NXTER.ORG

Three unappreciated Nxt services

Nxt is a hugely versatile and powerful platform, with a massive range of functionality. Nxt’s current and upcoming releases have already incorporated capabilities that are each a sole or major focus for other coins – shuffling, decentralised asset exchange, voting, messaging and more. Few other platforms have anything like Nxt’s sheer number of tools.

However, this extensive toolbox is both a strength and a weakness for Nxt. There are the killer services, like the AE, which has seen massive use since its launch 18 months ago. Then there are other functions such as Voting, which have seen some use. Others, like Aliasing, have attracted some interest but have yet to find a widespread use-case.

Then there are other features, each impressive in their own right, which have become all but lost under the other tools that are taken out and used on a daily basis. Three of these are the MS (Monetary System), Digital Marketplace, and Tokens.

Monetary System

The MS is a fantastic innovation that aims to simplify the creation and administration of new coins. It allows anyone to design and issue a new, off-the-peg cryptocurrency on top of Nxt – choosing from a list of features and using the Nxt blockchain to secure it, rather than bootstrapping a whole new network.

In theory, this should have been far more popular. After all, new coins are created every day, mostly by cloning bitcoin and tweaking one or other parameter. But it hasn’t happened with Nxt MS.

There are at least two reasons for this. One is that the MS has a clunky and somewhat user-unfriendly interface, which makes it hard to engage with the process, whether as an issuer or user. Secondly, these coins are not independent. They are based on Nxt and require NXT transaction fees, rather than fees being paid in their own currencies. NautilusCoin (NAUT), which was ported to Nxt, deals with this issue through a dedicated wallet that deducts fees in NAUT automatically, taking care of the conversion to NXT behind the scenes.

It may be wrong to think of these as truly independent new cryptocurrencies, but that doesn’t mean MS lacks use cases. One of the most obvious and powerful lies in crowdfunding – as recently proved by the Tennessee marketing campaign. TNSSE (the coin code) collected 10 million NXT for marketing activities. Two built-in properties made this a safe process. Firstly, if the 10m target was not met, all pledged funds would be returned to the senders automatically. Secondly, TNSSE tokens cannot be transferred or sold, except back to the issuing account. This ensures that no fraudulent secondary market develops.

Digital Marketplace

The Marketplace – originally titled the Digital Goods Store – is the true Cinderella of Nxt. It’s a great service, but it’s all but unused. It enables users to buy and sell digital files – music, ebooks, images, software and apps – quickly and easily, and returns their money if the link isn’t provided in a given window of time.

The Marketplace has seen almost no adoption. At first, a few people used it to sell physical goods, despite the fact that it wasn’t designed for this – there is no way of ensuring that a physical object has been delivered, whereas delivering a file is a different matter (though of course, there’s always the problem of ensuring it’s the right file). A few people also sold music on it. There was a significant project, Melodius, which aimed to use DGS to power a platform for independent artists. Coupled with a seamless fiat gateway provided by an exchange, the idea was to keep Nxt very firmly in the background, using the platform to make it easy to upload and sell music without the assistance of a major label. The project was unfortunately mired in complications and delays, and has not (yet) made it to completion.

The marketplace remains under-used and almost unused. Once again, the reason may be the friction of converting funds into NXT, as well as a lack of visibility outside of Nxt circles, let alone crypto circles. With a proper interface and fiat gateway, and the right marketing, it remains a powerful proposition.

Tokens

One last function that deserves a mention is tokenisation. This is a rather obscure process, but it has far-reaching applications.

A token is a string of characters that encapsulates a given piece of text (a name, phrase, URL – it doesn’t matter) and the public key of the user providing the token. Tokens can be created easily within the NRS, simply by providing your passphrase and the required text. This can be decoded by any other user, again using the NRS. There is no charge for this.

What this means is that users can provide cryptographically verifiable proof of ownership. Anyone can, for free, create a token which proves they own a particular address – without needing to show anyone their passphrase.

This may sound mundane but the implications are profound. Tokenisation could be used for signing into websites, for example; submitting a token consisting of the website’s URL and encapsulating the user’s Nxt address could allow them to log into their account without worrying about passwords or usernames. The username would effectively be the Nxt address, and there would be no concerns about passwords being hacked from the site, because a password would never be submitted – ownership of the Nxt account would be confirmed from the token.

Tokenisation isn’t unique to Nxt, though it makes it very easy. However, this action could be combined with further Nxt services. For example, in connection with the Marketplace, it could be used to subscribe to an online journal or media service. Files could be made available to the recipient’s Nxt account on submission of a token that proved their ownership of the account in question. If a Nxt account is also used for payment of a subscription, a token could be used to establish that the user had paid their fees – and access cancelled once the period covered by the fees expired.

