Thread: NTX - First Anon Coin based NXT

New cryptocurrency - NTX

About NTX:
Coin name: NTX
Total Amount: 1 billion
Distribution: POS(Proof of stake).
Software: Based NXT(Thanks for the NXT community)+Custom development
Innovations: Anonymous+Side Chain Technology+Decentralized Exchange Platform
More details on Anon Features and Coin recasting Technology(Full version was in the white paper)
We are now full time developing The Coin Recasting Technology. we have designed the coin recasting system and doing some code works now. How Coin recasting works? Briefly, After the block number reach the setting point, casting nodes will recast every initial genesis block and also the unexpended transactions in the old block will be recast into the new blocks with 1 handling fee. Meanwhile, the block chain will not remove the recast block so that every node can know the recasting. After starting a new round recasting, the last round recasting blocks can be removed. In this case, only a certain period transaction history information been reserved, which prevents the inflation of the block chains. Further more, through coin recasting, we can achieve the anonymity and untraceability of NTX. And also recycle some lost coins(people forget their private key or something else)after a few rounds of recasting. The total number will neither increase nor decrease.


Launch date:9th June 2014,All coins has been generated through the Genius Block.

Innovations:
1 First Anonymous Coin based NXT
2 Coin Recasting Technology
3 Decentralized digital asset exchange platform
4 Single Side Chain approach based Bitcoin2.0 and BlockChain2.0 Technology
5 More details in the whitepaper

White paper:
White paper Chinese Version 1.0.
White paper English Version 1.0.


Free Coin 2A share Distribution Starts, Enjoy it!
Total 2A share coin: 0.1 billion
Qualified Applicants:335 person
Each 2A share get: 0.298Million NTXcoin
Distribution method: Everyday will send 50 person according this giveaway list(will send from top to bottom), Grey color means free coin has been sent.


Updates:
......
2014-06-14 release White paper English Version 1.0.
2014-06-14 Free coin starts distribution.
2014-06-14 New forum http://bbs.ntxcoin.com/
2014-06-14 Unofficial NTX chinese community QQ group:272095645
2014-06-13 Please update your Wallet to new Wallet Version 0.12
2014-06-12 new wallet version 0.11
2014-06-12 NTX Trading thread, Click Here.
2014-06-11 New website design.
2014-06-11 NTX logo contest.
2014-06-09 NTX Launched
2014-06-07 IPO ends and Final giveaway list(IPO details)
2014-05-27 Begin Marketing Plan
2014-05-26 IPO and Free giveaway started
2014-05-25 Bitcointalk ANN post
2014-05-23 Modify UI Design
2014-05-22 Finish NTXCoin code and some serious code test
2014-05-10 White paper 1.0 released

Downloads:
NTX Coin Wallet V0.12:Version 0.12
NTX Coin Source:Source Code.


Exchanges:
TBA: Professional Market Team will contact exchange platform soon(also includes some biggest chinese exchange platforms.)
also Big Bounties for exchange platform

1st Exchange Platform 5 Million NTX
2nd Exchange Platform 4 Million NTX
3th Exchange Platform 2 Million NTX
4th Exchange Platform 2 Million NTX
5th Exchange Platform 2 Million NTX
(For future development, we hope your exchange platform day trade volume over 100BTC)


Marketing:

Dev team now has a 3 person Professional Marketing team responsable for coin promotions and media reports. they are familiar with medias and exchange platforms in China.
some promotion work can be checked at this list.
Promotion work has been done.

Unofficial NTX chinese community QQ group: 272095645

Chinese Altcoin media:
1 http://www.bimin.cn/article-174-1.html
2 http://www.dianzibi.com.cn/portfolio-item/ntx
3 http://www.coin38.org/forum.php?mod=viewthread&tid=6580


FAQ:
1 Why do you develop NTX coin?
NTX was initially developed based on NXT open source(thanks for NXT community). we have some new ideas on how to improve NXT coin performance,so we decide to develop NTX coin.
2 What's the relationships between NTX and NXT?
NTX coin plan to improve NXT coin performance, such as using coin recasting technology adds Anon feature on NTX and some other innovations on the white paper.
3 Do you have a full time dev team on NTX?
YES. our dev team has 4 person, 3 experienced programmer +1 marketing director. 2 of the 3 programmer have more than 10 years program experiences and familiar with altcoin development, and the third person is a PHD student whose major is Computer Science.
4 Can you complete the innovative functions described in your white paper?
We are very confident with what we are doing. The coin recasting approach almost been done now,but we also need more test. we also have done some work on the side chain technology based blockchain2.0 concept and the decentralized exchange platform, will update this soon.
5 Anymore questions?
Please PM me
IPO has ended, more details check this..

