NXTER.ORG

Nxt and the Great Depression: avoiding the crunch

TL;DR – Nxters need to find more ways of funding and trading assets, ideally right about now.

I’ve been looking at the nature of money recently, and in particular the way that how we ‘do’ money impacts the type of economy that arises. A lot of economists believe that the Gold Standard prevented several major economies from bouncing back in the 1930s, turning what should have been ‘just’ a harsh recession into the Great Depression. It was those economies that came off the Gold Standard and adopted what is now the anathema we call ‘fiat’ that limited the damage. There’s a lesson there for Nxt I think we need to heed – the sooner the better.

Fortunately, it doesn’t involve a Central Bank of Nxt increasing the supply to 100 billion. In a couple of previous articles, I’ve looked at the way that Nxt is a deflationary currency, and how the devastating crash in the NXT price over the last year or more may actually have been the best thing that could have happened to the ecosystem. To rehash those arguments quickly (because they’re highly relevant here), the fall from around $0.10 to less than $0.01 has acted like a bout of Quantitative Easing or high inflation, incentivising massive investment in assets as people are prompted to spend (or sell) their NXT instead of hold them, believing their value is heading downwards. The result has been that the Asset Exchange has received remarkable liquidity, with the equivalent of literally millions of dollars pouring into assets.

But what happens when, finally, the picture changes and the long downtrend is over – as appears to be the case now? That investment is now starting to generate returns, putting NXT back into the pockets of investors (at least, the ones that didn’t buy camel milk or dubious mining assets). Potentially, you have the opposite effect to before, as people decide to hoard, not spend NXT, hoping for higher values tomorrow, and investment drops. But there’s a wider issue, and it’s one asset issuers need to get ahead of as soon as possible.

The Gold Standard and the Great Depression

There’s an old Jewish proverb that maintains that wherever you have two Jews, there are three opinions. The same is true of economists, who will happily debate cause and effect until the cows come home. So take this with all the usual disclaimers, because there will always be someone with a different take on things.

Governments and central banks like inflation for a few reasons. It erodes the value of their debts in real terms, so they don’t have to pay back as much as they should do. It makes people feel a little richer, so long as pay rises keep up – an important psychological effect. It also puts more money into the economy, stimulating growth. As noted above, if your money is going to be worth less tomorrow, you’re more likely to spend it.

If the money supply is fixed, it can hold an economy back from growing. So it was that the economies that came off the Gold Standard, printed money and devalued their currency thereby became more competitive and recovered fastest in the 1930s. (Shame about their creditors, who took not so much as a haircut as a scalping, but there you go.)

Just to make it clear, this isn’t an advert for fiat money (though some economists do blame the Gold Standard itself for the Great Depression). For others, switching to fiat during the Great Depression can be seen as a least worst, short-term option to a crisis that was the result of economic mismanagement and never should have happened in the first place.

And herein lies the lesson for Nxt. We have a limited supply of currency: NXT the token. We also have a thriving and growing asset market. We’re arguably now at the point where these two things find themselves in tension.

The problem…

There are currently something in the region of 500 assets issued on the Asset Exchange. Many have proven very popular, with high trading volumes. Lately, though, volumes on the AE have been lower. Is that a result of lower confidence, or less interest due to uncertainty? Or is it simply the fact that the available supply of NXT cannot serve such a large number of assets?

Nxt has 1 billion coins in existence – just short of that, since a few have been burned. Now discount all the coins that are in forgotten accounts, and those that belong to the ‘strong hands’ who won’t sell under any circumstances. It doesn’t matter how many NXT are left, because the principle is the same in any case, but it’s probably a few hundred million less.

That number of NXT has to serve the entire range of assets on AE. When issuers create assets and seek NXT for funding, they typically collect it in NXT. When Nxters buy and sell assets on AE, they use NXT. If they place a bid, those NXT are tied up and can’t be used for anything else until the bid is cancelled or filled.

In simple terms, the more assets there are, the more thinly-traded and poorly capitalised they will all be. The growing Nxt economy is reliant, at the moment at least, on the limited supply of NXT the coin. It cannot expand if it is starved of funds. Like America in the 1930s, its Gold Standard risks choking it of liquidity and the means to grow.

…and its solutions

It may be that this simply won’t be a problem. Perhaps NXT’s value will rise as available supply drops, and assets will devalue against it. That will undoubtedly happen in some cases, since assets are embedded in different economic systems. Take mining assets, for example. The asset issuers raise money in NXT, convert it to fiat and use it to buy mining rigs, which then pay out in crypto. Whatever else goes on in terms of changing Difficulty rates, the revenues are generated in terms of that fiat-equivalent investment. If NXT rises against the USD, the mining asset will pay out less in NXT terms; conversely if NXT falls in value, it pays out more.

That’s not always the case, though. The USD/NXT exchange rate dictates revenues in the case of many assets, which use fiat to buy equipment and pay employees. But other assets are ‘pegged’ to crypto. Take marketmaker bot assets – these are less vulnerable to fluctuations of crypto against USD. And then there’s the practice people have of uniformly pricing assets in NXT, rather than against fiat – an arguably odd but persistent habit.

The good news is that there are answers to the problem of limited NXT supply. In short, asset issuers and Nxters in general should do everything they can to enable fundraising for and trading of assets in bitcoin and fiat, whilst the Nxt platform is used for administrating them and paying out in NXT the currency.

Capitalising assets with ICOs on exchanges, or through private sales for BTC, is a good start – since these funds are typically used for startup costs anyway. Similarly, trading against BTC and fiat on other exchanges will bring liquidity without tying up NXT in orders and choking the wider ecosystem.

That has other issues, since centralised exchanges have hardly proved safe in the past. Asset-to-asset purchases are one development that will help, since it will enable people to buy Nxt assets for mgwBTC (superBTC) and other cryptocurrencies. Integrating Shapeshift into the Nxt client will also help, just as SecureAE.com enables instant BTC conversion. Both of these are slated for future releases.

