchange requests. An exchange offer has an expiration height, as well as a limit on the total number of units which can be exchanged. When units are bought from an exchange offer the number of units to sell increases automatically and vise versa. The publisher can also limit the total transaction volume of currency units traded for a specific exchange offer.
Deleting a Currency
Since the available currency codes are limited to 3, 4 or 5 uppercase letters, the total number of codes is limited to 26^3 + 26^4 + 26^5 – 1 = 12355927 unique values (The code “NXT” is reserved), it is likely that some of these codes will have value in themselves. Therefore deleting a currency is possible under certain conditions depending on the currency type. Users may re-issue a currency, or delete a currency and then issue a new currency, with the same code but with different properties. In order to delete or re-issue a currency an account must poses all the currency units (and additional conditions apply based on the currency type)
Creating new Currency Units
The only way to create new currency units after issuing a currency is using proof of work minting. Other methods of creating units are susceptible to denial of service attacks and/or sock puppets and are therefore not allowed. The controllable currency type provides a partial solution for creating new units, by allowing the currency issuer account to treat her supply as a treasury and only consider units outside of this account as the total currency supply. This approach requires users to trust the currency issuer which can increase the currency supply at any time.
Users can issue minting requests in order to mint additional currency units. Each minting request triggers a hash calculation based on the submitted data and the currency hash algorithm. The resulting hash code is compared to the target value derived from the current currency difficulty. Minimal and maximal currency difficulty values and minting algorithm are specified when issuing the currency and cannot be changed later. The expected number of hash calculations (i.e. difficulty) of minting the first unit is 2^minDifficulty while the difficulty of minting the last unit is 2^maxDifficulty. Difficulty increases linearly from min to max based on the ratio between the current number of units and the total supply. Difficulty increases linearly with the number of units minted per CurrencyMint request, small minters can mint only a few units per request while large minters can mint large number of units per request.
The number of units per minting request is limited to 1/10000 of the total unit supply. Minting is limited to a single minting transaction per block/account/currency. Currency issuers can specify initial supply of units as a ‘pre-mint’ supply assigned to the issuer account then use crowd funding by making the currency RESERVABLE and EXCHANGEABLE.
Once the currency becomes active the delta between the current supply (reserved supply) and total supply can be minted. The NRS provides a Java based, reference implementation minter, which can be used for minting. In practice we expect users to enhance this minter to calculate hash codes using their Asics or GPUs, trying to match the current target, and when solving a hash, to submit a currency mint transaction (thus paying a fee).
However the hash code is smaller than the target, the currency units are credited to the sender account.
See the documentation for the reference implementation ‘Mint Worker’ utility here #207
Store of Value
The combination of RESERVABLE and CLAIMABLE properties can be used to allocate initial value for a currency by locking NXT. Once the currency is activated the reserved NXT are locked and the only way to release them is to claim back the currency units in return for NXT. This provides the currency with a value based on the locked NXT balance. Note: locked NXT do not participate in forging, therefore, in theory its possible that a large amount of NXT becomes locked as a currency store of value thus reducing the amount of NXT used for securing the network; we are aware of this problem and will monitor it closely. We do not expect this to become a major problem any time soon.
The combination of RESERVABLE and EXCHANGEABLE properties can be used for crowd funding; in this configuration the NXT balance reserved by founders is not locked, instead it is sent to the currency issuer account once the currency becomes active. The issuer can use these NXT for its operations and the founders cannot claim back their currency units, only exchange them based on the published exchange offers. Currency issuers can specify the initial supply as ‘pre mine’ and the founders get to share the difference between the reserve supply (also named ‘pre-activation’ supply) and the initial supply.
Currency issuance fee is based on the length of the currency code:
3 Letters – 25000 NXT
4 Letters – 1000 NXT
5 Letters – 40 NXT
Re-issuing an existing currency with different properties costs 40 NXT regardless of the currency code length. All other currency transactions (as of today) have a fee of 1 NXT.
Currency is measured in units and like assets has decimal positions, however the blockchain maintains currency balances as a whole number (QNT). Therefore, for example, in the case of a currency which has 2 decimal positions and the client has reserved 123.45 units, the ‘units’ value submitted in the API call should be 12345. APIs using NXT balances should send the value measured in NQT as usual. When specifying ‘rate’ in the API, it calculates the ratio between NXT balance in NQT and currency balance in QNT.
