Welcome to the SuperNET!
This newsletter is (should have been) shorter than usual, with the holidays getting in the way. Still, of course, there are some exciting developments…
- v1 client
- JLH – The Lottery
- – more on JLH
- The jl777 Bonus
- Opal client
- OPALTKN dividend sent
- VPN SuperNET client
- MGWcoin asset dividend?
- Freemarket bounty
- SuperNET Bug Rewards
- Development Update
- 95% done
- The MGW bridge
- And so it begins…
- Community and marketing
- Happy New Year
- SuperNET related links
The SuperNET v1 client is nearing BETA release. ETA is January 2015.
v1 is a huge undertaking, with some 50+ API calls (and growing) to be integrated. Since it is unrealistic to release them all at the same time, there will be varying levels of ‘ready’ – coded, tested, GUI-integrated, fully documented, and so on.
James hopes to be mostly done with coding core functions by the end of the year, but this all depends on coverage of regression tests, unit tests and results of testing. Get involved in testing if you can! Contact Azeh for more details.
Eth explains, ‘the dev team has been working really hard through this holiday time in order to release the beta version 1 of the client before the year ends.’
‘It will be improved on a weekly base – Meaning every week we will release a new version with noticeable improvements based on intensive testing and the feedback from SuperNET community.’
‘We aim to cater a wide audience, therefore the basic GUI module is very intuitive and simple. Anyone that is not used to deal with crypto will be able to use it with a minimal learning curve. For those veteran crypto users, we have an advanced version based on the NXT NRS dashboard that will ensure access to deeper control and analytics.’
JLH – THE LOTTERY
A lottery has been announced. For each 100 jl777hodl bought from the NXT-PY3K-SDTG-PHTV-GLYDA account sell wall on NXTAE, 1 lottery ticket is issued.
JLH has asset ID 6932037131189568014. Only assets bought from the GLYDA account are eligible.
Prizes will be paid to 3 holders: 100,000 NXT for 1st prize, 50,000 NXT for 2nd and 25,000 NXT for 3rd. Anybody has the same chance per 100 JLH, whether they buy 100 or 10,000 assets. The lottery will include historic purchases (from GLYDA), with the eligibility period stretching from November 1 to December 31.
James writes, ‘With the fiat value of 100 JLH being around $6, it is a pretty good payout ratio for the 100,000 NXT prize and everyone is basically getting three tickets per 100 JLH! This is because you can win all three prizes with just one batch of 100 JLH.’
Winning tickets will be randomly selected via the SHA256 of a random phrase selected early in the process. Based on James’ Telepathy protocol calculation, the closest buyer’s txid will receive 1st prize, and so on. Ties will share the prize for the place won. Prizes will be award during the first week of 2015. Measures have been taken to avoid gaming the system, and if you sell from your GLYDA batch, you will lose your tickets.
There are currently JLH shares for sale at a lower price than the GLYDA sell wall, so be sure to buy from NXT-PY3K-SDTG-PHTV-GLYDA if you want a ticket to the lottery.
More on JLH…
As announced in the previous newsletter, JLH will be the reference asset for InstantDEX asset trades.
A new JLH newsletter will focus on the JLH asset. You can read an introduction to the asset, the team and the JLH market making here: http://test.nxter.org/jlh-jl777hodl-description-and-introduction/
Also, libertynow writes: ‘There will be monthly bonuses starting in January. After the massive dividend lottery the monthly bonuses will be for all shareholders and will come from NXT dividends of underlying assets.’
The jl777 Bonus
As part of the ICO process, two bonuses were agreed for James via a vote. These were designed to reflect the time, expertise and assets that he put into SuperNET. If the market cap of SuperNET tripled before the end of 2014, James would receive a 5% bonus 40,803 UNITY). If it went ten-fold by the end of 2015, he would receive a further 5%.
Despite an impressive run-up, the wider crypto bear market means it is unlikely that the UNITY price will reach the required threshold for the bonus to be paid (0.0234; for current UNITY price see http://coinmarketcap.com/assets/#BTC).
However, if the threshold is reached, James has said he will share the UNITY amongst those who are most active in making SuperNET what it is and will be:
### My calculation shows 0.0234 as the threshold and really, not much chance of this happening at this point so no sense in getting all worked up about it.
However on the off chance that it happens, I would like to share the bonus with everyone that has helped SuperNET to get to where it is. There are 300+ people in the SuperNET slack now, a large number of them working really hard and while I was critical to get the SuperNET started, already I am becoming a small part of the big picture.
