Welcome to the SuperNET.

These are very exciting times, with the realtime Multigateway going into beta – meaning that anyone can now download it and start using it. Beyond that, we’ve got plenty of analysis on how the launch of these services could affect the broader crypto ecosystem, and some other news and information you’ll want to hear about.

Topics

SuperNET v1 BETA released

MGW ramchains

The BTER hack if you have UNITY on BTER

InstantDEX Preparing for iDEX Fixed fees Hybrid orderbooks Nxt forgers InstantDEX GUI release

SkyNET

SuperNET NRS plugin

VRC

OPAL

Coinimal

SuperNET Radio Network

SNN

CHA?

The Endgame

Win a SuperNET Silver coin

SuperNET v1 BETA released for testers

The hotly-anticipated public beta version of the first official SuperNET client is available for testing. The MGW has been totally re-engineered. The new realtime MGW uses ramchains: James’ distilled blockchain tech that is many times faster to initialise than a regular blockchain.

The v1 client appears as a multiwallet for the SuperNET CORE coins. You can fund it and send coins from it. The first coin deposit you make to your wallet (whether it’s in BTCD, NXT, OPAL, VRC, BITS or VPNcoin) will automatically fund it with 10 NXT, which can be used for paying transaction fees. It is hoped that BTC will be enabled on the realtime MGW within two weeks – BTC’s blockchain is so large (approaching 30GB) that it is taking longer to process than the other coins.

t3cltd writes, ‘Seeing as we have actually released a beta version and we’ve already begun releasing updates, the “download for testers” is simply a wider net of the public who can try it out at will on the understanding it is a beta product at this time.’

Get the new client here: http://www.supernet.org/en/home-of-the-supernet/supernet-downloads

If you try it, please leave your feedback in SuperNET Slack channel #v1testers. You can interact with SuperNET Slack without asking for an invite or signing up: http://chat.supernet.org

Eth says: “As every new feature, the innovative superNET GUI (basic mode) is going through a number of changes, and what happens in back end is most probably going to affect front end, so this upcoming week there will be a quick re-structuring on the interface inner file set in order to ease up the implementation of new features (that we cannot talk about yet!) in the future.

We will be including also the first video tutorial, which will serve not only to explain the basic functions of the multiwallet, but also a presentation for the different sections that populate superNET, making it a truly unique experience in crypto.”

Further functionality will be added on a rolling basis, ensuring a stable client with an ever-increasing feature set. Some main features are already visible in the GUI, including the funding of your wallet directly from USD or EUR, sending coins by email, and the links to projects and services in the top bar which will definitely be worth watching over the coming months. And right now ramchains for DRK, BTC and DOGE is being created to add to the SuperNET v1.

MGW ramchains

Realtime status for the Multigateway servers are also displayed in the client. The old MGW servers were prone to going down; the new servers will be actively maintained, as James writes:

‘The realtime MGW uses ramchains, so restarting that takes just a few minutes and we are making all sorts of alarms and monitors, etc. You have to also realize the old MGW is run on volunteer basis and there are no profits from it, just expenses. It is clear that this is too extreme on the frugality side and that people would rather pay a small fee that would fund 24hr monitoring and faster response time.’

Charging a small fee will enable SuperNET to pay people to maintain the servers, so they can be restarted – in the superfast time enabled by ramchains – as soon as a problem is detected. Additionally: ‘I am still fiddling with selfhealing ramchains. Did a proof of concept where a brand new ramchain was loaded to a new node in about a minute for BTCD. Not quite done with that, but the bulk of it is done in ~100 lines of new code with a few surgical changes scattered.’ This will make for a more robust system that is less prone to going down – and faster to restart if it does.

As ever, a big thank you goes to James for all his hard work and some tech that really belongs in a sci-fi film.

The BTER hack

BTER lost 7,170 BTC in the hack two weeks ago, which looks like a co-ordinated hit on several altcoin exchanges. As yet there is no indication that these funds will be recovered, and the future for the exchange is unclear.

SuperNET had around 400 BTC on BTER. James writes, ‘Not sure of exact amounts, but most all the ICO funds had already been withdrawn over the months. It was <5% of total funds raised. The funds left were mostly from converting the CNY raised during ICO.’

However, it is hoped that the loss of a number of altcoin exchanges and renewed doubt about the security of centralised exchanges will bring more users to InstantDEX: ‘SuperNET is not much affected by this incident and InstantDEX will become quite popular. The 400 BTC loss stings, but with central exchanges’ continued problems the InstantDEX will gain and SuperNET will more than make up for this.’