Example: For a currency with 2 decimal positions. When submitting a buy exchange request for 12.34 units at a rate of 5.6 [NXT/Unit] the values submitted to the currencyBuy transaction should be: units = 1234 i.e. units without decimal position or 12.34 * 10^2 rateNQT = 5600000 i.e. rate converted to NQT then divided by decimal position or 5.6 * 10^8 / 10^2
In order to prevent rounding problems when submitting information to the server, the UI enforces the following rule: If a currency has D decimal positions. Unit values cannot have more than D decimal positions and rate values cannot have more than (8-D) decimal positions. Therefore when issuing a currency, we do not recommend specifying more than 4 decimal digits so that conversion rates are also divisible to at least 4 decimal digits.
Before issuing a currency we recommend issuing a currency with the same properties on the testnet and experimenting with all parameters since these cannot be changed without deleting the currency.
This documentation reflects the actual code implemented as of this date.
The Arbitrary Message (AM) feature enables Nxt users to send small amounts of data to the Nxt blockchain. A simple concept in theory, but the applications for this feature are extensive.
Arbitrary Messages commonly take the form of SMS-length communications between users. This was the first application and is still one of the most popular uses for AMs, but the term ‘message’ is a loose one: as well as being used to send public or encrypted text messages to each other, AMs can also be used to send up to 1,000 bytes of any form of data.
At its simplest, messaging involves sending a string of text from one NXT account to another. These messages can be viewed within the client. There is also an option to encrypt messages. If they are left unencrypted, they can be read by anyone since the blockchain is a public record of every transaction. Like a regular transaction, AMs are subject to standard tx fees – currently 1 NXT.
Although transactions on the blockchain are meant to form a permanent record, AMs are intended to be removable. In the future, when the blockchain has grown and needs to be slimmed down to ensure its sustainability, messages may be pruned. Nevertheless, they form a critical building block in NXT’s second-generation functionality, underpinning a series of features.
MORE USE CASES
At the most basic level, the AM system can be used to transmit human-readable messages between accounts, creating a decentralised chat system. However, advanced applications can use this feature to store structured data, such as JSON objects. These can be used to trigger or facilitate services built on top of NXT.
The idea of a Twitter clone based on NXT messaging has been around since the earliest days of the platform. Nxtmemo (https://nxtmemo.com) is a straightforward version of this idea.
You can add your nxtmemo profile to the blockchain, and BBcodes are available for showing images, links, medialinks, etc. Log into your nxtmemo account with a NXT token to choose your display name – it must be a NXT alias that belongs to your account. Simply send your unencrypted messages to NXT-W6CT-NPDH-AAQW-HWCHA to have them show up on the site.
Cryptamail is a project created at Techcrunch Disrupt NY 2014 by a group of five developers, led by Kushti (now a Nxt core developer). The goal was to create a user-friendly decentralised email client with Alias-based identification. Although not currently in active development, Cryptamail is still running on the NXT testnet. It’s at cryptamail.com.
The Multigateway (MGW) is Nxt’s distributed cryptocurrency exchange – the least centralised such service currently available anywhere.
The primary use case for AMs in MGW is the automated deposit and withdrawal of bitcoins and other supported cryptocurrencies. These are held on MGW’s secure servers and exchanged for tokens representing each currency in the Nxt Asset Exchange, allowing for direct peer-to-peer trading. There are three separate servers, at least two of which have to agree for a transaction to take place – making it vastly more secure than traditional exchanges.
Essentially, MGW creates a deposit address for the Nxt user account for each of the supported coins. When the user sends coins to that deposit address, MGW delivers to the associated Nxt account the same quantity of coin assets (designated mgwBTC, mgwLTC, etc). Each of these assets represents one coin. Coin assets can then be traded on the NXT Asset Exchange like any other asset. MGW uses a similar process in reverse to withdraw coin assets back into the user’s own coin wallet. The requests to the MGW servers are broadcasted to the Nxt blockchain as Arbitrary Messages.
Multigateway was originally a plugin to the Nxt NRS client from NXTservices. It has now been incorporated into the SuperNET client v.0, in the form of a modified Nxt client that can be downloaded from the Multigateway site.
Helix is a standalone cross-platform financial analytics and visualisation client. As a part of FinHive, a powerful distributed financial analytics initiative that is the backbone of SkyNET, Helix has the ability to learn. A small apps store for financial tools will be included in the client, not only for crypto but also for traditional traders. The Helix client includes a distributed computation module to provide BOINC-like functions, tailored towards the financial industry.