The good news is that Nxt is not America, and the problem is not exactly the same as that posed by the Gold Standard in the Great Depression. But the overall message is the same. We need to be more outward-looking, to engage the wider crypto community and the previously un-cryptoed, rather than relying exclusively on our existing members to grow and further the Nxt economy.

SuperNET Newsletter #15

Welcome to the SuperNET!

As ever, life moves fast in crypto, and never more so than in the SuperVerse. The main news is that InstantDEX is approaching launch, another dividend is about to be distributed, we have a SuperNET v1 beta LiteWallet, but that’s not all, there’s plenty more still to tell you about – including a new addition to the CORE coins list: FIBRE.

Topics

  • v1.1.3beta
  • v1.1.3beta LITE
  • MGW
    • Coin IDs
    • MGW fees
  • FIBRE: New SuperNET CORE coin
  • Jay dividend
  • InstantDEX
    • API level test of InstantDEX
    • Testing help required
    • InstantDEX Lotto
  • Half-anon Cryptocards available
  • VPN Bounty
  • BTCD and NXT
  • SuperNET CORE coins

SuperNET v1.1.3beta

SuperNET wallet v.1.1.3 beta is available for testing:
https://bitbucket.org/longzai1988/supernetv1/downloads/supernetv1-1.3b.zip

Hash: 4B186C0DDE96C5F1432213BD1F4C96A34CDD98F177CCCBE63BF2F39025BDDEA6

SuperNET v1.1.3 beta litewallet

The litewallet version – a pure html client – is now available for testing: https://bitbucket.org/longzai1988/supernetv1-lite/downloads/supernet-JAY-1.0b.zip

Hash: 57E04EFCE3D25608E59270E03B0EF9477CDCC4953AF95F6C0284BED3E46CB8C9

The ‘advanced’ view is currently disabled for Jay wallet.

Supernet-litewallet-nxtinside

 

SuperBTCD-Bitcoindark_nxt

MGW

SuperCoins ID

As part of the ongoing evolution of the Multigateway to become a key part of SuperNET, coin token names have been updated, as have asset IDs.

‘Note that all the assets delivered by SuperNET v1b (and found in the new SN wallet dashboard) follow different naming.’, writes VanBreuk. ‘The SuperNET MGW uses new assets. mgwBTCD has become superBTCD. And although James said iDEX could handle old and new assets as equivalent, we’ll be offering an asset swap for anyone who wants to update assets soon.’

And Longzai advises us that: ‘When we decide to drop the legacy mgw there will be 1:1 asset swap’.

The SuperCoin IDs are:

superBTCD – 6918149200730574743
superVRC – 9037144112883608562
superOPAL – 6775076774325697454
superBITS – 13120372057981370228
superVPN – 7734432159113182240 (withdraws still not operational)

SuperFIBRE (multisig details in development) and the SN versions of BTC, DOGE and others will soon be added. See https://multigateway.org for more information.

When you fund your SuperNET Wallet, the corresponding tokens will automatically show in the AE of your Nxt account where you can trade them manually for NXT or other assets, for example US$-pegged CoinUSD asset (ID 12982485703607823902) or the EUR-pegged equivalent (ID 18331302471589054607), which are also Coinomat gateways to fiat, via SEPA transfers to VISA / Mastercard.

Asset < – > Asset trades will be enabled in SuperNET with InstantDEX integration.
Interesting Nxt AE assets include: http://test.nxter.org/sorted-nxt-asset-exchange-listing/

MGW fees

‘Current MGW withdrawal fees are based on coin transaction fees and Nxt transaction fees, which need to be covered by the service. Since fees are subtracted from, for instance, BTCD withdrawal, there is a value in the servers’ configuration that defines the approximate equivalent of the NXT transaction fee in BTCD. Then the system applies twice that amount (covering the asset transfer and messages costs) plus a safe amount based on the regular BTCD tx fee, keeping in mind that multisig transactions may involve higher fees than regular ones. When InstantDEX brings price feeds, these “approximate equivalents” should refer to current market rate.’

At this point, the total MGW fees are these fixed amounts:

BTCD – 0.022
VRC – 2.002
OPAL – 2.02
BITS – 20.02
VPN – 200.002 (VPN withdraws are not working until coin developers patch the VPN daemon for full multisig support)

Minimum withdrawals are

BTCD – 0.5
VRC – 50
OPAL – 50
BITS – 500
VPN – 5000

New CORE coin: FIBRE

SuperNET has a new CORE coin: Fibre.

supernet-fibrecoin

Last week, the announcement was made:
‘Fibre will be leaving the Blocknet Project.’

‘We wish the Blocknet all the best, decisions like this aren`t easy but we are changing direction for Fibre in 2015. Fibre community and investors will always stand in the first place. In our opinion we are choosing a better future for Fibre’.
https://bitcointalk.org/index.php?topic=737771.msg10698947#msg10698947

‘The Fibre dev team has been represented in SuperNET Slack for more than a month but has always made it perfectly clear that Fibre was part of the Blocknet initiative. Recently, a real attempt to fulfill the requirements to integrate Fibrecoin in SuperNET as a CORE coin was started; opening Fibre’s source core tech to SuperNET analysts (the review was done by chanc3r), and after that, a swap of SuperNET assets with Fibre assets was required’, writes Eth.

Learn more about Fibre @ http://test.nxter.org/new-supernet-core-coin-fibrecoin/
and enjoy the rest of this newsletter while listening to an Interview with Fibrecoin leader Killakem!

This is SuperNET Radio:

https://soundcloud.com/supernetradio/fibre-coins-founder-developer

Fibre is available on the SuperNET Multipool http://altnuts.com, and also Xpool.ca multipool.

We welcome the FIBRE Team and look forward to finding out more about their forthcoming projects.

Jay dividend

The Jay dividend is ready for distribution. 7.5% to SuperNET, 7.5% to NXTventure and 5% to JLH (jl777hodl) will be distributed. This will occur when fewer than 8,161 SuperNET assets are left in BTER. At the time of writing, BTER’s cold wallet has just over 20,000 SuperNET assets in it.

