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Nxt Asset Exchange Preview

Summaries have been thin for the last few days.

One of the main reasons for this is that for the past few days, our developers have been testing the Asset Exchange.

Today, I want to give you an overview of what the Asset Exchange looks like in wesleyh’s web interface. This interface will be part of the future incarnation of Nxt, so this is basically a double unveiling!

Wesleyh’s client is a very easy to use web interface, that also has added ways of helping users make a SAFE account with an very strong passphrase.

DO NOT USE THIS CLIENT WITH YOUR NORMAL ACCOUNT FOR NOW! MAKE A NEW ACCOUNT FOR THE TESTNET!

What ís the Asset Exchange?

Many may have heard of the Asset Exchange, but may not have a good idea of what it is. Simply put, the Asset Exchange is a feature of the Nxt system, that allows you to create digital tokens using Nxt. These tokens can be ánything, provided you can make them work the way you want.

For instance, it is possible to create virtual tokens backed by gold. If you could prove decisively that you actually háve this gold, it would be possible to sell these tokens, which then stand for that gold.

Another example would be issuing digital stocks for a company you have or are starting. These digital certificates allow you to immediately trade them and also, because they are tied to accounts to pay out dividends.

Other examples of possibilities are tokens used in games (game currency) and tokens directly linked to other cryptocurrencies.

So far, so good. But how to trade them? Well, in the Asset Exchange itself! The Nxt Asset Exchange is a complete Exchange built withín Nxt! You can trade Assets without ever having to rely on the trustworthiness of a central “banker” or “trader”. You can trade directly between accounts, and as anonymous as you prefer.

The Nitty Gritty

I would first like to show you the protection that has been added to the interface. One of the most often named complaint about Nxt has been that it needs such a strong passphrase, that normal users just won’t use it, or even worse, dó use it and then get their Nxt stolen. This new interface makes this very, very hard to do. It will pregenerate a cryptographically very strong passphrase for the beginning user, while also leaving open the option to generate your own, if you feel you want to keep control. It gives multiple warnings that the passphrase needs to be kept very safe and that losing it means losing access to your account. The interface is also esthetically pleasing and colourful.

passphrase
Pregenerated passphrase.

bescherming
Extra warnings

Main Screen
The Main Screen

I will do a total showcase of this interface in a future post. For now, I’ll leave you to wonder at everything it can do!

Asset Exchange
Asset Exchange

Issue an Asset
Issue an Asset

Asset Screen
Asset Screen

The Asset Exchange has an easy to navigate main screen, where you can see all the Assets available on the Nxt ecosystem. You can see the price in Nxt and the open Buy and Sell orders. To issue your own Asset, you will need to pay the fee of 1000 Nxt (this fee hasn’t been definitely decided on yet and may still change), give it a name and description, and the amount of assets you wish to issue. Once this has been added to the blockchain, you can immediately start trading with your Asset. In your “My Assets” screen, you can see which Assets you currently own, what the price on the market is and transfer them to another account if you want.

Buy and Sell Sell Order

My Assets
My Assets

Buying and Selling on the network is easy. Just like on any known exchange, you can issue buy and sell orders. Of course, using the “transfer” function, there is also still the option to trade outside the network if you want to do that. After an order has been filled, the Assets will show up in your “my Assets” screen with the current market data.

When?

The Asset Exchange is slated to be released at the end of March or the beginning of April. At the moment, rigorous testing is being done to flush out any bugs it may have. Once our developers are convinced it is ready to go into production, it will become available to everyone. At that point, the term “Nxtcoin” will basically lose is meaning, as from that point on we will have a multitude of “Nxtcoins”, ranging from “traditional cryptocoins” to digital assets, to digital certificates. Nxt will have taken a serious step to becoming what it is meant to be: not a coin, but a fully operational system for decentralised transactions.

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A summary of sorts

Today not so much a summary of the BCT thread, as a summary of the last three months I’ve spent in the Nxt Community.

