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I NEED to understand the purpose of the MS in lamen terms
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Author Topic: I NEED to understand the purpose of the MS in lamen terms  (Read 1431 times)

wize_prime

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I NEED to understand the purpose of the MS in lamen terms
« on: March 12, 2015, 03:39:49 am »

Hypothetical Situation

I have a coin that I'd like to have businesses adopt as a form of payment.

Q1. How do I set up to use my altcoin (from MS) outside of the NXT system... (Not like I understand how to use it inside the NXT system either).

Q2. Piggybacking from the last footnote; How can I use my altcoin (from MS) within the NXT System?

Q3. I've scoured this forum and still haven't gotten a concrete answer but, what are the major difference between having something in AE vs MS?

Q4. Could I have a set up where my Asset is "treasury notes (don't take the word as is)" and use that to boost the valuation of my currency?

Any response is great (outside of rude ones) Thanks!
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Tosch110

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Re: I NEED to understand the purpose of the MS in lamen terms
« Reply #1 on: March 12, 2015, 03:51:43 am »

Hello wize_prime,

lets see if I can give a first answer before lyaffe can hand in a better explanation. He is more into the Monetary System than I am.
So,

Q1. In my mind it makes most sense to use your MS coin inside NXT. Unless you have planned to use another repository such as Bitcoin (create an Altcoin like Litecoin, Dogecoin...), NXT (like NEM, Nodejs...) or any other coin, you should stay on the Nxt Blockchain

Q2. You can use the NXT API like you can see here all necessary callls: http://104.131.87.211:7876/test?requestTag=MS
or in more detail an example currency (EGOLD): http://104.131.87.211:7876/nxt?requestType=getCurrency&currency=5775213290661997199

(preferrably use your own "localhost" node instead of  "104.131.87.211" here)

Q3. When you create an Asset you create a fixed amount of your Asset. With Coins on the Monetary System you have more options. You can distribitute your coin as you like but make the coin controllable (you can add the amount you like when you like). You can make it Reservable (Crowdfunding example), or mintable (PoW distribution, the miner pays the fees and the coin gets distributed fairly via PoW). You can make it 50% premine, 40% PoW and 10% Reservable...

Q4. Yes, thats Claimable. http://wiki.nxtcrypto.org/wiki/Monetary_System#Claimable

I hope that is a start

wize_prime

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Re: I NEED to understand the purpose of the MS in lamen terms
« Reply #2 on: March 12, 2015, 05:23:57 am »

Thanks Toshch!

In reference to Q2, is there an example of a currency utilizing their MS on a website?

In reference to Q4, doesn't that burn the NXT coins and send it the genesis (I think I used the correct terminology)?

This definitely was a start and helped a ton already, thanks again!
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Tosch110

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Re: I NEED to understand the purpose of the MS in lamen terms
« Reply #4 on: March 13, 2015, 10:02:53 am »

Thanks Tosch!

In reference to Q2, is there an example of a currency utilizing their MS on a website?

In reference to Q4, doesn't that burn the NXT coins and send it the genesis (I think I used the correct terminology)?

This definitely was a start and helped a ton already, thanks again!

I dont think there is any website yet using a MS currency. But this will come very soon.

No, coins are not sent to genesis, they are in a "void" and can be redeemed at any point of time. Sending NXT to genesis would "destroy" them, as nobody can make transactions from the genesis account (it would take 1 NXT fee and with -1 Billion NXT you cannot make transactions). So if you claim for example 100 wize_prime coins for 1000 NXT, you can at any time convert 1 wize_prime coin to 10 NXT. This way you could store a NXT value into a coin

Riker

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Re: I NEED to understand the purpose of the MS in lamen terms
« Reply #5 on: March 13, 2015, 10:50:45 am »

In reference to Q2, is there an example of a currency utilizing their MS on a website?

I don't think we have any web site which allows you to spend MS currency at the moment, however, to see a potential use case for MS currency look at http://ltbcoin.com/ which awards tokens for listening to its podcasts and producing content.

Quote
In reference to Q4, doesn't that burn the NXT coins and send it the genesis (I think I used the correct terminology)?

No, the currency "founders" receive currency units which represents locked NXT. They can claim them back for NXT whenever they like at a known rate set at the activation of the currency. See for example https://nxtforum.org/monetary-system-153/store-of-value-demo/msg159060/#msg159060
The locked NXT represent the intrinsic value of the currency.
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