NXTER.ORG

SuperNET API testers and bounties!

I had a long chat with James/jl777, felt a need to ask some questions on behalf of Nxt + SN investors.

The interview is being edited atm and will be posted on NXTER.ORG, then translated and spread all around.
We all need to take into account the consequences of the SN-NXT break-up and talk to each other again. Both projects are important, IMO.

I’ll post some of our talk here. Do act on it. :)

——

apenzl
It must be hard to prioritise what capabilities of SN you should work on.

jl777
not really. i prioritize by what has a tester ready to test
simple as that
it is 10x more efficient for me to work on something with an active tester so I get feedback right away, instead of months later (or never)
(…)

I was planning to do an active tradebot for the SuperBTC market
but not sure if NXT people’s will use it
they could use it via AE, just by using AE

apenzl
I think they will. SuperBTC is getting more and more attention, some asset issuers started using it for dividends too.

jl777
the tradebots accumulate a way to specify some long term action
you would be able to say buy 10,000 NXT at anything lower than .000025 over next week
and it will keep checking the orderbook and submitting orders when it sees it can do this
this is what I am testing this weekend and will use this to create a SuperBTC market in the AE

CALL FOR TESTERS

jl777
Responsive API testers are what is needed the most
people dont realize that testing takes a lot of time and effort and right now guess who is having to do all that testing?
and the testing doesnt require coding, just common sense
if you can fill out a form from the API page, you can test the API

apenzl
Just the word “API” scares most non-coders.

jl777
ok “web form testers” then
it is a web form

apenzl
Haha, such re-wording might actually work

jl777
all the fields are there, fill them out, click the button
then the hard part is to interpret the results…
but no coding, all via web page form

apenzl
Good. Let’s try to get people involved in filling out web forms then.

jl777
We have funds to pay testers
but nobody steps forward
I just think very few are technical at all and most just want to have things magically work

Nxters interested in testing, please go to > supernet.slack #iguana
http://slackinvite.supernet.org/

1 BTC NXT PLUGIN BOUNTY

jl777
now one thing that a NXT plugin dev could do is see if iguana will run as a NXT plugin
if so, then it will mean iguana can become a NXT plugin
since it is html theoretically it can, but it is nonstandard and I fear asking the NXT core devs as they will probably say that is improper usage of NXT plugins (…).

Interested? > supernet.slack #iguana

Join sn slack here: http://slackinvite.supernet.org/

1 BTC NXT exchange support bounty  [See update* below]

[Also,]
if some NXT dev wants to help, then he can make a NXT exchange support by coding the exchange specific file for NXT

I used to have all the NXT stuff direct in the main code, so I never needed a NXT exchange module
it is about 300 lines of code for most exchanges

those are two very specific things that would be massively accelerated if some NXTer would step up

the latter I can always do in a day or so, but which day, that is the question
the former is outside my expertise. maybe it is easy or impossible, have no idea

apenzl
Bounties available?

jl777
of course
1 BTC worth for either of those

but I might just end up doing the NXT exchange module myself as part of the market makers
so they need to check to see if it is already done or not

UPDATE*

jl777today:
i made the nxtae exchange support in iguana.

This post was originally posted on nxtforum.org.

Join the discussion here:
https://nxtforum.org/general-discussion/nxt-and-supernet-api-testers-and-bounties/

JLH Newsletter #1, 01.01 – 20.01.2015

JLH Overview (20.01.15)

Net Asset Value (NAV) 3.44 NXT
Last Trade Price (on AE) 3.30 NXT
Bid Price (on AE) 3.44 NXT
Ask Price (on AE) 3.11000001 NXT
Volume (24h) 165 $

Transactions and dividends

In January there were only a few transactions.

02.01.2014: 175,000 NXT was transferred to the GLYDA Account in respect of the JLH Lotto prizes.

And the winners are:
1st = NXT-CFAC-JAFV-VFV4-9BBY8:                 100,000 NXT
2nd = NXT-QEQH-RK3U-BBDS-BZ5BZ:               50,000 NXT
3rd = NXT-QB7Q-2VEM-M7E6-5YXA8:                 25,000 NXT

Congratulations !!!

17.01.2014 : 50,000 NXT was transferred to the GLYDA Account in respect of the January bonus for JLH holders.

Starting January 2014, JLH asset holders are eligible to receive a discretionary bonus:

ANNOUNCEMENT:
January bonus for all jl777hodl investors will be paid out tomorrow (Saturday, January 17) at a rate of .005NXT/asset.
We’re calling this a bonus and not a dividend because only NXT received by the fund will be distributed and the amount and timing will be at the discretion of jl777.  Currently, the fund has 51,461.13NXT and so 50,000NXT will be distributed to hodlers.
Thanks everyone for your continued supported and investment in jl777hodl!  Feel free to contact me anytime for details/question.

Income received: summary

Dividend from HRNXTPool: 8,289.97 NXT

Dividend from Coinomat: 3,887.87 NXT

Others: 390.04 NXT

Welcome to…

57,359 OPALTKN from a dividend of InstantDEX.

1959 NXTCS from a dividen of SuperNET.

1.4736 SuperNETx2 from a dividend of OPALTKN.

Focus on ‘HRNXTPool’

HRNXTPool is the biggest dividend provider in the JLH portfolio. But what is it?

HRNXTPool is the asset of hashrate.org, the first mining pool based on NXT. HRNXTPool’s revenue comes from the 2% fees charged by the mining pool + the mining profit generated by the ‘community owned pool’ (COP) ASIC mining hardware, the most power efficient (on a W/GH metric) available on the market.

The manager of hashrate.org is pf a well known member of nxtforum.org. For further information and to ask any questions, visit the HRNXTPool topic on the Nxt forum.

JLH portfolio owns 10,750/100,000 HRNXTPool, 10.75% of the venture.

What’s nxt in JLH?

(Ludom’s personal forecast and analysis)

Next month should be very quiet. A new bonus will be paid, though certainly smaller than this month’s.

James hasn’t announced any new assets recently  and most assets won’t be paying out dividends for a few weeks except Coinomat.

But the InstantDEX and the SuperNET projects could be ready very soon and the JLH portfolio should have new sources of revenue in the medium term.

JLH Portfolio – the holdings in detail

Source: NXTreporting

Asset Your Amount Value in NXT Value in USD
NXTventure 98’520.0000 6403800 NXT 80160.27 USD
InstantDEX 100’000.0000 6000000 NXT 75105.66 USD
Privatebet 106’100.0000 4445590 NXT 55648.16 USD
Pangea 57’500.0000 3312000 NXT 41458.32 USD
NXTcoinsco 98’020.0000 2842580 NXT 35582.31 USD
NXTprivacy 107’800.0000 2727340 NXT 34139.78 USD
ATOMIC 108’300.0000 1731717 NXT 21676.96 USD
FreeMarket 105’000.0000 1375500 NXT 17217.97 USD
Sianote 370.0000 1110000 NXT 13894.55 USD
cryptocard 100’000.0000 1100000 NXT 13769.37 USD
MGW 98’520.0000 923132 NXT 11555.41 USD
NeoDICE 55’000.0000 921250 NXT 11531.85 USD
SuperNET 3’194.4000 798600 NXT 9996.56 USD
Coinomat 97’000.0000 5810300 NXT 7273.11 USD
SkyNET 23’871.3085 456180 NXT 5710.29 USD
mgwBTC 8.5000 272000 NXT 3404.79 USD
jl777hodl 75’000.0000 254999 NXT 3191.99 USD
NXTGrid 499’900.0000 244951 NXT 3066.20 USD
HRNXTPool 10’750.0000 188125 NXT 2354.88 USD
NXTInspect 51’014.0000 137737 NXT 1724.15 USD
NXTmovie 100’000.0000 120000 NXT 1502.11 USD
NxtStore 26’500.0000 106000 NXT 1326.87 USD
MIC 100’000’000.0000 56900 NXT 712.25 USD
OPALTKN 961’015.0000 43245 NXT 541.33 USD
ForgeCoin 17.5000 27125 NXT 339.54 USD
NXTTXTFund 20’000.0000 20000 NXT 250.35 USD
DroneMine 89’100.0000 17820 NXT 223.06 USD
NXTdrop 10’000.0000 10000 NXT 125.18 USD
SuperNETx2 1.4736 699 NXT 8.76 USD
Total 36’228’648.04 NXT 453’496.09 USD

 

SuperNET Newsletter #10

Welcome to SuperNET!

supernet-newsletter

As the end of the year approaches and the launch of v1 gets closer, developments are gathering pace – and so is interest in SuperNET. Once again, we have lots to report.

First up, a brief announcement that people have been asking about:

BTer has finally sent the last two dividends, SkyNET and Pangea, and they have re-enabled UNITY withdrawals. We recommend that anyone keeping UNITY on BTer withdraws to a NXT wallet – ideally the v.0 SuperNET wallet available from Multigateway.org. This not only gives you full control over your assets, but enables more reliable distribution of dividends.

You may also be aware of rumours of a pump and dump ring that has been operating on BTer, with some unpleasant accusations about threats made against other parties. Whilst it is not clear who is involved, it is always safer to keep your funds off-exchange. Now let’s talk SuperNET.

Topics

  • New CORE coin: VPN
  • SkyNET
    • The early bird SkyNET SALE
  • Remember tradebots?
  • InstantDEX
    • BTCD: Reference currency
    • JLH: Reference asset
    • Market making JLH
  • MMatrix
  • OPAL
    • Wallet update
    • OpalTKN
    • OPAL/jl777 teleport project
  • VRC update
  • BTCD revenues
  • Coinimal
  • Development update
    • Infrastructure update
    • Sportsbet
    • Bug hunters required
    • SuperNET compiled on Windows
  • SuperNET related links

NEW CORE COIN: VPN

A new core SuperNET coin has been added: VPN. James writes: ‘The new coin is not like any other I have seen. In fact it only runs on Windows, of all things, but this adds Windows expertise to SuperNET. More importantly it is a coin that is the doorway to China as it is done by a Chinese dev team. Now, have you heard about the Great Firewall of China? People there aren’t supposed to be able to use Google but there is a technical trick to allow for this. Yes, it is called a VPN. The new coin is vpncoin, also bitnet. This is a doorway to the China market for SuperNET. Do not underestimate this.’ See further here:

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Here is VPNcoin’s  ANN from bitcointalk. James’ commentary below:

###
I am not sure the marketing distinction, but we will be porting the vpncoin GUI to ride on top of the SuperNET API for comms. which they currently just use the bitcoin messaging
now with some help, it should be possible to get this VPN functionality for unix/mac

Oh, did I mention that as part of this deal, SuperNET will be handling a 50 million VPN rewards fund? This will be for the supernet slackers who are helping the bitnet and probably a dividend to SuperNET/NXTventure holders.

Did I mention that 600M VPN (that is 60% of current supply) will be burned this weekend? And SuperNET also receives for its acct 47M VPN.

60% of total supply burn + 10% being assigned to superNET = 70% out of market

The bitnet team is small and we need to help them fully integrate into SuperNET. To complete the deal the bitnet team will be getting 1000 SuperNET assets, so the SuperNET it is receiving a big discount and the expectation is that we will help them.

they have TOR / voice / chat / video / irc / VPN / HTTP Server

currrently 1 billion, 600M burnt, 97M to SuperNET with 47M long term HODL and 50M for SuperNET slackers that are helping integrate VPN, dividends, promotions, dev team has about 50M, and 60M is a long term reward for nodes. There is only ~200M public float now, but the 50M for the improving and 60M for node rewards will take time to hit the market. So to preserve marketcap it is 2.5x being price neutral, but probably a bit more due to the extra 50M that would reduce the basis. Like I said, this one is not easy to do, need to evaluate based on market cap and of course the CMC number is all wrong…
###

SkyNET

SkyNET (asset id: 6854596569382794790) has made a deal with FinHive (blockchain agreement txids 17121561730737863232 and 8809916241760899104):

  1. FinHive has made an agreement with SkyNET to become a wholly owned subsidiary of SkyNET
  2. In exchange for 45% of SkyNET and 4.5 million NXT, FinHive will work on the referenced plans
  3. All future revenues from FinHive operations will flow through SkyNET
  4. Revenues in excess of operating costs will be distributed as dividends to SkyNET assetholders
  5. Referenced plans: http://finhive.com/roadmap.html

‘FinHive intend to develop efficient trade-strategies and algorithmic-trading, by utilising the full depth of all generated analytics and AI results. It makes sense for FinHive not only to share but also to use new detected (unknown) market patterns, formations and other unique entry/exit signals for algorithmic-trading… It isn’t discussed how this will be organised later but the first step now is to generate the analytics at full depth and form a solid subscriber base. Information advantages will be monetized right after.’

This is a highly ambitious and exciting project, and it is no surprise that the asset has already gained a lot of interest. The concept is to reach out into the world of real-world trading as well as crypto, bringing revenues back into the crypto economy. Developer nexern writes: ‘As far as I know, no one has built something like this on this large scale before. There is a pretty big market for financial analytics/algorithmic trading and the goal is to enter this external market, generating a constant revenue stream for SkyNET and its shareholders. Merging crypto and traditional finance resources is promising.’

‘The tech and data is available and tested. Dev resources are already allocated and I don’t expect any real problems developing this beast. Sure, the workload is huge, because nearly all components are custom-built at low level but that’s all been taken into account. It is quite clear to us, we are building something big and unique here.

‘On the roadmap, sorry for the laborious English but as a non-native speaker it is difficult sometimes to express as precisely as desired. In case you have any questions or suggestions for improvements, I am here to do my best to answer them.’

Project preparation is under way and regular updates will be provided. ‘A dev blog is set up to provide general status information and updated progress details on each dev section. The first one, as seen in the roadmap, is the data-cluster and data aggregation. To make the development transparent, shareholders can not only monitor the progress but also view and test completed components. A webdesigner will take care about a shiny layout later.’

This happens to be an area of interest and expertise for James, who writes: ‘I spent 4+ years optimizing SVM [Support Vector Machines – pattern-recognition algorithms], and making useful features from forex price time series. nexern is proven dev, also proven ethics. Combining his NN [neural net] stuff, which would have been decent, with my SVM, well… I expect to have some quite profitable signals being created and transmitted to the Tradebots. Also, the space for SkyNET is not limited to crypto markets. I put in 3 million NXT of SuperNET funds, I also bought in the open market.’ (see below)

The early bird SkyNET SALE

An early bird SkyNET sale was announced on the forums (NXT price speculation thread, BTT SuperNET thread and SuperNET forum) as well as Slack. SkyNET assets were available to medium-to-large investors (typically 50,000 NXT and upwards). The minimum investment was specified to avoid the administration of many – perhaps hundreds – of transactions being required. In response to questions from those who missed out (the offer was oversubscribed very quickly), James writes:

‘I did post all the details. This was a fringe benefit for the most active SuperNET fanboys as I really appreciate all the hard work they are doing in constructing the SuperNET. SuperNET made 3 million NXT investment at 15 NXT each. As a reward to SuperNET contributors I allowed them to piggyback at same price. (yes, I know I am basically giving away free money, probably a few millions NXT worth, but gotta reward the fanboys dont I?)’

