Welcome NXTers, newcomers and long time community members.
This week’s topics:
- Monetary System
- Nxt Café
- PayExpo 2014
- GoCoin NXT
- Nxt Crypto Valley
- Nxt Mania Games
- Trustless online wallet
- Android Wallet funding
- Asset Exchange – get started
- BCNext’s purpose
- Quote of the week
- Words of wisdom of the week
BCNext wrote the whitepaper in Java language. Now we r translating it to plain English. So we r working on it right now, time to move from geeks to academics.
Monetary System allows any user/group to create a currency on top of Nxt platform. One of the currency types is a PoW currency. The supply will be minted by using PoW and secured by using Nxt PoS.
PS: Such PoW correncies can migrate to their own blockchain after the bootstrapping phase. This provides protection for currencies that r being attacked before they get a big community.
I think it should be noted that NXT protects PoW currencies and their price, so the price can’t go to zero.
WHAT is this??? And who is Lee?
My father started the place in 1988. He died of cancer few years ago and my mother tried to run it but she also was diagnosed with a terminal illness so lasted 1 year after.
Its basically been shut but the defacto on the level 1 rating is based on the guy turning up when southern water was pumping the blocked drains and there was a fire next door which left the cafe having to have fire doors etc put in they come when my brother in law was working on the place and the cafe was not open even. [referring to reviews like THIS]
Obviously it wont make any mega rich over night but a great novelty and excellent point of location for NXT Coin I already spoke to Just Eat this morning they liked the idea of it as people do ask if any places can take crypto and they have asked me to go to there head office.
It already had some media: HERE.
Well to just take it further they want a follow up to a grand opening where people are invited down “ITV and BBC could well be there to cover it”. I know 1 of the MP’s around here I could get him on my speed dial and have him here to do the opening and invite local business’s which will give massive amounts of media as the Local Area is involved.
Here’s a random conversation :
John “The price is 1000 NXT to issue the asset”
Hedge Fund Manager “Only $10,000 for the entire platform”
John “No, the platform is free.. there is no licensing. You just need to spend a 1000 NXT to issue the asset”
Hedge Fund Manager “How much is that?”
John “About $70”
Hedge Fund Manager “(real loud laugh) What’s wrong with it?”
You can imagine how that one trails off. Try explaining crowd funding plane tickets and conference booth to these guys, minds were seriously blown. The response was sick…just unbelievable life changing conversations. People were polite but had a very direct message to us:
What are you waiting for? You have the platform, you don’t have the image problems of Bitcoin, you have people that work for donations.. wtf. Why haven’t you approached the financial markets before, you’re messing around with low volume crap.
I know that my time is now best spent approaching pushing NXT in real world meetings.
— Nxt Nerd (@NxtNerd) June 11, 2014
GoCoin announced, that they will integrate NXT in their payment solution.
CoinTropolis members have been talking with GoCoin fairly regularly since the Bitcoin Miami event. It was important for us to outline a real plan for how NXT could enhance their portfolio. It was a lot of follow-ups, however, the end result was well worth the effort. We look forward to getting NXT fully integrated and going after merchants worldwide.
Merchants will be able to integrate NXT via the GoCoin plugin into shopping carts such as PrestaShop, Opencart, ZenCart, Magento, WooCommerce, VirtueMart, Ubercart and more.
This is more significant than when BTER started trading NXT. The reason is every silly altcoin gets on some exchange, not such a big deal to be on an exchange. How many coins are integrated into VC backed payment processors? BTC, LTC, DOGE and NXT. maybe PPC, so now NXT has full gen1 features.
— Marcos Lopez Porto (@m_lopezporto) June 11, 2014
Bitcoin Foundation wanted to be the PayExpo crypto sponsor for 2015. I don’t want to start any drama with those guys, but there’s certainly some bad blood with NXT watering down the Bitcoin message. How dare we be so successful. Btw, they don’t have the option. Lee signed a contract which states that we have 3 1/2 weeks to decide if we want to come back. If we do, they are not allowed to be a crypto sponsor.
Big plans from PayExpo in 2015 for crypto, thanks to the response that NXT received. People were generally thankful we were there to explain what exactly we do and how it can help support their initiatives. It was so weird to hear ‘Thank you so much for joining PayExpo’ from other sponsors.
The PayExpo went well, seems to be consensus. The hack is another thing. More about that next week.
NxtHaus is a Nxt<->Fiat trading platform.
We’re in Alpha testing of NxtHaus. We changed direction and instead of having the most focus on Buying and Selling Nxt, we want to be more like the Coinbase of Nxt. The new homepage should be ready and implemented next week, the dashboard within 2 weeks.
