Nxt News – August 2017 (IV): Start by Doing what is Necessary; then do what is Possible; and Suddenly you are Doing the Impossible.

August 2017 (IV)

 

Welcome again, fellow Nxters! As Summer continues so does the news in the exciting world of the blockchain space. As we continue to be the go to source for all things Nxt and Ardor we, as always, have news and information to enlighten and inform any reader, no matter if you have been using Nxt since 2013 or if you are a new reader who wants to learn more about the growing influence of Nxt and Ardor in the crypto space. This week we talk about a new partnership for Jelurida, IGNIS, remind you of the security of the light client, and showcase many examples of our platform in the media.

 

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 – New Jelurida Partnerships

Jelurida announces a new partnership with a PR firm and a Financial advisory firm in order to grow awareness of the ICO and the brand that is Nxt / Ardor / Ignis.

In their own words:

We are extremely excited to announce the signing of our partnership with Blonde 2.0, an award winning PR agency specializing in blockchain marketing, and Tel Aviv Capital, a leading Financial Advisory firm, who will help us lead IGNIS’s crowdsale, the first of many exciting projects.

Our new partners are going to lead with us together, what we believe to be a very successful crowdsale. Stay tuned for more information and publications reporting on how we are shaping the crypto world. To learn more the IGNIS crowdsale, visit: https://www.jelurida.com/ico

ICO Reports

Ignis ICO has been listed on pages as www.coinschedule.com and https://tokenmarket.net

Live stats:

Live data from the Nxt blockchain

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  • The Story of Round 1 of the IGNIS Crowdsale

Lior Yaffe (Riker) has posted in the nxtforum. Here is how he experienced the momentous and eventful first week, Round 1, of the IGNIS ICO:

They say necessity is the mother of all invention. By the end of day last Saturday, the developers at Jelurida were facing the grim reality. A single user had bought every exchange offer they published before anyone else even had a chance to participate. Hundreds or perhaps even thousands of participants sitting in front of their computer and waiting for their chance to buy, did not even see it enabled on the user interface before it was all over.

Riker continues to describe how “slightly more than 48 hours after the problem surfaced, and less than 24 hours after coding began, a solution was implemented [by Jelurida] and released as official version of Nxt 1.11.7”.

The demand outpaced supply by at least 20x. Still, the process itself became random enough in order not to obviously favor any given account.

Among the commenters in the thread, we find Damelon:

Damelon

Regardless of what may have gone wrong, it is very good to see Jelurida admitting they overlooked something, and making a post about it.

That’s good to see and I want to thank you for that. :)

Distribution is of paramount importance for any healthy market, and that was being messed up. Fair game to MAAC, but not good for the continuing project. It’s good to see you addressed it by levelling the playing field.

D.

Source

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  • Jelurida AMA this Wednesday

There will be an AMA with Cryptocopia on the 23rd at 22:00 CEST.

Anyone burning to ask Jelurida relevant questions about Nxt, Ignis, Ardor, Jelurida and the ICO can participate in the live AMA (Ask Me Anything) session hosted by Cryptocopia by signing up for their Slack here. We will be there too of course and make sure to point out the high lights in our weekly news.

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  • IGNIS Already Listed on HitBTC

HitBTC was one of the first exchanges to list Ardor and has now enabled IGNIS – ETH pair, even before the launch of the platform.

https://twitter.com/hitbtc/status/898904197931954176

Today, Jelurida has posted the following on Nxtforum:

The practice of selling futures products has become very common among the exchanges. The listing of the IOU token represents a massive interest in the ICO and the future launch of the Ardor mainnet later in Q4 of this year, but recall that the official JLRDA ICO token is NOT YET tradeable.

Source

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  • Nxt / Ardor in CoinSwitch

Another cryptocurrency exchange lists Nxt / Ardor – Coinswitch

We offer competitive altcoin and BTC exchange rates that update in real time by comparing the best exchanges available, with no fees on top. Our liquidity and expertise in cryptocurrency trading continually improve.

Source

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  • Undervalued Cryptocurrencies: Ardor (ARDR)   

Crypto Coins YouTube Channel writes:

Another episode in my Undervalued Cryptocurrencies series.

In this episode I cover Ardor (ARDR)

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  • Nxter.org – New Channel on YouTube 

We at Nxter are proud and excited to announce that we have an official YouTube channel and will soon be showcasing more original content! Stay tuned.

