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Nxt News – September 2017 (II): An Investment in Knowledge Always Pays the Best Interest

September 2017 (II)

 

Welcome again, fellow Nxters! The third round of the IGNIS ICO continues! Last week was a busy week with many mentions of Nxt / Ardor / Ignis on many platforms. Nxters are meeting up in China, Lior Yaffe has advice to dole out, a new version of the NRS client and more await in this issue. As always we welcome both our new and long time readers as we provide you with your go to source for comprehensive coverage of the blockchain space.

NXT COMMUNITY

NXT AE

DEVELOPMENT

NXT IN THE MEDIA

PRICE EVOLUTION

 

This week’s newsletter is put together by James, Jose, apenzl, and rubenbc.


NXT COMMUNITY

  • IGNIS ICO

Round 3 of the IGNIS ICO is underway, and the first two batches have sold out. Interest is high in this ICO, and that is good news for Jelurida and the entire Nxt community. The third round of the IGNIS crowdsale is divided up into four offers of 25 M JLRDA each, all priced at 1 JLRDA for 0.76 NXT.

The IGNIS ICO is a public barometer of the public’s interest in the Nxt and Ardor Platforms. With Ardor due to launch in Q4 of this year, Jelurida needs to know how to split up their dev resources. The funding raised by Jelurida, which owns the IP for Nxt / Ardor / Ignis, is directly going towards actively developing the Nxt platform and Ardor ecosystem. So far Jelurida has procured enough funding to actively support Nxt for, at least, the next three years with a dedicated and staffed team.

Kristina from Jelurida promotes the ICO:

Kristina: The time schedule for the third IGNIS ICO round is now published on our website.

The second batch of Round 3 sold out within about an hour, which is a record – as all prior batches until now have been sold even before Jelurida’s sell order hit the blockchain! So if you gave up on placing buy orders because of the competition, now is a good time to give it another try.

For more in-depth analysis of the ongoing ICO, please follow our exclusive ICO reports that provide excellent coverage and analysis of the ICO.

Source

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  • Submit Your ArdorPlatform.org Revamp Proposals

We need your ideas! The ArdorPlatform website is a work-in-progress, and we need community support to improve it. To all of you who have messaged us about the website mentioned above, we are willing to review and pay for your help enacting the approved proposals. We know there is community interest.

For all of the talented developers and designers out there in our audience, reach out to Travin, our marketing director by this coming Friday, Sept 15th.

Travin outlines the requests and submission formats below:

Website Details

Purpose: To provide an informative website for businesses, organizations, and project leaders to familiarize themselves about Ardor to help them make a decision on which blockchain platform to use for their needs.

Content Requirements

  • Front page with general overview
  • Page going over how child chains work (pruning, bundling, etc.)
  • Page going over the features available to child chains
  • Sub-pages going over each feature
  • Special page going over the benefits of using an asset created on Ardor
  • Page going over information useful for users
  • Blog-style page going over the latest non-experimental version
  • Download page including information on navigating the client
  • Contact page with a form for formal inquiries and social media/community link

Proposal Content

In your proposal, please include:

  • Portfolio of previous work
  • Team information and respective backgrounds
  • Rough drafts (can be sketched) of page layouts
  • Budget request in EUR (payable in crypto) and time frame

Ardor Media Kit and Style Guide: https://mega.nz/#!kDhBhSiD!6_hqMf8hv5ByiChLt3ZnfLDO2B_TYjVve9Va-c1PPgc

Proposals should be sent to travin@nxtfoundation.io.

The deadline for submitting proposals is Friday September 15th at 00:00 UTC. 

We are counting on you Nxters! No idea is bad, we accept and will consider any and all proposals submitted. Help us provide the best possible platform for Ardor!

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  • ICO-trackers.com – IGNIS ICO Mentioned

Blockchain tokens are valued at hundreds of billions of dollars across world wide exchanges. News of the IGNIS ICO continues to grow and spread. We appreciate the coverage – all news is good news.

They write:

“IGNIS: Interchain solution.