Jay (ID 8688289798928624137) will allow people without any software on their system to run the SuperNET GUI and access all coins. Jay will get an InstantDEX revshare when it makes a lite-InstantDEX. ‘I added a ‘GUI’ field so we can track which GUIs the orders are coming from’, writes James.

InstantDEX

iDEX1

A preview video of the InstantDEX client alpha is available here.

You can see InstantDEX in realtime (thanks to MyNxt.info) here.

‘InstantDEX core API is feature complete other than automatching hybrid orderbooks’, James writes. ‘Got the asset<->asset trading working and looks good. So now what is left is the most advanced case (hybrid orders), which isn’t even necessary at first and making it automatch and chart signals.

Then I will switch over to network security enhancements while the testers are pounding on it.

So, the ramchains, realtime MGW and InstantDEX should go into maintenance mode for me very soon. Then the security revamp will be squeezed in and that leaves Tradebots and Privatebet. Once I get the raw data parsed properly, I was just going to create a transaction list, along with summary stats for each asset that was traded and a global summary too.’

InstantDEX is getting inputs from the central exchanges, NXT AE and its own orderbook, so from a single display you can see prices from all the places at once.

API level testing of InstantDEX

InstantDEX is progressing nicely – and, more to the point, is working effectively. ‘Trade completes faster than I can switch tabs! The only difference performance-wise from a central exchange is if you don’t have any inventory of something, then you can’t retrade it until you have enough confirms. I will let each node decide what “enough confirms” means. But if you are trading with plenty of inventory and have enough aged assets, then you won’t even notice this.

‘Another nuance is that even though the trade is locked and done (like after hitting Send Money), until there is at least one confirmation, there is always some very small chance that it won’t get confirmed. I am talking about a big blockchain event or some sort of attack scenario. However, even in such unlikely events, all the components of a trade are atomic swaps of NXT <-> asset, so at worst you have a dangling half of the trade, but you didn’t lose any funds. As with any trading, if the market moves against you, well, not much can be done about this

‘So, not quite 100%, but 99.99%+ with the downside being partial fills. Since the performance is fast, the security of not having to worry about any central exchange is well worth this and I hope that people will be able to understand the slight difference. For the cost of one out of many thousands of trades not completely filling, needing to wait a block to be sure it confirmed, and some users requiring N confirms, we get to trade without worrying about the exchange dying. This being said, if you are trading assetized crypto, I still recommend to withdraw after you are done trading, if only so you can be staking. And nothing is as safe as your local wallet.’

Testing help required

James writes, ‘I made an instantdexbeta private group, only for people who will actually test, no spies. The best testers are usually becoming very good coders. This is because a lot of coding is about finding and fixing your own bugs.’

DM James in Slack for access – but only if you have the time to really test it.

InstantDEX Lotto

James writes, ‘My idea is to fund a monthly lotto with this 5% [the unallocated InstantDEX revenues], winner take all (shared between all that tie).

 If total InstantDEX revenues are 20 million NXT, this is a 1 million NXT monthly jackpot, and each 2.5NXT fee you pay to InstantDEX gets you a lotto ticket.’

For those who still don’t understand how the pieces fit together (which is understandable, when there are so many pieces), InstantDEX can be considered ‘the grand central station of SuperNET. It connects everything to everything else and the more popular it becomes, the larger the monthly lotto. The high end of projections have it up to $100,000 per monthly lotto. At NXT blockchain saturation levels, NXT itself will be at least 2x if not 4x. It all combines to help everything else – and not to forget about BTCD, which is getting an InstantDEX revshare.’

Half-anon Cryptocards available

The half-anon VISA cards are now available to order – but not yet officially launched. Coinomat writes: ‘We are waiting for a dozen successful orders and activations to announce it officially.’

Getting your own card is simple, just register on coinomat.com, click the ‘First Swiss Card’ menu link and follow instructions.

Cryptocard is a semi-anonymous way to cash out cryptocurrency to an ATM card. Photo id but no bank details are required, meaning that a resale market can provide a convenient and private way to move funds from crypto to fiat. Cryptocard was originally funded by the BTCD community, and Coinomat will integrate BTCD within 2 weeks, and then start integrating the other SuperNET coins.

VPN BOUNTY

James has organised a 10 million VPN bounty for a new dev to join the team.

‘I would like to offer a bounty to make VPN for non-Windows environment to link up to the VPNcoin Windows VPN. There are several methods possible. One is to have a separate VPN and bridge to the Windows. The other is just to connect directly to the Windows VPN from unix.’

There is a 10 million VPN bounty for a working solution.

BTCD and Nxt

A reminder about BitcoinDark and Nxt’s status as lynchpins of SuperNET, and the financial benefits holders will enjoy:

BTCD

  • 5% revenue share from InstantDEX
  • 5% revenue share from SuperNET
  • 5% staking interest

This week’s BitcoinDark Bulletin: ‘Privacy and Anonymity’.

Nxt

NXT_accepted-5_blue

5% revenue share from SuperNET goes to NXT core development. And InstantDEX fees are paid in NXT, because SuperNET has NxtInside. James writes: ‘At 50 trades per minute it saturates current NXT blockchain (makes NXT earn 10% per year), but NXT devs say they can boost this capacity pretty easily. With average fees of 6 NXT per trade that is 300K NXT per day or 15 million per month. So even at current ATH prices InstantDEX is trading at PS ratio of 5 and PE of 10.’

Nxt is clearly one of the few platforms that’s going to survive long term, making it not only a safe place in which to trade and park your funds but also a hugely prosperous one as well, once (as anticipated) it’s earning 10% per year.

If you are interested in using Nxt, visit the official website: http://nxt.org.
Get the latest Nxt news from http://test.nxter.org or join the movement @ https://nxtforum.org.

payexpo2015

Nxt is going to present the key speech for crypto at this year’s PayExpo 2015. Damelon writes: ‘I want to invite ALL Nxt related businesses to provide us with their promo materials and relevant information! We are not there just as the platform, you also can get your products and services out there! This Payexpo will have a separate part especially dedicated to cryptocurrencies!

http://www.goshowoff.com/ClarionConf/PayExpoFull2015/page.cfm/Link=28/t=m/goSection=4_28

‘We are co-organising this, so if you feel you want to help out with this and have workshop experience or knowledge: let us know! Also, help us raise the last 500,000 Nxt to go here. We already have gathered a significant amount thanks to all of you. Let’s get this last part together. Donation address: NXT-ZGDQ-W9Q3-YFK6-4L8F4.

