I think it's a good idea to tell about block generation in Nxt.

Alice has 2500 nxts on her account.  Last time she found a block 4 days ago.  Her money is like a mining rig with hashpower equal to 2500 * 4 = 10000 GH/s.
Bob has 1000 ntx on his account.  He was on vacation and hasn't opened his account for 20 days.  His money is like a mining rig with 1000 * 20 = 20000 GH/s hashpower.
Each time Alice or Bob opens their account they have a chance to generate a block.  More money they have, higher a chance to do it.  More time passed since the previous generated block, higher a chance to generate a new one.
Even a small amount can generate a block by accident.
An exchange that holds coins of its customers can afford to provide the service with 0% fee.  It will still earn money via block generation.

Nice! I will test it...

After thinking about the mining algorithm I came to conclusion that original proof-of-stake used by PPC and NVC is a bit flawed.  Bob could accumulate small amounts on different accounts during a long period of time and then attempt a 51% attack.  Artificial limits like max 90 days don't seem to work as intended.  Nxt will use a different proof-of-stake approach, I need time to nail some details and then I'll post them here.

Do we have any proof this 100% POS coin even works?  I am very suspicious.  If it's so easy to design a secure 100% POS coin why didn't Satoshi do it?

16 transactions to 1BCN1ugdKdWd9pQ8Am9hMhtHZfmbXzxE8a == 16 participants. What the point to launch a coin with such a small userbase?

You could also do what Mastercoin did - set an end date for contributions, and then reward earlier contributors with some NXT bonus coins based on when they send you their btc.

For example, set bonus contribution time period to 4 weeks - 40% NXT bonus for anyone who contributes in the first week, 30% NXT bonus for second week, 20% NXT bonus for third week & 10% extra NXT bonus for the fourth week. After that have a contribution period without a bonus (maybe 2 weeks), then close.

People will then have an incentive to act early!!

I think the Mastercoin launch was a huge success (over 4k btc) because:
1- it's a good idea
2- early adopter bonus
3- set finish time to get on board

NXT is a good idea - add 2- & 3- and you'll have a successful launch too IMO. I know you only want people to send a small amount of btc to kick-off the genesis block, so maybe offer another incentive to early adopters, but some inducement to act, together with an end date, would be effective at generating user action.

Nxt doesn't need 4000 BTC for a huge success, it needs 4000 participants.  I agree that critical mass is important, not sure about an early adopter bonus though.  First let's get something working.


To keep you updated, here are some technical details:

Address length - 8 B (max 20 chars in human-readable notation)
Private key length - 32 B
Public key length - 32 B
Signature - 64 B
Block header length - 192 B
Transaction length - 128 B

Each transaction has "deadline" value to limit time it can be added into a block.  Days when you send a transaction and wait a whole day to get it confirmed have gone for good.  Now you can set deadline to 5 minutes and if it's not confirmed then resend it with a higher fee.
Also each transaction can be marked with "id" (8 B length) to help merchants to identify your payment.  Not necessary to create a separate address for each customer anymore.

Or something unique, something no other coin has that people want, and that's exclusive to Nxt.
Sexcoin has the toys and DVDs - it has a niche. I think that's smart. There are already loads of gambling sites for almost every coin out there. Do we really need more?

I like that you're thinking of having services listed in the actual client though. It makes me think of Valve's Steam client - where many companies can list their games and sell them through Steam.
I could see Nxt doing something similar. Wouldn't it be handy to be able to find and buy something directly from the client? And giving vendors the tools to easily list their goods by just entering it directly in the client itself and having the payments go to their address, with shipping info and everything else the buyer filled in?

Maybe I'm going a little over board right now, but I'm just brain storming. I understand you have limited resources and that obviously limits what you can do.

I can not afford to spend 100 BTC.  What about 20 BTC for the exchange?

I asked the support of one exchange.  They said Nxt API is non-standard, not like cookie cutter altcoin JSON-RPC API, and requires some effort to add it to the exchange.  Also I don't want Nxt to become just another pump-n-dump altcoin, Bitcoin-to-Nxt-and-back gateway is more preferable.  I'll think of it later.