Jelurida is developing its next generation scalable blockchain platform – Ardor, currently running on a testnet. The unique design of this platform allows the simultaneous existence of multiple blockchains, known as child chains, with many features and with their security guaranteed on a global level by the parent Ardor chain. The first child chain of Ardor will be the Ignis child chain which will use IGNIS tokens for its operation. All existing and well tested Nxt blockchain features will be available on the Ignis child chain, with multiple Ardor platform specific enhancements being added.This project is not easy, has a very strong team who already did the Ardor and NXT. You can see all the hype and potential success of this ICO in mass media.

Their third ICO has 5 windows, two already passed and you can take part in the third!

Go and check the website! ”

Source

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  • Megalodon – “The End of  the Forging Bounty Lottery Campaign”

Bad news Nxters, Megalodon is suspending his support of the Lucky Node Lottery Campaign, created by Lurker10.

Megalodon writes:

In June 2016, I launched this forging bounty program with objectives as stated in my message in tx 14808946007017009714 and my post https://nxtforum.org/general-discussion/5-million-nxt-bounty-for-nxt-ardor-forgers/msg220081/#msg220081

I planned to run the bounty “until the Forging Bootstrapper account is empty” and to continue with the Ardor balance after Ardor chain is launched.


In July 2017, I paused the forging bounty program for reason stated in this post https://nxtforum.org/general-discussion/if-you-do-not-forge-nxt-dies/msg233547/#msg233547

However, I continued to fund the Lucky Node Lottery program initiated by Lurker10, although it was not originally part of the bounty program.

I have now decided to stop funding the Lucky Node Lottery program 30 days from today and to permanently terminate the forging bounty program.

I realise that by doing so, I’ll be failing to honour my original pledge, something I really dislike. I have been thinking about this for several months, but now feel compelled to do so due to changes I’ve observed in the Nxt ecosystem over the past 14 months since the launch of this program.
I also realise that there may be some among you who have committed resources to participate in this program, and my decision to prematurely terminate it may cause you some loss, even with a 1 month notice. If this is the case, please PM me with details & justification and I’ll consider offering you a reasonable compensation.To everyone else, thanks for your participation and please accept my apologies over this decision.

Goodbye… Megalodon going into extinction the second time.

Source

More Information

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  • Ardor vs. the Competition

Segfaulsteve wrote a wonderful and detailed account of Ardor and the many advantages it has over the competition. This first post in a new article series highlights the technological supremacy Ardor over other competing technologies and this first installment talks about the LISK blockchain and the functionality provided by it.

Segfaultsteve introduces the series:

I recently decided to start a series of posts that compare and contrast Ardor with other blockchain projects that appear to have similar goals or features.

Ardor vs. the Competition, Pt. 1: Lisk

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  • Chinese Community – Nxters are Organizing a Meetup in Shanghai

For all of our Chinese readers, there is an upcoming Meetup in Shanghai about the potential of the blockchain, specifically the solutions provided by Ardor. The security of the Nxt voting system will be one of the main topics of interest for the night. The Chinese have long wanted a member of Jelurida to visit, and Lior Yaffe will be the keynote speaker! Space will be limited so sign up early to make sure that you can come.

  • Nxt Voting System 

Promotional video explaining a use case for the Nxt voting system in Chinese.

 

  • Lior Yaffe will be there

Hooray!

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  • Capodieci – NxtWiki Hosting Migration

Blockchain expert Roberto Capodieci, partner of the Nxt Foundation, CEO of DeBuNe, and founder of TheSoundKey and Go.Notifile.me has made the following announcement about the Nxt Wiki:

Roberto is involved in the Nxt community – since the beginning, devoting not only a lot of efforts to it during all this time but also money from his funds, such is the case with the hosting of the NxtWiki for all the community. We are extremely fortunate to have him around. Thanks, Roberto, we appreciate it!

Capodieci also wrote an interesting chapter for the first book about Nxt (Snapshot, Nxt – Unsurpassable Blockchain Solutions) called NXT – A REVOLUTIONARY TOOL FOR BUSINESSES, where he explains how an incredible tool Nxt’s blockchain can become for business.