Useful pages on NXTER.org you may want to know about:

/tutorials

Short descriptions of Nxt features + links to the wiki
Videos about each Nxt + IGNIS feature (relevant for all child chains) are in the works

/blogs

Spread your knowledge. Be the expert

/assethub

Asset news and information about the AE
List of top traded assets + further information and charts
Customised asset pages, like this one for ARDR, a service for asset issuers

/newsletters

News overview – latest highlights of the blockchain world
Get a weekly email with the latest news from the Nxt, IGNIS and Ardor community/projects.

/developers

Getting started guides, with convenient examples
Resources
NRS news and Ardor core development updates

/NxtBridge

Nxt gateway for WordPress CMS users
Tip buttons on your WP site
Show asset / ICO info in real-time
Get wallet functionality on your site, show ledger, broadcast any transaction

/nxtbridge-offline

Cold storage accounts, the ultimate security

https://www.nxter.org/snapshot-nxt-unsurpassable-blockchain-solutions/ 

Learn about the history of Nxt, get introduced to its features and many use cases.
A book by the community, the early experts, and developers, from scratch to the introduction of the Ardor Platform.

Nxter.org continues to grow in readership.

apenzl: we just passed 3K followers on Twitter (2 mins ago). No paid campaigns, no fake accounts, all organic growth. A heartly welcome to all new readers and followers.

You can support our work (as well as the Nxt network) by leasing your NXT balance to our hub: Alias Nxthub1, account: NXT-NYJW-6M4F-6LG2-76FR5.

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  • “Parent – child chain architecture” is the Concept of Ardor

And so, Ethereum came up with the idea of “plasma”, a parent  – child chain architecture that can make blockchains scale globally.

It sounds like Ardor, tastes like Ardor, but is it Ardor?

damelon –

@riker Vitalik knows nxt quite well, so be prepared for some pretty specific counter to that, then Why not get into a technical discussion with him? It will definitely raise your profile if you do that and that will benefit Ardor and Nxt

riker –

I’m sure Vitalik knows NXT well and I seriously doubt his claims about not knowing Ardor. Just not ready to start a fight right now. I’d like to set the timing myself. Perhaps Sunday.

Please consider that Vitalik has a huge advantage on us here, he wrote an academic like paper that nobody understands and nobody tried to implement. We will just get dragged into a flame war.

We can tweet back that “The Nxt security model has been tested in practice for several years and remains unchanged in Ardor.” I admit that the nasty remark implying that what we are doing in insecure cannot be left unanswered.

Read Lior Yaffe’s recent blog post on the topic of Nxt’s PoS security model.

Also, for a reminder about Nxt’s (and Ardor’s) security model for light clients, read further down in this newsletter.

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NXT AE

  • Adel – Update

A peek at some of Adel’s development and marketing activities from the last week:

  • We are negotiation with a crypto marketing company who will help us to get onto bigger exchanges and to help create a trading volume for ADL
  • Our Collaboration Module is being developed and is currently being prepared for an alpha release by the end of September, for testing by the Adel team
  • A partnership with Jelurida (Ardor Platform company) is being negotiated and will announce this soon, via a joint press release
  • We are also preparing the legal structure for Adel Phase II. This effort began in March 2017, and we are also in negotiations with a law firm in the Isle of Man to help us finalize this structure.
  • We have also launched an idea incubation initiative with select members of the community for a confidential FinTech ETH based project in development by the Adel team; @mroene @wolffang @wiremaster are involved for comments improvements.
  • Our community manager has recently left our team so we are in the process of searching for a new person to help us with our marketing communications, and social media outreach
  • Exchanges: This week we have submitted an application to the Chinese exchange, Jubi.com. @wolffang is also managing brand new submissions to C-Cex, Binance, and Allcoin this week. We continue to wait for Bittrex on our submission. Any help from the community to get listed on exchanges is greatly appreciated. We offer bounties to stakeholders who successfully get us listed on new exchanges.

Here are the powerpoint slides

More info

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  • Bitswift – Update

Some users of Bitswift have elected to manually swap over, more power to them. Here is the official guide to doing this. Be sure to accomplish this by Oct. 14, 2017.

In their own words:

Hello everyone, we have some users manually swapping over.  The manual swap details can be found on this spreadsheet: https://docs.google.com/spreadsheets/d/1C9FA7CIhCmR1ii5m3xplS4CKRCio5XLweoPI1GZbBVY/edit?usp=sharing

All manual swaps will be documented here. The cut off date for manual swapping will be October 14, 2017–6 PM EST.