Therefore a total of:

300,000 SkyNET have been sold at 15 NXT
75,000 SkyNET were dividended out to SuperNET assetholders
75,000 SkyNET were dividended out to NXTventure assetholders.

Of these last 75,000, InstantDEX received about 30,000 (since it owns about 40% of NXTventure). These were passed through to InstantDEX assetholders, since InstantDEX has no specific need of them.

Remember Tradebots?

SkyNET/FinHive’s tech will be used for tradebots (NXTcoinsco). The tradebots asset manages tradebot ‘leasing’. The idea is that individuals create tradebots and allow others to invest in them on a profit-sharing basis – if the tradebots are successful, investors will receive a slice of their income. This operates like PAMM (Percentage Allocation Management Module), where investors allocate money to specific traders and share in their successes.

Tradebot creators can choose to pay for SkyNET data, and SkyNET itself is expected to be behind many, many different bots. Investors will look at the historical performance of a bot, meaning that the best strategies rise to the top; unlike normal forex markets, the tradebots will only make a charge to investors if they produce profits.

The incentives are therefore in place for designers to create successful bots, not simply convince investors to back them. Bots and designers with a strong track record will naturally attract greater investment.

InstantDEX, BTCD and JLH

Work on InstantDEX, the system that will enable near-realtime crypto trading, continues.

Generally in cryptocurrency trading, prices are quoted relative to BTC; Bitcoin is still the ‘reference currency’ since so many people use it. It is like the USD of crypto. The idea is to make InstantDEX look and feel like a regular exchange so that traders see something familiar, but under the surface, something very different will be happening.

BTCD: reference currency

Instead of using BTC as a reference currency for InstantDEX, James is using BTCD. There are various reasons for this, ‘some technical, some financial’. Key to trading of any kind, and to InstantDEX’s aims, is liquidity.

‘So all the SuperNET core coins they will have liquidity and low spread conversions between each other (and BTC) and be priced by default against BTCD. Of course, anybody can set things up however they want but the default for the orderbooks will be BTC for “normal” trading and if you are wanting telepods or best conversions between them, it will be BTCD. This I think solves the transition for traders and gets them into the SuperNET trading.’

In other words, all trades will go through BTCD: a DOGE -> LTC trade will really be DOGE -> BTCD -> LTC. One reason for this is that it requires liquidity for far fewer trading pairs; instead of ensuring that DOGE <-> LTC has liquidity directly, so long as DOGE <-> BTCD and BTCD <-> LTC have liquidity, the trade can be carried out with a BTCD stage in between (invisibly).

This has significant implications for BTCD, over and above the 5% revenues from SuperNET – since it will be in constant use. James writes, ‘I prefer not to make any specific price predictions, but it makes sense for BTCD price to track the price of SuperNET, not in lockstep as that is not how markets work, but rising in tandem.’

JLH: reference asset

The same problem with creating all trading pairs with sufficient liquidity also exists for assets, only it is worse as there are typically larger spreads for assets. ‘It is just not practical to support direct orderbooks for a full matrix of all asset pairs. What is needed is a reference for assets that is like the “DOW Jones” index, something that represents the overall asset market and not anything else.’ jl777hodl (JLH) will be used as the reference asset, in the same way that BTCD is the reference currency for InstantDEX.

‘I expect JLH trading volumes to go up, a lot, and the spread around the NAV to shrink, so this is not a “moon” thing, but a liquidity thing and liquidity is quite important. Once we can maintain small spreads like 0.1 with volumes for JLH orderbooks, that would mean going from asset <-> asset will also have much better spreads than now.’

Spreads are currently anything from 5-20% for some assets, and trading can entail significant losses through this alone. High liquidity with BTCD and JLH will mean any coin and asset pairs can be traded efficiently. It also enables an ‘autoconvert’ feature that enables users to view their portfolio denominated in whatever currency they want to view it (BTC, BTCD, USD, UNITY, JLH…) without the actual conversion incurring major losses.

‘At this point, crypto becomes much more useful as a medium of exchange and store of value and then the Tradebots will be able to find many more ways of squeezing out more satoshis. I am envisioning a realtime display of the account balance and with tradebots active, you would be able to see it change in value as it is happening. Imagine a wallet, you denominate it in EUR, unleash the tradebots and it starts showing more and more EUR in your account. It is this vision in my head and just needing to get it all debugged, all the pieces are pretty much there, but so many pieces the connection points aren’t quite right, but it is just a lot of debugging and all of this comes to life at the core of SuperNET, with all the other stuff on top.’

Market making JLH

In order to give JLH adequate liquidity, libertynow has taken on the role of a market maker. He is regularly calculating the NAV and placing buy and sell walls to reduce the spread to < 5%.

New assets are periodically added to JLH, and since these have not been announced and/or do not have a market price, the fund is generally undervalued.

MMatrix

Ensuring liquidity is key to the smooth operation of InstantDEX and, therefore, SuperNET.

‘I am currently working on market maker support for InstantDEX,’ writes James. ‘There will be a limited number of spots available to be a MM, prioritized by the amount of fees paid, so naturally the best market makers rise to the top of the list. At first, maybe just a small donation payment will be enough to get to the top of the list. Then 32 (or 64?) of the market makers will make a matrix, I call the MMatrix. The InstantDEX users would contact the first market maker in their sorted list for their offers, so the higher on the list the market maker is, the more orders it has the pick of.

‘For the orders the MM doesn’t want to immediately fill, they broadcast to all the other market maker nodes. This gives advantage to the MM at the top of the list as they get to cherry pick the best orders, but ignoring this incentive to pay fees, as far as users are concerned, all the market makers have the same orderbook (other than the one packet delay).’

MMatrix will be very fast. ‘It should have less than 1 second round trip to any point in world, so all the nodes query the selected MM, who can cherry pick the offers they like, that is how they make extra money in addition to normal market making. Anybody can register to be a market maker by posting an AM. The priority to order resolution will be the first MM with acceptable price, searched in order of past business levels, so the MM with the best spreads will naturally rise to the top of the list. This is only for orders between the NXT AE bid/ask – otherwise just go direct to the AE orderbook.’

OPAL

Wallet update

MANDATORY WALLET UPDATE
UPDATE ASAP SO YOU DON’T FORK:

https://bitcointalk.org/index.php?topic=778720.msg9839574#msg9839574

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OPALTKN

OPAL coin has issed an asset on the Nxt Asset Exchange. OPALTOKEN will receive 25% of revenues from the OPAL market. The standard fee is 1% of sales. This is still in beta and trades are denominated in OPAL, so the dividends will likely be in terms of mgwOPAL. You can keep up with developments here.

A total of 15 million OPALTOKENS (OPALTKN) will be distributed and dividended out as follows:

10% to SuperNET
10% to NXTventure
5% to jlh777hodl
25% to the OPAL team
50% to faucets

This is in addition to the recent OPALTKN giveaway that took place via Slack and the forums. These tokens came from the faucet allocation.

OPAL/jl777 teleport web project

What: James would like the OPAL team to develop a ‘telepathy web’ on top of his basic html site pushing mechanism. Telepathy is BTCD and the SuperNET’s private communication system. Opalcoin will develop an easy-to-use publishing GUI, as well as help develop integration with privacy servers. This will be considered an OPAL contribution to supernet, and OPAL will be credited.

Why: To address the flaws in TOR and create a more decentralised web mechanism. James has already developed the basics; as the technology progresses, more functionality will be released.

How: Interfacing with SuperNET, the OPAL team will add and build in qt features with C++, while James develops the backend in C.

VRC update

effectstocause writes, ‘Almost done with major components of supernet integrated vrc wallet. Then focus will move more so to DHT storage. We will discuss differences and similarities of Storj with Opal for optimal impact. We actually had a lengthy conversation with Storj at btc Chicago. Cool guys.’

BTCD revenues

People have been asking for some clarification about the role that BTCD will play in SuperNET and the revenues that will be paid to it.

BTCD is at the core of SuperNET. To reflect this, 5% of SuperNET revenues will flow to BTCD stakers. (Periodically a snapshot of stakers will be taken and BTCD purchased using SuperNET revenues to distribute to them, pro-rata.) At this point, this has no direct impact on BTCD value. However, ‘long term it should dominate the value of BTCD as there are only 1.2 million of them.’

This also provides a safety net for BTCD. Unlike other coins, which can theoretically plunge in value, ‘it will always have a nice floor due to the 5% of SuperNET revenues, which is actually 10% of what SuperNET assetholders get, since SuperNET holders get 50%, NXT core devs 5%, BTCD stakers 5%, SuperNET core coin communities 20%, overhead and expenses 10%, TBD 10%’.

Teleport and Telepathy papers (core BTCD technology) can be found at http://209.126.70.170/DarkPaper.pdf  and http://209.126.70.170/Telepathy.pdf.

Coinimal

Coinimal is to launch very soon. This SuperNET-integrated service will allow fast Euro-crypto purchases. Twinwinnerd writes,

### I am looking for Beta-Testers of Coinimal!
If you are from a country below and have access to a bank account, I need you to
Buy: BTC, NXT, LTC
Sell: BTC

Buy side:

SOFORT: Belgium, Germany, Italy, France, Austria, Netherlands, Slovakia, Spain.
EPS: Austria
Skrill OBT: Austria, Germany, Spain, Italy, France

Sell Side:
All Europeans with a Euro Sepa Bank Account.

Reward: 100 NXT per Tester!

PM me for Beta Key!
###

‘Localbitcoins is maybe now the fastest but in 9 days Coinimal will be. And we offer more coins than BTC…’ You can sign up here, to receive a Lanch Announcement: https://www.coinimal.com  Find out more here.

Bitcoin Shanghai Expo

SuperNET was introduced at the Chinese conference (28/29 November). Salsacz writes: ‘During my speech on day 2 I presented SuperNET as a solution for using any anonymous technologies without the need of exchanges and risks of revealing your IP, email or freezing account or getting it stolen. In the brief summary during the speech I introduced James as a dev, his assets and also explained the diagram and the story about the Pirates. I brought all whitepapers, even the chinese versions.’

Read Salsacz’ article about the event here: http://test.nxter.org/nxt-supporting-the-student-revolution-in-hong-kong/

Development Update

Infrastructure

SuperNET’s infrastructure is a network of servers running around the world – many on users’ home computers and cheap VPSs, but also a series of high-quality nodes that will provide the backbone of the service. James: ‘It is boring compared to SkyNET, but still quite important. As we get closer to initial release with core functions, we need to have the infrastructure, especially MMatrix.

‘So SuperNET contracted for 10 mega servers to start and will probably get a lot more. For people concerned about the “Instant” of InstantDEX and core capacity of DHT this solves that, as the best software running on snotkitten class hardware will just not provide the performance people will expect.

‘Boring compared to new asset, but quite a nice foundation for the network to run on. Most people won’t have any such servers, but most won’t be running a MMatrix node, so, need to make sure MMatrix node capability is known, tested and then the monetization it will generate can be calibrated.’

SportsBet

The sports book is nearing completion. However, James needs ‘someone that understands the different events and enough XML syntax to make templates. Then the code can automate the sportsbook creation. This would then plug into InstantDEX for peer-to-peer betting.’

Bug hunters required

There are big bug hunting rewards (https://forum.thesupernet.org/index.php?topic=301.0) available for anyone who can identify significant bugs in the SuperNET API. Rewards of UNITY will be paid out to anyone who can find problems, with a sliding scale of amounts. The API is largely untested, so there should be lots of bugs to find!

Rewards will be paid out at the end of each week to bug-finders and will continue for 5 weeks (until early January 2015).

Last week’s payout: Cassius: 33.33 UNITY, Longzai 33.33 UNITY, Cryptosleuth 33.33 UNITY.

If you find a bug please make sure to post it on Slack (in the API channel and to Azeh) and on the SuperNET forum here: https://forum.thesupernet.org/index.php?topic=296.0

At this point, it is question of finding as many people as possible to issue API calls manually and seeing whether it acts as expected. However, l8orre has a more advanced setup – a scripting and testing controller in built in Python3. ‘Right now it has a facility to plug in controller classes. What does work is using this as a relay which sort of is the same as using curl. The scripting class exists, but I need to extend it a little bit. Schedulers are also provided… i.e. timers that check back regularly for pre-registered actions every 4 seconds, do ‘settings’, then loop over the whitelist and ping every IP in the whitelist, then do GUIpoll and see if there is a pong, but it may need some honing to streamline it a bit… In its simple form, it does the same as curl…’ If you’re interested in helping, contact l8orre.

SuperNET compiled on Windows

BTCDdev writes, ‘Some great news today! I finally managed to successfully compile SuperNET on Windows! This will have a VERY great and immediate effect on our community! Once jl777 and I knock out a few minor kinks in it, anyone running Linux or Windows will be able to become a SuperNET tester and begin using its awesome services! With a nice GUI doing very well under development by longzai1988, hundreds of people in slack and more joining every day, and now this, we can rest assured that our community has some great days ahead!’

SuperNET related links

SuperNET news

Newsletter signup
http://supernetwrk.weebly.com/newsletter.html 

https://twitter.com/Jl777News
http://jl777news.tumblr.com/
https://www.facebook.com/jl777official 

SuperNET Newsletters archive
http://test.nxter.org/category/supernet-newsletters/

SuperNET Slack
http://104.236.15.119:8086/logs is a log of the public channels

Community

Supernet Forum
https://forum.thesupernet.org 

PM noashh for an invitation to SuperNET Slack!

SuperNET CORE coins

NXT
http://nxt.org

BTCD
http://bitcoindark.pw

BBR
http://boolberry.com

VRC
http://www.vericoin.info

CHA
http://chancecoin.com

OPAL
http://www.opal-coin.com 

VPN
https://bitcointalk.org/index.php?topic=757614.0

SuperNET related projects

BITS (SuperNET CORE component!)
https://bitcointalk.org/index.php?topic=748045

SkyNET (FinHive)
https://nxtforum.org/finhive/
https://nxtforum.org/nxtventures/reserved-6826/

Coinomat
https://coinomat.com

Neodice
https://nxtforum.org/nxtventures/(pre-ann)-neodice/

Freemarket
https://nxtforum.org/nxtventures/freemarket-official-thread/

ATOMIC
https://bitcointalk.org/index.php?topic=780833.0

Pangea
https://nxtforum.org/nxtventures/pangea-poker/

Jay
https://nxtforum.org/nxtventures/jay-decentralized-plugin-network-asset-8688289798928624137/

Omnigames
https://nxtforum.org/nxtventures/omnigames-asset/

SNN
https://forum.thesupernet.org/index.php?topic=118.0

Coinimal
http://coinimal.com

ShortUNITY
https://nxtforum.org/assets-board/shortunity/ 

Prediction Markets

https://www.fairlay.com/predict/registered/new/supernet-in-top-10-of-coinmarketcap/
https://www.fairlay.com/predict/registered/new/supernet-in-top-5-of-coinmarketcap-before-2016/ 

Author of SuperNET newsletters: NXTER MAGAZINE: http://test.nxter.org

SuperNET Newsletter #4

Welcome to the SuperNET newsletter!