Read more on the Nxt Forum here or join SuperNET Slack channel #payexpo to learn more.

SuperNET CORE coins

As the name UNITY suggests, SuperNET is not a coin but a cooperation between selected coins. If you’ve been following the SuperNET Newsletters, you will know that all SuperNET CORE coins have been chosen with great care. No copycats, no simple clones, no scamcoins pumped by a huge marketing budget: only truly innovative, useful coins with active developers.

Here they are in a flash: http://test.nxter.org/supernet-core-coins/

BITCOINDARKBITSTARBOOLBERRYCHANCECOIN
FIBRECOINNXT CRYPTOOPALCOINVERICOINVPNCOIN

All SuperNET CORE coins and services are more than welcome to claim a paragraph in the SuperNET Newsletters > DM apenzl to join SuperSlack #unity-news and make sure to get featured.

Any 1.0 crypto coin can enhance their wallet with SuperNET. Write to: info@supernet.org.

 

NXT Newsletter #4

NXT NxtCoin 2. generation cryptocurrency news

Welcome NXTers, newcomers and long time community members.

Nxt is now open source. And on Cryptsy. New businesses are being built. A bunch of good people up for VOTE for the Nxt Funding Committees, and a large stakeholder has offered a 3M-5M Nxt bounty. Dig in. Join the movement.

NXT_newsletter

This week’s topics:

  • Full source code is released
  • Voting
  • Exchanges
  • Such automated cryptos
  • 1 Million Nxt donation
  • Announcements
  • Clients
  • Conferences
  • Misc.
  • IDEAS
  • PROPOSALS
  • Quote of the week
  • Words of wisdom of the week

Full source code is released

ip.bitcointalk.org

The original release date was set to be the 3rd of April.
So what happened? Take the tour of what lead to our early release HERE.

Jean-Luc on March 01:

I have made the current source code repository public:

https://bitbucket.org/JeanLucPicard/nxt/

Master branch is still 0.7.6, develop is 0.8.3 plus latest unreleased changes.

Read what Jean-Luc is planning next:
https://bitcointalk.org/index.php?topic=345619.msg5449690#msg5449690

VOTING

On March 7 committees members will be elected!
Nominees has now had a week for campaigning, and voting is open.

Live voting results are found here:
https://www.electionbuddy.com/elections/12343/results/t34ayqhm2

Nominee Statements / campaigning is found here:
https://bitcointalk.org/index.php?topic=479167.new#new

So if you are a Nxter and you haven’t voted yet – go let your voice count.

Rickyjames:

If you  want to vote, send me a PM with just the word VOTE in the title.  I will respond with your password and the voting site URL.  I will know who voted but I will not know who you voted for.

PM rickyjames here:
https://bitcointalk.org/index.php?action=profile;u=193080

Exchanges

Mintpal

couldn’t implement Nxt, they say.
Money paid by certain Nxt Community members will be returned to them.

Cryptsy

DGEX

DGEX newsletter announces three developments:

1. DGEX fees back to 0% for NXT withdrawals, 0.15% for trades
2. DGEX Initial Public Virtual Offering still available
3. Offspring NXT client updated http://offspring.dgex.com

Such automated cryptos

nxt_asset_exchange
DOGE is tested in the automated NXT Asset Exchange gateway.

Source for alpha release is here:
https://github.com/jl777/multigateway

Schwartzfeger:

Guys, please test this. It’s like magic (except that it’s science + hard work).

Jl777:

NXT AE will have direct links to dozens of crypto wallets. All these cryptos will trade against NXT, making NXT the standard that the other coins are valued.

I will be authorizing NXTcommunityfunds to ensure that we can all benefit from a non-profit gateway for all the popular cryptos into NXT AE.

I will also be adding NXTcash support to the gateway and we dont have to wait for external releases. As soon as it tests out, we can go live.

I will be setting aside 100000 NXT for a NDIC (nxt deposit insurance) fund, 10000 NXT per person and 100K max, for any gateway caused losses.

 

Please help us put some distance between us and the clones! Volunteers are most welcomed, but if you need some NXT to motivate you to participate, PM me and I will see what I can work out.

Here is what help is needed:
https://bitcointalk.org/index.php?topic=345619.msg5434195#msg5434195

1 million Nxt donation

Nxt_brain

Klee has donated 1 Million NxtCoins to Brain Preservation Foundation!

Q:

So you hope that they will preserve your brain when you die?

Klee:

It will be a battle between cryonics and plastination – every technology has advantages and disadvantages. I hope my donation will help to solve some open issues (ie if the connectome is preserved with cryopreservation as in plastination and if any of the two methods preserves microtubules).

The full press release can be found here:
http://brainpreservation.org/sites/default/files/PressRelease_OneMillionNXTCoinDonationToBPF.pdf

Klee (Androklis Polymenis) is a 37-year-old digital currency entrepreneur, who has committed his full attention to cryptocurrencies and his own startup company UbiCrypt, with the goal of providing innovative solutions for NXT.

Announcements

Nxtty

nxtty

Nxt Mobile App Company

Early Nxtty Messenger Demo
http://www.youtube.com/watch?v=Gj0CRqoNsYc

Link to the full Prospectus/Business Plan (25 pages)
https://mega.co.nz/#!KdITnBIB!PW_sWdyNi7IGWC_VYSSO9Ki8ja6RC2YTpW20VrEshh4

landomata:

We will sell 25 million shares on Nxt Asset Exchange launch day. The price will be 0.01 Nxt per. share. The NMAC private placement was closed to new entries on Saturday, March 1st as we are over subscribed.