I noticed some orders in the Nxt AE, good stuff

We have already completed one manual swap for a user to help define the process. All manual claims will be published with full transaction details to ensure complete transparency among the unclaimed tokens. Manual claims may take up to 7 days to process. An announcement will be made after the cutoff date October 14, 2017–6 PM EST describing how the remainder of the unclaimed tokens will be handled.

Manual: (manual claiming instructions included on bitswift.press)

 

 

Source

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DEVELOPMENT

  • NRS Update – Version 1.11.8

Jelurida, has released the latest version of the Nxt Reference Software, v1.11.8. The changelog includes:

Release 1.11.8

Change log:

  • Transaction Scheduler improvements and bugfixes.
  • Added deleteScheduledTransaction API.
  • Allow getting all scheduled transactions when no account id is specified in getScheduledTransactions.
  • Added Scheduled Transactions page. Allow deleting scheduled transactions from the client UI.
  • Added fake tokens warnings.
  • Display transactions in the block info modal according to their natural order and mark phased transactions. Added “executed phased” tab.
  • Added ability to search by block height from the client search box.
  • Add validate passphrase modal to give users another chance to validate their passphrase after login.
  • Passphrase recovery tool will now search for a single typo in any position, in case no specific position is specified, and will also work for accounts without a public key.

 

  • Updated Android Client App

Along with the NRS, the Android app has an update that provides the same functionality.

Riker: Android app https://bitbucket.org/Jelurida/nxt/downloads/nxt-client-1.11.8.apk
sha256 – 956d4bd2618de91ec984f61776437079a746033294183c8fb08b8cf5b6b2184f

Download the latest Nxt wallet from https://nxt.org/ or https://www.jelurida.com/

Source

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  • MrV777 – Basic Ardor Lite Mobile Wallet

In our second weekly of August, we mentioned that mrv777, community member, and developer, was working on the project of an Ardor Lite wallet for mobile devices. 

Here is an update from the source:

mrv777 – Ardor Lite wallet finally submitted to Apple, hopefully they accept it.

For android users, the wallet is already available and please report any bugs: https://play.google.com/store/apps/details?id=mrv.ardor.lite

This is a basic lite wallet for the Ardor blockchain with local signing of transactions, so your passphrase is never sent over the net. You can send/receive tokens on any of Ardor’s chains and perform cross chain exchanges.

Features:
• Local signing
• Contact saving and naming on device
• View recent transactions and balance on any chain
• Barcode scanning for passphrase login
• Custom node to connect to
• Barcode generating and scanning to send/receive
• Ability to save passphrase on device protected by your fingerprint
• New account generation and automatic screenshot saving of the information

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  • Weekly Reminder – Nxt Light Client Security

This interesting conversation between Martis and Riker clarifies many details about how Nxt light client operates – mainly: is the Nxt light client secure? As always, the Weekly Reminder is here to help refresh your memory, dear readers.

 

martis – @riker “the light client already has some basic “fraud proof” built in since it validates every response from a remote node with other remote *RANDOM* nodes.” Correct?

riker – Correct. BTW, this feature was suggested by @cryptkeeper so credits goes to him

martis – So what will happen, if these random nodes will return different data? They will be blacklisted in light client?

riker – When using light client, you see a traffic light icon on the dashboard header, as long as all 3 remote nodes agree on all responses, it stays Green, if there is a 2 against 3 consensus it turns orange and if none of the other remote nodes agree with the response of the main remote nodes it turns Red. Clicking this icon displays the raw data.

martis – sure. But what will happen with my tx?

riker – It is possible for temporary inconsistencies, for example when a light client submits a transaction to its remote node, for a short time the other remote nodes are unaware of the new transaction which may cause temporary Orange or Red that will disappear shortly after.This is an informational feature only, we do not attempt to automatically blacklist remote nodes but you can do it manually.

martis – “it is a practical solution that works quite well but won’t help if most remote nodes on the network collude against your poor light client.” So this network collude is more theoretical problem? Anyway, if 51% of nodes do not agree, then there is a fork in network, as all nodes check and validate data between each other, and nodes running earlier version, which could be on fork is anyway blacklisted from network.

riker – It is still more risky to run a light client since the attack here is related to the number of nodes which collude against you not to the stake that collude against you and setting up a malicious remote node is cheaper than buying a lot of NXT. But then again, you can always use a full node, it only requires a cheap VPS node (or rasp pi and a solar panel)

martis – sure, but light client use random remote nodes, which have the status of “up to date”? So these node are on correct fork and not malicious?
or there is no blacklisting mechanism, which can find malicious nodes and blacklist them from network?

