Introducing: NxtVault

NxtVault is an open source Android application, which stores your Nxt passphrases encrypted in isolated secure storage. You will never need to enter your Nxt passphrase again, and you will no longer be at risk of viruses or keyloggers infecting your machine. Not only is it encrypted but Android’s security sandbox prevents other processes on your device from accessing the apps’ isolated storage.

After three bad attempts at entering your pin you will be locked out for 1 hour. Another bad attempt and you are locked out for 24 hours. Another bad attempt and the application will wipe out all of its data and shut down.

NxtVault is built on top of Jones’ “Jay Framework”, a javascript library created to interface with the Nxt network using dynamically discovered public nodes, allowing for the creation of our first suite of Nxt thin clients that don’t rely on a single developers centralized server!

Let’s make this even simpler:

NxtVault pincode NxtVault transactions NxtVault account 

NxtVault add account NxtVault view account NxtVault setting

For every web transaction, NxtVault pops up and displays a detailed report of exactly what the transaction intends to do, giving you a chance to review and then either confirm or deny it. The goal of the developer isn’t hard to grasp: ‘To have every third party web application support this type of transaction’.

NxtVault can be downloaded here: https://play.google.com/store/apps/details?id=jay.nxtvault

Using NxtVault with JayClient

NxtVault supports the ability to scan a qr code of a JayClient transaction.

Read more about the Jay Client.

Jay includes http://jnxt.org/jayex/ which enables you to watch and trade your Nxt assets from a web browser; transactions are secured by the Jay framework and/or NxtVault.

Jones:

JayEX is allowing for a Nxt AE trading with the security of the localhost NRS client, the inspiration of SecureAE, and the chart ideas and layout idea from Poloniex.’

The full Nxt NRS Client is available at http://jnxt.org/nxt/ as a website (and a downloadable .zip to host locally, if you prefer). Update: The jnxt.org site and the Jay Client + framework is no longer maintained. The source code can be downloaded from https://github.com/jonesnxt/

Nxt JayNxt NRS Client
Sign in with your Nxt account, not your secret passphrase.

Nxt Jaywallet NRS
Do what you like.

Nxt Jaywallet transaction tx
Send your tx’s by scanning the qr code with NxtVault, or sign it with the Jay localhost client on your desktop. 

Nxt Android apps on top of NxtVault

NxtVault developer, mr_e, writes:

Other Android applications can raise an intent to NxtVault to request for it to sign and broadcast transactions on it’s behalf. I have created an API so that Android developers can create third party applications that are not required to be open source, nor will you need to worry about trusting them with your passphrase!

NxtVault can handle both signing the transaction, and broadcasting the transaction to light nodes that are detected on the network, in a decentralized way.

I hope that this will unleash a whole new suite of trustless android apps.

The NxtVault source code has been reviewed by Jones. https://github.com/mr-e-/NxtVault

To integrate NxtVault, you need to implement its intents (i.e. the messaging objects used to request an action from another app component).

There are three key intents you can raise for NxtVault to pick up:

nxtvault.intent.action.REQUESTACCOUNT (request an access token along with the users nxt address – this will pop up nxtvault allowing the user to select an account to share)

nxtvault.intent.action.SIGNANDBROADCAST (signs transaction and broadcast – will pop up a transaction summary screen allowing user to confirm)

nxtvault.intent.action.SIGN (signs transaction and returns bytes to calling application – will pop up a transaction summary screen allowing user to confirm)

An example of how to raise these intents and respond to their results is located in the code base here:
https://github.com/mr-e-/NxtVault/tree/master/nxtvaultClientLib/src/main/java/com/nxt/nxtvaultclientlib/nxtvault

You can add nxtvault client lib as a library to your project. This gives you a JavaScript interface for all jay calls, as well as the code to raise the correct intents.

Click on the link below for the Jay interface and look at the test wallet to see how they are called: (the jinterface is using interop with javascript and will allow you to make any NRS request to a public node. With this you can make calls to getAccount, getAsset etc without needing a centralized server of your own)
https://github.com/mr-e-/NxtVault/tree/master/nxtvaultClientLib/src/main/java/com/nxt/nxtvaultclientlib/jay

For more info + to talk to mr_e:
https://nxtforum.org/general-discussion/unveiling-the-new-nxtvault-secure-account-management-for-android-devices!-beta/new

The value of crypto coins

Nxt and SuperNET to the rescue!nxt-iphone

There is only one reason that 7 billion people are suckered into the game of Central Banking, and that is FEAR. People FEAR others will take their VALUE away from them and they run to centralized bankers for help.