Nxt’s toolbox enables a vast, thriving system of trustless e-commerce. Going into its third year, we hope to see more of these being realised.

SuperNET Newsletter #2

Welcome to the second SuperNET Newsletter!

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

Topics

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

SuperNET & UNITY

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

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

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

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

Asset dividends paid

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

neoDICE

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

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

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

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

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

After the dividend distribution James notes:

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

NXTinspect

The second “surprise-dividend” was NXTinspect.

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

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

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

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

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

The upshot was this:

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

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

Dividend distribution

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

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

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

Pre-ANN asset dividends

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

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

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

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

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

Combined dividends

NXTventure and SuperNET will be releasing combined dividends.

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

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

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

Other SuperNET assets and services

ATOMIC

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

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

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

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

James writes:

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

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

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

Freemarket

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

Some advantages over options like eBay:

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

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

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

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

InstantDEX enables near real-time trading between cryptocurrencies.

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

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

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

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

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

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

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

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

SuperHODL

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

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

MyNXT.info

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

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

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

SuperTraders

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

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

Supernet.org

We managed to get the domain supernet.org!

SuperNET logo

The logo is created by ‘ether’.

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

SuperNET_logo

Coming soon:

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

SuperNET Volunteers

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

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

SuperNET CORE coins

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

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

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

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

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

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

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

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

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

Development updates

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

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

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

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

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

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

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

Multigateway

James:

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

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

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

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

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

SuperNET related links

Supernet Forum

https://forum.thesupernet.org

Follow SuperNET news

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

SuperNET related projects:

Coinomat
https://coinomat.com

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

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

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

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

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

Prediction Markets

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

Affiliated websites (revenue sharing or partial ownership)

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

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

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

SuperNET Newsletter #1

Welcome to the SuperNET!

Topics

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

ICO summary

SuperNET was announced on August 30th.

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

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

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

Total funds raised

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

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

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

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

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

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

1,201.4874086 BTC

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

Total BTC equivalent = 5,737.1589

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

Additional assets

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

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

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

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

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

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

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

Bonus proposal

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

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

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

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

#### Proposed voting ballot

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

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

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

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

The vote

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

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

Result of vote:

Rejected: 15.2 percent
Approved: 84.8 percent

Total 325681/571243 = 57% turnout

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

Distribution

SN_assets

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

TOKEN > SuperNET/UNITY

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

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

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

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

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

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

TRADING

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

NAV buywall

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

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

James explains:

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

ShortBTCD:

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

Dividends

Supernet accounting will be done by NXTinspect.

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

The other half will be distributed as follows:

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

How UNITY dividend payments work

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

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

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

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

[Dividend Announcement]

September 28, 2014, on bitcointalk.org:

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

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

James:

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

FUNDING REQUEST: SuperNET online wallet

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

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

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

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

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

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

Agreements between SuperNET and CoinEvolve terminated

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

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

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

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

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

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

James
###

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

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

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

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

SuperNET development update

We need 10 servers to test ASAP

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

James:

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

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

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

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

SuperNET forum

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

James, on Sep 28, 2014:

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

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

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

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

James

SuperNET related links

Supernet Forum

https://forum.thesupernet.org

Follow SuperNET news

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

SuperNET related projects:

Coinomat
https://coinomat.com

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

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

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

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

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

Affiliated websites (revenue sharing or partial ownership)

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

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

Attention coin representatives

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

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

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

SuperNET ICO ends [UPDATED!]

UPDATED 23.09.2014

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

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

jl777
on September 20, 2014:

Total TOKEN so far: 482735.48203719

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

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

So this morning it was confirmed:

SuperNET ICO will end 1400 GMT on Tuesday.

Voting

Voting will end 1400 GMT on Wed.

jl777:

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

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

The voting will be to Approve or Reject.

BTER

[UPDATE]

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

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

Nxt Asset Exchange

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

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

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

jl777:

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

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

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

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

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

jl777:

Reject would mean as originally specified.

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

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

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

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

Trading

Trading of SuperNET/UNITY will start 1400 GMT on Thursday

BTER

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

Nxt Asset Exchange

UPDATE:

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

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

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

jl777

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

SuperNET will provide liquidity at NAV of its crypto portfolio.

jl777:

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

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

NXT Market Report: 15 September 2014

Market Cap

Welcome to this week’s market report. Reviewing what’s been happening in the last few days is a real pleasure. At the time of writing NXT may have gained ‘only’ 1% in price but during the course of the week (12 September) NXT was valued at USD 43.2m and therefore reached its highest price since the beginning of August.

This increase in price is one consequence of the superNET ICO.

