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Nxt 2.0 design
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Author Topic: Nxt 2.0 design  (Read 221499 times)

farl4bit

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Re: Nxt 2.0 design
« Reply #980 on: March 31, 2016, 10:21:51 am »


So let's do the opposite: select 5 tech savy crypto from http://coinmarketcap.com/ and let's merge with them.


Isn't that what Supernet is doing already?  ::)
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MrCluster87

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Re: Nxt 2.0 design
« Reply #981 on: March 31, 2016, 10:37:45 am »

In fact I do support their approach. But i mean in a more profound way, cose at the and of the day Nxt, BTCD, Syscoin, VPNcoin, Vericoin... are still "separate" networks...


So let's do the opposite: select 5 tech savy crypto from http://coinmarketcap.com/ and let's merge with them.


Isn't that what Supernet is doing already?  ::)

asfd

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Re: Nxt 2.0 design
« Reply #982 on: March 31, 2016, 02:19:41 pm »

So if they are using an asset, they must transfer both the asset and make sure the recipient's account is funded with enough child chain tokens to cover the fees?
To me that sounds like we are back at square 1.
- in Riker's example ("perhaps 1000's of accounts getting the tokens and using them as entrance ticket") there is no need for users to transfer asset. They only need to show (QR-code of receiving transaction?) the ownership of asset.

Only if user whant to profiteer at Asset Exchange (to re-sell ticket-asset), she need some childtokens for fee. She can buy that childtoken(s) from ticket business owner (for fiat, as she buys assets-tickets).
They should to transfer the asset to the issuer, because if one person just show the QR-code or ownership, he can pass into and then transfer the asset to a friend, that could pass by showing the same QR-code. It is just like the real tickets in museums, cinemas, music concerts, etc.: you have to give back the ticket to pass.
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Pilot

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Re: Nxt 2.0 design
« Reply #983 on: March 31, 2016, 04:42:57 pm »

I read a good portion of this thread, but it's still not clear to me where the fNXT will come from when a forger includes a NXT transaction in the block. So, can someone ELI5?

Sender: Creates a NXT spend transaction with 1 NXT fee and transmits it to the network.

Forger: Validates the transaction and includes it in a block.

What happens to the NXT fee?
Hows does the forger get fNXT out of this block? (assume this is the only tx in the block)

Thanks.
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abctc

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Re: Nxt 2.0 design
« Reply #984 on: March 31, 2016, 07:03:51 pm »

I read a good portion of this thread ...
- please do read only Jean-Luc's posts in this thread. He had answered all your questions.

In brief: there is a middleman between Sender and Forger - NXT block composer. He collects NXT fee from senders, but pays fNXT to forger. He buys fNXT tokens at the equivalent of Asset Exchange.
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Pilot

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Re: Nxt 2.0 design
« Reply #985 on: March 31, 2016, 10:41:34 pm »

I read a good portion of this thread ...
- please do read only Jean-Luc's posts in this thread. He had answered all your questions.

In brief: there is a middleman between Sender and Forger - NXT block composer. He collects NXT fee from senders, but pays fNXT to forger. He buys fNXT tokens at the equivalent of Asset Exchange.

So, someone that is paying the fNXT to include NXT blocks gets the NXT fee of the transaction?
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NxtSwe

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Re: Nxt 2.0 design
« Reply #986 on: April 01, 2016, 10:52:16 am »

I read a good portion of this thread ...
- please do read only Jean-Luc's posts in this thread. He had answered all your questions.

In brief: there is a middleman between Sender and Forger - NXT block composer. He collects NXT fee from senders, but pays fNXT to forger. He buys fNXT tokens at the equivalent of Asset Exchange.

So, someone that is paying the fNXT to include NXT blocks gets the NXT fee of the transaction?
Correct, I believe that role has gotten the nickname 'bundler' earlier in the discussion, since they bundle one or more NXT transactions into a ChildChainBlock transaction on the main chain.
That way we won't confuse the roles forger and bundler.
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Brangdon

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Re: Nxt 2.0 design
« Reply #987 on: April 01, 2016, 07:17:54 pm »

So, someone that is paying the fNXT to include NXT blocks gets the NXT fee of the transaction?
In practice the forger may also be a bundler. When it's their turn to forge for the fNXT chain, they can bundle any available NXT transactions and include the bundle in their fNXT block for free.
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JPred

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Re: Nxt 2.0 design
« Reply #988 on: April 28, 2016, 06:13:45 am »

Let's do 2!  :)
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farl4bit

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Re: Nxt 2.0 design
« Reply #989 on: April 28, 2016, 09:17:08 am »

Let's do 2!  :)

I agree! Give it a new name and we have a new start. People can join the "ICO" by buying NXT on the time of the snapshot(s) and everybody is happy.  ;D
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wolffang

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Re: Nxt 2.0 design
« Reply #990 on: May 03, 2016, 12:16:04 pm »

How is Nxt 2.0 development going?