But, given that 97% of it is based on debt, how can the mainstream fiat monetary system which we’re still obliged to use meaningfully represent people’s VALUE – i.e. their economic self-sufficiency? Surely debt is the opposite of value, unless you’re a bank.

It seems intuitively obvious that money based on something tangible and in short supply, e.g. gold or silver, must be better for society than a minority elite creating money out of nothing. Indeed, until 1971 most national currencies were still based, albeit indirectly, on gold which at least is something that most people believe has intrinsic worth and which, more importantly, acted as some sort of restraint on the amount of money that could be created. But nowadays of course the (privately owned) banks simply create money without any effective restraint at all.

Result: the minority elite game the system and in the process steal more and more of our VALUE. It’s been going on now for a long time but it’s coming to an end. The fiat monetary system is broken beyond repair. The minority elite know it and they’re running scared.

Thanks to information technology and cryptography (and of course to ‘Sataoshi Nakamoto’), we now have a way whereby a minority elite can no longer continue to directly CONTROL nearly 100% of the VALUE. They can neither possess 100% of the physical and tangible NOR can they directly control the ledger.

Over the centuries, money has taken a wide variety of forms, including (to name but a few) gold, silver, iron ingots and cowrie shells and, since 1971, debt-based representative paper (i.e. fiat money) and, more recently, electronic digits in computer memories.

But whatever form it takes, money has no intrinsic value of its own independent of the value ascribed to it by those who use it.

WE ARE THE VALUE

To thrive, people need an honest ledger of account that is not easily co-opted. We need a neutral, unbiased record keeper. Gold is far superior to being an honest ledger than fiat, since gold is much more limited and can be held directly by the one who created the value. You can’t just hit the print button and have infinite gold come spewing out.

The Elite can use fiat to buy up most of the Gold, Silver, Opal, Diamonds, Platinum, etc etc etc, but the elite cannot ever buy up all the real value because real value resides in the people.

People may wonder what currency has the potential to hold its value the best. Another way of asking this is, what ledger is the most honest and the most difficult to control and manipulate?

Gold itself is not modern technology, therefore it does not play well with the Internet. Gold may never be able to integrate disjointed technologies. You have to take gold with you or you have to trust someone to hold it for you. If you pack gold with you it holds you back and if you keep it in a Centralised suppository it disappears.

To a certain extent, the private ownership of gold, at least in theory, is effectively a decentralised financial system, in that it enables transactions to take place between private individuals without the need for any centralised control, unlike fiat which of course is controlled by banks and governments. However, in practice gold only operates as a very basic, costly and limited form of decentralised financial system.

THE REVOLUTION WILL NOT BE LICENSED

Everything needed to replace the elite’s technology has already been built. Everything needed to render their tech obsolete and hence rendering them obsolete has already been built.

Fortunately, we now have available to us the ultimate means to have an honest, decentralised and extremely difficult to manipulate ledger; moreover, one that is becoming more flexible, integrated and powerful by the day. Unfortunately, very few People have so far adopted this technology, mostly because it is still not well integrated.

DeCentralised Technology is one of KEYS to releasing the shackles on humanity, and you can keep LOCKING it back up or support those trying to steal the keys.

A few months ago, while sitting on a plane, I fell into a bit of a meditative state where I picked up on some things I would never have realized only from conscious thought. I am a long time ‘spiritual’ person, of which there is literally almost ZERO support in the CRYPTO world, even though CRYPTO has immense power to aid the freeing of the world. I am also a bit of a CRYPTO fan and I was shown how the CRYPTO world was trapped in a SHOW ME THE MONEY, LINEAR, very male dominated type LEFT brain mentality. So, I thought I might dabble in trying to bridge the two and see what barriers I come up against, almost as an experiment. It’s as one might expect. The spiritual, new thought, more right brain types, don’t get crypto but are generally positive so crypto info is basically ignored with a few ‘interesting’ type comments, but very little interest.

Spiritual freedom is not well understood by the almost dismissive knee jerk reaction of the very male orientated left brain crypto world. I watch patiently waiting for the two to converge.

Also read:
The value of 10 NXTs
SuperNET CORE coins
Nxt [CORE]: Monetary System

Write for NXTER.ORG and get paid in crypto currency

Nxt [CORE]: The PoS coin

NXT_accepted_gold

Nxt is a versatile, open source cryptocurrency platform. In this Nxt CORE article series we will dive into the main 2.0 features of Nxt. This first article is about NXT, the token itself.