Because NxtHaus’ focus is on easy to use we can not include sophisticated trading solutions for our day traders. Because of that we will create a sophisticated trading desk together with Margin in a Joint Venture. Additionally, we will obviously be included in the LeonArdo software. Beta testing for LeonArdo will start soon.
We are also working on a POS Terminal. Thanks to the progress on Isle of Man we were able to work on even more: We will become an actual payment processor similar to Bitpay, GoPay and the likes. In the coming month we will start doing local beta testing for the POS Terminal and the Payment Processor (A merchant gets paid in Bitcoin/Nxt and we then automatically convert it into Fiat (obviously only if the merchant doesn’t want to keep the crypto currencies).
Since November I’ve been in touch with a great entrepreneur from the US. He is running a Startup focused on delivering/using credit cards. Obviously we want to add such an option to our users and make it possible to pay locally at any shop with the credit card or withdraw cash at an ATM. This is still work in progress as it is still very difficult to get banking in the US (which is required for this). But we are working on a Plan B that would handle this in a P2P fashion.
wow. can you imagine if a legit nxt credit card came before a legit bitcoin credit card.
The very first Nxt Crypto Valley on Isle of Man is here!
The goal is it to realize the creation of a legal DAC, which means that companies that issue shares on the Asset Exchange can do so legally. We’re also working on implementing the idea of a “Safe Harbor” (as mentioned during the New York Bitcoin Hearing): companies that would normally require a license to operate will be given a “trial” where they can prove themselves and their abilities to operate. This means that these companies will be able to operate right off the bat without having to worry that bureaucracy will kill their innovation.
On Isle of Man we will work closely together with the regulators and politicians, that means that we are taking a proactive stance in the way this industry will be regulated. We are sort of creating our own regulatory framework and thus make it possible for no regulator to cripple our innovations.
A playable demo has been released.
You can download a playable version HERE. (404 link removed)
Read more about LITH:
DORCS asset reservations can be made now.
Nxt Mania Games
We proudly present a little preview of our first Tetris Game.
This is not our commercial video this is just a preview that the next community
can see the work is going on very fast. We add this do give you as community the guarantee
that we can deliver what we promise.
next big thing. we have a new dev in our team.. and we have now the possibilities to
launch it for iOS … and for Android!
Till the first game Nxtrix released we give early investors the possibility to buy shares.
Did you notice the awesome design in the latest NXT Newsletter?
Right. On the team is also Ideenfrische, the agency behind the Nxt Corporate Design.
NxtMania shares are available on AE
Trustless online wallet
myNXT will now be trustless and open source
We are happy to announce that starting on the 16th/June the myNXT.info Online Wallet (https://wallet.mynxt.info) will become a trustless wallet, and the client-side code will be open-sourced so anyone can review it.
This will add an extra layer of security to our users, and we hope the extra level of trust will help boost the online wallet adoption by both existing Nxters that were hesitant to use the wallet before, and also (and most importantly), will help encourage new people to join Nxt.
With this work, the myNXT Online Wallet becomes an on-blockchain, client-side trustless wallet, which is very similar to the leading Bitcoin online wallet Blockchain.info. We will also be adding a backup functionality so that our users can easily backup their wallet and even migrate to other Nxt clients if they choose to.
https://wallet.mynxt.info is usable as an online wallet for mobiles too.
Nxt Android Wallet
Nxt Community has been pushing for weeks now to get dev’s coding a functioning native mobile wallet. The Nxt corporate design has been in place from Ideenfrische for what feels like ages, but NOW things are moving!
A fully functional, open-source Android NXT wallet. Transaction signing done client-side with the Android app connecting to “well-known” public NRS server without sending account secrets over the network. Fund raising has started and will run between June 13th to July 13th 2014 (or shorter).
Buy as many assets as you want to fund in NXT. As long as the fund raising is running you can step back from funding by transfering the assets back to the issuer account. Marcus03 will then return your NXT. If he decides the project is well funded, the client will be created. If Marcus03 decides the project is not well funded after a month, he will put up a buy order at 1 NXT so that everyone is free to sell the asset against this with minimal loss (2 NXT in transaction fees).
btc2nxt (NxtQQ) [ANN]:
If Technique Community would like to support the project, i appreciate to restart [developing NxtQQ as Android platform] and find a Android SDK guy help me.
k_day has started coding the GUI, as a step 1 of 4.
Get more info: https://nxtforum.org/alternative-clients/(windowsandroid)-(nxtqq)-nxt-client/msg13116/
The proposals have this far been shown little interest from the Tech Dev Committee.
http://nxtra.org/nxt-wallet (redirects to nxt.org)
Single-click installation and auto-update.