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NXT AE

  • Janus – Status Update

Janus is busy working behind the scenes. They are building the websites indicated on their roadmap.

Janus announced:

Bjorn further informs the community:

bjorn_bb [11:42 PM]
Some things from my part will be coming out but in stages that will eventually connect to Trademimic. Fairly soon if things go as planned, keep the faith we are following through with operations on a budget that is 1/50th of most startups.

This sometimes requires creativity in work, such as Bjorn learning minor programming skills and the rest of the team has to take on roles we needed but had to do ourselves. Don’t lose faith yet, it’s not over till I’m dead.

Expect the unexpected though, expect changes.

Withdraw your balance from ETCBets!

You can find a list of all paid dividends here. Also, follow the Janus news on https://nxter.org/janus, and Janus Twitter.

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  • Adel – Status Update

Adel had a busy week, with Gabriel Dusil speaking about start-up incubation in blockchain communities at the Blockchain Conference last week. Adel also announced a new event they will present at an upcoming event.

Join the new Adel Bitcointalk thread! ADEL ▲ 1st AML-CTF-KYC Compliant Digital Currency Ecosystem ▲ $ADL

New event confirmed where Adel would be presented.

Follow Adel In Medium

 

More info

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  • Bitswift – Status Update

A friendly reminder – the Bitswift token swap is still ongoing. Manual claiming instructions included on bitswift.press. Make sure your assets have migrated to the Nxt platform.

 

Source

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DEVELOPMENT

  • NRS Update – Version 1.11.9

A new update is available for the NRS client – V1.11.9.  This is the latest and most secure and stable NRS client, and for those who want to continue to participate in the IGNIS ICO, we suggest that you upgrade.

Changes are as follows:

Change log:

Performance optimizations of derived table trimming and pruning, should fix the issues some nodes encounter with these database operations taking too long.

Other minor bugfixes.

Updated Android client app

Android app https://bitbucket.org/Jelurida/nxt/downloads/nxt-client-1.11.9.apk
sha256 – 1997d7c5865271d899cebe8fe4f6e96e830420392e1a09967c0a3cb0a2bcd1ee

Download the Client

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  • Weekly Reminder – Scam Alert

One of the scariest factors of decentralized platforms is that there are individuals who use it as a means to defraud people. There are no authorities vetting the claims made by anyone. Trust the veteran community and research the account and token ID’s of anyone before you make a transaction. Be careful guys; we continue to raise awareness. Read the following threads in order educate yourselves and prevent the latest scams from affecting you!

  1. Tutorial: Nxt Asset Exchange
  2. SCAM ALERT: JRLDA is NOT JLRDA
  3. Beware of Fake ARDR Assets on #NxtAE

Riker reminds us:

Scam alert
Only buy the JLRDA token using the “IGNIS Token Sale” page in the official wallet.

Do not buy any other currency, asset or marketplace goods pretending to represent the Ignis token. These are all scam entities which will make you lose your NXT.

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NXT IN THE MEDIA

  • Lior Yaffe in Medium – Thoughts about Blockchain Development

Lior himself provides his thoughts about the growing blockchain space and the importance of embracing and supporting this technology now and in the future.

Source

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  • Lior Yaffe in Medium – Using Nxt as Crowdfunding Platform

Man, Lior is busy these days. Between developing for Nxt / Ardor / Ignis and traveling to China, he finds the time to write about the many uses of the Nxt platform. This post is about the crowdfunding aspect of Nxt.

Summary

The Nxt blockchain provides several simple, robust and secure crowdfunding models which do not require the implementation of complex smart contracts or complex web site back-end and considerably reduces the security risks.

Source

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  • Lior Yaffe in Medium – ICO Pruning “The Ultimate Guide to ICO Selection”

Lior wrote about the need to be prudent in your ICO investment, not all platforms and technologies are created equally well. Make sure that any offer you want to invest in is researched before you give them your hard earned money.

He explains:

To summarize, ICO represents a very attractive option to raise funds for both the entrepreneurs and small investors. However investors are urged to use caution when evaluating ICO offerings and only invest in those offerings which represent real technological breakthrough and pragmatic solutions to real problems.