Social:
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Weibo Weibo

Summary of NTX Project:

1. What is NTX
Since the release of Bitcoin in 2009, the development of virtual currency has achieved great success all round the world, however, the widespread of altcoins seems to be merely replication of this success or a scam for profit. The innovation of technology is the core to promote the development of virtual currency trade. There is no doubt that the appearance of NXT has changed the public’s inherent impression of altcoins, because it has brought new horizons to this industry due to its theoretical framework of Encryption currency and development of application.
As it is sure that the development of technology and theory will never stop, our team put forward a new idea of realization:
NTX: it is an anonymous trading system based on NXT code and built on NXT system, ans it is a new diversified network trading system which can effectively solve the technology bottleneck of block chain expansion (recasting of block chain, besides, it is expected to help Bitcoin community to solve the problem of redundancy of block chain through technique concept).
Features of NTX:
Currency of 100% Proof-of-Stake(PoS).
Transaction fee only.
The fixed amount of circulation is 1 billion.
Transparent forging plus algorithm to resist 90% of attacks.
Decentralized Alias System / DNS
Self-owned virtual currency (asset), Decentralized Asset Trading System
Immediate Transaction
Random Communication
Basic DDos Net Protection
Address Book
Reputation System
Please look forward to more features.

2. POW or POS
The appearance of professional mining facilities makes the right of POW centered in a small number of people, apparently it is unfair, at least I can’t mine any Bitcoin from graphic card any more. The profit problem of POW mechanism, the problem of energy consumption and vulnerability of 51% of mining pool has always been our sword of Damocles.
Owing to many advantages of POS mechanism on operating efficiency and energy saving, etc, it has formed deep impact on POW mechanism based on Bitcoin.
The amount of coins of POS based on interest rates gets more and more, so they belong to inflation coins, furthermore, more wealth is monopolized in the hands of the rich due to aggregation effect, which has enlarged the gap between the rich and the poor--it takes ppc as a representative in current market, however, the pos type represented by nxt is like a roulette lottery, and the handling charge of each block is different, it may be a void block and some block may contain handling charge of more than 1000. In this way, all the coin holders have chance to forge blocks of big deal of handling charge, and this model has a long-term development significance. That’s why we take NXT as basis, and we add feature of recasting on the basis of forging, which makes more coins trade.

3. Technical Breakthrough of NTX--Recasting of Block Chain
Firstly, recasting can make the user in the system of currency own more fair status. Take the alias of NXT for example, it can be owned forever once registered, so there is no chance for the latter. It is an inevitable measure of maintaining the vitality of block chain to collect low fees for protection of alias and digital asset. Each round of recasting is a new life, which can ensure that block chain forms safe closed loop in the appropriate volume. In NTX, it often comes at a cost for the behavior of rush registration of aliases. Each round of recasting is charged fee for the aliases held. If you rush to register 1000 aliases, you have to sell them cheap or each round of recasting will be charged fee of 1000. All this is protection of block chains resources. There are a lot of Chat spam messages which are meaningless to remain in the block chains.
In short, recasting happens after the block number gets to the preset values, then nodes of forging does each recasting for the starting blocks of the original ones and recasts the unpaid transaction of old blocks to the newest ones and collects the handling charges in Chapter 1, meanwhile the block chain which is not deleted with the blocks recasted should be used as research and recasting for each nodes, and after a new round of recasting opens, the block data recasted in the last round should be abandoned. In this way, a period of history transaction information could be reserved. Recasting could prevent the block chain from expansion and realize the anonymity of coins untraceable, and reuse some coins which has been lost forever after several rounds of recasting so as to guarantee that the total amount of coins never decrease or increase.
The two main problems that recasting should resolve are as follows: one is the problem of the expansion of block chains, the other is the Permanent loss of digital currency. The lost coins are definited as long-term unexpended transaction and the transaction should be recasted by the miners as the block chains get to a fixed amount and the paid transaction should be abandoned. The unpaid transaction should be collected handling charge of 1 coin, and recasting will decrease one coin, such as 1000 coins in your wallet! It will get back to Zero after 1000 times of recasting. You could transfer address once before recasting and prove that these coins are commanded by someone and adjust according to the volume of block chain, for the big amount of paid transaction data is totally useless indeed, for example, no one can crack them if you send 10 coins to a random address! However, after ten rounds of recasting, this transaction is recasted and gone! The total amount of coins remains unchanged and the recasting data over 5 rounds is remained. Basically, it is unaffected to recast once a year, and the recasting is not finished instantaneously, and after the recasting feature opens, each new produced block is on account of unpaid transaction in old blocks at certain distance, besides, the coins can’t be paid after the recasting finishes, but have to wait after five rounds. There is no recasting for Bitcoins, it is sure that many coins will lose forever and the total amount will be less and less, and the block chain will be bigger and bigger! It can only guarantee that the coins won’t decrease too much in your lifetime. However, the forging of nxt is still not the most perfect scheme, but NTX has solved many realistic problem through the new skill frame of recasting. For example, some account can’t transact after a long period, it is indicated that the controller of those coins goes wrong, which may caused by the loss of password or the abnormal status of holders. In this way, as the time passes, it will lead to artificial deflation problem of coins! Popular speaking, recasting is to abandon the block untransacted and to rewrite the old block transacted into new blocks, which is equal to realize the effect of the anonymous.

