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Offline testz

[FYI] Nxt release Monetary System (MS)
« on: January 09, 2015, 11:58:49 AM »

https://wiki.nxtcrypto.org/wiki/Monetary_System
https://www.thunderclap.it/projects/20959-create-your-own-cryptocurrency

I read few times, looks powerful, but too complicated and doesn't have Market-Pegged Assets.
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Offline edilliam

Re: [FYI] Nxt release Monetary System (MS)
« Reply #1 on: January 09, 2015, 01:08:47 PM »
Haven't had time to look into this yet. Can anyone that has provide a quick summary?

Offline monsterer

Re: [FYI] Nxt release Monetary System (MS)
« Reply #2 on: January 09, 2015, 01:32:42 PM »
Haven't had time to look into this yet. Can anyone that has provide a quick summary?

Main feature is targeted at altcoin community - ability to build your own POW altcoin on top of NXT protocol.

NXT currencies (which are different to assets) can be made redeemable for base amount of NXT (purchase price), sort of like an insurance policy against the price tanking.

It also has various other attributes to support legal crowd funding like the bitshares UIA will have.

edit: no market pegged currencies because the NXT community doesn't believe they are possible
« Last Edit: January 09, 2015, 01:34:26 PM by monsterer »
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Offline gamey

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Re: [FYI] Nxt release Monetary System (MS)
« Reply #3 on: January 09, 2015, 05:45:57 PM »
There has already been a ~2 page thread on this but I found this interesting from the wiki link ...

Quote
Mintable
ALGORITHM: The hashing algorithm to use. Select SHA256, SHA3, Scrypt, or Keccak25.
A mintable currency is issued with an INITIAL SUPPLY of currency that can increase over time until the TOTAL SUPPLY is reached; thus TOTAL SUPPLY is better named MAXIMUM SUPPLY in this case.
The currency supply is increased through a minting process, governed by the above properties. Minting does not secure the currency as mining does for some other virtual currencies such as Bitcoin; the currency is already secured by the Nxt blockchain and network.

Holy shit this is weird.  So you can back coins with NXT and then let people mint new ones by using hash algorithms just like POW.  It is POW but for distribution, not security.  lol...  I don't even know what to think.
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Re: [FYI] Nxt release Monetary System (MS)
« Reply #4 on: January 09, 2015, 07:15:27 PM »

Holy shit this is weird.  So you can back coins with NXT and then let people mint new ones by using hash algorithms just like POW.  It is POW but for distribution, not security.  lol...  I don't even know what to think.
and people say BitShares is complicated :)
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Offline biophil

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Re: [FYI] Nxt release Monetary System (MS)
« Reply #5 on: January 09, 2015, 07:39:40 PM »

Holy shit this is weird.  So you can back coins with NXT and then let people mint new ones by using hash algorithms just like POW.  It is POW but for distribution, not security.  lol...  I don't even know what to think.
and people say BitShares is complicated :)

I've always been skeptical of the "Monetary System." It seems like a feature that would have been wildly popular a year ago, but is totally obsolete now because there are so many platforms for creating assets (Nxt, BTS, XCP, etc). Maybe there's some tiny value in being able to back your coin with Nxt. I don't know.

Offline testz

Re: [FYI] Nxt release Monetary System (MS)
« Reply #6 on: January 09, 2015, 07:56:08 PM »

Holy shit this is weird.  So you can back coins with NXT and then let people mint new ones by using hash algorithms just like POW.  It is POW but for distribution, not security.  lol...  I don't even know what to think.
and people say BitShares is complicated :)

I've always been skeptical of the "Monetary System." It seems like a feature that would have been wildly popular a year ago, but is totally obsolete now because there are so many platforms for creating assets (Nxt, BTS, XCP, etc). Maybe there's some tiny value in being able to back your coin with Nxt. I don't know.

I've always been skeptical of the "Monetary System" because I thinking that Nxt devs as an talented programmers will do "Monetary System" product for programmers and not for the business - probably I was right, will see soon.

 

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