Source

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  • Lior Yaffe in Medium – Blockchain Based Voting

News flash! Voting is important – and ensuring the integrity of a vote is of vital importance if you want to maintain the trust and support of the voting public. The Nxt platform is an excellent means to provide a secure and reliable vote, from the ID and registration process, all the way down to counting the ballots at the end.

In this article, Lior explains blockchain distributed platform voting.

Source

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  • Lior Yaffe in Medium – Blockchain and Digital Signatures

If voting is the key to maintaining the trust IRL, on “the internets” – or as it is widely known, “a series of tubes” – digital security is essential. Encryption is key to providing digital signatures for verifying identities and establishing trust. The blockchain is inherently secure, and Lior has worked with governments and universities while developing the Ardor and Nxt platforms on these very issues.

He writes:

 

Connecting your government issued ID card with your NXT account can be accomplished using account properties and information can be encrypted when necessary using encrypted messages. Furthermore, specific encrypted messages can be shared securely with a 3rd party. All this functionality is available out of the box using public APIs based on Http and JSON.

Using Nxt (and in the near future Ardor), you can receive the PDF document by email, hash it and send the hash using a message transaction back to the issuer to provide a signature proof which is impossible to counterfeit (as long as you keep your passphrase secured). You can even submit the document itself to the blockchain to store it as a data cloud prunable attachment or as a message attachment.

More complex procedures like multi-signatures can be accomplished using phased transactions which provides a list of required signers in order to authorize a transaction.

In fact, Jelurida the company developing the Nxt and Ardor blockchain platforms will be cooperating with governments and universities to make this vision a reality.

Source

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  • Gabriel Francesch In Medium – Explain Ardor to me Like I am 5

Gabriel Francesch, a partner at Coinerz Group, founder at Kotoba Translation and NXT Foundation supporter, wrote this interesting and informative article on Medium:

…the Ardor platform is much more than a cryptocurrency. It is a platform that will become the backbone of a powerful ecosystem, including a large number of assets, currencies, and most importantly child chains…

Source

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  • HuffingtonPost – Blockchain is Here, And You Can’t Ignore It Anymore…Even If You Don’t Really Get It

Blockchains and the crypto space are going mainstream. HuffPost will write a series about the growing importance and influence of blockchains and how they will shape life, business and even governments in the immediate future.

Nxt and Ardor both have many benefits over their competitors. In fact, companies such as BNP Paribas and Accenture have already recognized the potential of these blockchains and are implementing them accordingly.

Source

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  • BTC38 – Covering the news of BNP Paribas and NXT Blockchain Kit

BTC38, China’s most famous exchange, has relaunched two articles covering the news of BNP Paribas and NXT Blockchain Creation Kit on its blog. Articles in Chinese, click the pics to get the link.

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PRICE EVOLUTION

  • TradingView – Ardor, Where Technicals and Fundamentals Meet 1 B Potential Cap

Source

dbt1033 follows up on Bitcointalk by giving the following trading advice to his followers:

Follow the Thread

It kills me to see that people are investing precious bitcoin with so little patience.

I often see this with new investors… fomo all-in on one coin because a bunch of noobs are talking about it (good sign it’s top), then sell for a loss to fomo a lesser all-in on another.

The key to success in this game is patience.

Find good projects. Then find a good place to buy them. Then wait.

I like spreading my bets around… so I do serious research to determine how much of my portfolio I want a particular asset to represent.

For example: Ardr is a really serious project with a really serious team. It’s on several big exchanges / therefore pretty liquid. I might be ok having a bag that represents 15-20% of my portfolio on something like this. Other coins that don’t meet these criteria (they might be really ambitious but with unproven dev team… or maybe they just aren’t that liquid) might be a good pick to represent 3-5% of your portfolio.

I understand that a lot of times, when you are new… you don’t have much to play with.

If this is you (no shame, we all start somewhere), pick two projects… join the slacks so you know what’s going on. Follow twitter posts about the projects. Read the forums. This will help you judge sentiment.
Make sure to buy at a good time to minimize a drawdown….. you can take a free trading course at www.babypips.com to help you realize what is a good buy and what isn’t.

