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Topic
Board Announcements (Altcoins)
Re: Nxt :: descendant of Bitcoin - Updated Information
by
smartwart
on 09/01/2014, 15:14:53 UTC
Brainstorming

I'd like to introduce a concept of a new feature called Account Control. This feature will allow to do different things with ur accounts. For example, u will be able to set a lock on an account to prohibit any outgoing transactions until a special condition met (e.g. an incoming transaction from a predefined account). Another example is Pooled Forging, when an account leases its forging power to another account.

Please, post here what u would like to see in  Pooled Forging.


I took the liberty and compile the current state of the discussion.
This should make it easier to continue discussing separate aspects more in detail.

If I you all feel I lost some global point, please try to explain it with regard to concept integration.
I will separate the topics "Account Control" and "Forging Pools" to simplify keeping the overview.



Pooled Forging

Features:

+ account leases its forging power to another account

Short description of the Forging Pool Concept:

A particular unlocked account is able to link to a Node to provide his forging power.
If the Node has fored a Block, the forged NxT become splitted based on defined contract parameters, to all Forging Clients. This increase the individual forging reward of smaller accounts.
User are running hallmarked VPS Nodes could focus the forging power of all separate accounts.


Topic headlines for further discussions:


Configurable number of allowed Forging Clients to the Node.

+ parameter in web.xml to configure the number of allowed Forging Clients

+ When user link their account to the node, check against how many users are already forging on that node,
allow to unlock if the number is less than AllowedForgingUsers in web.xml
- and if it's equal to that parameter, display 'Node forging capacity is full' or something like that.

+ Limit number of allowed Forging Clients to prevent less number of big Monopools.    
Result of one big Monopool would be the same as all Clients are forging by her self.
Possible drawback would be Network architecture.


Forging Clients Contract Parameters
   
+ NxT amount, uptime, connected peers, technical characteristics, penalty.          
More help to the network - more abilities?

+ Transparent Forging will lead the user to jump directly to the nxt node which will forge nxt block.
This also leads to "self-fulfilling prophecy".

+ If we know the Node hwo will forge next Block we could link our account of    this Node for participation.
This assumes the rewards from participation are higher than possible contractual penalties for leaving a Node immediately,          after the Block was forged.
   
+ Distribution of forging reward by global contract parameters (protocol level) or individual contracts for each forging pool or hybrib approach?

+ Forging Clients paying Pool Commission to Forging Node?
   
+ Create a competitive marketplace for forging power.
Auctioning of my forging lease to the highest bidder; one-off, or similar to Amazon's "spot price"
where if someone bids higher whilst my forging power is leased to one party the lease automatically gets transferred to the new highest bidder


Link one Account to multiple Nodes

+ Different Pools, different pool profitability.
So split your account and into separate Forging Clients and link them to different Forging Pools.