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ORA / Re: [ANN] ORA :: NXT 'monetary system' currency
« on: June 04, 2016, 07:10:17 am »Thx for your response kora.
Hey atchoum6760, thanks for hangin' in there and following, much appreciated!!
Just a quick note to say how incredibly impressed I am with Jean-Luc's recently released roadmap for NXT 2.0.
It's a very well thought out plan, and after all the community has experienced, I'm sure the execution of the plan as outlined will show just how much we've learnt along this journey. The future for NXT is strong with this plan!
The good news for ORA is MS currencies make it onto the 2.0 'Ark' by default (unlike assets), so a BIG thank you to the dev team for that decision. It gives ORA more time to grow and evolve (slowly, as ever), so I'm really energised to imagine what might become of ORA still in the future.
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MS Currencies
MS Currencies themselves are also universal, and will be possible to trade on any Child Chain. MS Currency names and codes existing in Nxt 1.0 WILL be ported to the FNX Child Chain, including the currency balances for all accounts. Their transaction history will not be.
The Core Team will provide support to any MS currencies that want to transition to a Child Chain, i.e. start a Child Chain with a token distribution based on this MS currency.
MS Currency names and codes will be unique within Child Chains only. This will eliminate the possibility of name squatting across chains. The proposed format for MS Currency names will be CURRENCYNAMECODE.CHILDCHAINCODE, for instance ELEMS.FNX.
I also think the distribution plan is just what we need, it's fair, and that 50% FNX for ongoing dev funding should help overcome some of the problems we've had since NXT launched in Nov 2013. I'm pumped for the future!
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Distribution:
FXT (Main Chain Tokens)
All NXT holders are eligible to receive FXT Tokens at launch of the Mainnet.
Shortly after the release of Nxt 1.9, (intended to be the last major release on the Nxt 1.0 branch) the Nxt Software will start taking periodic snapshots of all users' NXT balances, at regular intervals (most likely once an hour), for a period of three months.
The NXT balances in each account will be averaged over this full three month period, and at the end all accounts will be automatically credited with a token representing their FXT holdings, issued as an Asset on the Nxt asset exchange.
This FXT Asset will be freely tradeable.
The distribution of the real FXT coins ( to be done at the launch of the Nxt 2.0 Mainnet in Q3 2017) will be based on the ownership of FXT Assets on the 1.9 blockchain, taken at the point of time when the 2.0 Genesis block is created, shortly before that launch.
FNX (Transaction Tokens for the FNX Child Chain)
The distribution of the FNX Token will be based on each account’s NXT holdings at the time of the Nxt 2.0 Genesis block creation.
At the time of writing, the Core Devs have decided to credit 50% of these holdings to each new FNX Account, while reserving 50% of FNX for funding of the development team, business development and other operations that will need funding to make the Nxt 2.0 project a success.
The Core Devs acknowledge that not including this step in the distribution of 2013 was a mistake in the first place, which has left the project chronically underfunded. As a donation based model is not sustainable, they decided to opt for the allocation of 50% for project development and sustainability.