When you have entered 1-2 projects, hold on for dear life. Fight the temptation to sell for a loss (unless you really fucked up with your buy… but I’m sure you will make a few mistakes along the way.)

There is a lot of hype in crypto. Do not fall into the cycle of chasing hype. You want to buy projects BEFORE everyone else is talking about them, not AFTER. If everyone and their mother is talking about something, it’s likely too late.

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  • TradingView – NXT Q4 Technical Analysis

First of all, NXT in Q4 has lots of positive sentiments that will result in an increase of overall value. Of course, for any coins to go up in value we must have stability (No BTC drama, ICO 12.50% bans) in the market. Since upcoming news aren't really NXT news, we can expect proportional upward momentum as Ardor makes headline and rise in price exponentially.
First of all, NXT in Q4 has lots of positive sentiments that will increase overall value. Of course, for any coins to go up in value we must have stability (No BTC drama, ICO 12.50% bans) in the market. Since upcoming news isn’t NXT news, we can expect proportional upward momentum as Ardor makes headlines and rise in price exponentially. To explain Ardor, it is a complimentary token to NXT which allows all its child-chains to utilize NXT technology. Therefore we can pair them both up when there’s a price movement.

https://www.nxter.org/nxt-news-september-2017-i/ <—— More information on NXT, Ardor and Ardor’s Childchain.
https://www.jelurida.com/ico <——- Jelurida ICO 12.50% sale dates and price.

Source

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  • Weekly NXT/ARDR Price Evolution

The following graphic shows the NXT / Bitcoin exchange price at Poloniex over this past week:

The following graphic shows the ARDR / Bitcoin exchange price at Poloniex over this past week:

 

Live stats from the Nxt Blockchain Asset Exchange:

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And that is all for this week, Nxters.

Stay tuned next week for more up-to-date coverage on the IGNIS ICO, the launch of Ardor, ongoing projects, and much more. For those who cannot wait a week to learn more, visit our site. We will explain in more detail about Jelurida, Ignis, Ardor, and everything else that is pertinent to this great ICO.

Follow us on Twitter for important breaking updates during the week as they happen. Stay tuned and stay informed, dear readers. See you back here next week!

Help us grow and help us continue to provide excellent and focused coverage on the ever growing blockchain space by rewarding us for our efforts. Donation address: NXT-TK9J-MEKH-MUP9-HFCH2.

Advertise

Russia’s National Settlement Depository Trials NXT Blockchain-Based E-Proxy Voting Prototype

Russia’s National Settlement Depository (NSD), the country’s sole central securities depository (CSD), has tested a blockchain-based e-proxy voting system using the NXT blockchain platform. The NSD provides settlement services for government bonds, municipal bonds and corporate bonds, accounting for 99% of domestic corporate bond issues.

E-proxy voting is a technology designed for corporate actions processing that provides electronic interaction between securities holders and issuers for the purpose of exchanging information and documents.  According to the NXT Foundation, initial tests have revealed that the NXT blockchain based voting system can support 80 votes per second, however the NSD hopes to scale the system’s throughput to 300 instructions per second.

Dave Pearce, founding member of the NXT Foundation, commented:

“The National Settlement Depository’s decision to use NXT technology for its voting system demonstrates very effectively how mature and versatile our platform is. NXT blockchain technology provides a technological quantum leap that allows institutions to replace external verification processes carried out by computers or humans, with a blockchain-based system that has these verification mechanisms built into its very core.”

E-proxy technology was introduced at NSD in August 2014. In April 2015, NSD upgraded the technology, bringing it in line with the global ISO standards. In April 2016, a blockchain-based prototype of e-proxy voting successfully passed the testing related to bondholder meetings. The NSD’s decision to trial a blockchain voting system is the latest announcement from a number of institutions to trial blockchain technology and create greater efficiency and transparency in financial markets.