riker – A remote node can be on a malicious fork and still pretend to the client to be on the right fork. This is theoretically possible even though it is practically difficult to implement.

martis – so I’m saying, that’s only theoretically possible. so we can state, that Nxt light client approach is safe, practically. as 3 of 3 RANDOM nodes must be on malicious fork.

riker – It has been in production for a year now, the mobile app has similar guarantees. I can’t recall any security incidents around it.

martis – not questioning this :slightly_smiling_face:
just pushing you to explain light node working mechanism and this explanation could be used for explaining others (Vitalik)

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NXT IN THE MEDIA

  • Lior Yaffe – NXT Proof of Stake Theory vs Practice

Riker has written an interesting article for the blog publishing service Medium which(again) clarifies the doubts about the security of the Nxt network. He directly addresses perceived shortcomings of NXT and explains how theoretical issues with Proof of Stake will not manifest themselves on the Nxt blockchain.

In his own words:

In practice, none of the scary “attacks” described by academic research has materialized into a real threat. Simple measures were taken to refute some of these attacks, other attacks turned out to be nothing more than scare tactics.

NXT’s proof of stake does have great practical advantages, compared to the Bitcoin proof or work network, which is predicted to consume the amount of electricity consumed by the state of Denmark in the near future and the Ethereum network which will follow suit. The whole NXT network currently consumes as much electricity as a well heated house hold in the state of Denmark.

Furthermore, the proof of work consensus algorithm does not make sense in a private blockchain environment. The NXT proof of stake consensus allows you to set up few account balances and launch a new blockchain in a matter of minutes.

So let’s distinguish between theoretical problems and practical solutions. NXT proof of stake works and works well. In fact it works so well that the upcoming Ardor platform security model is also based on the same algorithm.

thanks sazan@nxtcommunity.io
NXT “mining rig” – thanks sazan@nxtcommunity.io

Source

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  • TSYS’ n>genuity Journal – Nxt in “Blockchain Boom” Article

Last January we announced that BNP Paribas was experimenting with Nxt.

Last week this article was released about the continued efforts of BNP Paribas:

“Banks and payments companies can realize big savings by employing the technology” –

BNP Paribas, a member of the R3 consortium, has also tested a cross-border payments system for its corporate institutional clients in Europe based on the protocol Nxt, with an aim to start testing it in the United States next year. U.S. Bank has done the bulk of its work with R3’s Corda, including working with Credit Suisse on using the blockchain to track leveraged loan transactions, and building out solutions in the trade finance space. Yet the Minneapolis-based bank is also collaborating with Canadian banks in the identity space using Hyperledger Fabric, and is dabbling with Ethereum and Quorum, Swanson says.

Riker:

 Can’t say anything about BNP due to NDA

Source

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  • Steemit – Have You Heard Of Jelurida?

Steemit announced the new public license, JPL, and announced updates to the NRS client.

Jelurida has created a new type of “coinleft” license, in the spirit of the GNU General Public License, but better suited to protect the interests of open source cryptocurrency projects.

Starting from version 1.11.6, the Nxt Reference Software (NRS) is the first software to be released under the Jelurida Public License, with the Special Conditions requiring a 10% sharedrop to the NXT holders from Nxt clones.

Read More: JELURIDA PUBLIC LICENSE

Download PDF

Source

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  • Future Internet – Banking on Blockchain: Costs Savings Thanks to the Blockchain Technology

Future Internet highlights the immense cost savings of the Nxt blockchain over a Bitcoin like system.

“Nxt system offers some interesting advantages with respect to the Bitcoin system, such as the potential for reliable instant transactions, increased security, and significant energy and cost efficiency improvements (see work by [29]). In addition, it allows for the processing of up to 367,200 transactions per day. Nxt is resistant to so-called nothing at stake attacks, and since the full token supply was distributed in the genesis block, when an account successfully creates a block, the transaction fees are awarded to that account.”

Source

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  • Nxt looked into, in Master’s Thesis by Andreas Ellervee, “A Reference Model for Blockchain-Based Distributed Ledger Technology”

Academic analysis of the applications of distributed ledger technology, the blockchain.

Source

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  • Bobsguide – Taking Blockchain Treasury Technology out of the Sandbox

The article from Bobsguide is complemented by a series of great commentaries from Riker.