First, for those who are REALLY waiting for a summary: the last day has been spent in working on a very strong passphrase functionality for wesleyh’s online browser. Over the last few months it has become clear that the average user will not or cannot work with the long passphrases that are needed to create a safe Nxt account. To combat this, we are now building in functionality to allow people to create a safe account without much hassle.

Anyway

I’ve been a member of the Nxt community for over three months now. I’ve bought my first Nxt on the 23rd of December and dived right in. No real background in crypto, but facinated by the feverish energy that coursed through the BCT thread.

Fairly soon in the beginning I noticed a need for the summaries and made that my “trade”, which has hopefully helped keep a fair amount of people from going mad.

The last weeks, I have noticed a tendency in the community to become frustrated en irritated by the perceived lack of progress. In some ways, i suppose, this is correct. We still don’t have a completely working system, we don’t have a completely working and safe client that we áll can use, we don’t have the AE and we don’t have big wads of cash in our pockets (well, I don’t!).

We don’t have all the developers we want, we don’t have a unified marketing strategy, we aren’t known as the best 2nd Generation crypto in the crypto world and we aren’t really all that well known in all circles. We also are still sometimes called a “scam coin”, people sometimes still make weak passwords and lose Nxt.

All this is true

However, I invite you all to look back at now 37 summaries spanning over 1,5 month and see what HAS been done.

This is not meant in any way fluffy, but as a reality check: hello, four months in and still alive! Working on systems that other coins will NEVER have, mostly because they don’t have the people or the ambition to do it. Nothing of that is gone. At this moment not even yet delayed. Some things may be a bit differentm but anyone who ever tried to build something with his hands knows that nothing ever works exactly like you have planned.

Again, I am hugely proud of what we have accomplished in this short, short period of time, and I advise you to do the same.

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One day delay for summary.

I am currently in Cologne, Germany for work, so won’t be able to make today’s summary.

From tomorrow on, I will go back to dailies, as the thread has picked up again.

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Again no summary!

I’m very sorry to not be able to make a summary today.

Even though it’s weekend, it’s busy around Nxt. I’ve been working with some great marketing people and gaming people today, and now find myself late at home.

I garantuee a summary tomorrow!

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No Summary today

I’m taking a one day vacation today.

It’s fairly quiet on the BCT thread, so tomorrow a double one!

For things to do, go have a look at the /n/Nxt subreddit, or participate in our SWARM to get us added to more exchanges!

Also, don’t forget the Charity for Songs of Love. The tally now stands at 42,476 NXT! Doubled, that becomes 84,952 NXT! It would be great if we could push this to 100,000 Nxt together.

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No Summary today

Due to it being a bit quiet today on the thread I’ve decided not to make a summary today.

Tomorrow, as usual, a double one.

Seems like all the developers are tired after their massive effort the last week!

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General

Summaries will be erratic this week

I will not be able to keep up with all developments this week as I am attending a conference all week for my day job.

I will at least bring out one more client showcase in the weekend and try to get all new apps, sites etc. in one post.

I have already seen that it is absolutely impossible to catch up with the BCT thread once I am one day behind.

I will be back to normal wednesday next week, when I will start with my normal service again.

Sorry for the inconvenience.

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No summary today

There will be no summary for the Bitcointalk thread today.

I have been collecting material for the client showcases and basically, I’m a bit pooped.

As usual, you can expect a double one tomorrow!

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General

Why (and what) did I invest in Nxt?

Nxt systemI’m not a big investor, I’m not a cryptographer, I’m also not the most tech savvy guy around.

I probably know my way around computers better than most people, but I know enough to realise I am at best an amateur compared to the real specialists out there, and then one in the lower leagues.

That said, I have some other qualities that helped me choose Nxt as the cryptocurrency I want to invest in and commit my time to.