Helix uses AMs as data containers to store whole apps. Developer nexern explains:
‘The multilayer perceptron app is 2.3 kb in size and chunked into 3 AMs. You can see the compressed and encrypted perceptron (and tetris game 4 AMs) in the blockchain here’
Helix simply loads, concatenates, decompresses and decrypts these AMs directly from the blockchain, where they are stored, into memory. The process takes just three seconds. No disk space is needed. It is a fast, clean and secure solution which has a number of important real-world advantages:
It makes apps very independent and robust against attacks.
It provides nearly unrestricted access from anywhere due to the decentralised storage.
It provides on-the-fly autorepair/update capabilities.
For example, if an app is broken due to an outdated API link, Helix can look for additional update/repair resources by scanning AMs and looking for the current app id. Where higher resource stamps are found, they can be added while Helix is running.
Helix will be used by FinHive, a wholly owned subsidiary of SkyNET. You can see FinHive’s roadmap here.
As a result of its versatility, AMs can be used to build a vast range of projects, from simple messaging apps to file-sharing services, decentralised applications, and higher-level NXT services.
NXT is in ongoing and constant development, and changes to the core can always be proposed by the community. One of the topics currently being discussed about the AM feature is adding a standard for multipart messages or increasing the allowed message length, as new projects have started to link AMs together so they can save more data to the NXT blockchain. You can join that discussion on the Nxtforum here.
Nxt is a versatile, open source cryptocurrency platform. In this Nxt CORE article series we will dive into the main 2.0 features of Nxt. The first article was about NXT, the token itself, the second about Nxt ALIAS system.
Nxt is more a platform than just a currency and this is not coz its technical implementation allows to easily add new features. “Platform” should be read as “stepping stone” to changes in the global society.
So, to make it clear, BCNext’s goal was to create something intermediate, a bridge to the next stage of human society progress. For the others Nxt may, of coz, have another purpose…
Jl777 is known as a visionary and hard working 3rd party developer of projects that run on the Nxt platform; more recently he became the core developer of Bitcoindark (BTCD). An active Nxter in the Nxt Community since December 2013, his first innovation to go into BETA operation was the Nxt Multigateway, an “almost” decentralized crypto exchange and currently #64 on coinmarketcap. He’s also the issuer of various well-performing assets on the Nxt Asset Exchange (AE) – most of them connected to the wide array of projects that he is currently programming on top of Nxt.
Jl777 (or “James” as he signs his posts) is an innovative spirit whose constant flow of ideas can often be hard for others to keep up with, especially given his prodigious work rate and the fact that, engaging as he does with anyone wanting to debate his ideas and his work-in-progress, his posts appear all over the place in various forum threads.
James answers questions, adds a few new ideas, sleeps on them and the next day, lightning having struck, may just happen to announce another new feature for the project under discussion.
And with projects like NxtPrivacy, Privatebet, NXTServices, NxtInside, Teleport, InstantDEX, Tradebots, jl777HODL (to mention just some), there’s lots of scope for followers of James’ work to engage him in debate, thereby helping to drive the projects’ evolution.
Wholly original, self-contained thoughts are rare, think of Einstein’s theory of relativity or Darwin’s theory of natural selection. Instead, innovation more usually consists of new combinations of already existing ideas. James is aware of this and admits it bluntly.
My idea is to treat Nxt like OS/CPU for computers. Let other coins get the branding and Nxt is under the hood doing its thing. To make this more than just a great idea, I spice it up with revenue sharing from the business each node generates, so not only do they get the 2.0 crypto features, they get extra money.
Crypto needs to work together without reinventing stuff that already exists. fiat is the enemy, not other crypto.
Think back to before the IBM PC. Reading the history, there were dozens or maybe more different OS, but each was incompatible, isolated. Very similar to crypto today. They are all doing pretty much the same things (gen1 coins I am talking about), but they are not compatible at all. Using this OS analogy, it is like skipping past the stage where DOS took over the market and straight to Windows type of graphical interface and uniting all computers (gen1 cryptos) under a same OS. Different computers put a different graphics, so you get Compaq desktop, Dell whatnot, etc.
So why start this ON TOP OF NXT series with an article about James? What has he to do with the question of Nxt being a coin or a token, about BCNext and building services? A few weeks ago, James made a paradigm-shifting announcement, one that is currently shaking the crypto world to its very core.
James announced that he wanted Nxt to be used by other cryptocoins, not via exchanges, but by bundling the coins with Nxt, the platform, and thereby adding Nxt’s 2.0 core features to the 1.0 coins themselves. Sounds far out? It’s a different take on the thoughts of BCNext, which veteran Nxters should be familiar with.