In the unlikely event the 0.234 threshold is hit, I am giving it out as holiday bonus to the SuperNET contributors.
The allocation will use a decentralized process. First round of voting to determine each person’s “weight” and then a second round where each person allocates the portion of the bonus (calculated by their weight) to 3 to 5 people. The process itself will be finalized via community consensus, or lacking that even another vote to determine what method to use to do the allocation. I do not want to do any arbitrary bonusing as with 300 people in the slack now I dont know the exact level of contribution from most of them as I am spending most of my time coding and answering questions. I am not a micromanager.
So investors should be happy that the key contributors as determined by the community will be getting the largest bonuses
I believe this makes for a happy community, which in turn will create a better SuperNET.
If a tripling of the SuperNET market cap is NOT achieved by the end of 2015, the 5% bonus will NOT be paid out but become a part of the SuperNET working capital.
You can read more about the rules, the bonuses and the asset holders’ vote in the SuperNET Newsletter #1 (ICO summary): http://test.nxter.org/supernet-newsletter-1/
Opal client screenshot
OPALTKN dividend sent
3 million OPALTKN have been dividended out – half to NXTventure holders, half to SuperNET holders.
This is in addition to the previous OPALTKN giveaway, as mentioned in the SuperNET Newsletter #10.
SuperNET added to VPN coin wallet
SuperNET has been integrated into VPN’s wallet.
Read further at https://bitcointalk.org/index.php?topic=789961.msg9888667#msg9888667
MGWcoin asset dividend?
James has announced another possible dividend – of mgwVPN – the exact date is to be decided.
The mgwVPN dividend is a completely new type of SuperNET dividend as it will take the form of a MGW asset. ‘That will be a first for an mgw-based dividend and allows distributing a crypto to people who don’t even have the wallet for that crypto.’
FinHive has a new logo, created by eth – you can read more here: http://finhive.com/fh_devmon.html
Pangea has been listed on coinmarketcap. It is currently number 9 in the asset list: http://coinmarketcap.com/assets/
Release is still some months away, but testers will be required in due course.
Freemarket app bounty
blackyblack is offering a reward for anyone willing to implement a Freemarket plug-in using MyNXT.info’s system. ‘This task requires a modification of FreeMarket UI or building it from scratch like it was made on the freemarketlite. It also requires a hosting for FM core since mynxt.info does not use 3rd party software on their servers. This task is very similar to freemarketlite.com service. Hosting expenses will be paid by Freemarket funds.’
Contact blackyblack via Slack or PM if you are able to help. The reward is 2,000 Freemarket shares.
SuperNET bug rewards
Finding bugs in the SuperNET API is a critical part of ensuring it is robust and ready for release. There are rewards for successful bughunters. Previously, a set number of UNITY have been shared amongst bugfinders. From next week, this will be changing to a points system. ‘At the end of the week each participant’s points will be divided by the total points for the week and based on this will receive their percentage share of the weekly pot.’ Major bugs win 10 points, medium ones 3 points and small ones, 1 point. The total pot of rewards is as follows:
Week 1 (12/2-12/8): 100 Unity
Week 2 (12/9-12/15):150 Unity
Week 3 (12/16-12/22): 200 Unity
Week 4 (12/23-12/29): 250 Unity
Week 5 (12/30-1/5): 300 Unity
If you want to participate, please contact Azeh.
Week 3 Completed
Payout: CryptoSleuth 89.65 Unity; Lemonhead 68.97 Unity; Youyou 41.38 Unity
SuperNET core functionality is nearing completion! James writes, ‘95% of the core is finished. Debugging is the main thing left.
‘Finally got the DB MGW to sync using SuperNET API and get consensus and calculate all tx it needs to do in a few minutes runtime. So now it is a matter of debugging the bridgenode, and some interface stuff like realtime deposit addresses. Then all the coins can become mgw coins and this will allow for all sorts of magic…
‘With 40,000+ lines of new code… design review is in progress, some people are informally looking at the code, GUI is coming along… so like a turtle things proceed forward, and this is with several weeks delay from doing the DB MGW this month.
‘Next is InstantDEX and MMatrix. I will get the autoconvert working via MMatrix. It won’t be full InstantDEX, but it is what is needed first. Then as that goes into the long test cycle, I complete the InstantDEX, then the Teleport, then the Tradebots.’
‘It’s quite tricky to get the MGW, InstantDEX, Tradebots, Teleport and Telepathy all working simultaneously. So the final connections, debugging, debugging and more debugging. But now we have more API testers this will be quite helpful, especially automated tests.’