The past week has seen some exciting developments on the tech front, including Telepathy: James’ system for communicating so securely that even the sender doesn’t need to know who the recipient is! Since it has been a relatively quiet week in terms of new companies joining SuperNET, we want to take the opportunity to explain a bit more about the components and initiatives that make up SuperNET, knowing that many investors are still uncertain about various aspects of these. But first… a few announcements.

Topics

  • Chancecoin
  • SuperTraders
  • VRC funding request approved
  • NxtInside
  • SuperNET Client GUI
  • BTCD and SuperNET
  • BITS ATM
  • Code review and Telepathy
  • API calls and testing
  • SuperNET related links

Chancecoin

Chancecoin betting is planned to be integrated into the SuperNET GUI.

[Funds Request]

James:

whale has negotiated 25,000 CHA for 11.25 BTC, there are only 516,530 CHA total from its burn period.
chancecoin is a microcap, but with interesting tech and we plan to integrate CHA betting into the SuperNET GUI

Chancecoin is built around feedless, trustless betting, using New York Lottery Quick Draw numbers to resolve bets. Quick Draw numbers are drawn every four minutes, every day of the week. The drawing selects 20 numbers randomly from a pool of numbers 1 through 80, without replacement. A bet seen in the blockchain is resolved based on the first set of Lottery Quick Draw numbers that are published strictly after the block is mined, so it is not possible to game the system by waiting for favorable lottery numbers. Chancecoin is a coin and a casino. The casino features classic dice betting and poker.

Adding CHA to uMGW (Multigateway) is being looked into.

SuperTraders

[SuperTrader funds transfer notice]

Half of the SuperTrader funds will be transferred from BTer to Bittrex. Prices have recently dropped significantly across most of the altcoin market and this is impacting the stability of the core coins for SuperNET.

James:

The plan is to stabilize the prices with market actions and to provide inventory during supply demand imbalances. Over time, the gap between the buying and selling will also provide some gains.
(…)

In a bear market where drops of 30%+ for a lot of other crypto (including BTC itself for a time!) SuperNET is trading within 5% of the ICO price. Granted it is down from the post ICO peak but no more than all the other cryptos

I work to increase the value.
I rely on the market to eventually reflect the value
So there is no active pump campaign as that is counter to my philosophy.

When the market realizes SuperNET tech is going to work and revenues will start flowing, then the price will catch up to the value.

VRC funding request approved

The funding request announced in the last newsletter is approved.

VRC has committed to making a cloud storage GUI for SuperNET that allows users, companies and other coins to rent out HDD space to the cloud. James wants to provide a 50/25/25 revenue share from the cloud storage split between the user/VRC/SuperNET, so SuperNET users can monetise their unused HDD, VRC will create a revenue stream for their holders and SuperNET will gain a new revenue stream and increase its overall userbase.

5389.16 SuperNET assets from working capital has been swapped for 538,916 VRC, and 100 BTC is released for open market purchases to get close to the target level of 10% stake in VRC.

NxtInside

NxtInside

‘NxtInside’ is a Nxt initiative that aims to make the platform’s 2.0 capabilities available to other cryptocurrencies. The name was originally suggested by jl777 to reflect the development and integration of Nxt core components into BitcoinDark (BTCD), as a first example, and hopefully other coins as time goes on. SuperNET – which uses many of Nxt’s key functions, such as the Asset Exchange and services built on top of Nxt, will be the prime case for NxtInside. The approach is similar to the ‘Intel Inside’ campaign, in which other companies (including Apple) use Intel chips to power their devices, thereby extending Intel’s brand reach far beyond their own hardware.

Casual end users will get lots of 2.0 crypto features but might not even notice that it is powered by NXT. Their public coin address will be linked to a NXT address “under the hood”, so they can login just by using a link in their coin’s client. This is fully in the spirit of what Nxt is designed to be.

VanBreuk writes, ‘SuperNET is most likely the biggest initiative and the best example of development using Nxt we have currently. Other services, websites and applications like SecureAE, Nxtty or Lith, to name a few, are also examples for NxtInside branding.’

IMPORTANT NOTICE: There is no NxtInside asset offered on the Asset Exchange. Any assets named ‘NxtInside’ or similar that claim to fund or benefit from this initiative are false.

SuperNET Client GUI

BTCD and SuperNET are both members of the NxtInside programme (read more on how BTCD and SuperNET are linked below). longzai1988 is currently working on the SuperNET GUI, which will be based on the NXT GUI. QT clients will have an ‘Enter SuperNET’ button, which will open SuperNET in a browser and auto-login for the user. The GUI can be customized for each coin.

longzai is currently working on integrating Coinomat features into the SuperNET client. These 4 currencies are working correctly by the time of writing: NXT, BTC, LTC, PPC. Here is a sample screenshot:

longzai_SN_GUI

BTCD and SuperNET

Questions have been raised about the exact link between BTCD and SuperNET. The confusion is understandable given the large overlap of technology and key people working on each. SuperNET could not work without the infrastructure offered by BTCD, in the same way it could not operate without Nxt’s 2.0 functionality. Analogies are often more powerful than explanations:

Imagine a new country, spread out in front of you. Scattered around the landscape is everything you might want or need. Stores, selling anything you could ever hope to buy. Exchanges, financial services and trading posts. Casinos and other entertainment centres. News and information outlets. These are like the services offered by SuperNET. Incredibly, although the cryptocurrency world offers so many remarkable businesses, no one has thought to link them before. They are just a set of isolated organisations, operating in their own niches, or competing with each other.

BTCD is like the highway that connects everything. The infrastructure it provides will enable communication between you and all of the different services, through what it shaping up to be one of the most secure comms links ever developed. It’s like a network of roads, tunnels and bridges that enables you to go anywhere and do anything – and do so in complete privacy.

To complete the analogy, Nxt is the sophisticated engine that gets you around this network of roads and to the services you can find there. It’s a 2.0 car that’s designed to do far more than drive from A to B. NXT doesn’t just allow you to transact; it houses the Asset Exchange and many of the other services that will allow you to interact meaningfully with others on your way around in SuperNET – the whole Super Network of integrated coins and innovative services.

So how might it look in practice?

In the following example (thanks to Este Nuno and mackowski for this concept: https://forum.thesupernet.org/index.php?topic=40.msg133#msg133) you’ll need the BTCD wallet that longzai is working on to access SuperNET. The good news is: That’s it. Everything is held inside it. That’s the whole point of SuperNET – UNITY.

You’ll click a tab in the BTCD client – it will open SuperNET. From there, you can send cash anonymously using Teleport (James’ BTCD anonymity protocol), or if you’re particularly concerned about privacy, you can pass it through a Boolberry exchange first, layering Teleport with BBR’s ring signature technology. Perhaps you’ll play neoDice for a while – it’s built into the client. You might check your portfolio of assets, which include SuperNET itself and see that you’ve been paid dividends, which include both NXT and some shares in a new company that has recently joined SuperNET.

Maybe you want to exchange some NXT for BTC? You can do that instantly through the peer-to-peer exchange, InstantDEX. Or maybe you need some fiat to spend, so you cash some coins out to your SuperNET card – the anon card offered by Coinomat – in case you don’t have access to a BITS ATM, where you can just withdraw your coins as physical cash.

You browse FreeMarket for a while to see whether anything interesting is for sale. Lastly, you send an encrypted message to a friend about a joint project you’re working on. All of this happens completely securely, because privacy is built into every transaction that takes place with BTCD. Or any other coin in SuperNET.

BITS ATM

More information about the partnership with Bitstar coin (BITS) has been requested. Although BITS are not a core SuperNET coin in the way that Nxt, BTCD and BBR are, they are a critical supporting member. The idea is to add SuperNET to the BITS wallet, and to the ATM they are sponsoring.

This would allow users to access SuperNET coins from BITS ATM – effectively ‘teleporting’ cryptocurrency into fiat. Ether, who also created the SuperNET logo, is designing the main splash screens and brand identity for the ATMs. The SuperNET logo will be displayed in the ATM’s user interface. Ether’s growing number of SuperNET designs can be found and downloaded here: https://forum.thesupernet.org/index.php?topic=208.msg1415#msg1415. He is offering his time and expertise for free, so please do tip him if you like his work!

Code review and Telepathy

James was going to submit core code to Kristov Atlas for a review (Atlas is a computer science security consultant who has worked on a number of cryptocurrency projects). However, this is delayed due to the new innovation (‘Telepathy’) that James is adding to SuperNET. ‘I just made a big breakthrough in anon level. No sense in having something reviewed that has already been improved!

James continues:

The problem I solved is the one of how to communicate to someone without ANYBODY knowing what their IP address is. I believe I have a deterministic and provable routing that isn’t broadcasting that achieves this. It was one of those nice to solve if I can figure it out, but not absolutely needed things, as there is already a lot of anon in the fixed sized, onion encrypted variable delay packets, but now being able to transact with someone just via a 64bit address that has nothing to do with the ipaddress. This I believe is quite a leap in anon level.

Privacy is fundamental to BTCD and SuperNET. The whole ecosystem is built on a platform that allows the highest level of privacy – far, far beyond anything any other coin offers, and possibly any other system in the world.

Telepathy is a very recent development James made when he was looking into ways of routing messages through a network. In a peer-to-peer network, such as SuperNET or BitTorrent, there is no central authority – this would make it vulnerable to attack (for example, Napster’s centralised look-up was its downfall). Obviously, such a vulnerability would be unacceptable for SuperNET. More recent networks use DHT, distributed hash tables, to achieve true decentralisation, along with scalability and resilience (tolerance to nodes joining and leaving the network).

The properties of the particular DHT James was looking into, called Kademlia, offer a very interesting benefit: it is possible to send a message to an address that belongs to no one, but because of the way the network is structured, you can still guarantee it will reach the intended recipient. The amazing thing is that even the sender does not need to know the recipient’s IP address for this to be possible. And clearly, this poses serious problems for any attacker!

These ideas are being written up into a white paper which will be submitted for peer review. For now, an analogy is again one of the most effective ways to communicate the basic concept:

Alice wants to send a message to Bob but does not want anyone else to know that he is the intended recipient. Instead of sending it to his house, she writes it on the side of a van and instructs the driver to drive to a random address that is in line-of-sight of Bob’s house – and 20 other houses. It doesn’t matter whether anyone owns the property at the destination, or even whether there is a property there. All that matters is that Alice knows Bob will see the van as it passes.

In reality, the process is far more robust than this. The packets will be encrypted so that only the intended recipient will be able to read them. The ‘addresses’ used to deliver a packet cannot be linked to any IP address; the packet is introduced at a random location rather than from Alice’s ‘house’. The important point is that, even in the highly unlikely event of an attacker having enough information to determine the destination of a packet, it will be impossible to correlate it to the user’s IP address – because the apparent destination has no IP address! The real recipient is one of twenty or so others who pass the packet along the chain.

Cryptocurrency is still a small slice of the economy and has gained limited real-world traction so far, but perhaps we should not be surprised at the innovation that is happening here: the crypto world contains a relative handful of people, but they are self-selected coding, security and economic specialists. Where these disciplines overlap, great things happen.

API calls and testing

SuperNET’s functionality will be available via a series of API calls: https://forum.thesupernet.org/index.php?topic=196.msg1349#msg1349. Ultimately these will be accessed through the GUI. For now, we need more people to test them using the SuperNET-enabled BitcoinDark client. This can be installed on a home computer or VPS. The more network nodes the better: Reliable testing requires at least 50 and ideally 100. The nodes needed to bootstrap the network will be funded by the staking income from the BTCD paid during the ICO.

If you are able to, please install the client, start testing the API and add your thoughts and comments to the documentation: https://forum.thesupernet.org/index.php?topic=154.msg1387#msg1387. Remember: James has offered a 1,000 BTCD bounty if you can find a way to deanonymise telepods. Good luck!

There will no doubt be more questions about the components of SuperNET and the roles they play. Please do ask them and we will do our best to answer. We would also encourage you to join the SuperNET forum for more information and updates.

SuperNET related links

Supernet Forum
https://forum.thesupernet.org

SuperNET news

Newsletter signup:
http://supernetwrk.weebly.com/newsletter.html

https://twitter.com/Jl777News
http://jl777news.tumblr.com/
https://www.facebook.com/jl777official

SuperNET CORE coins

NXT
https://nxtforum.org

BTCD
http://bitcoindark.pw

BBR
http://boolberry.com

VRC
http://www.vericoin.info

SuperNET related projects

Coinomat
https://coinomat.com

VRC
https://vericoinforums.com

BITS
https://bitcointalk.org/index.php?topic=748045

CHA
http://chancecoin.com

SNN
https://forum.thesupernet.org/index.php?topic=118.0

Neodice
https://nxtforum.org/nxtventures/(pre-ann)-neodice/

Freemarket
https://nxtforum.org/nxtventures/freemarket-official-thread/

ATOMIC
https://bitcointalk.org/index.php?topic=780833.0

ShortUNITY
https://nxtforum.org/assets-board/shortunity/

Prediction Markets

https://www.fairlay.com/predict/registered/new/supernet-in-top-10-of-coinmarketcap/
https://www.fairlay.com/predict/registered/new/supernet-in-top-5-of-coinmarketcap-before-2016/

Affiliated websites (revenue sharing or partial ownership)

http://bter.com
http://coinomat.com
http://nxtfreemarket.com
http://yourwebsitecanbehere.com

Author of SuperNET newsletters: http://test.nxter.org

SuperNET Newsletter #3

Welcome to SuperNET! 

It’s a shorter newsletter this week. After the series of deals that took place last week, most of the activity has gone into creating the infrastructure for SuperNET, with James adding new functionality to Teleport and the SuperNET API every day. So whilst there’s not so much to announce this time, there’s plenty going on under the surface and we are seeing rapid and exciting developments to the ‘highway’ technology that will link and power the network of assets and coins.

Topics

  •  Asset linkages
  • NXTventure in SuperNET
  • ATOMIC
  • [Funding request]
  • ATM support and Bitstarcoin
  • SNN funding and distribution
  • SuperNET Radio
  • SuperNETwork
  • Development update
    • First Telepod
    • Multisig
    • The last mile – deaddrop accs
  • Related links

Asset linkages

There has been some confusion among investors about SuperNET’s asset holdings, their connection to each other, and how this all affects SuperNET and its revenue streams. This is understandable, since many of the assets are interlinked and own differing proportions of each other.

To make things clearer, the SuperTEAM is working on a visual map of the SuperNET, its assets, dividends, revenue and so on. Meanwhile, James’ assets are listed and updated HERE.

James:

My asset linkages are based on something that I saw and thought made some sense, so did an entire country: http://en.wikipedia.org/wiki/Keiretsu

Anyway, there have been many complaints that all my assets makes some confusion, so in a way SuperNET is a solution for this as it is putting in the key jl777 assets all in one place. If you want to invest in me (and all the other cryptos I approve of), just get SuperNET.

NXTventure in SuperNET

InstantDEX has obtained 8 percent more of NXTventure, as James did a marketrate swap between his own holdings of NXTventure and InstantDEX’s own holdings of the InstantDEX asset, making InstantDEX the largest NXTventure assetholder.

James writes (https://forum.thesupernet.org/index.php?topic=182.0)

There was a suggestion that I merge NXTventure into SuperNET, but this is not very feasible. So I did what I could by exchanging NXTventure assets I had for InstantDEX assets. Since SuperNET owns a big chunk of InstantDEX, this gets SuperNET that much more of NXTventure… There is no short term effect as both were swapped at the current market prices.