BCNext (through Come-from-Beyond):
NXTs r not coins, at least the creator of Nxt didn’t want them to be coins. They r tokens that grant privileges to support Nxt. (…)
BCNext understands that this is very arguable, the community should decide if it wants to follow the path showed by him or stick to Bitcoin legacy with unchangeable supply of coins in hope to become rich by doing nothing.
Nxt Inside is something I am reaching out to other coins to do. Each new coin with Nxt Inside is a totally new community that instantly becomes NXT users. Their coin gets the advantage of all the NXT 2.0 features, NXT gets more nodes and users for AE, Marketplace, InstantDEX, etc.
The first step is to get the coin traded in MGW, then there is a direct reason for them to want reskinned NXT GUI. Maybe they strip out everything but the AE for their coin, or maybe they keep all of NXT.
Now people are hesitant to be the first, so I make BTCD do this as example and then other coins will copy, especially if BTCD does well.
NxtInside allows it to integrate Nxt features as well. The following features will be integrated:
MultiGateway (MGW) – allows you to move cryptocurrencies in and out of the NXT Asset Exchange.
Nxt Asset Exchange – any asset can be traded peer to peer without the need for a centralized third party.
InstantDEX – is to provide a fully decentralized peer-to-peer realtime trustless trading environment.
Privatebet – will allow people to make bets directly with each other in a decentralized way. Built on top of Nxt.
NXT will be bundled with every BTCD node. It will be the same NXT AE, the same NXT marketplace, the same NXT InstantDEX, Tradebots, Privatebet and generating NXT fees, users, nodes, etc.
And the user experience for BTCD’ers?
They [The users] might not even know it is NXT (though anybody who looks will find out), it is like the “Intel Inside” of Apple computer. The Apple computer is the brand, the Intel Inside is the CPU. The BTCD is the brand, the Nxt Inside is the thing that powers the 2.0 crypto features. BTCD will have a normal bitcoin QT. In it there will be a button that launches a web browser, which goes to a reskinned NXT GUI.
You have to realize that in the land of bitcoin clones, the QT wallet is all they have. All this new stuff is totally new and to go from bitcoinQT to current [Nxt] web GUI is quite a culture shock, but the nearly universal reaction is, “wow I never knew NXT was so cool!”
NXT is a platform more than a coin, it needs to go inside other coins. Why should people spend time cloning or recreating NXT? This does not help NXT and the result is sad things like NAS, NTX, etc. Why not combine forces instead of dilute them. Make a DOGE 2.0 where they plug into supernetwork and have AE, Marketplace, etc.?
This basic mechanism will be offered to other coins also, who will also then become part of the supernetwork.
Nxt inside other coins…
Like that, Nxt Inside can provide 2.0 features to any coin on the market.
It makes perfect sense to have a reskinned NXT GUI, just so they can directly trade their coin. Now why would they go out of their way to remove all the other features? See, Nxt Inside and everybody is happy. New coin gets an exchange they don’t have to bribe to get listed, no fees to trade, and they get lots more 2.0.
NXt Inside would have been achievement enough for most, but even before most of the Nxt Community really understood the impact that NxtInside *could* have on Nxt, a call for unity among crypto coins through a network called SuperNET was posted in the bitcointalk forum. By James.
This is the network that will be created by joining all the participating coins into a single unified network. Each coin will of course continue to operate normally, but there will be an option to use any of the services that are available in the Supernetwork. Each coin that joins the network makes it bigger and also adds its unique tech that is then crossmarketed to all the other nodes.
I am estimating 100,000+ nodes are achievable and the best part is that it is clearly not a zerosum economy at all. The more coins, the more transactions, the more revenues. Just from InstantDEX alone, the expected revenues are significant as even with a smaller than centralized exchange fee of 0.1%, the fact that 100,000+ are able to directly exchange their crypto in near realtime assures a stable revenue stream.
The coins that are added will each have to pass some threshold of value that they add to the Supernetwork and also the community needs to be a positive cooperation based mentality. The zerosum dog-eat-dog competitive world is probably needed in mature fiat world, but it has no place in crypto. We need to join together to create a giant Supernetwork that will be a magnet to pull as much fiat into crypto as possible.
What James is in the process of doing is something Bitcoin can’t offer. True innovation is often found in the altcoin world, but altcoin developers struggle to survive and their communities fight each over small market shares in a crypto market where BTC is king. Bitcoin core developers are well-known for turning down services that want to utilize the bitcoin blockchain, dismissing them as “blockchain spam”. James on the other hand welcomes them, and offers SuperNET as a way to connect and unite all the best altcoin innovations while at the same helping everyone to make a profit.
