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PoW currencies on top of Nxt singapore
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Author Topic: PoW currencies on top of Nxt  (Read 5835 times)

Come-from-Beyond

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PoW currencies on top of Nxt
« on: June 01, 2014, 07:42:49 am »

Monetary System allows any user/group to create a currency on top of Nxt platform. One of the currency types is a PoW currency. The supply will be minted by using PoW and secured by using Nxt PoS.

I need ur comments on the following minting scheme.

Upon issuance a currency will have 0 initial supply and N max supply.
2 points will be defined - minDifficulty and maxDifficulty.
The difficulty will scale linearly from minDiff to maxDiff as a function of total supply (in the point of max supply the difficulty will be maxDiff).
Average number of hashes required for finding a nonce is proportional to Difficulty*Amount, where Amount is amount of coins a miner wants to mint at once, it will be capped so the miner can't mint the total supply at once.

PS: Such PoW correncies can migrate to their own blockchain after the bootstrapping phase. This provides protection for currencies that r being attacked before they get a big community.
« Last Edit: June 01, 2014, 07:44:23 am by Come-from-Beyond »
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mczarnek

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Re: PoW currencies on top of Nxt
« Reply #1 on: June 01, 2014, 10:33:43 pm »

One thing I'd add, give people the ability to have constant inflation after reaching N.

I know it's controversial but some currencies may want to maintain something like 1% inflation after reaching N.

Interesting idea to allow them to leave Nxt and switch to their own blockchain.. maybe I can see reasons but why is that a good thing?

Also, is is Scrypt, SHA256, or some other POW algo?
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Come-from-Beyond

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Re: PoW currencies on top of Nxt
« Reply #2 on: June 02, 2014, 06:36:40 am »

One thing I'd add, give people the ability to have constant inflation after reaching N.

I know it's controversial but some currencies may want to maintain something like 1% inflation after reaching N.

Do u have an idea how to do it?


Interesting idea to allow them to leave Nxt and switch to their own blockchain.. maybe I can see reasons but why is that a good thing?

It's a technical feature that doesn't care if it's good or bad. Market will decide.


Also, is is Scrypt, SHA256, or some other POW algo?

At the beginning there will be one algo, more algos can be added very easily.
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mczarnek

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Re: PoW currencies on top of Nxt
« Reply #3 on: June 03, 2014, 12:23:38 am »

One thing I'd add, give people the ability to have constant inflation after reaching N.

I know it's controversial but some currencies may want to maintain something like 1% inflation after reaching N.

Do u have an idea how to do it?

If being given out to POW miners, you can give these inflationary coins to the miners who will continue to mine forever.  Either that or if you switch to pure POS, give them to the forgers, something like 20 Nxt per block would be equivalent to 1% inflation at the moment.

Interesting idea to allow them to leave Nxt and switch to their own blockchain.. maybe I can see reasons but why is that a good thing?

It's a technical feature that doesn't care if it's good or bad. Market will decide.

I guess I'm more thinking is there any chance that it's bad for Nxt?  Like will one of these coins split off and try to say they are better because of 'better' distribution or whatever reason?  Maybe that's not a bad thing but I wonder, can we somehow charge some kind of fee for splitting off onto your own blockchain?  Maybe some kind of rental fee to be paid to Nxt forgers or something?  Developers might be able to remove it from the source code from their coin but would lead to increased Nxt value, leading to more of a chance of Nxt succeeding.

Also, is is Scrypt, SHA256, or some other POW algo?


At the beginning there will be one algo, more algos can be added very easily.

Mind telling me the initial algo?  May go buy myself a mining machine :)
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Come-from-Beyond

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Re: PoW currencies on top of Nxt
« Reply #4 on: June 03, 2014, 07:51:39 am »

Mind telling me the initial algo?  May go buy myself a mining machine :)

KNV - Keccak-256 (Nxt version). It's Keccak with extra round (25 instead of 24).
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superresistant

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Re: PoW currencies on top of Nxt
« Reply #5 on: June 04, 2014, 07:44:59 pm »

Mind telling me the initial algo?  May go buy myself a mining machine :)
KNV - Keccak-256 (Nxt version). It's Keccak with extra round (25 instead of 24).

What kind of hardware do we need ?

Come-from-Beyond

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Re: PoW currencies on top of Nxt
« Reply #6 on: June 04, 2014, 08:43:44 pm »

What kind of hardware do we need ?

GPUs.
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allwelder

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Re: PoW currencies on top of Nxt
« Reply #7 on: June 05, 2014, 02:14:57 pm »

MS will much like AE?
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Come-from-Beyond

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Re: PoW currencies on top of Nxt
« Reply #8 on: June 05, 2014, 02:19:07 pm »

MS will much like AE?

No. But u'll have ability to open ur own decentralized virtual exchange office.
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mczarnek

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Re: PoW currencies on top of Nxt
« Reply #9 on: June 06, 2014, 04:35:51 pm »

Is there a way to make it so that these coins and Nxt can be more easily swapped for each other in a cross-chain transaction sort of way?