“Many blockchain use cases which eliminate inter-organisation or cross-organisation trust issues may impact the work of the corporate treasurer,”

Two much-discussed hurdles that are preventing widespread blockchain implementation are scalability and working proof of concepts. This is partly because blockchain applications in the corporate world are still in their infancy, “so it is hard to testify about specific use cases,”

Ardor, a blockchain-as-a-service platform, already offers a solution to scalability and blockchain bloat (a build-up of data making the system less efficient). It also uses features such as decentralised phasing, voting, and trading making it a useful tool for corporates.

Blockchain applications with rich cross platform user interfaces are available now

“Unlike most other blockchain technologies, Ardor and NXT implement a reference user interface for every feature and transaction type they provide. This includes desktop, web and mobile support.

“[The blockchain behind] bitcoin is designed for a single purpose, transfer of value between accounts, all other applications on top of bitcoin use various workarounds to squeeze data into the blockchain not for its intended purpose.

On the contrary, Ardor, based on the NXT blockchain technology, is designed from the ground up for extensibility using a modular transaction types architecture which can be easily adapted for various use cases”

Source

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  • Toutiao – Ardor and Ethereum in Smart news service that triumphs in China

A dedicated article about Ardor and Ethereum differences has been published on one of the most important news platforms in China, Toutiao.

The company is China’s largest mobile platform of content creation, aggregation and distribution underpinned by machine learning techniques, with reportedly 175 million monthly active users as of 2017.

Source

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PRICE EVOLUTION

  • 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:

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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, take some time to surf our site. We also have our ICO Coverage series running. We will explain in more detail about Jelurida, Ignis, Ardor, and everything else that is pertinent to this momentous 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!

Bitcoin wars, miner problems, scaling issues and… ARDOR

It’s been some really quite interesting weeks lately in crypto land.

Scaling hasn’t been much of topic for the last years – and boom – now it’s front and center. Bitcoiners used to clobber anyone who thinks miners having different incentives than currency holders is a problem.

Now it’s suddenly consensus on r/bitcoin. Not only are there repeated threads saying a change of the Proof of Work algorithm might be necessary, I’m actually seeing more and more suggestions to switch to Proof of Stake! I can’t believe my eyes! Just the mere mention of it even half a year ago would have brought you into downvote hell and 500 angry “nothing at stake” chants, before your post got shadow banned. I’m not saying that it’s a majority position by any means, but what a difference!

Crypto alts’ cap goes ^

The changing tides are sweeping a lot of money into the alts. The combined crypto cap is exploding:

While Bitcoin’s share of it is decreasing. The pace is accelerating towards parity. That could be a huge deal with unclear implications (…but don’t dare mention this on r/Bitcoin).

How Ardor fits into the mix

There is a major sea change going on, and props to the Jelurida dev team to see this long ahead: Designing Ardor specifically around scaling capabilities, puts it in a position to take advantage of the situation. Now there is just the question if this can somehow get attention. So far it is always Ethereum that gets used as example for Proof of Stake. Once again, it took the spotlight. It also gobbled up the biggest gains. Ardor seemed to have merely been swept up with the tidal wave that took all alts along.

I don’t know if all that will change to the best of Ardor and NXT. But I’m sure: This ain’t over. And people are still either in denial or stuck in old ways of thinking.

  • The Bitcoin wars will get worse.
    First off, there is AsicBoost, which is worth millions in advantage for parasitic miners. Why would they give that up for anything? Higher market cap doesn’t help their bottom line, they live of higher margins. A fork of some sort either will happen or must at least come close enough that these miners must fear trashing their hardware.
  • Disruption will be huge either way. The user experience will be a disaster. Alts will pick up refugees… but if Bitcoin suffers too much, all crypto will take a hit.
  • The miner problem is, of course, deeper anyways. It’s an incentive problem that will return. Miners, they only care about users and hodlers if it somehow helps their short-term earnings.
  • What also clearly came to light is that the monopoly is even worse than anyone thought: It’s the hardware! That’s all done by basically one manufacturer in one location – with the ability to legally block supply for anyone who doesn’t agree with their plans. Bitmain is abusing this already. That skews not just which miners can join, but also how much existing ones dare to contribute to debates.
  • People still don’t understand the scaling issue. It seems bizarre to me that Ethereum/Monero/Dash are seen as solutions. All these have exponentially worse situations should they ever catch on remotely as much as Bitcoin.
    It’s just that neither Ether or Litecoin are used enough to make clear to everyone that they have the exact problem Bitcoin has – or worse.

So there is Ardor, with an actual solution. My fear is that people might once again overlook it, just like NXT was laughed at when it pioneered what is now the altcoin standard. Maybe it’s premature optimization. But it might be the right unique selling point at just the right time.