Comment on the plan on both Nextcoin & nxtcrypto forums:
https://nextcoin.org/index.php/topic,3313.msg31709.html#msg31709  &

coinmarketcap_22092014

DGEX Public Virtual Offering

dgex_slider

The DGEX Initial Public Virtual Offering has started.
Share price is 125 NXT each. 31397 shares available (out of 108900 public shares, total 330000 shares). Public trading will begin later in March. You can access the share purchase page from your DGEX member account main screen (green colored box mid-page).
Download the prospectus from https://dgex.com/pvo/dgex-prospectus-v2.pdf

Direct any questions and updates to this thread:
https://nextcoin.org/index.php/topic,4276.0.html

NxtCash

marcus03 got zeronet up and running!

NxtCash is being tested.
For those ignorant enough to forget: NxtCash will add complete anonymity to Nxt transfers.

jl777:

I have made an internal proposal to the NXTcash team using the latest source code that will allow us to make a release that can be considered for mainnet use. Not sure how long it will take as I will need to start and finish Nodecoin 2.0 to fully implement the proposed NXTcash solution, not to mention a fair amount of work in the client code.

 

Before you say, “but we can’t store the giant zeroknowledge proofs in the NXT blockchain!”, let me say that the method I am proposing does not need to store the big proof in the blockchain, just the NXTcash minting and spending events. Still working out all the kinks, but I am optimistic.

<shameless plug>
Show your support for NXTcash, donate to completion bounty fund 13313092584524529006
</shameless plug>

Clients

NRS

Remember always to STAY UPDATED.

Release 0.8.3: https://bitcointalk.org/index.php?topic=345619.msg5391927#msg5391927
Relase 0.8.4e: https://bitcointalk.org/index.php?topic=345619.msg5491698#msg5491698
Release 0.8.5: https://bitcointalk.org/index.php?topic=345619.msg5502897#msg5502897

 

Nxs

Version 0.3.6 is released.

Github:
https://github.com/Regulus343/Nxs
Full Changelog:
https://github.com/Regulus343/Nxs/blob/master/docs/change-log.md

Regulus:

I should also add that, as a non-believer in the concept of intellectual property, I welcome anyone to use any of the code in your own projects with or without credit. My goal is not one of recognition, but rather to improve the software we have available to us in the Nxt community.

 

Solaris 2.1

Version 2.1 of the Windows NXT client
https://bitcointalk.org/index.php?topic=345619.msg5450049#msg5450049

Wesley

New version of the Nxt client online at http://nxtra.org/nxt-client/

https://bitcointalk.org/index.php?topic=345619.msg5429918#msg5429918

Conferences

Coming up:
Texas Bitcoin Conference.

Final version of rickyjames’ brochure:
http://nxt.sx/images/resources/NXT-Brochure-4.pdf

See the list of Bitcoin / NXT conferences here:
https://bitcointalk.org/index.php?topic=345619.msg5235235#msg5235235

Misc.

Chat

Join us in the #nxtalk channel:

freenode

Those who don’t have an IRC program:

Join here:
http://webchat.freenode.net/?channels=%23nxtalk%20
Or download for
Windows / Linux: http://hexchat.github.io/downloads.html. Mac: http://colloquy.info/downloads.html

NXT introduction video

A new video was made by d13id.


Donations: 8987437801852093688

Go watch more videos about Nxt @ http://test.nxter.org/nxt-media-tutorials-podcast-interviews/

Forging

Top generators
http://blocks.nxtcrypto.org/nxt/nxt.cgi?action=35

Nxt – 90% attack proof

CIYAM Open and CfB  has figured out how to get it implemented.

BCT threads

Damelon made a page for the BCT threads:
http://www.nxtcoins.nl/bitcointalk-threads/

And don’t forget to follow his Daily Summaries of the BCT thread HERE.

New thread about NxtApps

https://bitcointalk.org/index.php?topic=488417.msg5381040#msg5381040

PeerExplorer awarding NODES

https://www.peerexplorer.com

dave5555

I would like to remind you all that PeerExplorer.com runs a great program to award nodes and makes it an incentive to run public nodes.
The system will soon run low on caches (accounts with NXT in them) to award nodes with. If a big stakeholder is out there reading this, a donation to the person running Peer Explorer would be great so he can add to the cache system of rewards.

Register a account @ peerexplorer.com. Create a new cache. (click small seet near “Created caches”). You can fill in a sponsor message if you like (url, advertise etc…). Now transfer to the NXT account the amount you like  (min. 2 NXT). Cache should be automatic activated in 5-30 mins. Now you can enjoy how someone is earning your reward.

mynxt.org

The website has been updated.

Free VPS

Nxt-kit can hallmark OpenShift. With port forwarding, you’ll get working FREE VPS (hosts @ amazon).

IDEAS

yoda

Nxt for copyright

https://bitcointalk.org/index.php?topic=345619.msg5348947#msg5348947

Nxt for Insurance

https://nextcoin.org/index.php/topic,4186.0.html

NxtBet

https://bitcointalk.org/index.php?topic=345619.msg5398366#msg5398366

Proof of existence

Pouncer

Can someone develop an Nxt equivalent of Proof of Existence so that NMAC (and other Virtual Corporations) can register itself like this companydid on the Bitcoin blockchain? This well written prospectus can also be registered and published using the same method, making it official and “legal”. It gives a greater sense of legitimacy and serves as a show case of how the Nxt ecosystem can provide similar or better safeguards for investors normally enforced through government or centralized means.

https://bitcointalk.org/index.php?topic=345619.msg5381532#msg5381532

PROPOSALS

Suggested NIP

(Nxt Improvement Proposal)

Adding “meta information” to Arbitrary Messages:
https://bitcointalk.org/index.php?topic=345619.msg5457241#msg5457241

Atomic cross chain transactions

4747…88:

3M NXT (up to 5M for additional features) for atomic cross chain transactions.
Conditions:
a) working client for average user;
b) official approve of all three NXT Funding Committees;
c) fully working asset exchange;
d) working transparent forging in the part marked bold:

NB: The only penalty is inability to mine blocks within some period of time. They still can decide not to bother with mining, but their “hashing” power will be distributed to those who do protect the network.

Last two conditions are my conditions to stop holding investment in 50M NXT.