ATOMIC

One of the sources of confusion has been between Atomic and InstantDEX, since they both appear to enabe real-time cross-blockchain trading, allowing users to exchange one coin for another almost instantly.

One of the weaknesses of the current cryptocurrency ecosystem is the existence of centralised exchanges – a serious compromise and regular point of failure in a technology built on decentralisation. At present, however, there is no other way to track which coins are being exchanged, which users are exchanging them, who owns how many coins, and so on – and in the process, a significant proportion of the coins are held in hot wallets, which are often less than secure.

CryptAxe, creator of Atomic, writes:

InstantDEX offers the ability to replace a major part of the exchange process, however it needs a way to keep track of all of these exchanges so that is where a solution like ATOMIC comes into play. ATOMIC allows ANY coin without any changes to begin tracking their exchanges on one blockchain. This means there is no central authority that declares an exchange good or bad, it is decided by the nodes on the ATOMIC network via the POE and POG protocols.

Atomic works at a lower level than InstantDEX, providing the instant-exchange platform with a way of tracking trades.

[Funding Request]: VRC

James:

I have a deal with VRC community for a swap of 538,916 VRC against SuperNET asset. The recent price for VRC was ~100:1 ratio against SuperNET.

VRC has committed to making a cloud storage GUI for SuperNET using the recent DHT API I made. The plan is to create a way for users (and companies or even other coins!) to rent out HDD space to the cloud. All of the details have not been worked out yet, but the VRC community has been quite active with its SuperNET support and with a cloud storage solution will definitely be worthy of SuperNET core inclusion. I will be working with them to solve whatever tech issues come up.

I hope to be able to provide a 50/25/25 revenue share from the cloud storage split between the user/VRC/SuperNET, so all SuperNET users can monetize their unused HDD, VRC will create a revenue stream for their hodlers and of course SuperNET will get a nice new revenue stream and increase the overall userbase.

I request approval for 5389.16 SuperNET assets from working capital and another 100 BTC for open market purchases so that we can get close to the target level of 10% stake

James

ATM support and Bitstarcoin

Whale has negotiated a deal with BITS (Bitstarcoin), who will be deploying ATMs in Cyprus and will become a core component of SuperNET.

The deal is for 1 million BITS in return for 15 BTC (10 BTC + 5 BTC worth of NXT). A further 1 million BITS will be placed in escrow. 60 percent of these will be released to SuperNET if the price stays over 12,000 satoshis for a week. If BITS does not purchase ATMs, 40 percent of the escrow will also belong to SuperNET; if they do deploy them then the 40 percent will be returned to BITS.

This should provide a mutually-beneficial arrangement between SuperNET and BITS, protecting and rewarding each. There are currently 16 million BITS, so this deal reaches the 10 percent goal for SuperNET ownership.

CryptoDevil writes:

The Bitstarcoin dev team will continue to enhance the multi-function in-wallet services, in conjunction with the commercial development of the ATM project and related ancillary services being funded and managed by the Cyprus company and their development team, working closely with superNET to present a unified platform that will be able to offer a full-service ATM user interface into cryptocurrency 1.0, 2.0 and beyond.

T3CLtd announces:

It gives me great pleasure to announce the integration of the Bitstarcoin project as a core component of superNET, in partnership with the commercial incorporation of both Bitstars and other superNET coins onto a cryptocurrency two-way ATM service being rolled out on the island of Cyprus.

Alongside the sale and purchase of standard bitcoin, users will be able to choose from a raft of alternate cryptocurrency projects such as the PoS Bitstars, with its generous staking rate for early adopters, as well as multiple other superNET crypto projects to be announced.

The projected implementation schedule is for the first few units to go live in Limassol Q1 2015, with our intention being to engage in discussion with relevant Cypriot government departments to ensure a good understanding of the technology, its function and potential for widening the scope of alternate routes towards enhancing both commercial and personal economic capabilities.

We choose not to disclose our company name at this time in order to avoid unnecessary interruption or interference. A full public announcement and press release will be made shortly before launch, along with the rollout of online support services and communication channels.

SNN funding and distribution

Last week an asset dividend of SNN (https://forum.thesupernet.org/index.php?topic=118) was announced. SNN, the SuperNET News Network, will be ‘a community owned and operated media outlet, with stories and content written by a wide range of contributors about crypto technologies and markets. 75% of revenues will be distributed to assetholders. Revenue sources include advertising, subscriptions and pay-per-view.’

James writes, ‘Since this is a seed stage enterprise, some funds will be required. The budget is 500,000 NXT to get to revenue producing stage.’

The project is managed by fumanchu808. You can read his work on Bitcoinist and CoinTelegraph, and view his LinkedIn profile (https://www.linkedin.com/in/edwarddeleonhickman) here.

The asset allocation is as follows:

  • fumanchu808 – 10 percent
  • NXTventure dividend – 7.5 percent
  • SuperNET dividend – 7.5 percent
  • JLH – 5 percent
  • SuperNET – 40 percent
  • SNN for other key contributors and writers – 30 percent

SNN will create content for the supernet.org website and also for the SuperNET GUI. As part of SNN, an advertising sales function will be created, which will also be used to enhance SuperNET ad sales. As one of the major revenue-generating aspects of SuperNET, the advertising is of strategic importance.

SuperNET Radio

Founder Kevondo writes, ‘SuperNET Radio is “The Voice of SuperNET” but [also] the voices of the other coins, Core, Supported, or Associated are also eligible to be heard.’

The plan is ultimately for SuperNET radio to broadcast 24/7. It will be as informative as possible, initially with the aim of educating the public and exploring further ideas when the project gains greater traction. DJs are welcome to join on a voluntary basis.

Some of the suggestions and points raised by Kevondo include:

  • Social, philosophical, and legal commentaries related to Crypto are welcome.
  • Call-in ‘Talk Radio’ sessions for SuperNET, Core, Supported, and associated coins.
  • ‘How to’s’ for services, as well as links and info for each coin.
  • People (DJs) to produce and represent any of these programming topics will be necessary.
  • We need to find knowledgeable, committed folks for each feature, coin, or asset who can assist listeners in the application, use, and value of the topic being discussed.
  • When would be the best time to schedule shows? This will depend on the coin/asset and market. It should be a time when the majority of owners, users and developers will reached.
  • What languages should the broadcasts offer? The scope of SuperNET and crypto is international. How can we move SuperNET forward in different markets?
  • Should it be subscription based? On start-up? Eventually? For individuals, or for coins and assets?

Help, feedback and ideas on all of the above are welcome. You can find out more and make suggestions here: https://forum.thesupernet.org/index.php?topic=181.0.

SuperNETwork

SuperNET’s network of public privacy servers (that is, the nodes in the privacy network that are publicly visible, forming the backbone of the infrastructure) will be used to store files in the cloud as well as relaying transactions and messages.

James writes:

Of course, no assurance that all parts of all your files will reside in these community servers, nor that the community funding will be there forever, but for now it looks like we can fund this from the [BTCD] staking revenues… These servers can be providing HDD for cloud storage, public routing, public access points, etc.

The plan is ultimately to have around 100 community-funded servers that can be relied on to be up and running all the time. Initially, BTCD needs some 50 privacy servers, running on a network of VPS machines. These will be used to bootstrap the network and for testing. Funding is available from the staking income of the BTCD collected during the SuperNET ICO (see vote).

This is a vital part of the ecosystem and SuperNET cannot be launched without it. If you are able to help set these up and maintain them, please contact Azeh on the bitcointalk forum.

Development update

Development of key functionality has taken further steps forward this week. Along with the capacity for cloud storage, James has used the SuperNET API (via BitcoinDarkd) to create the first telepod – the package that houses the information required for anonymous transactions.

James writes:

Now that the privacyNetwork is stabilizing and even has cloud storage, Teleport will be able to be finalized and then it is InstantDEX/Tradebots. Those two are related and will become the active coded projects soon.

All the networking is actually vitally needed by InstantDEX, so in essence great progress has been made, just in the foundation that InstantDEX/Tradebots needs.

Multisig

James:

Since without the 50 servers, I cant really debug the DHT and I need that for the next step, I decided to take a break and looked into curve25519

I figured out how to do 3 of 3 multisig!
I think I can also do 2 of 3, but still need to verify the 3 of 3.

I remind you I am just a simple C programmer and not a cryptographer. If anybody has the math background to confirm or deny my experimental finding, please post!

The thread can be found here: https://forum.thesupernet.org/index.php?topic=154.msg1262#msg1262

The ‘last mile’

One of the technical issues of the privacy network is sending a package through the public privacy nodes (i.e. those which have public IP addresses) and out to the destination address without the user’s IP address being compromised. James has been working on a system of probabalistic routing, which would have addressed this, though it was complex and inefficient.

A new development means he is now working on a way to complete the final hop out of the privacy network – the ‘last mile’ – far more effectively.

James writes:

My coding the DHT is what allowed me to solve this, so those that think these seemingly unrelated things are slowing down the progress, it is quite the opposite. It is helping achieve the ultimate goal!

TL:DR it is possible to transact with someone without ANYBODY actually knowing the IP address of the destination, and therefore very private comms are possible. If these comms happen to have telepods and funds are being transacted, then commerce can happen using this method.

Since people had a hard time understanding the simpler form of Teleport, I fear that few will be able to understand the new deaddrop approach. Hopefully somebody will provide some feedback on its weaknesses, if it has any.

I feel this is a fundamental improvement in privacy. In all prior versions, there was at least a statistical linkage of your acct # with IP address. Now, all that is happening is that packets are being sent to dead addresses so there is nothing to correlate.

This is a bit of unexpected extra work, but the qualitative increase in privacy is well worth it. A key thing to realize is that all of the SuperNET just gets this level of privacy for all comms.

Life moves extremely fast in the cryptocurrency world. With no bureaucracy or institutional structures, creativity is given free rein. James is one of the leaders of the financial revolution, with several of his projects breaking new ground – turning coins into assets, paying dividends to coin stakers, enabling cross-coin functionality and an entirely new approach to anonymity.

The tech behind SuperNET is breaking new ground, promising a powerful and robust platform for crypto commerce and communication. If you are interested in joining the SuperNET community, you can find out more on the SuperNET forum. There are roles for everyone willing to contribute.

SuperNET related links

Supernet Forum
https://forum.thesupernet.org

Follow SuperNET news
https://twitter.com/Jl777News
http://jl777news.tumblr.com/
https://www.facebook.com/pages/Jl777/688097541246130?ref=stream

SuperNET related projects:

Coinomat
https://coinomat.com

VRC
https://vericoinforums.com

BITS
https://bitcointalk.org/index.php?topic=748045

SNN
https://forum.thesupernet.org/index.php?topic=118.0

Neodice
https://nxtforum.org/nxtventures/(pre-ann)-neodice/

Freemarket
https://nxtforum.org/nxtventures/freemarket-official-thread/

ATOMIC
https://bitcointalk.org/index.php?topic=780833.0

ShortUNITY
https://nxtforum.org/assets-board/shortunity/

Prediction Markets

https://www.fairlay.com/predict/registered/new/supernet-in-top-10-of-coinmarketcap/
https://www.fairlay.com/predict/registered/new/supernet-in-top-5-of-coinmarketcap-before-2016/

Affiliated websites (revenue sharing or partial ownership)

http://bter.com
http://coinomat.com
http://nxtfreemarket.com
http://yourwebsitecanbehere.com

Author of SuperNET newsletters: NXTER MAGAZINE: http://test.nxter.org

First published by SuperTEAM.  SIGN UP FOR SUPERNET NEWSLETTER @ thesupernet.org.

SuperNET Newsletter #2

Welcome to the second SuperNET Newsletter!

A week is a long time in cryptocurrency, and never has this been more true than for SuperNET. This last week has seen a flurry of activity, with a series of new companies and services being added to the project. Additionally, there have already been unexpected dividends, with several more now expected in the coming month. As a result, SuperNET is slowly but steadily gaining in price and looking forwards to a very bright future.

Topics

  • SuperNET & UNITY
  • Asset Dividends paid
    • NeoDICE
    • NXTinspect
  • Pre announced dividends
    • SNN
    • BOOST
    • 2 more TBA
  • Other assets and services
    • ATOMIC
    • Freemarket
    • CORE services
    • SuperHODL account
  • MyNXT.info
  • SuperTraders
  • Supernet.org
  • SuperNET logo
  • SuperNET Volunteers
  • SuperNET CORE coins
  • Development update
  • SuperNET related links

SuperNET & UNITY

SuperNET / UNITY can be traded on BTer, NXT Asset Exchange and now on Poloniex.

BTer has automatically exchanged all TOKEN for UNITY (the ticker symbol for SuperNET). No further action is required by assetholders. Also withdrawal of UNITY has now been enabled.

On the NXT Asset Exchange (AE), a manual process was created. Most TOKEN has now been exchanged for SuperNET, but if you have not done so already, you should redeem your TOKEN. TOKEN does not pay dividends and was only created to simplify the issue process for SuperNET.

To redeem your TOKEN on Nxt AE, transfer it to NXT-7Y5B-J8LQ-SL5P-3ULFL.
It will be exchanged for SuperNET. This is a manual process and will not take place instantly but within 24 hours, so please be patient.

Asset dividends paid

In an unexpected but welcome development, SuperNET has started paying dividends in the form of assets in new companies with which it has formed partnerships and acquired a stake.

neoDICE

The first dividend was neoDICE – a re-creation of the legendary blockchain betting game SatoshiDice, a Bitcoin-based game which achieved immense popularity but fell from favour when it began requiring confirmed rather than unconfirmed transactions, thereby delaying gameplay.

Like SatoshiDice, neoDICE uses a provably fair blockchain-based system but includes a solution to avoid the delays caused by requiring confirmations. It is hoped that this game will capture a significant proportion of SatoshiDice’s former market – but for NXT.

NeoDICE (Nxt asset id 18184274154437352348) should be in testing mode within a month and will pay dividends in NXT from its profits. 100 percent of neoDICE assets were distributed as follows:

5 percent SuperNET dividend
5 percent NXTventure dividend
5 percent jl777hodl
40 percent Privatebet
45 percent Developers & maintainers

For every hundred superNET, assetholders received 6.127 neoDICE.
Further details can be found here.

After the dividend distribution James notes:

NeoDICE traded as high as 62 NXT each before settling down to 40 NXT bid/50 NXT ask, so the dividend was worth 2.5 NXT to 3 NXT, which on ~200 NXT [SuperNET] price makes it a 1% to 1.5% dividend.

NXTinspect

The second “surprise-dividend” was NXTinspect.

NXTinspect is a community-driven initiative designed to provide investors with the necessary information to make informed trading decisions. ‘Our service looks to promote legitimate assets, while highlighting suspicious activity/scams.’

NXTinspect’s IPO offer was for 300,000 asset tokens, which is 30 percent of all NXTinspect assets. James bought 250,000 of them (25 percent of the total), using NXTventure funding. However, since NXTinspect will be auditing James’ assets, there is a clear conflict of interests here. James writes:

I invest in good people, and they are all good people. When I see good trades, I just automatically click, click, done. So I didn’t even think about the potential for looking like conflict of interest.