I have a checkered background: I’ve had my own small theatre company for 15 years, done loads of odd jobs on the side (janitor, call centers, trademark office, immigration office) and now I am working as the branch manager of a European charity company, specialising as a sales and marketing rep. Doesn’t pay a lot, but I’m not working to get rich, but to help.

Beginning

Like many people, I came to cryptocurrency last year. Sure, I had héard about Bitcoin, but it never really registered on my radar as something I wanted to put the time and effort in to find out more. Again, like many of you, my wake-up call came when Bitcoin started to rise sharply in the beginning of 2013 and then again in December, when it reached the $ 1000 mark.

I decided to do some research, learned about mining and also learned that both mining ánd investing would not be for me. The initial investment was too steep to be interesting to me.

My research led me to the wide variety of altcoins, and I thought I saw some possibilities there. Maybe I could jump in those and get a decent bank roll to smartly trade my way up. However, being who I am, two things happened:

The first one was that I got bored quickly. Most altcoins just rehashed what Bitcoin had already done and were trying to repeat the success it had. Most people involved were also dreaming of what I like to call “earn $$$ sitting on your butt!!”.

The second was that I basically couldn’t contribute. I like to be in the thick of things and have my finger in the proverbial pie. That way I get to influence the thing I am involved in. There wasn’t all that much to do in most altcoins, at least not for me as I saw it.

Nxt

I had already heard of Nxt by this time. This was around the beginning of December 2013. Nxt had already been launched and was getting both positive and negative attention on the Bitcointalk forums. At first I didn’t pay attention, but after a while I started reading the thread that I now summarise on a daily basis.

I was intrigued. Not by the technology, because I still don’t have enough knowledge to be able to judge it. I was intrigued and gradually drawn to this group of people who went around working on this new thing that they believed in. And not even believed in, they were actually making it happen! On a daily basis I saw progress and plans and more progress. They mostly ignored the cries that Nxt was a scamcoin and just went their own merry way and did what they thought was necessary to make Nxt a success.

Sweat Equity

I already said that I cannot accurately judge technology. What I am good at, however, is judging a product’s potential based on the people that are working on it. In Nxt, I found a community that fitted my own way of working perfectly.

What did I invest in Nxt? In terms of real money, I decided to do the smart thing, and only invest what I could miss. I invested about € 50,-. In crypto-investing this is pennies, for those who don’t know. Knowing that this was the limit of my capital investment at that moment, I decided to actually earn the rest.

The Nxt community offers a lot of opportunities to people who actually are willing to put in the work. I decided to translate the wiki, and I decided to do this site. I have no way to contribute to the development of the technological side, but there is value in marketing and PR, too and the devs either don’t have time, or they don’t have the skills to do it. So that’s where my gain is. It hasn’t been a bad earner either. I frequently look bemused at people who cry “unfair” at the distribution of Nxt and then don’t do something about it. It’s not that hard: find something that no one else is doing, and start doing it. The Nxt community rewards those that add value.

Short term vs. Long term

I don’t do short-term. If Nxt succeeds, that’s great, but I have set my goal post at three years from now. That way, I don’t have to worry about short term falls and rises in value. I don’t have the temperament to be a day trader. I fail to get excited by a short term rise or fall in value.

I know from all the information that I gather on the forums that so many well thought out things like the Asset Exchange, colored coins and decentralised services are coming, not to mention all the 3rd party applications that people are working on. I also know that all these people aren’t shouting their progress off the roofs because they are busy working.

That knowledge leads me to believe that Nxt will keep rising in value in the coming years. Not because of a hype (although that helps, of course), but because it actually adds something to the crypto mix that hás value. People will actually benefit by having access to a system that has more transactions per second than Bitcoin can ever have. They will benefit by being able to share data securely and to be able to trade over the Nxt network.

And the best part of it is that I can participate and work with dedicated people who know what they are doing. I’m in for the ride. It’s early days. Maybe you’d like to Nxt join, too.

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