If you have UNITY on BTER …

UNITY is just the trading symbol for the SuperNET asset and as we advised in December after the pump’n’dump ring accusations against BTER, it is best to have it in a NXT address that you control (including the new beta client). All dividends will automatically be sent to whatever address the SuperNET asset is in.

If you are new to Nxt, you can use either the standard Nxt wallet or the SuperNET wallet – the passphrase is the same. It’s also easy to start with the blockchain-less NxtLite client. The latest NXT NRS client release can be found here: http://test.nxter.org/latest-nrs-release/ and for the SuperNET v.0 (enhanced NRS) look in this thread: https://nxtforum.org/lite-multigateway-releases/

BTER have now enabled withdrawals of UNITY and some other Nxt assets. We advise you to withdraw them to an address you control! This will also make it easier to receive upcoming dividends.

InstantDEX

In one of the most exciting developments for both SuperNET and wider crypto, InstantDEX – the distributed real-time crypto exchange – is almost ready for launch.

Preparing for iDEX

To prepare the ground for active trading, James is making a market in BTC/NXT on Nxt Asset Exchange.

###

[Notification]

Due to the recent incidents, the lack of liquidity is impacting the entire NXT community. Additionally with InstantDEX arriving soon it will benefit from a more liquid market in NXT. So I will manually start making a market in BTC/NXT on the AE but this will be updated with automated market maker.

2 million NXT and 100 BTC will be adequate to start. Even though there will be 2MM NXT and 100 BTC, it will be set up as ladders, so it is highly unlikely more than half will get traded and most likely a lot less.

###

James has put up orders for mgwBTC, starting at the bargain price of 4444 sats (with a price ladder in 10 BTC lots), and BTC sell orders <1% above the bid. The new mgwBTC asset ID is #17554243582654188572.

NXT now has liquidity and low spreads. James writes, ‘There is around 2 million NXT and 50 BTC or so, I plan to deploy some automated bots next week, but for now it will be manual so I can’t promise any specific level of spreads.’

Fixed fees: 2.5 NXT

InstantDEX will charge low fees to encourage higher volumes, aiming to become the dominant altcoin exchange in the wake of the series of recent hacks. A flat fee of 2.5 NXT will be charged per trade, on top of existing transaction fees. James writes, ‘There will be 2 tx per trade per side, so that is 2 NXT right there, so in that case I think 2.5 NXT fee which is 4.5 NXT. That means at 4500 NXT trade size it is 0.1% and any trade for more it is less. For 1 BTC size trade, it is < 0.025% so this is a really really good price.’

This fee will, of course, be higher as a percentage for lower amounts. ‘Since we want trade volumes in more value and not just a lot of small trades, even if the fixed fee is discouraging the 50 NXT trade, we should still end up with 80% of trading volumes.’

These low fees are extremely competitive compared to regular exchanges, pointing to a potentially significant revenue stream. ‘With 5 NXT per trade, the direct revenues for InstantDEX become quite ridiculous, so it can’t possibly be true. Well it is contingent on a rather crazy high 100 trades per block, but at that levels InstantDEX will have revenues on par with best any of the mining assets ever did, but instead of just being a return of capital it is from organic new revenues, from a rapidly growing business.’

Hybrid orderbooks

Many people have heard of arbitrage and arbitrage bots. This idea will be leveraged to create new markets for InstantDEX.

‘For example, let us say there are BTCD/NXT and NXT/BTC markets. Well these really do exist so it is easy to think about this exact thing! So the price of BTCD/NXT is going up and down and so does NXT/BTC price, now there is a third combination BTCD/BTC market and it also is going up and down!

‘But these three are all related, eg. BTCD/NXT + NXT/BTC == BTCD/BTC.

For example BTCD/NXT 100 NXT and NXT/BTC 0.00005 -> 1 BTCD -> 100 NXT * 0.00005 = 0.005 BTC. So if the prices are 100 NXT for BTCD and 0.00005 BTC for NXT, then this is equivalent to 0.005 BTC for BTCD. What if any of the three is going above (or below) these prices? ARBITRAGE!!