However, it seems there could be an appearance of conflict since I am involved in dozens of different projects.

I want to use NXTinspect services and clearly it won’t have much value if there is this appearance that I am having some sort of undue influence over them.

The upshot was this:

  • 5 percent to jl777hodl
  • 5 percent for SuperNET dividend
  • 5 percent for NXTventure dividend
  • 10 percent sold on NXT AE at 2.5 NXT each

As soon as the AE assets were sold, the dividends were processed. Sales on the AE would offset any losses to James from the dividends issued, so the process was broadly break even for him. After this, James holds no NXTinspect, other than the indirect gain of jl777hodl NAV and whatever goodwill SuperNET and NXTventure assets gain from this dividend. For more information, see hereDividend payout details can be found here.

Dividend distribution

The dividends were successfully distributed. Those with assets on BTer and Poloniex have received their dividends in their exchange accounts, and AE dividends have been issued directly to holders’ Nxt addresses.

As previously announced, investors who hold unredeemed TOKEN did not receive the dividend.

The leftover neoDICE assets were given to valarmg, in return for the work he has done in creating and running the redemption and dividending scripts. These unclaimed neoDICE assets equalled around 1,500 or 3 percent of total dividend payout.

Pre-ANN asset dividends

A new series of assets and dividends are already in the pipeline and will hopefully be released by the end of October. These are:

SNN (SuperNET News Network), asset ID 15113552914305929842. SNN is planned to be ‘the SuperNET of crypto news: a ‘community owned and operated media outlet, with stories and content written by a wide range of contributors about crypto technologies and markets.’ 75 percent of SNN revenues will be distributed to assetholders. Revenue sources include advertising, subscriptions and pay-per-view, and ‘since this follows a more normal web inventory, it will allow the establishing of ad sales prior to having the SuperNET GUI monetized with ads.’

BOOST (asset ID 9719950459730291994) is a startup incubator that provides zero-interest loans for new NXT companies and will have close links with NXTventure, both in funding and adopting new companies. It will act as a conduit for small companies that want to become a qualified NXTventure listing.

Two further assets are on the way. One is described by James as ‘pretty normal, except it is building on top of an existing asset to help it reach a rather large market.’ The second, however, is ‘a new type of asset… This will create a new way to solve a common problem in the crypto world and I am happy to be involved in this asset.’

These are all exciting new developments and highlight the activity that is going on. These four dividends could be issued in October – though as ever, there are no guarantees of timescales and dividends will be announced as they happen. Investors are encouraged to do their own due diligence before purchasing further assets.

Combined dividends

NXTventure and SuperNET will be releasing combined dividends.

NXTventure has proved a highly popular asset. Its purpose is to fund promising new enterprises in return for a proportion of their assets. These are dividended out to NXTventure shareholders.

Whilst this will reduce the number of shares dividended out by NXTventure due to sharing with SuperNET, the publicity and funding of SuperNET will on the other hand bring a much greater number of companies into the space. There will not be a full overlap between the dividends offered by NXTventure and SuperNET. As James puts it:

There will probably be 4x more assets in the pipeline. (….) I expect that NXTventure will have some smaller assets that will be dividended that won’t have a SuperNET counterpart. There will also be some special assets that would only be SuperNET dividends.

Other SuperNET assets and services

ATOMIC

ATOMIC (asset ID 11694807213441909013) is a new service designed to enable 100% decentralized trading for all coins and assets on a single blockchain. It will be integrated into the core of SuperNET.

  • 100% transparent and public ledger backed exchanges across blockchains (trading of any asset or any coin)
  • Transactions from one blockchain to another will be as fast, if not significantly faster than any existing centralized method of exchange.
  • The ability to spend any coin, anywhere (ex: ATOMIC will allow users to spend NXT at a store which only accepts payments to a BTC wallet) without having to wait for a deposit, confirmations, exchange, withdrawal, more confirmations and then finally spend the coins.

ATOMIC will take the form of a DAC (Decentralised Autonomous Corporation). It will be open source and run transparently, with direct community involvement. ‘Once a critical mass has been reached it will become a full DAC with no central points of failure, agenda, laws or anything else that could slow it down. Initial versions will probably not be a fully automated DAC’.

Read the documentation here.
You can find out more about ATOMIC in the announcement thread on bitcointalk.
ATOMIC is listed on coinmarketcap.com. ATOMIC official website: http://atomicdac.org.

James writes:

The fees on the ATOMIC network will serve to reward both the miners and asset holders. The standard transaction fees required by blockchain technology will be rewarded directly to the miners.

The asset holders will receive dividends in the form of the accumulation of non-Atom transaction fees. For example if user A with Bitcoin wants to send money to user B who only wants Litecoin, user A will pay a tiny fee in Bitcoin to a special address that will initiate the exchange. Due to the nature of the ATOMIC network, the exchange requires that the user also have enough Atoms in their wallet to cover the transaction fee to the miners.

This process gives the power to set the price of Atoms to the nodes on the network while also rewarding asset holders directly with fees collected by the exchange process.

Freemarket

Freemarket (asset ID 134138275353332190) is a decentralized physical goods store (similar to a decentralised eBay). 20% of FreeMarket listing fees (7.77 NXT) will go to SuperNET, counting from 2015. Freemarket will have no fees for the rest of 2014, other than the the 1 NXT listing fee and 1 NXT confirmation fee. Freemarket will be released on October 12.

Some advantages over options like eBay:

  • No need to register and give up any personal information
  • No third-party payment processor
  • Fees are low; No fee in 2014, thereafter a listing fee set at 7.77 NXT, about 10 NXT once you include fees for NXT AMs
  • The NXT blockchain makes FreeMarket resistant to takedown
  • No centralized servers anywhere; FreeMarket does not require centralized administration
  • Allows for unlimited, buyer-selectable shipping options, each with a separate fee
  • Messages between buyer and seller, as well as shipping address and shipping method, are encrypted
  • Items can be searched by category and up to 3 optional tags, as well as item title, seller ID, and item ID
  • Sellers have the option of accepting or rejecting a sale
  • Listings can be canceled

This is just the first version. Additional information can be found in the ANN thread.
Freemarket is listed on BTer and on coinmarketcap.com. Official website: Nxtfreemarket.com.

In addition to these new arrivals, the SuperNET core will contain:

Teleport. The privacy technology that underpins BitcoinDark (BTCD).

InstantDEX enables near real-time trading between cryptocurrencies.

Tradebots (NXTcoinsco) enables the creation of custom decentralized tradebots.

SuperNET card will support anonymous withdrawal of NXT and other SuperNET coins.
This is due for launch by Coinomat in the coming weeks.

NXTprivacy holds a series of privacy-related assets, including 50 percent of PrivateBet.

PrivateBet will be designed to support P2P betting and casino games. PrivateBet owns 40 percent of neoDICE.

neoDICE is similar to that of the legendary satoshiDice, with a few differences, the most important one been the near realtime processing of the wagers. Beta testing starts mid October.

Sharkfund0 is a trading fund that aggressively targets high-performing assets.

Targeted advertising similar to Google’s AdWords will allow website administrators to serve adverts directly to the cryptocurrency community, with revenue being returned to SuperNET participants.

You can read additional information about the above services in the SuperNET ICO document.

SuperHODL

To keep track of the SuperNET assets holdings, a new account and asset has been created. SuperHODL: asset no. 13120737659249432970, account NXT-USU4-92UY-KEYT-4H649. This is simply an accounting convenience to segregate authorised but non-disbursed funds.

‘SuperHODL is a 100% owned subsidiary of SuperNET and is really just a way to keep things separated. Maybe down the road some of it would be put on the market, but no plans for that now.’

MyNXT.info

As was announced in last week’s newsletter, SuperNET is investing in an online wallet site. Now that funding has been agreed, further details can be given. James writes:

SuperNET invested in mynxt.info, a long time NXT company with online wallet, mobile app, block explorer, etc. Over the coming months mynxt will be working on integrating their services into the SuperNET GUI.

This is a very promising move for SuperNET, since a significant proportion of users prefers to use a web wallet than a downloadable client.

SuperTraders

With the end of the ICO, the SuperTraders are now active. SuperTraders are a team of cryptocurrency traders with a proven track-record of returns. Their aim is to increase SuperNET’s NAV through trading on different exchanges. (In other words, their activity is predominantly intended to increase the value of the SuperNET asset directly, rather than to generate dividends.)

The SuperTraders receive a maximum of 10 percent of SuperNET’s working capital, or around 570 BTC. Their capital will be awarded incrementally as they increase their own bankrolls through successful trading, thereby increasing confidence and limiting downside risk. Each time they increase their bankroll by 50 percent, SuperNET also increase their available funds by 50 percent. The aim is to allocate the largest bankroll to the SuperTrader with the largest and most consistent gains.

Supernet.org

We managed to get the domain supernet.org!

SuperNET logo

The logo is created by ‘ether’.

The color scheme has been voted on, and the final version is:

SuperNET_logo

Coming soon:

  1. Different background styles (faded symbol, galaxy sucking-all-FIAT shape, etc.)
  2. HD Wallpapers
  3. Twitter/Facebook official account themes
  4. Badges for forum members and other goodies (this one will be on request)

SuperNET Volunteers

Feel free to join the community on forum.thesupernet.org.

If you would like to help SuperNET, please fill out this short questionnaire:
https://docs.google.com/forms/d/1T1U96Rxb4Q92vSRzh-HshEOyTQWtbfhXITdOliooqIk/viewform

SuperNET CORE coins

Here’s a summary of the SuperNET’s official core coins: NXTBTCD and BBR.

Any addition of new core coins will be announced in this newsletter and on SuperNET forum.
Coin representatives can send applications to join SuperNET CORE to coins@thesupernet.org.

NXT is the ‘2.0’ cryptocurrency that powers much of SuperNET’s backend crypto functionality. The asset exchange, Multigateway (for distributed crypto trading), alias system, even the GUI behind the new wallet – all of these are built on the ‘NXT Inside’ approach. As the leader in these 2.0 features and services, NXT is the natural choice for SuperNET. It makes perfect sense to leverage this functionality whilst rewarding the NXT community for their continued support and further development of the key tech.

BitcoinDark (BTCD) brings Teleport to the SuperNET table. At its very simplest, Teleport is the anonymity protocol that underpins BTCD. However, it offers far more than privacy. Teleport is a complete ecosystem for making anonymous cryptocurrency transactions, right down to the level of hiding users’ IP addresses from attackers.

Teleport uses one-time addresses called telepods to transfer standard denominations of funds (100, 50, 10, 5, 1 etc) to a new recipient. The use of fixed amounts avoids correlating sender and recipient if the quantity is distinctive (a transfer of $500 would currently be 129.19896640 BTCD, which would be instantly recognisable). Several other tricks such as random delays will make it almost impossible to correlate transactions on the blockchain.

The network of privacyServers will not only shield users from prying eyes, but will form the communication infrastructure for SuperNET – enabling them to exchange information of all kinds securely and anonymously. You can read more about Teleport in this article on NXTER.org.

James has announced a 1000 BTCD bounty (https://forum.thesupernet.org/index.php?topic=76.msg337#msg337) to anynone who can attack and deanonymize Teleport.

Teleport is currently nearing beta-testing. It will permanently be available for free to BTCD, and will initially be free for other cryptocurrencies. From 2015 it will begin to charge small fees for non-SuperNET coin transactions. Bitcoin alone opens a potential market over a thousand times larger than BTCD’s own current market cap.

Boolberry (BBR) offers additional anonymising features to provide an extra layer of privacy. Boolberry is based on CryptoNote, an implementation of ring signatures. Ring signatures provide a good level of privacy but generally do so at the expense of blockchain bloat. This raises questions about the long-term sustainability and user-friendliness of CryptoNote coins. Additionally, there are circumstances under which anonymity may be lost, but Boolberry’s lead dev has come up with an innovative way of avoiding this problem, as well as reducing bloat. You can find out more on the bitcointalk BBR thread.

Development updates

The CORE technology for SuperNET is nearing beta and is currently being tested with about a dozen live servers. ‘While it is not working perfectly, the bugs found so far do not seem so serious. As soon as the low level networking is solid, it will be possible to complete the higher level applications like Teleport, Tradebots, etc. Also, the API can be opened up for other coins to use and to implement their own special features.’, James writes – and continues:

I finished debugging all the DHT calls. Ended up adding data compression to the loop, along with out of band binary data beyond the JSON in the onion packets. Also, a lot more difficult that I thought it would be, but finally got all packets to be the same size, thus removing a leak of info about the type of commands you are sending.

I implemented a variant of http://www.cs.rice.edu/Conferences/IPTPS02/109.pdf, using 64bit NXT addresses for the hash, eg. least significant 64bits of sha256. collision resolution is something for a layer above this level to do. I plan to add some simple file API on top of this so we can get a nice decentralized storage along with sending of files.

Of course all this is under heavy encryption, but still the IP addresses are not shielded yet. The sendmessage API appears to be working in simple topologies, should work with more layers, but need a larger network to test this.

./BitcoinDarkd SuperNET ‘{“requestType”:”sendmessage”,”dest”:”<nxtaddress>,”msg”:”<text of message>”,”L”:<maxonionlayers>}’

Using the sendmessage api, it should be pretty easy to make an encrypted chat application.

I have a dozen other API calls already done and they worked in loopback mode, so I hope before long we can get a nice set of API functions released and tested.

Multigateway

James:

I ported the MGW code into SuperNET API so to add a bitcoin compatible coin is as follows:

{“name”:”BTC”,”conf”:”/home/ubuntu3/.bitcoin/bitcoin.conf”,”asset”:”4551058913252105307″,”rpc”:”127.0.0.1:8332″,”clonesmear”:1,”minconfirms”:3,”estblocktime”:600}

Once such an entry is in the .conf file the SuperNET code can access a coin and do whatever logic the application layer (like Teleport) will use. More a matter of testing than developing.

For non-bitcoin compatible coins, some glue code will need to be created to implement the functions that the SuperNET applications will require. Still compared to the total work, it is a small fraction, so basically any coin can be supported with some interface work.

There comes a time when a project needs to stand on its own two feet and not rely on its founder anymore. For MGW, that time is now. it will work much better when all of MGW is NOT centralized through me. I am running all three MGW servers, which is not its design. It also means three times the work to keep them up to date, synchronized, etc. There have been production servers “almost ready” for over two months now and I have to hand off the MGW.

SuperNET related links

Supernet Forum

https://forum.thesupernet.org

Follow SuperNET news

https://twitter.com/Jl777News
http://jl777news.tumblr.com/
https://www.facebook.com/pages/Jl777/688097541246130?ref=stream

SuperNET related projects:

Coinomat
https://coinomat.com

SNN
https://forum.thesupernet.org/index.php?topic=118.0

Neodice
https://nxtforum.org/nxtventures/(pre-ann)-neodice/

Freemarket
https://nxtforum.org/nxtventures/freemarket-official-thread/

Atomic
https://bitcointalk.org/index.php?topic=780833.0

ShortUNITY
https://nxtforum.org/assets-board/shortunity/

Prediction Markets

https://www.fairlay.com/predict/registered/new/supernet-in-top-10-of-coinmarketcap/
https://www.fairlay.com/predict/registered/new/supernet-in-top-5-of-coinmarketcap-before-2016/

Affiliated websites (revenue sharing or partial ownership)

http://bter.com
http://coinomat.com
http://nxtfreemarket.com
http://yourwebsitecanbehere.com

Author of SuperNET newsletters: NXTER MAGAZINE: http://test.nxter.org

First published by SuperTEAM.  SIGN UP FOR SUPERNET NEWSLETTER @ thesupernet.org.

