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rudeboi

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Launching the Monetary System (1.4)
« on: December 23, 2014, 10:42:20 pm »



The Press Release:

Create a new currency in 2 minutes with the Nxt Monetary System

Nxt’s long-awaited Monetary System – an innovative platform that allows the fast and straightforward creation of completely new cryptocurrencies on top of Nxt – will go live on 10 January 2015.

The Monetary System (MS) allows users to launch new currencies, securing them with the Nxt blockchain using the second-generation cryptocurrency’s established network, rather than requiring that developers create a coin from scratch and bootstrap it with its own network. The ultimate value of the coin is determined by the market, depending on adoption and demand, and by the parameters set by the issuer. However, coins may also be created by ‘locking’ a certain amount of NXT, thereby giving a floor value to the issued currency. The idea is similar to the sidechains development taking place in Bitcoin – with the difference that the additional functionality is all contained within the Nxt platform, without the need for an external two-way peg.

Real-world application
MS brings a high degree of speed and convenience to a process that can otherwise be lengthy and complex – and inaccessible to most users. MS is tailored to real-world application as well as the cryptocurrency community, and aims to make it as simple as possible for individuals and businesses to launch a new coin. The range of potential use cases includes loyalty points, crowdfunding efforts and fiat- or commodity-backed tokens, as well as new altcoins.

Highly customizable
The Monetary System allows the creation and launch of coins and tokens in as little as two minutes. Coin features are selected from a list to give the currency the required properties, making the process not only extremely fast but remarkably flexible.

The full list of parameters (with potential use cases) includes:

•   Exchangeable: Currencies can be exchanged all within the Nxt platform or on traditional exchanges, each identified by unique name and ticker symbols (e.g. BTC, USD).
•   Controllable: Currencies may optionally only be traded with the issuing account (e.g. backed tokens such as gift vouchers).
•   Reserveable: Currency units are released and distributed if funding requirements are met within the given timescale, if not funds are automatically returned (e.g. crowdfunding).
•   Claimable: Reserveable units can later be exchanged at an agreed rate.
•   Mintable: Currencies can be mined by proof-of-work algorithms (SHA-256, SHA-3, Scrypt and keccak), whilst still being secured by Nxt's proof-of-stake algorithm.
•   Shuffleable: Coins can be shuffled when this feature is implemented (anonymity).

Macro implications
The Monetary System improves the distribution of wealth across the Nxt ecosystem, each currency unit possessing its own financial value.

MS also allows for the further decentralization of cyptocurrency and the wider economic landscape, achieved by:

•   Importing: First generation cryptocurrencies can transition into an MS currency, allowing them to take advantage of the many powerful features of the Nxt platform and ecosystem – including the Asset Exchange, Marketplace, encrypted messaging and Alias registration, as well as a fast-growing list of third-party applications and services.
•   Exporting: In the future a whole economy based on a MS currency could be transferred out of the Nxt system to another platform should the necessity arise.

For more information and to try for yourself please visit www.nxt.org.
***********

This press release is going to be circulated by BitcoinPRBuzz to all major outlets just before MS goes live.

How can you help?

Creation of a MS media  [Pictures Needed] Post your pictures in this thread, best one will become the 'official' one used on Nxt.org.

If you have any contacts within the Media, please send the press release to them.

Know of any smaller/niche sites you want us to mentioned on? Send them the PR or PM their email address and I'll send from a @Nxt.org address. 

Positively comment on any published articles about MS (post any articles in this thread and I'll update here):
https://bitscan.com/articles/onetary-system-minting-crypto-coins-for-mass-use

Social Media - Comment, Like, Upvote etc any MS related talk (let me know any links BCT, Facebook, Reddit, Twitter and I'll list them here):
https://www.thunderclap.it/projects/20959-create-your-own-cryptocurrency

Everyone else with a Facebook/Twitter/Tumblr account visit the above link and support!
« Last Edit: January 08, 2015, 08:08:23 am by rudeboi »
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google98

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Re: Launching 1.4
« Reply #1 on: December 23, 2014, 10:47:21 pm »

imho most important for any ad: cathy usecases!

tbh, I dont grasp all the advantages MS is good for so we need to think about the critical btc/average joe masses outside...

btw: when will 1.4 be launched?
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rudeboi

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Re: Launching 1.4
« Reply #2 on: December 23, 2014, 10:59:17 pm »

imho most important for any ad: cathy usecases!

tbh, I dont grasp all the advantages MS is good for so we need to think about the critical btc/average joe masses outside...

btw: when will 1.4 be launched?

1.4 is currently available on the test net (Beta), it will launch on main net when all bugs are worked out, but going by the speed of our devs we might not have long  ;D
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cr7yp

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Re: Launching 1.4
« Reply #3 on: December 24, 2014, 01:01:30 am »

Why don't we put some money from the marketing fund and hire some real good marketing guys for the launch?
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natty

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Re: Launching 1.4
« Reply #4 on: December 24, 2014, 07:06:51 am »

My idea is promoting NXT-based PoW 2.0 currencies to PoW 1.0 miners comparing the two PoW varieties.