Assuming we succeed over half the top 50 will have NXT in some form.
To make this more than just a great idea, I spice it up with revenue sharing from the business each node generates, so not only do they get the 2.0 crypto features they get extra money. Crypto needs to work together without reinventing stuff that already exists. Fiat is the enemy, not other crypto.
Any crypto coin, in fact any website or software, will be able to connect to the SuperNET API and to all other people connected to it. Because every user will run a node it’ll be impossible to lock down. It’s like a decentralized internet for cryptos, offering its users the benefits of any innovative coin and service in the core, and of course the platform itself – Nxt.
to use NXT AE, you need NXT
to buy NXT assets, you need NXT
to use NXT marketplace, you need NXT
all this creates more NXT transactions, fees, nodes, users, etc.
This is also the sort of thing BCNext had in his plan, at least I believe it follows the spirit of his plan even if some details have been changed.
With the scope of SuperNET, I cannot imagine that I will be making any such giant offering again. I dont count the joint venture assets I will make to help the competent devs make their fortunes. I am talking about an offering that raised more in its first hour than Etherium’s first hour. During a weekend, within a week after its initial announcement, based only on text and no fancy graphics or meetups or any marketing.
James has his work cut out for the rest of 2014. He likes to emphasize that he’s a simple c programmer but he’s also an original thinker, passionate and hard working, and during the 9 months that James has been building services on top of Nxt, he has managed to gain so much trust from the Nxt community that it overrides the fact that he’s “anonymous”, that his real life identity is unknown to anyone. The SuperNET project collected over 2000 BTC or almost $1 million in the first 48 hrs, and it’s still running.
[UPDATE]: The SuperNET ICO has ended. SuperNET now trades on Nxt AE (asset ID 12071612744977229797), on Poloniex and on BTer (ticker symbol UNITY).
You can hear Adam B. Levine read an edited conversation with James here (starts 39:40):
Nxt as platform. NXT as tokens of power, not coins. That’s what BCNext imagined when he created the Nxt genesis block back in November 2013, and that’s what he proposed the Nxt Community should follow up, in his plans 1-3. Because in Nxtville: The community decides. And the issue has led to heated discussions from the beginning. Nxt was released as a crypto currency, and many investors wanted it to stay just that. Like any other crypto 1.0 investment, but with killer features to take it to the moon.
Only problem? Nxt just isn’t that. Take it from the horse’s mouth:
BCNext (through Come-from-Beyond):
NXTs r not coins, at least the creator of Nxt didn’t want them to be coins. They r tokens that grant privileges to support Nxt. Deflation is not much better than inflation, “real” coins should be created on top of Nxt and be issued in quantities that keep their value constant. BCNext understands that this is very arguable, the community should decide if it wants to follow the path showed by him or stick to Bitcoin legacy with unchangeable supply of coins in hope to become rich by doing nothing.
But… “real coins in quantities that keep their value constant”? Oh my. What if a NxtCoin really isn’t a coin but a share in a platform which is capable of powering not just other coins, money transactions, smart contracts, asset exchange and now the latest Nxt release: A p2p Marketplace – what if NXTs are real tokens of power, about to renew, decentralize and revolutionize just about everything – even the internet itself? Wah! Not a coin?
But then what about the “mining”/forging part, you might ask, shaky hand hitting the iPad to have another quick look at coinmarketcap, to make sure that Nxt is still there. Well, if you’ve been complaining about the forging algo, that it’s paying you too little, and that the fees are too low to generate real profit, or that the whales are getting more because they own more Nxt…, read on.
BCNext (through Come-from-Beyond):
Selfish miners (those who mine only to earn fees) should be “removed” from the system, they r not interested in success of Nxt and only want to cash-out. (…) True reward for supporting Nxt network comes from services that use Nxt. Someone owns a currency exchange and mine blocks to keep his business running. Another one owns a shop and mine blocks to keep his business running. The 3rd person owns a software company that develops programs for Nxt-based services and mine blocks to keep his business running.
Gulp. Don’t be in it for the “mining” fees. Forge to support the network. Fees will be even lower when the price of Nxt goes higher. The community has decided that. The demand is there. We want our services to use Nxt, and the world too.
You can buy yourself a good read in our NXTER STORE. You can even buy a house with NXT.
But consider the above quote again. It may be time to wrap your head around Nxt.
A new series about 3rd party developers and Nxt businesses will start on nxter.org tomorrow.
It’s called: ON TOP OF NXT.