SuperNET Newsletter #1

Welcome to the SuperNET!

Topics

  • ICO summary
  • Distribution
  • TOKEN > SuperNET/UNITY
  • Trading
  • Dividends
  • Dividend announcement
  • Funding request: SuperNET online wallet
  • Agreements between SuperNET and CoinEvolve terminated
  • Development update
  • Moving to SuperNET forum
  • SuperNET related links
  • Attention coin representatives

ICO summary

SuperNET was announced on August 30th.

jl777 made the announcement Aug. 30, just 7 days after announcing the ‘Nxt Inside’ initiative on the Nxt forum. The idea for Nxt Inside is to offer Nxt’s 2.0 features to other coins, allowing them to benefit from the GUI, Asset Exchange and other aspects of Nxt’s ecosystem, and extending the adoption of NXT in the process – a mutually beneficial arrangement. BTCD, the anon coin for which James is now core developer, would be the first to have these features (read more).

The SuperNET ICO began on Saturday 6 September, 14:00 GMT. The early hours of the ICO saw a flurry of activity. Those who knew James and his work well bought in almost immediately to take advantage of the 15 percent ‘early bird’ discount, plus the 5 percent discount for NXT/BTCD purchases. Some 2,000 BTC were raised in two hours.

For others, due diligence was hard. Many had not encountered jl777 or his work before, and were similarly new to NXT and the Asset Exchange. Although a large amount of material had been published in the SuperNET thread on bitcointalk.org and the SuperNET pdf provided a good overview, there were still a great deal of questions and uncertainty that needed answering.

Total funds raised

The ICO continued for a period of 16 days. James had stipulated that it would last for a minimum of two weeks and a maximum of four. If the daily volume dropped below 3 percent of the total after 14 days, the ICO would end two days later. In the event, the huge interest in the early stages meant that low volumes (by comparison) brought the ICO to an end at the earliest point possible.

The ICO resulted in a total number of 571,243.1402 TOKEN being sold, with an equivalent value of 5737.1589 BTC at the time the process ended. The breakdown of currencies used to purchase TOKEN – and therefore the balances ‘backing’ SuperNET assets – was as follows:

BTer: 303,370.1402 TOKEN.
1,201.4874086 BTC
13,836,576.42463729 NXT
37,559.38107027 BTCD
713,706.73861822 CNY

NXT AE: 267,873 TOKEN
33,252,122.74985353 NXT

This makes a total of:
1,201.4874086 BTC
47,088,699.1745 NXT
37,559.38107027 BTCD
713,706.73861822 CNY
Additionally, 5,403 VIA and 435,658.49 VRC were paid.

At the exchange rate at the end of the ICO, this meant the following BTC equivalent was raised:

1,201.4874086 BTC

BTCD: 0.01252290 BTC * 37,559.38107027 = 470.3524 BTC equivalent
NXT: 0.00007890 BTC * 47,088,699.1745 = 3,715.3 BTC equivalent
CNY: ¥713,706.73861822 / ¥2,486 per BTC = 287.09 BTC equivalent
VRC: 0.00014073 BTC * 435,658.49 = 61.31 BTC equivalent
VIA rate 0.00029967 BTC * 5,403 = 1.6191 BTC equivalent

Total BTC equivalent = 5,737.1589

It’s worth noting the support given to SuperNET by the Nxt Community, who gave 4.7 percent of the currency’s total market cap to the project. Similarly, BTCD – a far smaller coin by market cap – gave 3.1 percent by market cap. You can read more about the fundraising outcome here.

Additional assets

SuperNET is broadly analogous to a closed-ended mutual fund consisting of the cryptocurrency balances, plus a series of revenue-generating services. The coin balances invested by participants at the ICO will give it its ‘floor’ value. But in addition to this, James has added the NXT assets representing the SuperNET services for free. Thus the initial value-per-share will be significantly higher than that paid by participants – in theory, representing an immediate profit. (In practice, SuperNET/UNITY may trade at any value determined by the market and parties’ desire to buy and sell.)

The assets added by James to SuperNET include 24.15 percent (241,485 each) out of a total of 1,000,000) of the three key services:

InstantDEX (transfer tx: 15720904723604126361)
NXTcoinsco (TradeBots) (transfer tx: 13969817255360149927)
NXTprivacy (transfer tx: 616709295133043647)

These core assets own proportions of other asset-based services, which will therefore also be indirectly held by SuperNET.

InstantDEX owns 30 percent of NXTventure. Tradebots owns 18.5 percent of jl777hodl. NXTprivacy owns 30 percent of cryptocard and 60 percent of Privatebet. With 24.15 percent of each of the above three core assets, the following percentage of each asset will be directly or indirectly owned by SuperNET:

InstantDEX 24.15 percent
Tradebots (NXTcoinsco) 24.15 percent
NXTprivacy 24.15 percent
Privatebet 14.49 percent
cryptocard 7.245 percent
NXTventure 7.245 percent
jl777hodl 4.46 percent

Using the asset prices (NXT AE) and BTC/NXT exchange rates at the time the transfer into the SuperNET account was made, these core assets represent a total of 26,322,130 NXT * 0.000085 = 2,237.38105 BTC. (By the time the ICO ended, due to both fluctuating asset and cryptocurrency prices, the value had risen to 38,270,542.5 NXT or 3,019.5458 BTC equivalent.)

Bonus proposal

These assets, and the BTC they represent, are essentially gifted by James to SuperNET. However, because this effectively leaves James significantly out of pocket, he proposed the following solution. In addition to the assets held by shareholders, his initial 10 percent stake, and the 10 percent operating stake owned by SuperNET itself, a further 10 percent of UNITY assets would be created. These would be withheld by SuperNET to pay two bonuses of 5 percent each to James, if the following conditions were met:

  1. A tripling of market cap by the end of 2014.
  2. A tenfold increase in market cap by the end of 2015.

If these conditions were met and the shares were awarded, they would necessarily slightly dilute the assets owned by SuperNET investors. However, since the value of SuperNET overall would have increased by 3x and 10x multiples, it would be a small price to pay. Nevertheless, because participants had originally entered into the ICO under the expectation of no bonus being paid (and a 10% smaller proportion of the core assets being given to SuperNET), the proposal was put to a vote.

The text of the voting ballot posted on BTer and the SuperNET thread of the bitcointalk forum was as follows:

#### Proposed voting ballot

The BTC equivalent raised would be the total BTC equivalent at the time the fund raising is closed using the then current coinmarketcap prices for the NXT, CNY, BTCD. Let us call this the “BTC raised”

5% bonus achieved when the BTC marketcap from coinmarketcap (or other reliable source) sustains 3x BTC raised for 24hrs+ and another 5% bonus achieved at 10x

In the event the 3x bonus is not achieved before year end 2014, the 5% goes to SuperNET working capital. Similarly the other 5% would go to SuperNET working capital if 10x is not achieved by year end 2015

On the closing of TOKEN fund raising, 10% of SuperNET assets to go to working capital, 10% to jl777 for the 2000BTC of assets, 10% held in reserve for the 3x and 10x bonus. The minimum dilution is 10% if neither bonus is achieved and the maximum dilution is 20% if both bonuses are achieved.
####

The vote

The TOKEN holders’ vote was executed on BTer and in Nxt AE after the ICO concluded.
Each asset counted for one vote. Thus someone who owned 1,000 TOKEN had 1,000 votes.

The 3x bonus threshold is 5,737.1589 BTC * 3 = 17,211.4767 BTC.
The 10x bonus threshold is 5,737.1589 BTC * 10 = 57,371.589 BTC.

Result of vote:

Rejected: 15.2 percent
Approved: 84.8 percent

Total 325681/571243 = 57% turnout

Sources: BTER voting page
NXT-GR5T-8W3L-UFQP-8VFPV ALIAS ApproveBonus
NXT-FCHV-C8VL-YWFJ-EELVV Nxt ALIAS RejectBonus

Distribution

SN_assets

The remainder of the initial TOKEN assets were sent straight to the Nxt Genesis Account.
59’834’343 unsold TOKEN were burned (txid 1698643550463930707)

TOKEN > SuperNET/UNITY

BTer TOKEN have been swapped automatically for UNITY (SuperNET asset).

There is a separate (manual) redemption process for those who bought TOKEN on the NXT AE. This process has been created to avoid confusion about the continued existence and value of TOKEN on AE after UNITY has been released, and to prevent fraudulent or mistaken trading of a redundant asset.

Nxt AE: Transfer TOKEN to NXT-7Y5B-J8LQ-SL5P-3ULFL (alias: RedeemTOKEN).

SuperNET asset (12071612744977229797) will be transferred back within 24 hours.
The SuperNET asset (id: UNITY) will come from address NXT-QP45-4LQ8-853H-7XF3N.

After redemption, the TOKEN will be sent to Nxt Genesis account to prevent further trading.

TOKEN will always be exchangeable for SuperNET. However, TOKEN assets will receive no dividend from SuperNET and has no voting rights, so there is no advantage to holding TOKEN rather than exchanging it for SuperNET as soon as possible.

TRADING

Trading of UNITY is now live on BTer. Both SuperNET and TOKEN can be traded on AE. (Ultimately, of course, all TOKEN should be redeemed for SuperNET.) Withdrawals of UNITY assets from BTer to NXT AE are expected to be enabled early this week, if not already.

NAV buywall

As agreed before the end of the ICO, a buy wall at NAV has been put up on BTer and NXT AE. This is a courtesy to allow holders to sell at NAV (Net Asset Value) should they need to (i.e. without losing money on their investment, over any they may have lost on the fluctuation of the underlying currencies in the meantime). It should not be necessary in an efficient market at all.

The buywall is based on non-asset NAV (the value of the cryptocurrencies backing SuperNET, but not the assets added for free).

James explains:

It is one thing for me to personally put in 3000 BTC for 570 BTC worth of SuperNET, but then to base the buywall using the asset value is not reasonable. To allow people to cashout and weaken SuperNET to tap into this amount is not right. The buywall NAV is to provide liquidity in case the market isn’t.

ShortBTCD:

People should view this both as a courtesy backstop (it shouldn’t need to be there if the market is anywhere close to efficient, but it gives peace of mind, and a guaranteed opportunity to cash out if someone really needs liquidity) and as an additional opportunity for those who plan to hold long-term. Just as companies will buy back their own stock when they feel it is undervalued, you don’t want your “company” to always be trying to buy back shares at the fair market price. If there are temporary market disruptions, or occasional panic sells, UNITY buying back its own shares at a discount is accretive to you the UNITY holder. It increases your percentage ownership at a favorable price.

Dividends

Supernet accounting will be done by NXTinspect.

SuperNET will make revenues from the fees its core assets receives, as well as advertising revenue and shared fees with third parties. There will be transparent account to receive revenues. 50% of these will go to SuperNET assetholders using the NXT dividend mechanism.

The other half will be distributed as follows:

10 percent for overhead
20 percent for coin communities, according to their proportional contribution
5 percent for NXT core development
5 percent for BTCD stakers
10 percent unallocated, for discretionary spending to maximise the market cap of SuperNET

How UNITY dividend payments work

Each asset entitled holders to a proportion of the 50 percent of SuperNET revenues set aside for dividends. A holder with 1 percent of the asset would receive 1 percent of the dividend, or 0.5 percent total revenue for that period.

To begin with, dividends will be made automatically. James will make a dividend announcement detailing the specifics of what each SuperNET asset will receive and the ex-dividend time. When that time arrives, a snapshot of assetholders will be created, the dividend allocated accordingly and sent out automatically.

For small holders of SuperNET, the transaction fees to send out the dividend may cost more than the dividend itself. If this is the case then it makes sense to delay paying until such time as the dividend is worth more than the tx fee.

The intention for next year is to design a process whereby any assetholder can look up their unpaid dividends and click a button to have them sent when it is convenient. This ‘on-demand’ method means each assetholder can decide when it is worth paying the tx fee to receive the dividend.

[Dividend Announcement]

September 28, 2014, on bitcointalk.org:

50000 NeoDICE assets (id 18184274154437352348) will be dividended out to SuperNET asset holders at the rate of 0.06126992957634 NeoDICE per SuperNET asset.

If the UNITY is on BTer, you will get NeoDICE on BTer and if you withdraw UNITY to SuperNET on NXT AE, you will get the NeoDICE in NXT AE. If you have TOKEN on NXT AE, you will get no dividend.

James:

Please do not ask when the dividend will be sent out. It will happen when it happens, I hope it can be done this month, but no guarantees. Please do not expect regular SuperNET dividends like this. This is a special case with not guarantee of anymore like this in the future.

FUNDING REQUEST: SuperNET online wallet

A funding request has been made by jl777.
This is an open process so that SuperNET assetholders know how the funds are being spent.

The funding is authorized and made available to pay an established and well-regarded Nxt company to create an online wallet site for SuperNET users. (The identity of the company is not being made public for now, but interested parties can contact jl777 for details.)

Such a site will be of huge strategic importance for SuperNET, due to the popularity of such wallets over downloadable clients. The site will be the Blockchain.info equivalent for SuperNET.

Following negotiations by whale, three tranches of investment have been made available, in return for assets in the stated company:

1) 17.2 percent for 2.5 million NXT immediately
2) OPTIONAL 12.9 percent for 1.875 million NXT by 31 January 2015
3) OPTIONAL 12.9 percent for 1.875 million NXT by 31 March 2015

The asset itself will not be traded before 1 January 2015, unless all the options are exercised. The expectation is that this investment will have a good ROI due to the strategic significance of a SuperNET wallet site. It is hoped that SuperNET will thus be able to recoup the initial investment via AE sales within a year, and still have significant holdings remaining.

Agreements between SuperNET and CoinEvolve terminated

CoinEvolve was a new business created by ‘Christian Sommer’. It was supposed to offer a series of services such as freelancing marketplaces, a cryptocurrency business directory, and so on.

CoinEvolve entered a revenue sharing agreement with SuperNET. SuperNET was essentially selling advertising services to CoinEvolve, this arrangement was almost risk free, since nothing was being purchased by SuperNET.

However, soon after the agreement had been made public, Christian created a series of new assets relating to aspects of CoinEvolve that had not been discussed with James. Although these had nothing to do with SuperNET, James offered advice in how to go about creating these and furthering his business (advise which Christian agreed to follow but did not). None of the assets were purchased by SuperNET and James did not endorse them. Nevertheless, taking advantage of the publicity and status provided by the existing association between CoinEvolve and SuperNET, Christian promoted these assets and many were bought by members of the SuperNET community – driving the price up steeply.