Read more: http://allcoinsnews.com/2016/05/04/russias-national-settlement-depository-trials-nxt-blockchain-based-e-proxy-voting-prototype/

Shareholders Meeting via Blockchain

It seems we are witnessing a revolution in the corporate world caused by blockchain technologies. We’re moving quickly towards a new business ecosystem of virtual corporations, distributed autonomous corporations, smart contracts, new models of funding and so on. This article is about the exciting possibility of having distributed shareholders’ meetings where results are public and counted in a trustless way.

Since late April last year, I’ve been working on the NXT cryptocurrency as a core developer. NXT is a 100% proof-of-stake cryptocurrency aiming “to transform a cryptocurrency into a decentralised financial platform that supports a thriving and fast-growing digital economy” (unlike hybrid Ripple’s approach which isn’t fully decentralized).

Since 12 May, NXT has had the Asset Exchange (NXT AE) as a core feature. Anyone can now issue assets on this totally decentralized and uncontrolled exchange and trade them.

You can monitor your Nxt asset purchases either via your client or via a number of independent web sites: NextBlocks, NXTReporting and SecureAE  (where you can also purchase Nxt and issue assets).

Read the asset descriptions and you’ll quickly gain an appreciation of the wide range of different applications and services that have already been built on top of the Nxt platform and they’re just the beginning; the start of what is set to evolve into an entire financial and economic ecosystem.

The key feature of the NXT AE for businesspeople is that they can fund their business via asset issuance, getting money from anyone (not just angels/VCs, as with KickStarter), and they can do so from day one and for a low fee.

Imagine getting funding directly from a community needing your product. And, wouldn’t it also be awesome to get feedback and community-powered decisions?

With the voting system I have finished recently that will all be possible. The voting system will be introduced in NRS (NXT Reference Software) 1.5. The latest release version is 1.4.16, so voting API & GUI is already accessible. I can share some API details right now as they will likely remain unchanged.

Also see: Nxt Voting Teaser video (GUI and functionality)

Consider the example of an indy developer making a game. First, he got some funds via the asset exchange. Then he made a promising v.1 of the game. Both the concept and its implementation are still raw but the fans are excited! So he wants to ask the community whether he should polish v.1 or instead build v.2 on the basis of a better concept, or… Having decided on the different options, he starts the poll:

    val question = "Further directions in game development. "
    val description = "I got some great reviews. I have 10000 NXTs left. How should I spend them?"

    val finishBlockHeight = Nxt.getBlockchain.getHeight + 1440 // ~= 1 day
    val options = Array("Improve graphics and release it ASAP", "Start to work on v.2 to get funds for it's development", "Better ask experts, e.g. attend GameDev Conference", "Game is abortive. Stop working on it.")

    val optionModel = Poll.OPTION_MODEL_CHOICE
    val votingModel = Poll.VOTING_MODEL_ASSET

    val pb = new PollBuilder(question, desc, options, finishBlockHeight, optionModel, votingModel)
    val assetId: Long =  // assetId here
    pb.assetId(ai)
    pb.optionsNumRange(1, 1) // only 1 option to choose

    issueTxToGodId(new Attachment.MessagingPollCreation(pb), phrase1)

A vote could be sent with following code:

    val poll = Poll.getByName(question).head
    val vote = Array(0.toByte, 1.toByte, 0.toByte, 0.toByte)
    val attachment = new Attachment.MessagingVoteCasting(poll.getId, vote)
    issueTxToGodId(attachment, phrase2) 

1440 blocks after starting the poll we can get and print to console poll results (where 1 asset=1 vote):

    val pr = PollResults.get(poll.getId).get
    pr match {
        case cpr: nxt.PollResults#Choice =
            val m = cpr.getResults.toMap
            println(m)      
    }

So, we are soon going to have fair, cheap, public and distributed shareholders voting! Just imagine how that could change the world of business.

Notes:

1. This blog post (as revised) was first released by Kushti on 2. The minimum fee to issue an asset on the NXT AE is 1000 NXT. The transaction fee is currently 1 NXT.

A few upcoming Nxt features explained

True to form, the NXT Core Developers continue to deliver groundbreaking new features for Nxt.