To find tokens on the Asset Exchange you have to search them by ID.
Research before you invest! Investments are at your own risk!
http://nxtexplorer.com/ (redirects to nxtportal)
Asset list. Profile view with open orders for each asset and a simple bar chart to block explorer.
Assets are sortable for name, num. trades etc. and a keyword search for the description. Volume and asset distribution. Current tickers and 1 nxt equivalent in USD/EUR/CNY and an nxt average from the two highest volumes exchanges. Messages, account control (account naming), leased balances, votes and goods. (votes are activated and displayed if used, goods is prepared)
NxtReporting.com (out dated service)
Web service to track the profitability of your complete Nxt Asset Exchange Portfolio. For every asset you possess, you can see if you made a profit or a loss with it. You can track when you bought it, when you sold it and what were the best trades. Additionally, it works as a complete blockbrowser with graphs of the last trades and a lot of info. All of that by simply entering your account number.
All unit tests are done!
This is a milestone.
EXT_FUN tests have been published and I’ll close the task off as soon as blockchain.info is working properly again (keeps timing out trying to check the BTC balance with it at the moment).
If you buy NxtAT Assets, you are helping the project as well as hopefully getting something in return when it’s completed.
Nxt AT (Automated Transactions) will provide Nxt with the ability to create a special type of transaction that contains “Turing complete” byte code which will be executed by a byte code interpreter built into the NRS. The addition of such transactions will allow for many types of Nxt blockchain applications ranging from games of chance to ensuring that NXT savings will not be lost forever.
Multigateway BETA on mainnet
MGW, jl777’s automated gateway for trading NXT vs (in this release) BTC, LTC and DRK has been released for BETA testing in Mac and Windows versions.
A new test round, this time in main net, will be done June 17, 7:30 PM UTC.
Testers can try BTC and LTC deposits and withdrawals to BTC/LTC wallets.
To reward the testers who join and contribute, and to compensate the small expenses in transaction fees, we’ll distribute some Multigateway Assets to the participants after the testing round is finished.
Help testing MultiGateWay, instructions and download are at your fingertips:
GUI guys are welcome to join the team too.
Now that NXTservices will be running on mainnet I was going to enable nodecoin mining by default for those that run NXTservices. Since there is a fixed number of nodecoins per block, the fewer people that are testing NXTservices, the more nodecoins each person testing will get.
Even though NXTservices is in beta, these are the real nodecoins.
Please no complaints about all the nodecoin whales who will be earning them by helping test NXTservices (and they also help the NXT network at the same time)
Nodecoin was created as an incentive for running Nxt nodes.
Read more in NXT Newsletter #6 / NxtCoin of The Week: http://nxter.org/nxt-newsletter-6/.
It seems that MGW beta is working better than I expected so I can now finalize InstantDEX and start the great sucking of trade volumes from all the centralized exchanges. My plans for InstantDEX are much bigger than just crypto trading, that is why NXTforex for largest trading market of all and also in the works are trading support for all the other major market types.
Trading markets will be the easiest to shift into NXT once the blockdelay factor is eliminated. Since that alone is probably a bit more than 1% of GDP, it will be a very good start. The other part is high growth NXT based operating assets, along with a family of mutual fund type of assets to allow people to select whatever field/risk level they are comfortable with. Finance and Tech are the key industries. the former because, well, its about money and the latter because nothing can grow as fast as Tech companies.
Secure Asset Exchange
Secure Asset Exchange (http://www.secureae.com/) is focused on enabling the web-based creation, purchase and resale of “Trustworthy Decentralized Assets” that will exist wholly on Nxt’s innovative Decentralized Asset Exchange infrastructure. Our goal is to make Nxt’s Decentralized Asset Exchange easily usable.
If successful, SAE will substantially increase transaction volume through the Nxt network by reducing the “friction” investors must currently overcome to access Nxt decentralized asset.
We are officially starting to integrate NXT in our platform, it should be ready by the end of June. We hope that the integration helps the promotion of NXT, such services as withdrawal to bank cards (which will be launched immediately) and SEPA transfers (we plan to launch them in July) definitely should be of interest to the community.
I approved 50.000 NXT from NXTcommunityfunds as I think this is a nice service for NXT to have. Every little bit counts, so even if it is just 10 NXT, lets get a bit of the coinomat assset. They will be giving out dividends on all of their business and if things go well, we might even make a bit of money, but I view this more as a way to get an operating crypto company into NXT. they also support OKpay, EGOpay and perfectmoney. I never quite understood what those companies did, but if you use them this would be added bonus.
Coinomat.com IPO’s on AE:
BTER added NXT <-> USD pair to the exchange.
China’s second biggest exchange (after BTER) added NXT.