Soon afterwards, the asset prices crashed and the funds paid to Christian Sommer for them were sent to BTer and exchanged for BTC. After disappearing for a few days, Christian briefly resurfaced on NXT forum, claiming he had been the victim of a theft by one of his co-workers. This news was treated with open-mindedness but a degree of scepticism. Christian Sommer was asked to provide proof of his claim, ideally a copy of a police report relating to his employee. To date, there has been no documentation of any such incident, nor any further contact from Christian Sommer.

James sent the following AM (txid 6374368705651792002) to CoinEvolve:

###
All agreements between SuperNET and coinevolve are hereby terminated due to abandonment by Chris Sommers.

James
###

Additionally, James posted the following message with regard to the situation:

In spite of my cautions and lack of endorsement, people went out of their way to buy coinevolve assets. As an advertising vendor SuperNET cannot do a due diligence on every single revshare partner. However, since just my mentioning anything seems to make it go up, I have decided to not mention any future revshare advertising deals. This will be done by a separate person.

Also, PLEASE beware of false assets, unproven issuers and if I am not making a specific recommendation, there is usually a reason. If you want to copy my market moves, there are things like JLH, sharkfund0 and SuperNET/UNITY. If you are going outside the recommended paths, then you need to make sure to do your homework and know the risks you are taking. Also, do not put much weight on having real world identity. The two largest scams in NXT have been by people with known real world identities. This seems to lull people into false sense of security.

Investors are reminded to do their own due diligence on any coin or asset they purchase.

SuperNET development update

We need 10 servers to test ASAP

VPS Ubuntu that can run NXT and BitcoinDarkd is all that is needed, each with unique IP. Everybody who can help please come to https://forum.thesupernet.org/index.php?topic=66.0 to coordinate!

James:

We’ve got a test network that is working with the basics that allow each node to discover the other nodes and send messages to each other. Still need to efficiently propagate the info to all the nodes.

Now that there is a live network, I can verify proper discovery of the routing info. I also figured out how to make all onion packets the same size, but running out of space, so I think I will add a compression/decompression to the first stage of the onion. this should get 50% to 100% more capacity.

If things go well by early next week, I will be able to finalize the Teleport, which is currently being design reviewed by anonymint and will also be reviewed by Kristov Atlas

I would say 95%+ of everything other than Privatebet is coded. However, the last 5% is always the toughest and going through deployment testing can take a while. I speak of my code, not about the GUI side.

SuperNET forum

In the last days the SuperNET [ANN] thread has unfortunately been somewhat overtaken by trolls. As a result of this James has decided to leave it. The thread will not be locked, but the main action will move to https://forum.thesupernet.org. You are hereby invited to join the forum.

James, on Sep 28, 2014:

I remember the NXT threads on BTT, it was just horrible and today reminded me of that.

OK, I am closing my browser tab with this thread on it, so see you in the SuperNET forum!

That is where the real action will be. All the latest news on the latest coins, assets, dividends, all on the SuperNET forum and maybe some time later it will get posted here.

I will not be monitoring this thread on a regular basis, others will. If you want to post something to me, please go to http://forum.thesupernet.org, I will monitor things there more actively, though I am in the middle of much coding now, so do not expect immediate response.

James

SuperNET related links

Supernet Forum

https://forum.thesupernet.org

Follow SuperNET news

https://twitter.com/Jl777News
http://jl777news.tumblr.com/
https://www.facebook.com/pages/Jl777/688097541246130?ref=stream

SuperNET related projects:

Coinomat
https://coinomat.com

Neodice
https://nxtforum.org/nxtventures/(pre-ann)-neodice/

Freemarket
https://nxtforum.org/nxtventures/freemarket-official-thread/

Atomic
https://bitcointalk.org/index.php?topic=780833.0

ShortUNITY
https://nxtforum.org/assets-board/shortunity/

Prediction Markets
https://www.fairlay.com/predict/registered/new/supernet-in-top-10-of-coinmarketcap/
https://www.fairlay.com/predict/registered/new/supernet-in-top-5-of-coinmarketcap-before-2016/

Affiliated websites (revenue sharing or partial ownership)

http://bter.com
http://coinomat.com
http://nxtfreemarket.com
http://yourwebsitecanbehere.com

Author of SuperNET newsletters: NXTER MAGAZINE: http://test.nxter.org

Attention coin representatives

Please send your application to join SuperNET CORE to coins@thesupernet.org

The next SuperNET Newsletter will contain more information about the core coins and assets, as well as news and development updates.

This newsletter was first published by SuperTEAM.  SIGN UP FOR SUPERNET NEWSLETTER @ thesupernet.org.

A closer look at Teleport

Teleport isn’t just the new anonymity technology that powers BitcoinDark. It’s jl777’s complete privacy ecosystem that also forms the backbone of SuperNET (asset ID 12071612744977229797 on Nxt Asset Exchange). So how does it all work?

So-called anonymous coins come in many different forms, but they tend to rely on a limited range of different approaches towards achieving anonymity. One of the most common approaches is mixing, which essentially means combining a lot of different transactions so that it’s hard to know which output originates from which address. For example, Darkcoin uses an implementation of CoinJoin, a mixing protocol.

Another approach is to use ring signatures, like Boolberry or Monero. Whereas most transactions are signed by one key, with a ring signature a number of different keys can sign the same transaction, so it becomes far harder to know who sent the transaction in question. Ring signatures arguably offer a greater degree of privacy but they come at the cost of considerable blockchain bloat – though Boolberry’s developer has found a neat way to sidestep this issue.

Mixing offers what might be called ‘personal level’ privacy – good enough for many day-to-day circumstances. Ring signatures are a step up from that and can be very effective (hence BBR’s inclusion in the core of SuperNET). But even there, some correlations might be made by a determined attacker.

Teleport: a new approach

Teleport uses a completely different approach to anonymity. Like many of the best ideas, Teleport is elegant in its simplicity – it’s just that there are complex concepts to negotiate along the way. Instead of looking for a way to obscure the source of a transaction, Teleport considers the methods by which an attacker might find out who is sending a transaction and aims to avoid them altogether. To explain further:

Transaction linkage. With Bitcoin, every address can be linked to the one used before it, right back to the block from which it was mined. If you know the identity of the owner of one address or take an interest in the activity which a certain address displays, you can follow the transactions to and from it – and very likely eventually link that person with another known address. Teleport avoids this by using one-time addresses called telepods. If no address is used more than once, it’s impossible to link it to any other part of the network. In the original Bitcoin white paper, Satoshi Nakamoto recommends using new addresses for every transaction. Suffice to say that few people do so because it’s too much trouble. Teleport builds this into the system.

Timing attack. Perhaps you know that a given transaction was supposed to happen at a certain time. Because everything is on the blockchain, any transaction within the relevant time frame falls under suspicion. This can be used in conjunction with other methods to narrow down the list of transactions to analyse. Teleport introduces random delays and allows recipients to decide when to move the money they have been sent in a telepod, so a change might only show up on the blockchain much later.

Mantissa attack. If you send a distinctive amount of money – whether that’s a very large sum, or one with a characteristic mantissa (the numbers after the decimal point), then it’s extremely easy to spot on the blockchain and follow. A mantissa attack – a term coined in the Teleport DarkPaper – is particularly effective if you know someone is transferring a dollar equivalent of money, perhaps because they have posted the information in a forum or it has otherwise been intercepted. Knowing the exchange rate and the rough timing of the transfer allows a high degree of correlation with blockchain transactions that fit the right criteria. Teleport uses standard denomination telepods – units of 100, 50, 10, 5, 1 and so on – so that unusual amounts won’t raise any flags.

Whilst taking care of the above vulnerabilities should be sufficient for everyday privacy requirements, you do of course also need to guard against voluntarily disclosing personal information; a huge amount of data relevant to cryptocurrency addresses and transactions can be and is harvested from forums and other sources in a method known as fingerprinting. As an aside, if you have your crypto address in your signature, you might want to think again – at least, if you take anonymity seriously.

However, even having adopted good personal practice as regards securing your privacy online you could still be vulnerable to  a well-resourced attacker correlating activity from your IP address to movements on the blockchain.

IP address detection. For those wanting a really robust solution suitable for hi-tech business (think industrial espionage) or resistant to intrusive government surveillance (China, US, UK…) it’s necessary to hide the fact that you are the one conducting a transaction at all. This is where the privacyServer comes into play. It’s the piece de resistance of Teleport, and it’s what makes it a platform capable of supporting so much more than just a simple cryptocurrency transaction.

Instead of submitting a transaction directly to the network, the privacyServer encrypts it multiple times and passes it through several other nodes (other privacyServers) first – a technique known as onion routing, used by other applications including the infamous TOR project. Not only that, but every transaction is also split into several pieces and sent to a number of different nodes, only some of which send it on to its final destination (and this is the simplified version!).

The result is that even if an attacker knows that you are part of the network, and even if they compromise one or even many nodes, it becomes incredibly difficult to link the user with the transaction that ultimately follows, given that it’s bouncing around many intermediaries and being pulled to pieces and reconstituted at the end. As a broad analogy, imagine printing a paper wallet for your bitcoins, photocopying it several times, shredding the copies, then sending multiple nested packets of the paper fragments to lots of different people, some of whom forward the contents on to others, some of whom forward those contents to the final recipient, who piece the shreds back together… ‘Impossible’ isn’t a word that should be used in these circumstances, because a determined attacker with unlimited resources can always find ways to cause you trouble, but it’s about the closest thing to complete anonymity available in the foreseeable future.

Pros and cons

The result is an extremely robust system that uses both common sense and cutting-edge technology to prevent an outsider from learning what’s going on inside the BTCD ecosystem. Moreover, by using services such as InstantDEX and TradeBots (instant and automated trading applications), the advantages can be extended to any other supported cryptocurrency: BTCD will turn anything dark.

There aren’t many downsides to Teleport. One is simply that setting up a fully effective privacyServer requires a certain degree of technical competence and possibly a small financial cost for a VPS, though you’ll still enjoy pretty good privacy without that. Another is that transactions are best made when both parties are online; because the recipient is (in a very simplified explanation) being sent a private key and using it to sweep the balance of one address into a new account, a long delay could give rise to double-spending on the part of the sender. This would never result in lost funds though, because the transaction would not be acknowledged as complete by the recipient. It would, at most, be an inconvenience. In other circumstances it could even be considered an advantage because the delay brings added protection against a timing attack, should the attacker even be able to correlate activity from the sender’s IP address with any blockchain activity in the first place.

Brave new world?

With continued revelations bringing to light the unprecedented levels of surveillance from the NSA and other government agencies, as well as the rise of big data and the aggressive, large-scale harvesting of personal information by corporations, it’s fair to say that both sides on this issue will be upping their game. The arms race for privacy is only just getting started. For now, it’s nice to be one step ahead of the competition.

You can find out more about Teleport by reading the DarkPaper or visiting the BTCD thread on bitcointalk.

SuperNET ICO ends [UPDATED!]

UPDATED 23.09.2014

The selling of Nxt asset TOKEN,  which represents shares in SuperNET/UNITY, is coming to an end. The fundraising got off to a tremendous start, raising an amazing 2000 BTC in just 2 hours with a large part of the investment being made in NXT.

When jl777 announced the ICO on bitcointalk.org, he set the rule that the ICO would run for a minimum of 2 weeks, and after that it would be prolonged for 2 more days as long as daily sales were > 3% of the total. TOKEN is still available on BTER, where it’s traded against NXT, BTC, BTCD and CNY, and on the Nxt Asset Exchange (NXT), but not for much longer now.

jl777
on September 20, 2014:

Total TOKEN so far: 482735.48203719

So if tomorrow doesn’t do 14482.0644611157 new TOKEN, this triggers the close 2 days later.

Since we have not had such numbers for almost a week, it seems everybody who wanted to get TOKEN has done so and we can get to the business of voting, issuing SuperNET/UNITY and starting the market trading.

So this morning it was confirmed:

SuperNET ICO will end 1400 GMT on Tuesday.

Voting

Voting will end 1400 GMT on Wed.

jl777:

I think one day for the voting
one day to distribute assets and start trading

jl777 will not receive any free TOKEN. On the contrary he has transferred 2000BTC worth of assets from his personal holdings to the SuperNET core. SuperNET holders are to vote whether to give a 5% bonus to James if he can raise the SuperNET market cap x3 before the end of 2014, and an additional 5% bonus to him if the market cap is x10 by the end of 2015.

The voting will be to Approve or Reject.

BTER

[UPDATE]

BTER is setting up a voting page (to be announced).

BTER TOKEN holders must vote here: https://bter.com/article/3023

Nxt Asset Exchange

For NXT AE TOKEN holders the following addresses are used for voting:

ApproveBonus: NXT-GR5T-8W3L-UFQP-8VFPV
RejectBonus: NXT-FCHV-C8VL-YWFJ-EELVV

Sending any message will count as a vote. The last tx to either of the above accounts will be your vote.

jl777:

#### Proposed voting ballot
The BTC equivalent raised would be the total BTC equivalent at the time the fund raising is closed using the then current coinmarketcap prices for the NXT, CNY, BTCD. Let us call this the “BTC raised”

5% bonus achieved when the BTC marketcap from coinmarketcap (or other reliable source) sustains 3x BTC raised for 24hrs+ and another 5% bonus achieved at 10x

In the event the 3x bonus is not achieved before year end 2014, the 5% goes to SuperNET working capital. Similarly the other 5% would go to SuperNET working capital if 10x is not achieved by year end 2015

On the closing of TOKEN fund raising, 10% of SuperNET assets to go to working capital, 10% to jl777 for the 2000BTC of assets, 10% held in reserve for the 3x and 10x bonus. The minimum dilution is 10% if neither bonus is achieved and the maximum dilution is 20% if both bonuses are achieved.

Source: https://bitcointalk.org/index.php?topic=762346.msg8916442#msg8916442

jl777:

Reject would mean as originally specified.

10% dilution to me in exchange for my assets. no working capital and no bonus for achieving 3x and 10x and a disappointed jl777.

The difference between accept and reject in the case of less than 3x is whether SuperNET has 10% of assets available to use for coinswaps and the ability to raise more funds in the future. All this working capital will belong to the SuperNET so it is not dilutive.

So the bonus is primarily a way for my 2000 BTC worth of assets to earn up to 1000 BTC of UNITY. The value to TOKEN holders is of course that the extra 5% or 10% dilution only happens at 3x and 10x ROI, so the extra dilution would make it 2.85x and 9x gains

SuperNET/UNITY will be released for trading when TOKEN holders have approved or rejected the bonus proposal.

Trading

Trading of SuperNET/UNITY will start 1400 GMT on Thursday

BTER

SuperNET asset will automatically replace the TOKEN in your account.
The SuperNET asset will be called UNITY.

Nxt Asset Exchange

UPDATE:

If you have TOKEN in the Nxt Asset Exchange you will be sent the equivalent amount of UNITY as a dividend; you will still have your TOKEN but these will no longer have any value other than whatever collector value they may possibly attract.

In order to avoid worthless TOKEN assets being sold as UNITY the procedure has changed.

TOKEN must be sent to a redemption address. It will send back a matching amount of SuperNET/UNITY. 

jl777

valarmg is not sure he will have this ready by Thursday, so there could be a bit of a delay for starting trading, but it seems worth it to avoid any confusions.  

