Switch to ArdorForum

Quote from: jl777 on August 05, 2014, 10:23:35 pm

As previously announced, NXTprivacy will be issuing a cryptocard asset, but it turns out that it sold out before I could even issue it!

The BTCD community came up with 25000 BTCD and NXTprivacy is making matching amount for the entire inventory, but I announce it here so people will know what the asset is. I am not sure if anybody will sell it on NXT AE, but as I have learned this always seems to happen.

Current price ratio is ~27:1 so 25000 BTCD is matched by 675000 NXT, which makes its sale price = 1.35 NXT per asset

The following is the asset description, very short and generic:
Issuer ID: NXT-KKNV-8EPK-W2S4-96VTK Asset number 7110939398145553585

###
NXTprivacy is proud to issue the cryptocard asset which will distribute 1% of processed transaction volumes to the assetholders. This card does not require any personal information. All of the processing and handling is outsourced to coinomat.com. Please check NXTprivacy.org for the latest details on fees and limits. Standard ATM fees will apply for cash withdrawals.
###

The initial text for the NXTprivacy.org site is:

###
We're launching debit card program for easy withdrawal of NXT and BitcoinDark funds through ATM's worldwide and online payments.

Key facts:

- The card is issued by a European bank with a good card programs track record
- This a no-name card; we would need your address for card shipment though
- Card issuance and delivery cost $40 and naturally can be paid in NXT or BTCD
- The monthly transaction volume with one card is limited by $10,000. Multiple cards can be ordered
- Online payments using the card are free, withdrawal fee through ATM is charged by the issuing bank and is 3%
- NXT and BTCD conversion is made according to the current respective exchange rates.
- Processing is carried out by coinomat.com exchange service.

The card will be launched in September 2014.

Our goal in making this card program is to provide an easy bridge for crypto to fiat conversion. In future withdrawal of other cryptos, including Bitcoin, will be possible.
###

Once it is distributed, then it could start trading on NXT AE, actually nobody can stop this, so it should have some immediate liquidity

James

P.S. For those worried about the need for postal address, we will also be arranging having the cards available at tradeshows on a cash basis, so you can meetup with the NXT booth and pay cash and grab a random card from the box of pre-issued cards. Then register the number at public internet shop.

How is that asset work? I don't understand: "NXTprivacy is proud to issue the cryptocard asset which will distribute 1% of processed transaction volumes to the assetholders".

There is only two assetholders now:
https://nxtblocks.info/#section/assets_exchange/stakeholders/7110939398145553585

Both assetholders seems to be own by you.

Is what I say true?

At the moment the asset was issued 100% was in NXTprivacy, but this is just due to not having completed the distributions based on people's deposits.

NXTprivacy issued the asset, I am waiting to distribute 50% to the BTCD peoples, but they all need to make NXT accts. 10% is in JLH as is typical, so NXTprivacy will end up with ~30%. I expect 10% to go to another party.

So, if by "you", you mean JLH asset holders and NXTprivacy holders, then 10% + 30% will be in those assets.

This adds value to the NXTprivacy asset as it will get 0.3% of cryptocard transaction volume. It also helps coinomat boost its processing volumes. JLH gets another asset. While I could have done this personally, I have committed to do my best to increase the value of my assets in their respective areas and I use my best judgement when structuring each deal to properly place them in the right asset. When the NXTprivacy assets are finished selling, then the remainder will go to NXTventure assetholders as a dividend.

I hope this makes sense. Also note that I am not asking for anybody to invest in cryptocard, it was just a notice about what the asset was.

James

thank you for the precision.
as 1% go to the stakeholder who will get the supplemental 2% transaction fee?

draft version of Teleport darkpaper is available to trusted members for some feedbacks

PM me if you are interested

James

privateNXT assetholders will be getting ~80% of the revenues from the privateNXT market making, plus I have other monetizations planned

Close, first of all we need to understand cryptonote a bit, I chose boolberry (BBR) as the best source base to use and will also implement automatic NXT <-> BBR conversions.

So, the assumption is that cryptonote -> cryptonote tx are anonymized and as long as you specify the right parameters it will do this. Not sure how bulletproof it is, but considering all the scrutiny cryptonote has gotten, I would be surprised if it isnt pretty good. Also note that there is no central server needed to do a cryptonote tx.

privateNXT is a normal NXT asset without any privacy. I will be making a marketing with bid/ask spreads of 1%, but others are free to come in lower. I expect that when volumes ramp up there will be both buyers an sellers at exactly 1.00

OK, so now you have some privateNXT in your acct. Here comes the cool part! I want NXT to get infrastructure to support TF, sooner rather than later. So I am designing what I call privacyServers to provide privacy services for its customers. Note that you can get a VPS and be your own privacyServer host. In addition to pNXT functions, running a privacyServer will earn you nodecoins. I also got a squid installation tested so you can get an http/https proxy service on the privacyServer. This service costs ~$5 per month, so I figure a 10NXT/mo fee for this would be acceptable and this will allow people to run privacyServer nodes (with NXT nodes) that are not subsidized, but are earning NXT and nodecoins.

There is an assumption of trust between you and your privacyServer and if you are running your own privacyServer, I sure hope we can count on this assumption!

This creates a hub and spoke model so the ONLY node that actually knows your pNXT cryptonote account is your privacyServer. Now we get to send the privateNXT asset via the blockchain to a specificy privacyServer's NXT address. As long as the privacyServer has a decent number of subscribers, then this leaks only a very little information. Since pNXT wont run natively on Windows, I expect a lot of Windows peoples will become subscribers.

Now, I have various API functions envisioned, like pNXT to pNXT (low level debugging), pNXT to NXT acct's pNXT cryptonote address via privacyServer, pNXT to BTC (to solve hashrate.org's problem of converting BTC to NXT)

People can also use mgwBTC to purchase pNXT, plus I keep coming up with more useful functions.

As far as privacy goes, follow this path:
1) You buy privateNXT via AE
2) It converts to pNXT at 1:1 (only fee is NXT tx fee and pNXT itself has no fees to encourage lots of traffic!)
3) Now you have pNXT in a cryptonote acct that only you and your privacyServer even know the acct # of, let along the one time paymentids on top of that.
4) You can ask the privacyServer to send the pNXT to another NXT acct's pNXT acct, but this will actually become a pNXT transfer to the privacyServer of the destination NXT acct. And it goes into a cryptonote stealth acct.

I expect the privacyServers to inventory enough pNXT and privateNXT so that there is no need to trust any single pNXT gateway. I think this qualifies as the first decentralized gateway!

James

P.S. I believe this also addresses CfB's objection to cryptonote about having the entire history of tx on the blockchain. Someday QC could crack the encryption and everthing is revealed. However, with pNXT and privacyServers, there is good assurance that nobody will actually know who controls the cryptonote acct. This will also combine well with the CoinShuffle when that is ready

is this (cryptonote) still valid? or you converting to teleport

so you won't be using this cryptonote solution (like "3) Now you have pNXT in a cryptonote acct that only you and your privacyServer even know")