4 An anonymous exchange system
There is no doubt that we need a decentralized exchange system to keep the trading platform from controlling the price and prevent malware scams. We agree with the decentralized exchange based on guarantee of BTS.
Anonymity: recasting clears all old transaction history away and also makes the coins untraceable though which the exchange system achieves its anonymity. Certainly, this is a relative anonymity. The exchange system will adopt secured transaction just as BTS does.
This is recasting or loop chain. recasting is not a simple abandonment. it need a universally accepted root to avoid data falsification. It will do a great damage to the net if too many nodes attack it.
Transaction locking can realize for individuals and recasting is theoretically practicable. As a pos coin, no new coin is produced in the whole chain. Re-broadcasting to the community spends no transaction and collecting handling charge is safe and reliable.
In terms of force majeure, I think bytemaster of 3I can't escape from accidents, which however can cause little effect to the open source projects. Recasting will affect the virtual asset, the binding of which should be recast. So it will renew if retaining virtual asset in the chain is needed. If the account balance of your virtual asset is too small, it will be logged out in the recasting process. In another word, in order to keep your account, you need charge enough as the recasting handling fee.
Virtual asset is limitless like nxt, while recasting NTX asks for minimum quota of coins to reserve the virtual asset, so the number of categories in a virtual asset should not exceed that of the coins in that account, but a virtual asset can correspond to limitless assets, for it is a exchange system.
Assets and anonymity are just transaction history in the chain, because recasting will surely rebroadcast the asset transaction, and will charge it. Without recasting, the abandonment of old blocks will cause the loss of assets.
That is to say, in recasting a block, besides unspent coins, it will recast the virtual asset transaction, no matter whether the transaction is spent or not. If BTC introduces recasting concept for its long-term development, it will greatly affect the existence of parasitic coins like MSC and XCT.
Meanwhile, every block has a limit of maximum transaction amount. If a big block need be recast first, the recast transaction will be in preference to ordinary transaction that is broadcast later, so you should have confidence in NTX and I consider that NXT can make a perfect recasting.
A lot of spam will be discarded in the NXT block chain during the recasting process and only worthy information will be kept in the nodes. It will take handling fee during the recasting process and the wallet without money will be discarded.
The following is block chain of bitcoin and the blocks are sorted in order 0.1.2...... So, every transaction is traceable, but it also has its disadvantage that the total number of blocks is added limitlessly.

The concept of recasting is that the maximum number of blocks is limited. For example, if we set the total number is 50,000, the former blocks will be discarded and useful information will be recast into new blocks.
As Bitcoin exchange relies on a mint, every transaction should be verified to keep off double payment. This electronic coin will be recycled by the mint after every transaction and it will issue a new one. Only electronic coins issued by mint are effective, which prevents double payment. This solution has its problem. The whole currency system is on the control of a mint, because every transaction should be testified by the mint, which is just like a bank. So, recasting is feasible.
Recasting is to force the non-trading coins within a period of time to trade, thus old blocks become useless.

5 Side Chain
As you know about Bitcoin's side chain, it need bitcoin make an amendment of its core protocol, which may cause great damage to present emulational coins. Therefore, it is no wonder that this protocol is questioned widely by the community. The chief Scientist of Ethereum Vitalik Buterin says that it needs not only amendment of the protocol but also over 50% agreement and cooperation from bitcoin pool operators. In fact, what we do is a band new design, comparing with bitcoin's two-direction locked side chain. we hope to do an unidirection locked side chain. If we succeed, we can do all kinds of side chain for all coins.

6 Cases
6.1 Small size full data nodes
you may forge them by using low-power consumption devices like smart phone, tablet PC or pocket PC and provide full data nodes for the whole net.
6.2 Fast payment and exchange system
you can pay at any time and any place with the aid of full data nodes.
6.3 Financial products
assets management, leveraged bets, hedge fund, intelligent contract, two-stage payment, etc.
In summary, we need a distributed network based crypted payment and exchange system, which is reliable, energy-saving, rapid and portable. That is all. It is the future of NTX.

Websites:
Official Website: http://www.ntxcoin.org/
Official Forum: http://bbs.ntxcoin.com/

Trading on bter & coin-ga.me now:

https://bter.com/trade/ntx_BTC

http://www.coin-ga.me/exchange