SuperNET will provide liquidity at NAV of its crypto portfolio.

jl777:

When trading starts 1% of the raised funds will be used for a NAV bid.
For example, if 10000 BTC is raised, there will be a 100 BTC buy wall at the NAV.

[This] is meant to allow people to cashout at NAV even if there are no bids above book value. I will start with 1% of the fund allocated to this, but this is subject to change. I expect that there will be some premium over NAV for SuperNET, so I dont expect to need much percentage of the total funds to provide the needed NAV bid.

Nxt Decentralized eBay

jl777:

Now with SuperNET gearing up, it is a good time to finally issue the asset.

FreeMarket is ready for BETA testers

nxt-freemarket copy

Asset ID134138275353332190
Issuing account9190137219092766242

https://bter.com/trade/mrkt_btc

Deposit
https://bter.com/myaccount/deposit/MRKT

20% of FreeMarket listing fees will go to SuperNET.

FreeMarket has several advantages over options like eBay:

  • There is no third-party payment processor
  • There is no need to register and give up any personal information
  • Fees are very low; listing fee is set at 7.77 NXT, a complete sale only costs about 10 NXT
  • You can pay with NXT
  • The NXT blockchain makes FreeMarket resistant to takedown
  • No centralized servers anywhere; FreeMarket does not require centralized administration
  • Allows for photos in listings
  • A simple, pleasant UI
  • Allows for unlimited, buyer-selectable shipping options, each with a separate fee (this is limited to three options right now, but will be changed before release)
  • Messages between buyer and seller, as well as shipping address and shipping method, are encrypted
  • Items can be searched by category and up to 3 optional tags, as well as item title, seller ID, and item ID
  • Listings can be canceled
  • Sellers have the option of accepting or rejecting a sale

http://nxtfreemarket.com

Planned features include:

  • A buyer and seller rating and feedback/reputation system
  • Multiple quantities of an item in a single posting (this may be implemented in the first version, time permitting)
  • Other options for additional fees, such as a start page with featured listings

[ANN] thread: https://nxtforum.org/nxtventures/freemarket-official-thread/

Anon136, in April 2014:

I was given some funds for promotional work some time back and I’ve finally decided what I want to spend it on. I want to build a decentralized censorship resistant replacement for bitmit ontop of our blockchain.

It wouldnt be like a centralized service provided on a server like ebay, it would actually be a decentralized censorship resistant ebay built ontop of the nxt blockchain. Its a giant hole in this broader crypto community that’s just waiting to be filled. No matter who wins this race, every good person will be a winner.

Thanks Anon, for the 350.000 NXT donation!

Trade freely, globally, and privately with NXT FreeMarket. FreeMarket uses the NXT blockchain to store all items for sale, so there is no centralized service that has your personal information, and there is no single-point of failure for the FreeMarket system.

Meet James

This article is the second in the ON TOP OF NXT series. Part 1: What is Nxt building 

Come-from-Beyond:

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…

Meet James

jl777

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.

Read more about jl777’s assets

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.

jl777

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

jl777:

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.

BTCD

BTCD is an altcoin that’s going to enable trustless private transactions via a Teleport-code.
You can read more about the coin here: https://bitcointalk.org/index.php?topic=684090.0

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.

jl777:

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?

jl777:

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.

jl777:

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.

[ANN] SuperNET

jl777:

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.

Read more about the SuperNET ICO
Visit the SuperNET announcement thread

Interested coin representatives can send their application to: coins@thesupernet.org

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.

jl777:

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.

jl777:

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):

https://soundcloud.com/legendface66/beyond-bitcoin-13-one-to-rule-them-all#t=39:40

jl777

I really dont want the SuperNET to be about me. I am just starting it, the community is forming it.
so lets not encourage the “hero worship” stuff
i am no hero

I am just a simple C programmer

James

 

Stay updated.
Weekly SuperNET updates here: http://test.nxter.org/category/supernet-newsletters/

Cassius explains SuperNET:

https://soundcloud.com/legendface66/beyond-bitcoin-19-supernet

Privatebet

Issuer: jl777
Asset ID: 17083334802666450484
Issuing accountNXT-KKNV-8EPK-W2S4-96VTK
Trading and performance:
http://nxtreporting.com/?a=17083334802666450484

Privatebet

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Website: http://instantdex.org/wip/

Description:

PrivateBet will allow individuals to make escrowed bets directly between each other. It will be designed to support P2P sports betting and casino games. PrivateBet creator jl777 has recently won an auction for the technology that will enable a new version of the highly popular SatoshiDice game, which lost many users due to switching from unconfirmed to confirmed transactions. The new technology will avoid this problem and hence access a known and active market.

jl777:

https://docs.google.com/document/d/1G-xRirAIAFHhJb1b04HG5EGXoG68O7SesiRm9mbRI9c/edit?usp=sharing has a rough description of GUI, the more specific technical details are not strictly accurate and has been changed, but at least you will get some ideas on what to expect.

Privatebet is what is sounds like, it allows you to make bets directly with someone else. For events with publicly verifiable results, there will be a decentralized mechanism for the payouts. You can create one shot bets based on anything you can think of, but for this you would need to get someone to agree to be your arbiter in case both parties cant agree as to what the result is.

Privatebet won an auction from Come-from-Beyond for a way to obtain provably random numbers from the NXT blockchain. The initial vehicle for this tech will be within the neoDICE asset, which is based on the satoshi dice game. This asset will payout 100% of revenues in dividends. The reason this is possible is that the dev who is implementing the neoDICE will have a significant percentage. So, the asset represents a slightly higher return for purchasers than the actual dev who is doing the work and maintaining the servers. After discussions with Come-from-Beyond, I think it is possible to fully decentralize the entire neoDICE, but any such Version 2.0 will be something for next year.

I will be encapsulating this provable random distribution of numbers into the SuperNET API and this will solve one of the thorny issues when it comes to making any type of casino game, eg. cards, slots, etc. So, with this API call, if there was a nice GUI and game play for a game, we have a very nice combination.
So, the plan is the following:

1. Select dev for a particular casino game
2. Issue asset to dev 10% to 40% depending on how much capital is needed
3. 50% of the asset goes to Privatebet, 10% to JLH and if capital is needed up to 30% to NXTventure
4. When the game is in beta and completion is virtually certain, NXTventure or the dev will make some available for sale
4b. In the event NXTventure provided capital, enough assets are sold to at least recoup the amount invested and the balance is distributed as dividends to the NXTventure asset holders.

At the end of this process, Privatebet has a new casino game asset providing 50% of its revenues.
NXTventure asset holders get some nice dividend or the dev is making some initial sales, or a bit of both.
The dev will now have a way to get some cash when needed just by selling a bit off via NXT AE. JLH gets its customary 10%.

P.S. SuperNET will of course consider partnering with companies on these type of terms. PM me if you are decision maker for such a company. All the standard and non-standard games will be considered. Also any unique game of chance is of course always welcomed.

NXTprivacy owns 50% of Privatebet and the dividends from Privatebet will flow through to NXTprivacy asset holders, so this puts a 2:1 ratio between Privatebet and NXTprivacy.

[UPDATE]: Privatebet now owns 40% of NeoDICE (asset ID 18184274154437352348).

Description on Nxt Asset Exchange:

Privatebet will allow people to make bets directly with each other in a decentralized way. It will let people create their own personal bet with a designated arbiter in addition to automatically supporting a range of standard events with betting interest, like sports betting. Privatebet will only accept crypto and no personal information will be required from its customers. It will have a fee of 1% to begin with, subject to change to adapt to market forces. The goal is to automate as much of Privatebet as possible and it is expected to be able to payout about 80% of the fees it collects as dividends. Please follow the NXTforum for more detals and up to date information.

[review]

Other assets issued by jl777

 

InstantDEX

Issuer: jl777

Asset ID: 15344649963748848799
Issuing accountNXT-74VC-NKPE-RYCA-5LMPT

Trading and performance:
http://nxtreporting.com/?a=instantdex

InstantDEX

AE_banner

Website: 
http://instantdex.org/wip/

Description:

InstantDEX will enable near real-time trading between cryptocurrencies. As well as regular trading, it will be used to trade anonymous telepods of different cryptocurrency funds when Teleport is fully operational. (Negotiations are currently underway to increase SuperNET’s ownership of InstantDEX, thereby also increasing the flow of InstantDEX dividends into SuperNET.)

jl777:

There are a total of 1 million InstantDEX assets, each asset represents .
The goal of InstantDEX is to provide a fully decentralized peer-to-peer realtime trustless trading environment. InstantDEX will generate revenues by charging 0.1% to 0.2% of transactions. If it is 0.2% to each side of the trade, that is a total of 0.4% of all trade volume.

InstantDEX will let people change their bid/ask without fees and only charge when a trade happens. Since we wont have large server expenses no matter how many active traders there are, our overhead will be the lowest in the industry. This will allow InstantDEX to have lower fees initially to gain marketshare.

Trades are done directly between peers, the blockchain is used to record such trades.

I will be integrating NXTsubatomic and NXTatomic into InstantDEX. While these are not realtime trading mechanisms, they are related to trading and it makes sense for them to be part of InstantDEX. A nice bonus for all the InstantDEX holders.

The monetization model is clear and simple. The centralized exchanges charge 0.2% to 0.5% for each trade, plus additional fees for withdrawal. InstantDEX will not have any fees for withdrawals and the commissions will be set to 0.1% at first. Keep in mind that this is charged to both buyer and seller so the total revenue will be 0.2%. This will be the lowest in the industry and coupled with the decentralized nature will provide a strong competitive advantage.

The InstantDEX does not have ownership linkages, but it does have revenue sharing linkages. Half of its revenues are going to assetholders and the other half are shared among various parties, such as MGW, Tradebots (aka NXTcoinsco), BTCD stakers, uMGW operators, and some unallocated revenues that I plan to use top optimize positive feedbacks. Currently i am thinking of providing global revenue sharing to all the SuperNET users for most of the balance. I figure getting this revenue flow would be more effective than any sort of advertising campaign, but I need to see how things unfold.

InstantDEX AE description

There are a total of 1 million InstantDEX assets. The goal of InstantDEX is to offer realtime trading of NXT, NXT assets and other cryptos. It will earn fees from commissions on the trades. By keeping costs low by using a decentralized infrastructure, it is expected to be able to distribute approximately half of revenues to asset holders. please refer to nxtforum.org for up to date details

[review]

Other assets issued by jl777

Tradebots

Issuer: jl777

Asset ID: 17571711292785902558
Issuing accountNXT-YNZ6-HE8K-TPF6-AV45K

Trading and performance:
http://nxtreporting.com/?a=NXTcoinsco

Tradebots (NXTcoinsco)

AE_banner

jl777:

NXTcoinsco is Tradebots
No way to rename and no time to deal with issuing new asset and swapping
So, if you want Tradebots asset, its just the same as NXTcoinsco 17571711292785902558

Description:

Tradebots (NXTcoinsco) enables the creation of custom tradebots for specific markets and other unique applications using a Turing-complete scripting language. These will be used to trade and move telepods on and off the relevant blockchains, amongst other uses such as arbitrage in markets identified by interested individuals.

jl777:

Knowing exactly when to trade or not is a very difficult thing, but there are people that specialize in making these things. I am creating a framework for people to create very advanced tradebots. Other people can then subscribe to these custom created tradebots.

Tradebots will be doing revenue sharing. Writers of tradebots will be earning some fees, some of these tradebots will be designed for automated trading, like the Metatrader expert advisers. Unlike the traditional bot where you pay $100 or $1000 or more, these tradebots you only pay with a percentage of profits. A fee is paid only if it a profitable trade, this way people dont waste money on bots that dont work and the people that do make bots that work will get good income.

This allows autotrading on a pay for performance basis and I think this industry is badly in need for this as most products are backtested fantastically, but their realtime performance is of course much worse and possible harmful.

But with the money upfront and burdensome refund policies, well there is only incentive for a compelling direct response website to get the order. With my plan the incentive is only to make profitable bots and this I am hoping will let investors experiment with bots that the author is actually caring that it works.

[I plan to be one of these authors as I spent 6+ years working on an SVM based automated realtime forex trading system. In my backtests, I can get 98%+, but with realtime 85% is about as good as I have achieved at the raw data. I was just getting very promising results in November of last year after so many years. Then I discovered crypto and this project is on hold but halfway ported into Tradebots]

I will still do nodecoin and bannercoin as I have said that I would. Some day I will probably just make a NXTcoinsco development kit, but kind of waiting for [Nxt] Monetary System for that.

NXTcoinsco will get 30% of InstantDEX operating budget (or 15% of fees) and since there is very low overheads, most of this will become dividends. The profit sharing of the tradebot creators is a separate thing. They would set their own price and mechanisms will be put in place for the tracking and disbursing of profits.

NXTcoinsco AE description
[written before the issuer and his investors agreed on turning NXTcoinco into “Tradebots”]

There are a total of 1 million NXTcoinsco assets. NXTcoinsco will be creating coins that run on top of NXT, starting with nodecoin. After that it will make SVMcoin and also create a NXTcoins development kit to enable others to make coins easily. For internally created coins, NXTcoinsco asset holders will receive 10% of the coins. The percentage for externally developed coins will vary. please refer to nxtforum.org for up to date details

[review]

Other assets issued by jl777

SuperNET card (cryptocard)

Issuer: jl777

Asset ID: 7110939398145553585
Issuing accountNXT-KKNV-8EPK-W2S4-96VTK

Trading and performance:
http://nxtreporting.com/?a=cryptocard

cryptocard

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Website: http://nxtprivacy.org (403 link removed)
Fundraiser websitehttp://bitcoindark.net/anon-cards

Description:

SuperNET card (cryptocard). Due for launch by Coinomat later in September or October this year, the SuperNET card will allow owners to send BTCD straight to the address on the card and withdraw as cash from any supported ATM – enabling completely anonymous cash withdrawals. The card will also support NXT and other SuperNET coins. (With an autoconvert service it could effectively work for any cryptocurrency.)

jl777:

For those worried about the need for postal address, we will also be arranging having the cards available at tradeshows on a cash basis, so you can meetup with the NXT booth and pay cash and grab a random card from the box of pre-issued cards. Then register the number at public internet shop.

NXTprivacy issued the asset, I am waiting to distribute 50% to the BTCD peoples, but they all need to make NXT accts. 10% is in JLH as is typical, so NXTprivacy will end up with ~30%. I expect 10% to go to another party.

This adds value to the NXTprivacy asset as it will get 0.3% of cryptocard transaction volume. It also helps coinomat boost its processing volumes. JLH gets another asset. While I could have done this personally, I have committed to do my best to increase the value of my assets in their respective areas and I use my best judgement when structuring each deal to properly place them in the right asset. When the NXTprivacy assets are finished selling, then the remainder will go to NXTventure assetholders as a dividend.

cryptocard AE description

NXTprivacy is proud to issue the cryptocard asset which will distribute 1% of processed transaction volumes to the assetholders. This card does not require any personal information. All of the processing and handling is outsourced to coinomat.com. Please check NXTprivacy.org for the latest details on fees and limits. Standard ATM fees will apply for cash withdrawals.

[review]

Other assets issued by jl777