Traditional Proof-of-Work 1.0, 1.1 crypto currencies: BTC, LTC/DOGE, XMR/BBR

+ more wide adoption (mostly by speculators except for Bitcoin);
+ more sophisticated mining tools;
+ more developed markets, again, this is largely valid for Bitcoin, markets for other PoW 1.0 currencies are few;
- the biggest disadvantage of a traditional PoW 1.0 coin is the large decentralized hashrate required to secure the blockchain;
- centralized exchange markets prone to shutdowns, hacks;

NXT-based Proof-of-Work 2.0 crypto currencies:

+ NXT secures PoW 2.0 transactions integrity. Hashrate of a PoW 2.0 coin can drop to zero and then resume again, but the NXT-based PoW 2.0 coin will not be affected; 51%, selfish-mining, double-spending attacks are not possible in a NXT-based PoW 2.0 coin;
+ decentralized exchange booths: each miner can be an exchange bank/booth and set exchange rates to sell/buy coins;
+ choose from 4 available mining algorithms: sha256, scrypt, sha3, keccak;
+ easy to create your own PoW 2.0 coin;
- basic mining tool, not optimized for CPU/GPU/ASIC yet;
- no markets yet, as the NXT technology is very young;

Feel free to add to the list and post it on crypto currency forums.
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crimi

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Re: Launching 1.4
« Reply #5 on: December 24, 2014, 11:30:02 am »

http://www.cbsnews.com/videos/will-digital-currency-go-mainstream/

Thats a good use case for a monetary system currency. She made her own currency so people get rewarded to clean up places in her city, because government doesnt spend enough tax money on cleaning anymore.
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POPPP

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Re: Launching 1.4
« Reply #6 on: December 24, 2014, 11:47:07 am »

Hi :)
I'm developing a LETS plateform using MS coin, with a special page to promote how to create a coin.
Every "local network leader" will be abble to create their currency and to use the plateform.
I need to implement NXT API using MS currency, i dont know yet if its possible to use MS currency throught the NXT API ?

I need help here : https://nxtforum.org/monetary-system/lets-system-global-transition-plateform-using-nxt-ms-coin/

If you think its a good idea,
I need support here : https://nxtforum.org/marketing-committee/%28mc%29-lets-global-plateform-using-mscoin/
if you think its a good idea, please write you are supporting me.

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google98

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Re: Launching 1.4
« Reply #7 on: December 24, 2014, 12:16:58 pm »

I've just had an idea:

Could we come up with a little HTML/java-site (implemented on NXT.org etc) which takes interested users on a little tour (like a FAQ):

Why do we need Monetary System?

(little explanation, then you can click the next question:)

But we already have hundreds of altcoins?!

(little explanation, then you can click the next question:)

Do I need Bitcoins for this?

(little explanation, then you can click the next question:)

Can my own coins be mined with a mining rig?

(little explanation, then you can click the next question:)

...


We'd need some questions which standard users would ask.
Technical effort is low, potential outcome high because we could refer to this little FAQ every time such questions arise
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barbierir

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Re: Launching 1.4
« Reply #8 on: December 24, 2014, 01:02:35 pm »

I wonder if it possible for an already existing cryptocurrency to be "imported" into the Nxt's Monetary System with the current balances of its users. Maybe it could be done this way:
1. Coin XYZ is dying, the community agrees to switch over Nxt
2. A future block is agreed upon to serve as point of reference
3. A trusted member uses the MS to create a new coin XYZms with a number of currency units equal to those existing at the time of the reference block
4. A website is setup where coin XYZ users can register a token proving ownership of a XYZ address and their Nxt address
5. Users receive a number of XYZms equal to those in their balance at the time of the reference block

In fact this could be done as a simple marketing ploy: we create in this way a corresponding DOGEms, LTCms or BTCms and invite all users to claim their balance of the new coin :D people like to receive free coins, even if worthless, and they will have a try at Nxt


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POPPP

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Re: Launching 1.4
« Reply #9 on: December 24, 2014, 05:37:17 pm »

Yes this is a good idea :D i was thinking of this also : create a swap website to revival died crypto and  promote this :) already existing member.
 