When can we market the hell out of it? (Q4?)

Already have ideas of the supply? Same as NXT or less than 1 billion tokens?
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Jean-Luc

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Re: Nxt 2.0 design
« Reply #991 on: May 04, 2016, 03:56:18 pm »

I am working on it, nothing new to say about 2.0 at this point.
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MrCluster87

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Re: Nxt 2.0 design
« Reply #992 on: May 05, 2016, 04:52:25 pm »

Just wow: https://youtu.be/vPMQlFsKQnU?t=12m25s

Scalability is the new word, beside blockchain and decentralized

HCLivess

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Re: Nxt 2.0 design
« Reply #993 on: May 06, 2016, 11:15:52 am »

Just wow: https://youtu.be/vPMQlFsKQnU?t=12m25s

Scalability is the new word, beside blockchain and decentralized

also: agile
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Brangdon

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Re: Nxt 2.0 design
« Reply #994 on: May 16, 2016, 11:01:49 am »

Any thoughts on Bitcoin's Lightning Network?

The Lightning Network is a way of setting up a payment channel on the Bitcoin block-chain. A payment channel is essentially a 2-signature address. Once set up, two parties can send each other funds by sending a transaction to the other party that gives the other party permission to draw the funds from the address. This transaction is signed by the first party, but doesn't normally get added to the block-chain. It is a kind of cryptographically enforced, trust-free IOU. Either of the parties can redeem their latest IOU by broadcasting it to the block-chain; this closes the payment channel. Thus only the first and last transaction of the payment channel gets into the block-chain. Bitcoin shifts from being a transactional network to a settlement network.

This also means that payments get sent at internet speed, without needing to wait 10 minutes or 60 minutes for confirmations. Hence the "lightning" part of the name. The "network" part comes from them chaining payment channels together. If A wants to pay D, instead of creating a payment channel directly with D, they can find a route though the channels they already have: A pays B, who pays C, who pays D, all though existing payment channels and all off-chain. (We might imaging B and C are playing the roles of clearing banks in this scenario.)

The Lightning Network seems to be Bitcoin's solution for scalability. How do you think it compares to Nxt 2.0? It seems to me that Bitcoin will at least end up with faster transactions than Nxt 2.0. I'm not sure whether it will have less bloat, but it is rather taking the wind out of our sails on that score too. Should we be worried? Should we be pursuing a design like that instead of 2.0?
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nzminer

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Re: Nxt 2.0 design
« Reply #995 on: May 17, 2016, 07:55:16 am »

I dont have any issue with it, i think it will make it more attractive to those wanting to forge NXT also. :)
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bob_ggg

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Re: Nxt 2.0 design
« Reply #996 on: May 17, 2016, 02:38:22 pm »

Any thoughts on Bitcoin's Lightning Network?
 Should we be worried? Should we be pursuing a design like that instead of 2.0?
My understanding from reading the whitepaper is that it is an excellent solution for a PAYMENT network where it is possible to settle a sequence of payments through a parallel network of gateways. IMHO, this solution does not cover the use of the blockchain for cases that are not related to payments (Factom, etc).
In short, I think that it would be a great addition to the planned Nxt 2.0 scheme.
On the other hand, it would be very interesting to understand how far we are, server side, to support this scheme, leaving a future implementation of the network in NXT to a different time, when all the requirements are fully understood.
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Nextshares

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Re: Nxt 2.0 design
« Reply #997 on: June 12, 2016, 02:32:52 pm »

How is the fee charge, main chain FXT, child chain FNX, if A send FNX to B, then it will take 1 FNX fee, at the same block, C send FNX to D, also charge C 1 FNX fee, from main chain it will takes 1 FXT fee for both transition, so how to convert FNX fee to FXT fee by SW?
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Nextshares

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Re: Nxt 2.0 design
« Reply #998 on: June 13, 2016, 01:39:26 pm »

How is the fee charge, main chain FXT, child chain FNX, if A send FNX to B, then it will take 1 FNX fee, at the same block, C send FNX to D, also charge C 1 FNX fee, from main chain it will takes 1 FXT fee for both transition, so how to convert FNX fee to FXT fee by SW?

Anyone know this?
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Riker

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Re: Nxt 2.0 design
« Reply #999 on: June 13, 2016, 02:27:39 pm »

How is the fee charge, main chain FXT, child chain FNX, if A send FNX to B, then it will take 1 FNX fee, at the same block, C send FNX to D, also charge C 1 FNX fee, from main chain it will takes 1 FXT fee for both transition, so how to convert FNX fee to FXT fee by SW?

Anyone know this?

Answered here https://nxtforum.org/general-discussion/create-android-app-base-on-nxt/msg219058/#msg219058
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