The MGW bridge
‘I have pushed new versions to the dev MGW servers and the bridge for mgwBTCD. I have tested realtime deposit address generation, deposit recognition, deposit triggering an asset transfer (and publishing pubkey), withdraws being detected and also withdraws being processed when all three servers are in total agreement. ‘
‘The bridge is now bidirectional, there is an HTML backup, realtime address generation is ~10 seconds, realtime status is ~10 to 30 seconds.’
And so it begins…
Last comment today, before ‘will be resting’:
‘I deployed a fully automated on-demand DB MGW for BTCD. It will generate a multisig deposit address in realtime and you wont need any NXT to bootstrap an account as the first MGW deposit will be partially converted to NXT as it sets your pubkey.’
‘By sending at least 0.1 BTCD to the deposit address, it will fund your account at 100:1 ratio with a 2 NXT fee to cover tx costs. if you change the “convertNXT” field from 10 down to 2, then it will only use 0.04 BTCD. Min deposit is 0.05.’
‘When the servers see that there are pending deposits or withdraws and all three are in agreement, it will get processed. This is 4000 lines of “new” code, it used to be closer to 10,000 lines, but I streamlined it and rewrote most of it this month. The big improvements are speed and ability to get status. It is also a specific use-case for a SuperNET application.’
Community and marketing
Although James has been pivotal in the creation of SuperNET, it is his aspiration to be able to step back from this ‘central’ role once the main tech has been completed.
‘Now, what people tend to do is put the entire SuperNET into the “jl777” category. While it is true I started it, I have always said I am just the guy who gets the ball rolling and the community is what will create the SuperNET. Back when the community was 10 people, maybe this was something people didn’t put much value in, but look at the number of people, up to 300+. That is a LOT of people and I am seeing wonderful things! There is a spirit of cooperation between all the coins. I had a vision about this and it is happening like I saw, but I never realized the timescale. I thought I was seeing something many months ahead, but it has been really several weeks from when things started going crazy. This bear market is quite a torture, but in a way it is making people realize the stability of SuperNET – that it is a safe haven.’
There is a pervasive ‘zero-sum’ mentality in crypto: that in order for one coin to succeed, others have to fail. One of the reasons SuperNET was created was to address this. ‘The SuperNET concept is a filter that makes the zerosum people reject it, so we get the people who believe that cooperation is the key. As it grows, people who believe in dog-eat-dog will start to want to join as it will give them a competitive advantage over others… hopefully the SuperNET spirit will be able to overcome their tendencies. We have so much to build and it will be hard enough with perfect efficiency. Except we are pretty picky about who can join, and a lot of the rejects went and tried to make a clone…
‘Once the SuperNET is fully functional, the all the spiral arms of the galaxy can be (will be) put in place automatically by everyone that uses it. This is what I saw too, but 99% of this is not me at all.
‘On the financing side people are realizing they get a lot more than 2x the value by joining with SuperNET, so this is a very good way to add services and a good way for service companies to be able to just develop the tech. Since most of the cost of a new business is customer acquisition, this part is a big short cut. When the SuperNET starts spitting out the dividends, this is when the really crazy gravitational force things will happen.
‘So, as you can see, all the crazy fantastic things I wrote about the SuperNET are coming true, one by one. Soon it will be time to actually marketing this. I do have some experience in that field, but for now gotta finish the tech… premature marketing is not a good thing.’
‘Happy holidays peoples! things are really coming together! once we get the multiwallet++, then getting the InstantDEX and Teleport hooked up will be next, but even without that the v1 release will be quite cool.’
Happy New Year!
A very big thank you goes to James, and to everyone working so hard to make SuperNET such a ground-breaking force in cryptocurrency.
Wishing you had a very Merry Christmas and looking forward to an exciting 2015,
The SuperNET team
SuperNET related links
SuperNET Slack web-based IRC client: http://irc.lc/freenode/supernet/
Almost all slack channels are linked with irc channels, which can be joined via an IRC client or web-client at http://chat.supernet.org. The channel list is there as well.
5000bitcoins managed to get the SuperNET ANN thread on BitcoinTalk back into the ANN section. This gives SuperNET a publicity boost, and may have contributed to the recent price bump. https://bitcointalk.org/index.php?topic=762346.0
+ the usual… See recent newsletters:
Author of SuperNET newsletters: NXTER MAGAZINE: http://test.nxter.org