The offer is legit: https://bitcointalk.org/index.php?topic=345619.msg5465466#msg5465466

Nxt Incubator/Scholarship Promotion

lyynx:

The purpose of this project is to foster Innovation and Promotion from participants. The basic concept is participants must develop some type of innovation that adds real value to the Nxt Economy. (…)we are looking for a multi-faceted approach to innovating Nxt and encouraging those not necessarily aware of Nxt to participate in a scholarly and social manner. (…)I will personally donate 25,000 Nxt towards this venture when it becomes a reality.

Interested? Read more here:
https://bitcointalk.org/index.php?topic=345619.msg5369175#msg5369175

LocalNxt

Xio is creating a person-to-person exchange for NXT, similar to the functionality of LocalBitcoins.com.

Xio:

I’m currently working hard on the site and although I cannot give an exact estimate yet, I hope to have it ready within the first half of this month. (…)

 

I’d like to invite anyone willing to trade NXT locally or interested in a beta invitation to please PM me.

https://bitcointalk.org/index.php?topic=345619.msg5260556#msg5260556
https://bitcointalk.org/index.php?topic=345619.msg5447524#msg5447524

Quote of the week

CIYAM Open:

We need to adapt ourselves to work with the kind of future that we want.

 

Words of wisdom of the week

Salsacz:

BCNext gave us only a source code. We needed to build websites, create wiki, build whitepaper. Then we started to write articles because only with some proof you can show how cool Nxt is. Now we finally finished some cool papers so we can deliver them to the developers and university guys to look at them and join us. After weeks of asking we finally have also a letter for university guys, so I can send it to them without grammar errors. Then devs can come here, build their apps on top of the Nxt network and then we can start to focus on mainstream etc. But right now we need to get attention of the devs, that’s why we go to the conferences and publish scientific papers.

Get your message through to the newsletter, contact: http://test.nxter.org/contact.
Any feedback about the newsletter is welcome too. Donations? Ok, 196910366798475802. Thanks.

Lost a newsletter? 
Find it in the archive @ nxter.org. Sign up: http://eepurl.com/M2KnL

Didn’t understand a thing? 
Go to nxtcrypto.orgwiki.nxtcrypto.orgnextcoin.org or nxter.org to find out more about NXT.

NXT Newsletter #3

nxt newsletter

Welcome NXTers, newcomers and long time community members.

NXT DOGE, Nxt MMPORG. Automated crowdfunding and new nxt <-> fiat gateways.
Yesterday seems so long ago when you’re living in Nxtville. I’m going to sleep. Join the movement.

NXT-evolution-top

This week’s topics:

  • Hurray!
  • Nxt Kickstarter
  • Such DOGE testnet
  • Nxtopia
  • Clients
  • Exchanges
  • Call for Merchants!
  • Nxt Site Integration
  • NXT Funding Committees
  • Conferences
  • ANNOUNCEMENTS
  • Misc.
  • Quote of the week
  • Words of wisdom of the week

Hurray!

NXT is 3 months old!

happybdaynxt

Lots of donations were given out on 23 February.
Account 7017504655955743955. Thank you very much!

Nxt Kickstarter

nxt-media-attention

A third “use case” has been made for the Nxt Automated Transaction prototype.

  • Use Case #1: Lottery
    A “lottery” program which will pay out its balance to a “winner” automatically once per week.
  • Use Case #2: Dormant Funds Transfer
    A program that if not notified before a certain period of time will transfer its funds to one specific account.
  • Use Case #3: Project Crowdfunding Agent

CIYAM Open:

So what does it do?

Basically it means you won’t need to use a “website” like Kickstarter or the like at all – you will be just able to create an AT for your project then people will be able to send funds to it which will be refunded if it doesn’t meet its funding target by the target time.

Of course it doesn’t give you any guarantees about the project itself (and I don’t think most “crowd funding” websites do either) but it absolutely guarantees the account where the funds will go if the target is met as well as the refunding if the target isn’t met.

One more middle-man gone!

(sorry in advance to all investors in platforms like Kickstarter)

Visit http://ciyam.org/nxt to take a look at the AT docs.

Automated Transactions

CIYAM Open:

We have already come up with some interesting ideas beyond the two current use cases such as a “Term Deposit” AT that would earn you NXT by leasing your forging power for x blocks then return the initial balance + forging interest to you and I think James will probably blow everyone’s mind with some of his ideas.

 

For those not following the AT topic that might still be interested:

It is still a work in progress but at least you can see that progress is being made (I know that in Nxt land progress is generally measured in days rather than weeks or months)

This week neer.g decided to help this effort with 500K NXT. Thank you so much for your contribution!

Such DOGE

Automatic DOGE <-> NXT gateway in alpha!

NXT_DOGE_wolves

DOGE is tested in a prototype of the automated NXT Asset Exchange crypto gateway client.

Jl777:

Once this works with DOGE, it is just a matter of changing several #defines to support any other bitcoind fork, including bitcoind. As you test with DOGE, imagine that it is BTC, LTC and dozens of altcoins, all inside NXT AE via automated peer reviewed multisig gateways. ()

I envision supporting dozens of altcoins all with automatic gateway into NXT AE.

Announcement is HERE. Compiled code for the testnet client can be found HERE.

jl777:

I finally got automated gateway deposits working pretty decently, it even handles simultaneous deposits to multiple deposit addresses for a single NXT acct. 

 

P.S. Let me know what altcoins you would like to have an automated multisig gateway for.

https://bitcointalk.org/index.php?topic=345619.msg5343219#msg5343219

Nxtopia

http://nxtopia.wordpress.com

Swartzfeger broke the idea of a Crypto MMORPG built on-top of the NXT network, using elements such as Arbitrary Messages, Parallel Blockchains, and the Asset Exchange. The idea caught on, new- and oldskool gamers took over the development thread on bitcointalk, and soon initial game concepts were formulated. They can be found here.

Nxtopia aims to be the world’s premier MMORPG sitting atop a crypto currency  blockchain (Nxt). Nxtopia (working title) will start out small, possibly a single-room inn where players can interact by playing games of chance, dueling, or simply having a friendly chat. Based on user contribution and feedback, Nxtopia will grow to the size of a village, a countryside, a nation… and beyond!