One joker card could be the Lightning network or the “sharding” that Buterin promises. Basically, they could change the landscape of the scaling discussion – and make it a non-issue. But it’s just promises so far. Maybe someone more knowledgeable can shed some light one that angle.
Anyways, the potential in the upcoming year is huge – and that’s what speculators are trading on.

This article was first posted in https://nxtforum.org/general-discussion/price-speculation

Nxt news – August 2016 (V): Trustworthy information

NXT NxtCoin 2. generation cryptocurrency news

August 2016 (V)

 

We are in the final rush during this last week of August and these are the main new topics of the week:

Here below are more details about each of these:

 

  • Open ballot to choose the name of Ardor’s first Child Chain

The Nxt community has opened up the process to choose the name of Ardor’s first Child Chain, though there is still over a year before its launch. We are currently in the middle of the voting process in which all Nxters can participate.

The first part of the process allowed users to choose and vote for their 3 favorite names, using the poll tool on nxtforum.org. For a few weeks, the ones with fewer votes were cleared off of the list until only a small group of these names were remaining with a revote after each clearing. After a final bunch on names were chosen by the users registered in the forum, the Nxt Foundation carried out due diligence and they were forced to exclude some of the finalists to avoid future problems.

The second part of the voting process is being carried out at the moment through the Voting System on Nxt platform. The two finalist are IGNIS and ACE. The poll is going to last until around the 4th of September 2016, when block 944,204 is reached. All the Nxt users with a stake of at least 5,000NXT can cast their vote and only one vote per account is allowed. The Nxt Foundation has stated that the result of the election will be binding.

pool

Source: https://nxtforum.org/general-discussion/blockchain-vote-pick-your-choice-for-the-1st-child-chain-for-ardor/

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In our previous weekly news compilation, we mentioned some magazines that had echoed about Megalodon’s campaign to promote the strengthening of the Nxt’s network by offering a series of bounties to those Nxters who run a node. It’s no surprise that other media have put their eyes onto this promotion. Roger Aitken at Forbes magazine remarks that Megalodon (AKA the whale-eating shark) seems to be more interested in the long term success of Nxt rather than short-term financial gain when running this campaign.

VMNH_megalodon

Besides this, Bas Wisselink of the Nxt Foundation, states in this article that Ardor (Nxt 2.0) will provide users, business and governments a truly scalable blockchain that they will able to take advantage of it with no need of an extensive technical background.

Dave Pearce, also of the Nxt Foundation, remarks in the article that some basic concepts about how a Proof-Of-Stake platform works and the differences with other Proof-Of-Work coins (forging vs mining). He also expects Ardor to become the Linux equivalent within the world of cryptocurrency. For example, Android, Mac and various users of the internet users don’t know that the software they are running uses Linux. Maybe one day a lot of people will heavily use Child Chains supported by Ardor without even knowing it.

Source: http://www.forbes.com/sites/rogeraitken/2016/08/23/crypto-investor-offers-150000-nxt-winner-takes-all-bounty-to-launch-ardor-blockchain/#2988c296a694

Almost simultaneously to Forbes’ article, some other media have noticed Megalodon’s campaign:

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  • Improprieties in an article published at Coindesk

Recently, Coindesk magazine has published an article about the implementation of the Coin-shuffle feature, where Daniel Krawisz stated that Bitcoin is going to become the first cryptocoin to adopt this feature created by Tim Ruffing. The Nxt community has quickly raised their voice and claimed that the information was incorrect as that protocol has been implemented in Nxt since November, 2015.

Damelon: Interesting blind spot you have there, or just bad research. Coinshuffle has been incorporated into Nxt since version 1.7 and was implemented on November 28th 2015. Tim Ruffing himself did the audit of the implementation. Next time, do your homework.

Schermafbeelding-2016-02-04-om-16.16.31-1024x515

You can verify that this feature was implemented a long time ago on Nxt by visiting the following links:

  1. https://nxt.org/what-is-nxt/coin-shuffling/
  2. https://bitbucket.org/JeanLucPicard/nxt/issues/325/coin-shuffling
  3. http://www.nxtinfo.org/2015/11/30/nxts-upcoming-1-7-release-featuring-coin-shuffling-singleton-assets-account-control-and-an-improved-forging-algorithm/
  4. http://bitcoinist.net/nxt/
  5. https://nxtforum.org/privacy/coin-shuffling/
  6. http://bitcoinprbuzz.com/bitcoin-competitor-nxt-version-1-7-4-goes-live-decentralized-data-storage-coin-mixing-and-more/
  7. https://cointelegraph.com/es/news/what-debate-nxt-votes-unanimously-to-add-coin-mixing-anonymity
  8. https://www.zapchain.com/a/l/nxtorg-nrs-v174-data-cloud-account-control-coinshuffle-assets-dividends-amp-more-meet-real/V91WpbVKKk

It was even mentioned on http://crypsys.mmci.uni-saarland.de/projects/CoinShuffle/, that the shuffling feature was implemented  on  the Nxt blockchain.