A second effect of the “ICO”, and probably even more important, was the significant increase in the trading volume with a peak at USD 250’000. Since the superNET ICO will last for at least another week we can expect a steady volume at around USD 100’000 – 150’000 for the next week and will probably see another rise in value.

In my last market report I pointed out the increasing ascendancy of NXT and this fact hasn’t changed. There are 9 NXT  trading pairs on 7 different exchanges with a daily trading volume of more than USD 1’000. If we also take the Multigateway into consideration, the number of exchanges with a decently filled order book rises to 8!

coinmarketcap 14092014
Source: coinmarketcap.com

Status of the superNET ICO

The superNET ICO had a very successful start – within 2 hours jl777 raised funds valued at USD 1m! Since then, the fund raising has slowed down quite a bit but the funds are still flowing in steadily. A number of investors have indicated that they will be buying (more) tokens towards the end of the ICO period in the expectation of higher Nxt prices: because the token is priced in BTC, the Nxt price of the token on the Asset Exchange decreases with a rising NXT price. As of 13 September 14:00:01 GMT jl777 sold 438’214 tokens and raised the following amounts:

Also read: ON TOP OF NXT: Meet James

  • 1’039.51 BTC
  • 35’941’407.98 NXT (@ 0.000079 BTC/NXT)
  • 18’256.01 BTCD (@0.0132 BTC/BTCD)
  • 621’425.55 CNY (@ 2907.5 BTC/CNY)
  • 5’403 VIA (@ 0.00035055 BTC/VIA)

Converted into BTC, as at the exchange rates for 14 September 2014, the above figures produce a total of 4335.47 Bitcoins! 

What is CoinEvolve.com?

We are happy to welcome CoinEvolve.com to the Nxt Community. CoinEvolve.com develops projects for crypto currencies and has already finished two: CryptoHire.com and CoinGigs.com. You can get more information about these projects in their announcement thread on nxtforum.org.

CoinEvolve.com announced their IPO on the NXT Asset Exchange on 4 September 2014.  Initially there wasn’t really a lot of interest in their IPO asset EVOLVE since the offered product is new to the community and there was no immediate expectation of significant earning potential, at least in the short term. Then, on 13 September jl777 announced a partnership between SuperNET and CoinEvolve.com.

This announcement resulted in panic buying on the Asset Exchange – within 6 hours the offered IPO shares at 0.6 NXT were sold out and the market price sky rocketed to 3 NXT each. CoinEvolve.com decided to issue a second asset called EVOLVE2 on the same basis as the first one. This time the asset was sold out within 1.5 hours! More evidence of the so called ‘jl777 effect’!

What’s going on in the Asset Exchange?

Privatebet: Privatebet is also one of jl777’s famous assets. jl777 bought some know-how from Come-from-Beyond for 200k NXT regarding a once popular gambling game called SatoshiDice. The owner earned millions with it but his service lost popularity because he had to switch from unconfirmed to confirmed transactions. In effect, jl777 bought the solution to how this service could be run on top of Nxt without being restricted to only accepting confirmed transactions. After jl777 won the auction, the price of Privatbet increased multiple times up to 88.83 NXT and is now listed at 84.99 NXT.

Nxttycoin: I have written about Nxttycoin in a previous market report. Nxttycoin has so far proved to be an outstanding investment possibility in the Asset Exchange: not only has its increase in value been remarkable, Nxttycoin holders also receive 5% interest on their coins at the end of every month.

You may have seen seen that Nxttycoin recently dropped several places on coinmarketcap (CMC). CMC has decided, for the purposes of calculating market capitalizations, only to count the coin supply actually tradeable on the market which, in the case of Nxttycoins, is 200M rather than the 1BN total supply on which the market cap was previously calculated. This of course means that Nxttycoin’s market cap is now 2o% of what it was previously.

The remaining 800M Nxttycoins are held in escrow by the Nxttycoin Foundation to cover the monthly ‘interest’ of 5% and to meet the developer’s commitment to distribute Nxttycoins among the first 100’000 users of the Nxtty messaging service.

Also read: Nxtty – crypto messaging for the masses

The launch of the Nxtty messenger service has been postponed several times now in order to take into account all the feedback  regarding possible improvements. The design of the application has been upgraded and the developer is planning to include a wallet for Nxttycoin in the application itself. The purpose of the wallet is twofold: to make in-app tipping a reality whilst at the same time introducing the user base to crypto currencies, which I find an amazing approach. We are looking forward to the final launch of the app and to its installation on our mobile devices.

That’s it for this week’s market report; I hope you enjoyed it!

This market report is for general information and news purposes only. It does not take into account the reader’s personal circumstances, objectives or attitude towards risk. It is not (and is not intended to be) any form of advice, recommendation, representation, or endorsement by the author or the web site owner and should not be relied upon when making (or refraining from making) any investment decision.