Is that what you mean by decentralized virtual exchange office?  A way to swap coins across chains?
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Come-from-Beyond

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Re: PoW currencies on top of Nxt
« Reply #10 on: June 06, 2014, 04:43:07 pm »

Is there a way to make it so that these coins and Nxt can be more easily swapped for each other in a cross-chain transaction sort of way?

Is that what you mean by decentralized virtual exchange office?  A way to swap coins across chains?

No, I meant exchanging coins on top of Nxt. Cross-chain exchanging is not supported by the core.
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VanBreuk

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Re: PoW currencies on top of Nxt
« Reply #11 on: June 06, 2014, 04:55:49 pm »

Is there a way to make it so that these coins and Nxt can be more easily swapped for each other in a cross-chain transaction sort of way?

This is in the development agenda of NXTservices.
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allwelder

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Re: PoW currencies on top of Nxt
« Reply #12 on: June 07, 2014, 04:45:59 am »

Is there a way to make it so that these coins and Nxt can be more easily swapped for each other in a cross-chain transaction sort of way?

Is that what you mean by decentralized virtual exchange office?  A way to swap coins across chains?

No, I meant exchanging coins on top of Nxt. Cross-chain exchanging is not supported by the core.
haha,cross-chain exchange need multigateway. :D
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allwelder

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Re: PoW currencies on top of Nxt
« Reply #13 on: June 07, 2014, 04:46:50 am »

MS will much like AE?

No. But u'll have ability to open ur own decentralized virtual exchange office.
wait for more plain text for MS. :)
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benjyz

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Re: PoW currencies on top of Nxt
« Reply #14 on: June 09, 2014, 04:18:14 pm »

what's the use of such currencies? or rather: why PoW, not PoS? I'm wondering whether it is possible to create a CC with a stable price. if it would be possible to transmit the value of gold over a public network, one could use gold tokens, instead of a volatile CC. other than that I don't see why one would have N types of currencies, if they are not competing.
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Come-from-Beyond

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Re: PoW currencies on top of Nxt
« Reply #15 on: June 09, 2014, 05:30:32 pm »

what's the use of such currencies? or rather: why PoW, not PoS? I'm wondering whether it is possible to create a CC with a stable price. if it would be possible to transmit the value of gold over a public network, one could use gold tokens, instead of a volatile CC. other than that I don't see why one would have N types of currencies, if they are not competing.

There will be PoS coins on top of Nxt too.
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bitcoinpaul

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Re: PoW currencies on top of Nxt
« Reply #16 on: June 09, 2014, 05:32:45 pm »

what's the use of such currencies? or rather: why PoW, not PoS? I'm wondering whether it is possible to create a CC with a stable price. if it would be possible to transmit the value of gold over a public network, one could use gold tokens, instead of a volatile CC. other than that I don't see why one would have N types of currencies, if they are not competing.

Well, PoW on PoS is interesting. But of course there will be PoS (and all kind of other crazy models?) too.
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benjyz

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Re: PoW currencies on top of Nxt
« Reply #17 on: June 09, 2014, 06:29:57 pm »

supermarkets sometimes give away free rebate tokens. they issue their own currency, one can say. but they are still priced in fiat. viewed this way every stock or bond is a currency - the denomination is in USD, EUR, .. and it has some extra rules, such as: I give you 100$ if you spend it in my shop. the same principle applies to taxes and donations. beggars often claim they will use the money for some good cause.

I think PoW fundamentally tends to aggregate to one coin. Litecoin is way overvalued, because it has the same use case as Bitcoin, but it could be destroyed by Bitcoin hashing power if it where an actual threat. So the PoW market should be a winners takes all. it's pretty strange that so many believe that PoW is the actual invention, when it obviously is a very clever hack.
« Last Edit: June 09, 2014, 06:36:19 pm by benjyz »
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spaw

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Re: PoW currencies on top of Nxt
« Reply #18 on: June 09, 2014, 09:26:27 pm »

Monetary System allows any user/group to create a currency on top of Nxt platform. One of the currency types is a PoW currency. The supply will be minted by using PoW and secured by using Nxt PoS.


PS: Such PoW correncies can migrate to their own blockchain after the bootstrapping phase. This provides protection for currencies that r being attacked before they get a big community.

what happens to the NXT used to create the currency once it migrates to it's own blockchain? in another MS thread it's supposed to be redeemable for the "burned" NXT coins. Will this still be the case? or are those burned NXT lost forver once a currency migrates away?

spaw
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Come-from-Beyond

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Re: PoW currencies on top of Nxt
« Reply #19 on: June 09, 2014, 09:37:46 pm »

what happens to the NXT used to create the currency once it migrates to it's own blockchain? in another MS thread it's supposed to be redeemable for the "burned" NXT coins. Will this still be the case? or are those burned NXT lost forver once a currency migrates away?

spaw

These NXT can be claimed back after migration process completes.

I think it should be noted that NXT protects PoW currencies and their price, so the price can't go to zero.
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