NXT, which launched on Nov 24 2013 as a 2.0 crypto coin, was the first 100% pure proof-of-stake currency.

It is built in Java, distinguishing it from most other coins, which simply tweak one or other parameters of the Bitcoin protocol. Rather than being a simple coin, usable only for basic send/receive transactions, Nxt can be thought of as a complete platform for economic activity.

Creation and distribution

As a proof-of-stake currency, NXT was never mineable. Instead, all 1 billion NXT were created at once, in the first block. No new coins can ever be added (though coins can be destroyed by sending them back to the Genesis block, and if users forget their passphrases their coins will remain permanently locked in their accounts and therefore, in effect, removed from active circulation  – as is the case with Bitcoin).

Nxt was created by BCNext, a long-term member of the Bitcointalk forums under a different name who started the BCNext user account for this project so that he could remain anonymous; he has since handed the project over to the community (in the best tradition of Bitcoin creator Satoshi Nakamoto). Towards the end of 2013 he advertised for investors for the new platform, receiving a total of 21 bitcoins from 73 backers. Of these, 8 invested the maximum of 1 BTC; the others gave smaller amounts. The 1 billion NXT were distributed proportionally between these investors, with the largest risk-takers receiving in the region of 50 million NXT each. The market cap of NXT rapidly increased from 21 BTC to over $70 million immediately after launch, later fluctuating between $20 and $100 million. The long-term bear market in BTC has returned it to the $20 million range, though NXT has still appreciated in BTC terms and remains largely linked to Bitcoin’s fortunes at the present time.

The initial distribution has attracted much criticism in the year since Nxt’s launch (Nxt celebrated its first birthday on November 24). Many people claim it is unfair – though, as with other such ventures, those who took the risk and invested in the first place get the biggest reward.

It turns out, however, that the supposedly unfair distribution was, in fact, a deliberate move to create a sustainable system. One key advantage is that there are large amounts of NXT available from generous initial stakeholders for further development – something that explains the dizzying pace of innovation and quality of the devs in the Nxt community. Over the last year the number of accounts has grown from 73 to over 85,000. The Monetary System, which will allow new coins to be created on top of the Nxt blockchain by ‘locking’ existing NXT, will also provide a solution to this ‘problem’ of distribution.

Differences from Bitcoin

Nxt has many differences from Bitcoin. For one, as a PoS currency, it does not require wasteful mining to maintain its security. This solves a huge problem with Bitcoin, since the PoW model is extremely wasteful of energy and if the Bitcoin network ever scales enough to be truly useful then it will have serious environmental implications. A client ‘forges’ (rather than mines) to secure the network. Powerful computers are not needed; even a Rasberry Pi can forge NXT. Forgers are rewarded with transaction fees alone.

nxt_solar_powered_node
Legendary Nxt node setup, by davethetrousers. Cubie + solar cell. Greenpeace should be happy.

Nxt’s blockchain is lightweight compared to Bitcoin’s, and transactions are fast. The ideal is for 1-minute block times, which will be achievable in the future as the network grows and with new releases. Current block times average around 110 seconds, compared to Bitcoin’s 10 minutes.

Another significant difference is that Nxt uses a ‘brainwallet’ system. Users need only their passphrase – a long (30+) string of random characters or around a dozen random words to access their accounts. This maps to the Nxt address. Any transaction requires the passphrase. This is unlike most other currencies, which generally use a wallet.dat system (though there are some Nxt wallets, such as the MOFO wallet, that have been adapted to use a wallet.dat). This approach has advantages and disadvantages, but is built into Nxt. One obvious advantage is that you can sign in from anywhere; all necessary information is stored in the blockchain.

Other features include:

  • A cap of 255 transactions per block.
  • New accounts are automatically secured with a 256-bit public key, which makes it perfect for cold storage.
  • Account Leasing allows a user to lease ‘forging’ power to another account for a fixed period of time, without having to send coins anywhere. This allows for the creation of secure forging pools.
  • No new NXT coins will be created.

Nxt has come a long way in its first year, with many new features already included (not least the Asset Exchange and Digital Marketplace). However, new features are still being added to the core, and there is some way to go before all the planned features have been coded and implemented. According to the core developers, there are two reasons for this:

  1. They want to ensure that the platform grows naturally, by releasing the right features at the right time.
  2. Every big new feature requires a hard fork. Releasing only one major feature at a time allows bugs to be easily located and fixed.

https://wiki.nxtcrypto.org/wiki/Whitepaper:Nxt
Sourcecode: https://bitbucket.org/JeanLucPicard/nxt/src