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elective-stereophonic
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Latest Stable Nxt Client: Nxt 1.12.2

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Topics - runpaint

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Unless anyone knows of an app that already functions?  There's a Chinese app that doesn't work, for all I know it's just trying to get people's passphrases.  So if anyone can make a new app that works and can trade NXT assets between an Android device and an Apple device, post the link here and I'll send you some money.  But I'll send it in NXT Assets, using your app, so make sure it works.

Thanks!

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Nxt Monetary System / I need advice on swapping an existing coin to NXT MS
« on: September 30, 2015, 10:43:28 pm »

We're doing a community takeover of a coin that was abandoned by its devs.  We want to create a coin in the Monetary System and offer all holders to swap their coins to the new MS coin. 

The coin is PoW using X11, and I understand that the Monetary System doesn't offer that algo for mining.  If we continue PoW, we would want a very low block reward and a customized reward halving schedule.  But hashrate has dropped to almost nothing, so we're leaning towards PoS for the new coin.  Any thoughts on the pros and cons?

If an exchange will agree to swap all coins held on the exchange, that would be the easy part.  For the rest they could send to us, and we could burn them and send back an equal amount of new coins. 

The drawback there is that it's impossible to notify all users, and we'd have to keep the old blockchain running indefinitely because it's not right to cancel someone's crypto when they're not looking.  We don't want to have a cutoff for the swap. 

One way to solve that issue would be a snapshot and importing the same private keys from the old coin - is that possible in the Monetary System?  The drawback with that is that all the old coins would still exist;  but the network is almost dead right now so we could just hope it doesn't become an issue.  I guess we could try to snapshot the network and also require the old coins to be burned, but that would be complicated and require direct control over who is allowed to claim coins by importing private keys. 

But if the exchanges won't switch to the new coin, then a snapshot is out of the question.  An exchange might keep the old coins, but people will have the choice to withdraw their coins and send them to be burned and swapped for the new coins.

Any big problems I'm overlooking?  What are some important things I need to know?  What problems did NAUT run into? 

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