Because of their uniqueness and many possible use cases, I am especially excited about these ones (expected to be released within the next few months): the Monetary System, Voting System, and 2-phased Transactions.

Monetary System

UPDATE: Nxt Monetary System is released 

The Monetary System is the feature closest to being released and, at the time of writing, it will be brought to the mainnet at block 330000 (roughly Jan. 10th). This is a way for anyone with a few NXT to create a fully fledged digital currency. MS has a unique property: namely its ability to mint currencies. Minting is very similar to mining with the key distinction that it is used solely for the distribution of a currency and the MS currency doesn’t need to rely on its miners for blockchain stability unlike the typical alt-coin.

The minting property has four main advantages:

  1. It helps miners of other cryptocurrencies to feel at home on a PoS system like Nxt.
  2. There is a steady and ongoing distribution and therefore now a way for minters to create value on Nxt’s blockchain, thereby providing another powerful answer to the negative comments often made about Nxt’s initial distribution (to stand alongside this one: the supposedly unfair distribution was, in fact, a deliberate move to create a sustainable system).
  3. A mintable currency doesn’t depend on the minters for the blockchain’s security, a MS currency that no one mints being just as safe as one with a large hashrate. Every MS currency is backed by the stability of the Nxt network.
  4. With mintable currencies, there will be a way, in effect, to transfer electricity costs into the value of a MS currency which can be directly traded for NXT, allowing for NXT to be exchanged without having to deal with exchanges at all.

Also, MS currencies have the advantage of being controllable and, as such can be pegged, for example, to USD, or backed by gold or silver, thereby helping to ensure a degree of stability. This would bring us closer to solving the common cryptocurrency problem of volatility and allow for an MS currency to be used to purchase items without the fear of drastic price drops or rises.

Voting System

UPDATE: Nxt Voting System is on public testnet, ask for testNXT here.

Next we have the Voting System, scheduled to be released in Nxt version 1.5, once the MS has been fully integrated. The voting system allows for polls to be created, voted in, and counted, all from within the Nxt blockchain. You are also able to weigh the voting, either by the amount of NXT owned, or by the amount of a specific Nxt asset owned. The most interesting subset in my opinion is weighing a poll by the amount of an asset owned.

With this, a number of things are possible:

  1. Asset owners can seek a consensus from asset holders about a specific question.
  2. Assets can be created and distributed in order to create decentralized voting committees that are given polls to vote on created by any member in the community.
  3. Polls can be created without fear of a Sybil attack (one person pretending to be many people to vote more than once) because one person with, for example, a holding of 100 jl777hodl has the same voting weight as 100 people who each have a holding of 1 jl777hodl.

Also see: Nxt Voting System Teaser Video

Phasing

UPDATE: Nxt Phasing is on public testnet, ask for testNXT here.

Finally we have the most abstract of the soon-to-be-released features: 2-phased transactions. This doesn’t yet have a definite release date, but will hopefully be launched around the same time as the Voting System, as parts of it rely on VS.

2-phased transactions are Nxt’s implementation of multisig, but extend the definition of multisig to include many more functions and use cases. Basically, a user is able to define a transaction in two phases: the first phase being when the details of the transaction are defined (e.g. the amount of NXT to send and the recipient), and the second being when the transaction is released into the system. 2-phased transactions will also enable the account-holder to make a transaction dependent on the results of a poll. This greatly widens the range of possible use cases of 2-phased transactions:

  1. Asset holders can now vote to veto or accept payments made by the asset issuer or company on whose behalf the asset was issued.
  2. Trust-less escrow is possible by phasing two transactions in parallel.
  3. Joint accounts can be run with ease.

As these features become operational, thereby allowing people to have control over making their own currencies, polls, and phased transactions, the use cases of Nxt as a platform will start to increase exponentially and Nxt will have moved still closer to achieving its goal of being a viable decentralized economic platform.

Nxt is in the process of giving financial power back to the people. With this power in their hands, who knows what will be created next.

Other links:

The Nxt [CORE] article series
Nxt – The Economy Platform – Usecases for everybody