Update: Coindesk, after listening all of the voices that pointed out their mistake,  has edited the original article. The coin shuffle implementation may be the first in Bitcoin, but not in the cryptoworld, since Nxt has had that functionally implemented for a long time.

Update 1 – Coindesk edited the Coinshuffle article some days later:

But on 15th August, developer Daniel Krawisz sent what he believes is the first transaction utilizing this tool on Bitcoin. (The transaction type was previously tested on the alternative blockchain platform NXT).
……..
Update 2 –

Coindesk: This article has been updated to specify this the first implementation of CoinShuffle on the Bitcoin network.

……..

Update 3 –

Damelon: I received a mail from Coindesk apologizing and explaining why it happened. Nice gesture.

Not long after the complains of the Nxt community, Daniel Krawisz, the author of the article, was reluctant to eat humble pie and kept asking open-ended questions in his Facebook page regarding obvious things about the shuffling implementation in Nxt. These questions were properly answered by the Nxt community:

Unbenannt3These are the urls linked in the answers above to Daniel:

  1. https://bitbucket.org/JeanLucPicard/nxt/src/85a30d797ace530ad1a4884a5360810ce57b514c/src/java/nxt/?at=master
  2. https://bitbucket.org/JeanLucPicard/nxt/issues/325/coin-shuffling
  3. https://nxtwiki.org/wiki/Coin_Shuffling
  4. https://nxtforum.org/core-development-discussion/coin-shuffling-code-review-by-tim-ruffing/msg200411/#msg200411
  5. http://crypsys.mmci.uni-saarland.de/projects/CoinShuffle/

Everything seems to be clarified now. Nxt and its community is, one more time, one step ahead.

Source to the article: http://www.coindesk.com/bitcoin-privacy-advances-first-coinshuffle-transaction/

(Back to the Index)

  • Riker writes an easy-peasy tutorial about how to install Java Server JRE in Linux

For a newcomer to Linux, is not always straightforward as to what version of java we have or what repository download  from, which can be a tedious task. Because of this, Riker, one of Nxt Core Devolopers, has written the following short instructions and, as a result, prevented new users form some serious headache.

This procedure was tested with Oracle Java Server JRE 8u102. However, you can easily adapt it for any other version or flavor of Oracle Java by updating the download URL and version numbers based on the Oracle Java SE.

Download site http://www.oracle.com/technetwork/java/javase/downloads/server-jre8-downloads-2133154.html

You don’t need root access and the JRE is installed directly under the user folder.

1. Download:

wget --no-cookies --no-check-certificate --header

"Cookie:gpw_e24=http%3A%2F%2Fwww.oracle.com%2F; oraclelicense=accept-securebackup-cookie" http://download.oracle.com/otn-pub/java/jdk/8u102-b14/server-jre-8u102-linux-x64.tar.gz

2. Unzip:

gunzip server-jre-8u102-linux-x64.tar.gz

3. Untar:

tar -xvf server-jre-8u102-linux-x64.tar

4. Run:

./jdk1.8.0_102/jre/bin/java

 

nxt-java-blockchainSource: https://nxtforum.org/general-discussion/install-java-server-jre-on-a-linux-worstation/msg223817/#msg223817

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  • Newbium

Newbium is a marketplace tool developed by the creators of Nxtty that provides real time information about the main cryptomarkets. It’s integrated with Shapeshift and thus allows buying and selling in and easy and efficient way.

Recently, their webpage has published a short analysis about Ardor, where boosted Nxt’s market capitalalization from the previous year, together with the raise in the transaction volume. Two good signs for Nxt and Ardor.

e82707da16258152639

Source:  https://coins.newbium.com/post/396-crypto-market-update-nxt-ardor

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  • New video by Marc de Mesel

In this video, Marc expresses his thoughts about Nxt’s latest news. This time, he doubts that it’s a good time to sell NXT. This goes against the mindset of those expecting to buy NXT later at a lower price after a market correction.  He thinks that this decision is very risky and that the alleged correction may never happen and thus one runs the risk of been left out of a project that has great potential.