An entire world, sitting on top of a new generation crypto currency – Nxtopia.

A bounty is collected for the game. After 3 days, 41.000 Nxt is collected.

Swartzfeger:

This is an opportunity to support an online game that leverages many of Nxt’s advanced features, one of the highlights being a user-driven crafting economy.

Donations can be sent to 13776816462073143763; please include tx id so I can include it when updating this post and making it easier for James to keep track of incoming transactions.

We’re also considering implementing a kickstarter-style tier system for bounty donators. These would be cosmetic rewards that wouldn’t be available after game launch. Depending on how we handle character death/respawning, these items may be also confer a quicker resurrection.

Are you game? Visit the dedicated thread @ https://bitcointalk.org/index.php?topic=474535.0

Clients

Now we got: http://www.nxtclient.org. Nice work!

nxtclient

Clients are considered out of BETA. There has been a press release.

NRS

Remember always to STAY UPDATED.

Jean-Luc is releasing experimental 8.x.e versions.

Jean-Luc:

Please try it. In particular, the client developers and packagers should test it well, and if there are no major issues, expect the 0.7 branch to become obsolete soon.

This release introduces a major change in the Nxt server architecture. Instead of being a servlet run by Jetty, Nxt is now a standalone application which itself launches Jetty servlets, when needed. This should make it easier to use as a Java library, as it no longer needs to be run inside a servlet container.

The Nxt configuration has been made more flexible, both for the end user and for application developers. Nxt no longer uses web.xml, or any xml files for that matter. Instead, a user-friendly properties file is used.

https://bitcointalk.org/index.php?topic=345619.msg5301573#msg5301573

If you are using Tor, now the tor socks proxy address and port need to be specified on the java command line:

java -DsocksProxyHost=localhost -DsocksProxyPort=9050 -Xmx1024M -cp nxt.jar:lib/*:conf nxt.Nxt

and obviously set nxt.shareMyAddress=false in nxt.properties

More info and the NRS experimental versions are found here:

  1. https://bitcointalk.org/index.php?topic=345619.msg5297841#msg5297841
  2. https://bitcointalk.org/index.php?topic=345619.msg5339924#msg5339924
  3. https://bitcointalk.org/index.php?topic=345619.msg5368085#msg5368085

Client updates

iNxt

Version 1.0.6  Update in AppStore
https://bitcointalk.org/index.php?topic=345619.msg5237352#msg5237352

Clienxt update

Version 0.0.6 [codename] Lite
https://bitcointalk.org/index.php?topic=345619.msg5221362#msg5221362

WesleyH client

http://nxtra.org/nxt-client/
You can now send coins or messages to account aliases.
A beta version is available for download here: http://nxtra.org/nxt-client/dev.zip
Unzip, move the dev folder to nxt/html/tools/dev. Then go to http://localhost:7876/dev

This is assuming you have 0.8.1e installed (it will not work correctly on older versions!) – do not try

WesleyH:
Try everything out in TestNet first, when you are comfortable you can connect locally. In the upper left corner you can switch between TestNet and localhost. There may still be errors in the code, it’s a beta after all.

https://bitcointalk.org/index.php?topic=345619.msg5344554#msg5344554

Exchanges

Nxt Asset Exchange and automated gateways hasn’t left the testnet yet. In the meantime centralized exchanges are adding Nxt, some of them making it possible to buy Nxt directly from fiat.

Buy Nxt with Yuan

The Nxt <> Yuan pair has been up for some time at bter.com right HERE.

Buy Nxt from UK bank accounts

Pennyalt takes deposits directly from UK bank accounts right HERE.

Buy Nxt with US dollars

Atomic-Trade.com is working on adding the pair. It will be available HERE.

Msin:

I’m paying for integration with my own funds since AT agreed to add USD/Nxt trade abilities.  This will allow any users to buy Nxt with USD directly.  Currently AT only offers USD/BTC trading, so we will have an advantage over other alts on the exchange.

Other exchanges

NEWALTEX.com and CRYPTOKOPEN.eu are dead.
Dgex *  * Bter.com *  * Poloniex *  * Nxt-e.com *  * Vircurex *

Merchants!

Cointropolis has been lobbying:
Nxt is now available for all merchants signed up for Coinpayments!

Damelon has a merchant solution for wordpress Woocommerce shops on it’s way.

NXT site integration

Implementing Nxt has given exchanges some headache, and now a wikipage has been sampled to “assist developers who are integrating Nxt with their existing sites (games, applications, exchanges, etc.)”. Read it HERE.

NXT Charity

Songs of Love

NiftyNikel:

With the one-to-one match by a gracious donor, we are currently at 88,646 Nxt. We need roughly 40k more to reach our goal of 170k and become the presenting sponsor for the Songs of Love event in LA.

NXT Donation Address: 4636321498642303120

WATCH: Community Closeup – Raising money to inspire kids:
http://www.kspr.com/news/local/Community-Closeup-Raising-money-to-inspire-kids/21051620_24582392

NXT Funding Committees

nxt_party

The funding committee positions have been open to everyone.
The period for accepting NXT Funding Committee nominations is over.

Audit spreadsheets of NXT Fund assets are permanently available HERE.

There are now polls on whether each committee should have 5 or 7 members:
https://bitcointalk.org/index.php?topic=479190.0
https://bitcointalk.org/index.php?topic=479200.new#new
https://bitcointalk.org/index.php?topic=479214.new#new

We’re gonna do a week of campaigning, and we’re gonna have a one week long vote starting March 1.

Campaigning, NXT Funding Committee Nominee Statements, go here:
https://bitcointalk.org/index.php?topic=479167.new#new. On March 7 there will be elected committees.

Conferences

Coming up: Texas Bitcoin Conference.

Texas Bitcoin Conference. Austin, March 5th and 6th.

List of Bitcoin / NXT conferences:

https://bitcointalk.org/index.php?topic=345619.msg5235235#msg5235235

Announcements

Reddit

Over a 100 new members on the /r/Nxt subreddit this week and over 19,000 views this month, of which 3500+ uniques.