The site is upgraded.
http://hashrate.org (out dated service)
Mine altcoins for NXT. SHA, Scrypt, Scrypt-N, X11 and Keccak available.
First Proof of Meme Coin [PoM]!
Number of Coins : 1,000,000,000 MIC
Run a node
EvilDave (Infrastructure Committee):
The core of NXT is good code running on a solid, secure, widely spread and de-centralised network, and while the whole community can’t help with coding (except by funding, hint!), the whole community can help with setting up and running the NXTwork. We need to make sure that NXT can deliver on our promises.
Running a node isn’t all that tricky, so check this section out:
If you find setting up a paid or a FREE VPS node impossible, forkedchain can do the job for you:
Also PM ChuckOne and get on the mailing list, so we can reach you with NRS updates, if you run a node!
Nxters should forge or lease their forging rights to a hub.
Here’s a guide: http://nxter.org/its-forging-time-nxters/
The Math of Nxt Forging
Nxt Security Coin
NSC is to help securing the network by adding more value to forging fees.
Go Nxt Campaign
This is non-profit and all proceeds from the Go Nxt Campaign will be used in community giveaways, donations, promotions and the like, granted that, and depending if the funds are enough. Please spare however much Nxt you can give. As little as 1 Nxt counts to make our community grow.
Nxt Energy and Cost Efficiency Analysis
Damelon on Beyond Bitcoin podcast
Nxt Community and Development updates
I think it’s a good idea to explain why Nxt was created. (…)Nxt is a by-product and its main purpose is to prepare the ground for the main project of BCNext. Bitcoin and its clones seem to stop progressing, Nxt is supposed to fix this issue. 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 qualitative 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…While the real identity of BCNext will never be revealed I think it won’t harm him if I reveal that “BCNext” is derived from Bitcoin — Next
Quote of the week
At Bitcoin Conferences, we spend a lot of time positioning ourselves as an up and comer to Bitcoin. I’ve been ‘scowled’ a few times for approaching it that way. We hurt the brand when we do that and make it more difficult for interested parties to convince their clients to invest. We are NXT.
We have an amazing tech, clean imagine and business professionals that are willing to interface between development and investment. We get stuck in our crypto bubble (me included) we forget to target the bigger markets. The reception was better than we could have ever imagine, it was really that strong. We took back some painful lessons that we’ll share as soon as we find a moment.
I dont believe our community really understands the impact PayExpo had on our exposure to serious financial markets. I’m too tired to give a fk.. at another after party until 2am with people that fart more than my 10 year salary. We waste a lot of time, including myself, on small pond crypto activities.. we need to start networking with people outside our sector.
I received a lot of great advice that I don’t think will be received well in the community. I know my focus needs to shift to 1on1 meetings… as frequently as humanly possible. Exhausted, broken English… I wanted to get down a few thoughts before crashing.
Words of wisdom of the week
IMO, the best (probably only) way for a crypto to achieve meaningful price stability (and thus meaningful mainstream usage) is the emergence of a significant web of products/services not just purchasable with that currency, but denominated in that currency. In other words, you can currently buy something IRL with BTC, but the price in BTC is calculated at the time of purchase in almost all cases, in reference to USD or another fiat. As long as that remains the case, the value of a unit of crypto will remain untethered and simply be whatever you think you can get for it tomorrow (i.e. it remains a purely speculative instrument, forever prone to bubbles and crashes). I don’t worry about the price at which I can sell dollars on an exchange tomorrow because I know that dollar will still buy a can of soda, 20% of a sandwich, 10% of a movie ticket, etc. No one in their right mind would enter into a long-term contract denominated in crypto with that status quo, because there’s no way to reliably gauge what the value will be in a week, month, or a year.
I think this is one of the greatest strengths of the asset exchange. By having a diverse range of products/services/instruments all denominated in the underlying currency itself, it should begin to lend more and more stability to NXT because those prices are sticky. Now, if NXT doubles tomorrow, it would be rational for AE traders to bid down the price of certain assets, and they can indeed do this, so the prices are not *completely* sticky, but it does provide some inertia.
The AE ecosystem isn’t yet robust enough (or widely enough known), but in time, it should serve as its own “ankle weights” on the price of NXT, significantly limiting purely speculative swings of typical crypto-magnitude.
This will not only be unique among cryptocurrencies, but it will be a purely market-driven approach that doesn’t require central planning, which seems to me to be its greatest appeal. As soon as we start talking about manipulating the price for the good of the community (and artificially tamping down volatility is manipulation), bad things are sure to follow, however benign the intentions.
Donations: NXT-UWJU-XXST-3MPQ-2JWG7. Thanks.