Re: [NEM] NEM -New Economy Movement - No Envy Movement - Updates+Discussion thread
Regarding the forging algorithm. Are we still exploring options to improve this over NXT?
I am convinced that the design of the forging algorithm is one of the major things that may convice people to invest in NEM!
For this I believe the goal of the forging concept should be:
1. To attract as many people as possible to invest in NEM (preferrably even small amounts)
2. To make NEM more than just an investment
What do I mean by that:
Well I guess we can all agree that the forging algorithm of NXT does not attract the regular joes to the game. I believe this is exactly what we should aim for with NEM because there are alot of regular joes
This would also make it a more stable currency compared to when the majority of users are investors that only aim to make money with it.
Once the currency has proved to be stable you will establish trust. I believe a lack of thrust is the major argument merchants still have against cryptocurrencies. (and obviously the legal grey area debate but this can not be countered by the design of NEM
)
If we could make a concept that will attracht merchants (obviously this is long term thinking), I suppose this will benifit NEM hugely!
Please let's debate on this and share some thoughts.
I am convinced that the design of the forging algorithm is one of the major things that may convice people to invest in NEM!
For this I believe the goal of the forging concept should be:
1. To attract as many people as possible to invest in NEM (preferrably even small amounts)
2. To make NEM more than just an investment
What do I mean by that:
Well I guess we can all agree that the forging algorithm of NXT does not attract the regular joes to the game. I believe this is exactly what we should aim for with NEM because there are alot of regular joes
This would also make it a more stable currency compared to when the majority of users are investors that only aim to make money with it. Once the currency has proved to be stable you will establish trust. I believe a lack of thrust is the major argument merchants still have against cryptocurrencies. (and obviously the legal grey area debate but this can not be countered by the design of NEM
)If we could make a concept that will attracht merchants (obviously this is long term thinking), I suppose this will benifit NEM hugely!
Please let's debate on this and share some thoughts.
As long as the transparent forging isn't affected I think we can think about doing things differently. I always thought about taking the "age" of coins into account like I think peercoin does.
Based on the post below I suppose things will be different:
Mining is called forging with NXT.
It is advertised that transparent forging is one of the key factors and differentiators of NXT.
I tried to understand the algorithm behind that forging mechanism. I did not find anything (except looking into the decompiled code).
IMHO: NXT concept of forging does not follow the approach of 'fairness'; it generates GODS and GIANTS. The more NXT you have the more NXT you will receive. This approach does not support the concept behind NEM.
A much more flexible and less chunk building algorithm has to be developed/defined.
Any suggestions / ideas?
It is advertised that transparent forging is one of the key factors and differentiators of NXT.
I tried to understand the algorithm behind that forging mechanism. I did not find anything (except looking into the decompiled code).
IMHO: NXT concept of forging does not follow the approach of 'fairness'; it generates GODS and GIANTS. The more NXT you have the more NXT you will receive. This approach does not support the concept behind NEM.
A much more flexible and less chunk building algorithm has to be developed/defined.
Any suggestions / ideas?
Further, I think transparent forging can not be touched so that is out of the question.
The idea about taking the "age" of coins into account can be interesting if you mean the age since last transaction.
This would certainly reward new/active users without creating GODS and GIANTS, so if something like that can be achieved I believe this is benificial.
About the forging mechanism, here is my observation. NXT's forging incomes mainly go to big accounts with 5 millions or more, especially to a few of 30 million + accounts.
NEM won't have that kind of forging fee concentration thanks to the initial distribution design. I would suggest we stick with the traditional forging mechanism as in NXT as well as PPC. It would save us a lot of valuable times to invent a new forging mechanism that is not be gamed or attacked easily.