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ShawnLeary

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Re: Launching 1.4
« Reply #10 on: December 24, 2014, 06:03:08 pm »

There are many coins stuck in the LTC only trading pairs due to their value being less than 1 satoshi.  These would be prime targets for MS transfer. 
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Tosch110

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Re: Launching 1.4
« Reply #11 on: December 24, 2014, 06:13:33 pm »

Categories and a few starter ideas
Advertising:
Creation of a banner
Slogans e.g.: Create a currency in 2 mins, Nxt alternative to Sidechains
Paid advertising? e.g. BCT, CMC, Coindesk

good ideas! But aren't BCT, CMC and Coindesk the platforms we already advertise a lot on? We could use some new paths, where there is a lot of user and interest but the people do not know yet about NXT.

http://finance.yahoo.com/
http://www.nytimes.com/
...
dunno but maybe worth a try?

barbierir

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Re: Launching 1.4
« Reply #12 on: December 24, 2014, 07:40:48 pm »

There are many coins stuck in the LTC only trading pairs due to their value being less than 1 satoshi.  These would be prime targets for MS transfer.

One of such coins would be good to showcase a working example
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Nxtblg

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Re: Launching 1.4
« Reply #13 on: December 24, 2014, 09:29:37 pm »

I wonder if it possible for an already existing cryptocurrency to be "imported" into the Nxt's Monetary System with the current balances of its users. Maybe it could be done this way:
1. Coin XYZ is dying, the community agrees to switch over Nxt
2. A future block is agreed upon to serve as point of reference
3. A trusted member uses the MS to create a new coin XYZms with a number of currency units equal to those existing at the time of the reference block
4. A website is setup where coin XYZ users can register a token proving ownership of a XYZ address and their Nxt address
5. Users receive a number of XYZms equal to those in their balance at the time of the reference block

In fact this could be done as a simple marketing ploy: we create in this way a corresponding DOGEms, LTCms or BTCms and invite all users to claim their balance of the new coin :D people like to receive free coins, even if worthless, and they will have a try at Nxt

That's a darn good idea!
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Damelon

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Re: Launching 1.4
« Reply #14 on: December 24, 2014, 11:17:52 pm »

I like the way Noblecoin is already halfway there with NoXT: https://bitcointalk.org/index.php?topic=841741.280

They are opting for a hybrid option where Noblecoin and NoXT exist at the same time.

I see much more options here than just "moving over to the Nxt blockchain".

Nxt is modular, and so it stands to reason that you can create very intricate on- ánd offchain combinations depending on the project.

Thát's where the power of Nxt lies for me: not just the obvious like issuing shares and currencies, but creative use of the basic features that do much, múch more than is obvious at first glance.
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rudeboi

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Re: Launching 1.4
« Reply #15 on: December 28, 2014, 10:12:02 pm »

Edit by Berzerk: I will post a more concrete plan next week. This week was a holiday week for the Nxt Org. :)

1.4 will be released on mainnet at block 330,000, so that is just less than 2 weeks away.

So lots of work to do in not much time.

Advertising Fund:

If you want to contribute please send some NXT to NXT-78GJ-U62B-E7V2-3T6QY. The Nxt Org will match all donations :)

These funds will be used to to place adverts, most likely on multiple crypto news sites and paid articles as they are quite cheap compared to a single advert on BCT (which costs 3.3BTC for 1 week!)

If for any reason advertising doesn't go ahead all funds will be returned.

Press Release:

We need someone to write a press release for MS, approx 500 words. And we will send this to all crypto news sites, we also need email addresses of the sites you want us to send to.


Thanks for anybody that has contributed to this thread, I will update the OP with the relevant info.
« Last Edit: December 29, 2014, 09:00:01 pm by Berzerk »
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Fatih87SK

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Re: Launching 1.4
« Reply #16 on: December 28, 2014, 10:20:57 pm »

1.4 will be released on mainnet at block 330,000, so that is just less than 2 weeks away.

So lots of work to do in not much time.

Advertising Fund:

If you want to contribute please send some NXT to NXT-FH5B-9Y5F-DXP8-3Y3YK. The Nxt Org will match all donations :)

These funds will be used to to place adverts, most likely on multiple crypto news sites and paid articles as they are quite cheap compared to a single advert on BCT (which costs 3.3BTC for 1 week!)

Press Release:

We need someone to write a press release for MS, approx 500 words. And we will send this to all crypto news sites, we also need email addresses of the sites you want us to send to.


Thanks for anybody that has contributed to this thread, I will update the OP with the relevant info.
Maybe this article can help a bit;

https://bitscan.com/articles/onetary-system-minting-crypto-coins-for-mass-use
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rudeboi

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Re: Launching 1.4
« Reply #17 on: December 28, 2014, 10:37:54 pm »

Also need:

Creation of any MS media

Pictures are always good for any news websites to use in their articles, adverts, Nxt.org or BCT thread.

Sites to send the press release to 

We need a list of email addresses for us to send the press release to. Want us to appear on a certain news site then pop it in this thread.
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juicyjuice87

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Re: Launching 1.4
« Reply #18 on: December 28, 2014, 10:58:39 pm »

I get paid on the 15th. So could you please realese it after that date. Thanks
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rudeboi

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Re: Launching 1.4
« Reply #19 on: December 28, 2014, 11:17:04 pm »

The release date is set to block number, which I think will be before the 15th.
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