The reddit tip-bot went open source. Please review it so the bounty can be paid out.
There will be a 
bounty for reviewing it too… The source code resides in https://github.com/nxtip/nxtip and is GPLv2 licensed! https://bitcointalk.org/index.php?topic=345619.msg5240925;topicseen#msg5240925

1st online Nxt Wallet

https://wallet.mynxt.info

  • FREE
  • Secure – multi layer security encryptions
  • Access and manage your Nxt account from anywhere

https://bitcointalk.org/index.php?topic=477526.0 + https://nextcoin.org/index.php/topic,4137.0.html

NxtCash

Jl777:

NXTcash team has made an internal release and waiting for zeronet (testnet for NXTcash) to be setup. Hopefully, by next week we can experiment with teleportation.

For those ignorant enough to forget: NxtCash will add complete anonymity to Nxt transfers.

Jamescoins

jl777:

I will be coming out with “coins” that are actually NXT AE assets that can be mined by CPU. Every miner will need to be running a NXT node. If there is any level of market for such a coin the miners will start mining by the droves. Since the market for it is AE, we can always jump start the market by subsidizing the prices during the early days in order to ensure enough network capacity.

 

Nxt on Android TV stick

Everybody knows that raspberry Pi was built for running Nxt nodes.

Nxt_raspi_solar_energy

But here’s another green solution:
https://bitcointalk.org/index.php?topic=345619.msg5252301#msg5252301

HOPE X

The hacker conference HOPE X will take place at the Hotel Pennsylvania in NYC on July 18-20.
There is currently a call for speakers.

Attention all hackers, makers, whistleblowers, artists, phone phreaks, rebels, technologists, and free thinkers everywhere! Come and share your ideas, thoughts, and passions with thousands of really bright, creative, and open-minded people in New York City this summer at HOPE X.

 

We have room for around 100 talks and panels covering a wide range of topics, limited only by our collective imagination. Past talks and panels have included: anonymity, surveillance and countersurveillance, social engineering, hardware hacking, cryptography, privacy, security, censorship, programming, democracy and law, digital protests, society hacking, copyright, phone phreaking and telecommunications, new technologies, all manner of experimentation, and so much more. We are constantly searching for innovative subjects and presentation formats.

Let yourself be heard in this thread if you are interested: https://bitcointalk.org/index.php?topic=412243.0

Misc.

Nxtok.com

[NEW SITE] Provides Nxt Information & BlockChain Explorer.
https://nxtok.com/index

MyNxt updated with charts

http://www.mynxt.info/charts/

Nxt is on Bitcoinwisdom

http://bitcoinwisdom.com/markets/bter/nxtbtc
http://bitcoinwisdom.com/markets/bter/nxtcny

NXT Media

Podcast, interviews, Nxt turtorials @ http://test.nxter.org/nxt-media/

Nxt added to Cryptosaur

Cryptosaur it`s a small extension for Chrome and Opera, which show prices in USD, BTC or EUR of cryptocurrencies on icon.

https://bitcointalk.org/index.php?topic=458091

Nxt-e.com is looking for translators

https://bitcointalk.org/index.php?topic=345619.msg5275872#msg5275872

No sellout

Nxt.org is no longer up for sale.

https://nextcoin.org/index.php/topic,4065.msg38497.html#msg38497

Nxt News Daily

http://paper.li/NxtCrypto/1393244031

Multisending transactions

Yes, it’s possible. Get a bash script here:
https://bitcointalk.org/index.php?topic=345619.msg5323189#msg5323189

Multisend support also exists in ClieNxt.

Some progress in China

allwelder:

With more and more promotion, more people are attracted by active community, tech  and Philosophy of Nxt. And my weibo also attract some famous pp, such as BobbyLee, who is the president of BtcChina.
We also invite a famous enthusiast of BTC who now greatly admire Nxt to our Chinese Nxt community for discussion with a special column.

 

Account Control

… before the clock strikes thirteen.

Come-from-Beyond:

BCNext is writing the code now, the plan is to have it ready somewhere in March and then I’ll need a week for testing/refactoring.

Nxt Source code

Jean-Luc:

We discussed this with CfB some time ago, as a way to get more developers involved and make it easier for client developers, not having to rely on decompiled code to see the Nxt internals. The copycats are already decompiling the Nxt classes, so there aren’t any hidden secrets. I thought I would at least wait until I finish the 0.8.0 refactoring, but now that this is also released, it may be a good time to think about making the source open earlier, say March 1st?

https://bitcointalk.org/index.php?topic=345619.msg5298138#msg5298138

Audit

Lisa Yin (PHD MIT Crypto) wants a specific overview of what we need.

nxt audit

Quote of the week

bitmadaboutcoin:

The learning curve involved with nxt and crypto in general is very steep.

Words of wisdom of the week

LiQio:

NXT uses forging to secure the network – important and needed, but what makes NXT stand out is (..) the possibilities of the ecosystem. I’m sure that within a couple of months there will exist a coin on top of NXT that makes the miners more happy, this as a side note… but what is really important: not that you receive more than you have when holding on to it or investing in new hardware. the goal is to have a working crypto ecosystem that let’s you buy things securely and anonymously, that let’s you exchange assets securely and easily, that let’s you communicate with other without being monitored, that can be used as a base for other undertakings… and where the groundwork is not based on terawatts and terahashes – I’m not good with marketing stuff and this has been summarized better by others – but I hope you get my point.

At the current stage I believe that buying NXT will give you a lot in return, because it is still cheap and for the fun factor you miss from classical mining, you can visit this thread and watch the development of this little plant (or baby to borrow Anons word) to become a giant tree.

Get your message in the newsletter, contact: http://test.nxter.org/contact.
Any feedback about the newsletter is welcome too. Donations? Ok, 196910366798475802. Thanks.

Lost a newsletter?
 Find it in the archive @ nxter.org. Get it by mail: http://eepurl.com/M2KnL

Didn’t understand a thing?
Go to nxtcrypto.orgwiki.nxtcrypto.orgnextcoin.org or nxter.org to learn about NXT.