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Proof of importance in NXT
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Author Topic: Proof of importance in NXT  (Read 2612 times)

follas

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Proof of importance in NXT
« on: January 02, 2016, 07:48:31 pm »

Hey guys,

I recently started thinking about how proof of importance could help NXT advance even more.

I understand that at the moment the amount NXT earned through forging is not big. However, in the future it could be a lot more and that would mean rich people will get richer. I know that most people forge in order to help NXT, but there aren't that many.

I think that with Proof-of-Importance there could be a lot more people trying to help the network and those that would be rewarded would be the ones that care about it.
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neofelis

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Re: Proof of importance in NXT
« Reply #1 on: January 06, 2016, 05:27:23 am »

How do you determine Proof of Importance?
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durerus

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Re: Proof of importance in NXT
« Reply #2 on: January 06, 2016, 05:45:33 pm »

The rich don't get richer, neither now nor when 1 NXT is at 1 USD. They just keep their percentage of forging power.
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xiahui135

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Re: Proof of importance in NXT
« Reply #3 on: January 25, 2016, 03:59:40 pm »

Support the idea of POI. Other factor need to be considered when forging.
We need people to guarantee the network, so the Internet bandwidth need to be considered.


从我的 iPhone 发送,使用 Tapatalk
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dance

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Re: Proof of importance in NXT
« Reply #4 on: January 25, 2016, 04:24:24 pm »

The rich don't get richer, neither now nor when 1 NXT is at 1 USD. They just keep their percentage of forging power.
The ones who forge with time->oo, will end up owning all coins.
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dance

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Re: Proof of importance in NXT
« Reply #5 on: January 25, 2016, 04:26:30 pm »

Support the idea of POI. Other factor need to be considered when forging.
We need people to guarantee the network, so the Internet bandwidth need to be considered.
Do you have an idea how bandwitch could be considered in cryptocurrency?
Btw, network doesn't mean internet.
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TheCoinWizard

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Re: Proof of importance in NXT
« Reply #6 on: January 25, 2016, 05:33:21 pm »

The rich don't get richer, neither now nor when 1 NXT is at 1 USD. They just keep their percentage of forging power.
The ones who forge with time->oo, will end up owning all coins.
In general capital can create more capital, reflecting that productive goods can create even more productive goods...
So this is only natural though. And no, they will just end up with a bigger stake for servicing a blockchain which is a lot bigger then...
Support the idea of POI. Other factor need to be considered when forging.
We need people to guarantee the network, so the Internet bandwidth need to be considered.


从我的 iPhone 发送,使用 Tapatalk
I agree that network service from your node is also some type of investment that should be rewarded, though a doubt POI has a lot to do with that.
POW does not look at that factor neither, but also functions. And the big improvement of POS is that the coin holder doesn't get punished with huge inflation that pays for a useless pissing contest consuming more and more energy and constantly new hardware.
So nice try, trying to act as if you even know the POI algo, but once again:
How do you determine Proof of Importance?
Or in other words, what is the actual algo? And does the upload/download ratio of your node even get considered in POI?
« Last Edit: January 25, 2016, 05:44:39 pm by TheCoinWizard »
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xiahui135

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Re: Proof of importance in NXT
« Reply #7 on: January 26, 2016, 04:24:09 pm »


The rich don't get richer, neither now nor when 1 NXT is at 1 USD. They just keep their percentage of forging power.
The ones who forge with time->oo, will end up owning all coins.
In general capital can create more capital, reflecting that productive goods can create even more productive goods...
So this is only natural though. And no, they will just end up with a bigger stake for servicing a blockchain which is a lot bigger then...
Support the idea of POI. Other factor need to be considered when forging.
We need people to guarantee the network, so the Internet bandwidth need to be considered.


从我的 iPhone 发送,使用 Tapatalk
I agree that network service from your node is also some type of investment that should be rewarded, though a doubt POI has a lot to do with that.
POW does not look at that factor neither, but also functions. And the big improvement of POS is that the coin holder doesn't get punished with huge inflation that pays for a useless pissing contest consuming more and more energy and constantly new hardware.
So nice try, trying to act as if you even know the POI algo, but once again:
How do you determine Proof of Importance?
Or in other words, what is the actual algo? And does the upload/download ratio of your node even get considered in POI?
The algorithm may be simple, but eventually we will make it good if optimizing it frequently.
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dance

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Re: Proof of importance in NXT
« Reply #8 on: January 26, 2016, 05:06:15 pm »

In general capital can create more capital, reflecting that productive goods can create even more productive goods...
There is no such thing as capital.

And no, they will just end up with a bigger stake for servicing a blockchain which is a lot bigger then...
I'm talking not about blockchain size. I'm talking about 'crypto coins' in POS system like the one used in NXT.
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verymuchso

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Re: Proof of importance in NXT
« Reply #9 on: January 26, 2016, 06:57:00 pm »

Or in other words, what is the actual algo? And does the upload/download ratio of your node even get considered in POI?

Wondering that too. Perhaps the OP could elaborate somewhat for us noobs.
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