Moreover, after 1 and a half months since the beginning of the snapshot process in order to the determine the future give away of ARDR with the current amount of our NXT stake, we should add up the value of the ARDR that we are entitled to receive in our account. All these things, together with the sharp increase in the price of NXT, is making of it a really good investment.

[vsw id=”wMMkws4fzWg” source=”youtube” width=”425″ height=”344″ autoplay=”no”]

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  • Solar forging

Zuqka, a member of the Nxt community, presented his 100% solar powered Nxt node a few weeks ago. Together with some images of the setup of the equipment, Zuqka attached a really interesting  analysis by Matthew Czarnek, where he demonstrated the advantage of Nxt versus all PoW cryptocoins.

This project shows that you don’t need a powerfull workstation to generate (forge) blocks in Nxt (actually you can do it with simple and unexpensive hardware like a Raspberry Pi, Cubietruck, Odroid…), nor do you need to consume a large amount of electricity. Having a large amount of storage space also won’t be necessary because Child Chains transaction records will be prunable. Really interesting project!

20160723_113022

Source and more information:

https://nxtforum.org/nxt-promotion/solar-nxt-forging-rig-and-odroid-c2/msg222443/?topicseen#msg222443

https://docs.google.com/document/d/1J8uhdshu9epGRrQHBaloGc4itdvuAHZDAUtNDjOhz-8/edit?usp=drive_web

Some more pictures:

https://goo.gl/photos/6zcWSNNozgRb4s7B7

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  • The local Nxter Twitter accounts in Spanish and French acquire over 100 followers

Our colleague Yassin is doing a great job in making Nxt tweets spread all around the internet. His hard work is one of  the main reasons why the Nxter accounts in French and Spanish language have reached 103 and 101 followers, respectively. Combined with the followers of the English version of  Nxter with 1,099 users, we can say that these are very considerable figures.

Thank you to all our followers!. We really appreciate you being here. We’ll keep working hard to share first-hand and trustworthy information about this exciting platform to the community.

(Back to the Index)

Lior Yaffe: Advanced Concepts in Blockchain Design

Lior Yaffe explains some design concepts that have made it into NXT and the upcoming Ardor platform, such as: Proof of Stake, Brain Wallets, Forging, Prunable data, The Ardor platform, Smart transactions and hard fork management.

The lecture took place on 27.7.2016, at Campus Tel Aviv.

Slides:
https://bitcoil.co.il/files/Advanced….
http://prezi.com/x8jyard5-h51/

Event page: http://www.meetup.com/bitcoin-il/even…

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

CoinTelegraph interviews: “NXT is to Bitcoin …as Tesla Model S is to a Volkswagen Beetle”

Allen Scott, Cointelegraph, writes:

CoinTelegraph had the chance to catch up with the NXT team. Known for its less resource-intensive mining and 100% proof-of-stake, it is no wonder why NXT recently surpassed the popular Dogecoin by market cap. But exchange rate and speculation aside, the NXT team explains why it is the “next” step in the evolution of cryptocurrencies and why Bitcoin is just the beginning.

CoinTelegraph: Nxt includes an innovative “proof-of-stake” feature which essentially means that coins are not created by “mining.” How then are Nxt coins created and put into circulation?

NXT: All the 1,000,000,000 NXT were available within the Genesis Block (= first block) and got distributed to the initial stakeholders. It was hardcoded into the source code.

Transaction fees are how NXT are re-circulated back into the network. Currently transaction fees are generated by sending NXT, assigning aliases, using the arbitrary messaging feature, issuing, buying or selling the assets. Transaction fees are currently set at a minimum of 1 NXT per payment. As NXT price increases, the minimum fee is planned to be reduced to continue to allow micro-transactions to be practical. The total fee reached 1,112,084 NXT after 6 months. 4,697,286,927 NXT were already transferred (= 4.7 x total supply of NXT).

CT: Being considered a second-gen cryptocurrency, do you see Nxt making Bitcoin obsolete or can both have their specific uses and co-exist? 

NXT: Andreas M. Antonopoulos often says: there will be millions of cryptos and they will happily co-exist. David Johnson [Mastercoin] also shares this opinion; there will always be a space for more players, since each crypto aims for specific users. Nxt is to Bitcoin …

Read the rest of this interview on:
http://cointelegraph.com/news/nxt_is_to_bitcoin_as_tesla_model_s_is_to_a_volkswagen_beetle_nxt_interview