‘So I am making the BTCD/BTC orderbook automatically have the (BTCD/NXT + NXT/BTC) orderbook and with one action you will be able to get the best price. With arbitrage, especially cross exchange, there are times where you can buy something at the exact time as you sell the opposite and can lock in a gain. This will require a pair of trades, one going through 2 orderbooks, the balancing trade through 1.

‘For hybrid orderbooks (eg. BTC/NXT + NXT/XYZ -> BTC/XYZ) it would incur an extra 3.5 NXT, 1 from NXT and another 2.5 NXT. Still this is 8 NXT and the hybrid orderbook was used presumably since it had the better price than any direct orderbook.

‘Also keep in mind I aim to have automated market makers with ~1% spread for the major issues. If you factor the savings from the narrower spread, even smaller orders could find it to make sense and the larger orders are finding no reason to trade anywhere else.

‘I think an 8 NXT fee for InstantDEX is well earned and the user is making some incremental profits.’

Nxt forgers

What any volume of activity on InstantDEX points towards is greater rewards for NXT forgers. ‘Assuming we fill up the blocks, this is ~250K NXT in fees per day (gladly paid by traders). Now at this pace, NXT forging is paying ~10% per year! I think with that sort of return, the value of NXT will become quite a bit larger.

‘For those trying to estimate the amount of fees InstantDEX will earn I would imagine it would be a multiple of the 4 NXT worth of fees per trade. While most trades will be < 1000 NXT, there will be some larger trades for 1 to 10 BTC, so i would expect the average fees per trades to be closer to 10 NXT. A single 10 BTC trade is really boosting the average. Of course there is no guarantee of reaching this sort of trading volumes and sustaining it, but if it did, that would be fees that are more than 200MM NXT per year. So even achieving 10% of this level is making for a very good result.

‘What other investment would give interest rate like that and have all the potential NXT has?

So no promise that we get to 100MM market cap, but if crypto is based on cashflow a rough metric would be an extra million dollars NXT market cap for each tx per block InstantDEX does.

‘I am in close contact with NXT devs, they said blast away give us MOAR tx! It seems the current cap of 256 [tx’s per block] is easy to expand and there are several ways to reduce the blockchain bloat, even I came up with some simple methods to allow for 10x or even 100x more tx without much blockchain bloat. So no worries about using InstantDEX too much.’

InstantDEX GUI release

‘I am on schedule for getting the InstantDEX API fully functional, still need to add error checking and a few other things, but the GUI release is the bottleneck. I was told that next week we will get a GUI release based on: https://yunbi.com/markets/nxtbtc that will be interfaced to InstantDEX API, so if they come through then next week. Since I don’t personally control the GUI and I can’t do GUI work myself, I cannot make any specific estimates, but the team that is on it has been highly recommended so I am optimistic.

‘It will allow people to simply start trading! no accounts to register, no KYC, not even email needed.’

SkyNET

SkyNET will feed the bots that will generate revenue from trading. So, how is this intriguing project progressing?

nexern writes: ‘Complete fundamental data (fillings) history fetched, stored and up-to-date now. Raw data is 4.5 TB uncompressed, resulting in ~15.7m docs in total (not precise, just estimated from random chosen archives, so numbers may change). This data resource delivers not only raw numbers but also something like “behavioural analytics”, means it could answer questions like: how inner/outer shares flows to whom and where else, how does this affect price, what are the whales doing, what about current short sales, who is involved and connected to whom, well, hidden relations. It would be interesting to dig in this data to identify some “fat-fingers” and if so, to monitor their activity.

‘Luckily I was also able to get my hands on a huge forex tick! archive (15 years, major pairs). This data is perfectly suited for extensive intraday backtesting for traders specialized in currencies.

‘To complete this wide range of data resources I decided to add also macroeconomics data over the next weeks. Just remember, Finhive is constructed to deliver data and tools to as many traders/investors as possible and there are many of them using this kind of data to trade/invest on much longer timeframes than others.’

You can read more in the Finhive Development Monitor: http://finhive.com/fh_devmon.html

SuperNET NRS plugin

As Nxt will add plug-ins support from the upcoming NRS 1.5 release (currently on testnet), a SuperNET plugin is also on the way. The Nxt Reference Software 1.5 will also feature a decentralized Voting System and 2-Phased Transactions, which allows for the creation of services like trustless escrows, multisig wallets, and shareholders’ voting about whether to release funds.

SuperNET and all of its CORE coins will automatically gain access to this functionality. Other plugins have already been developed. For example, Tosch is developing an easy way to access and use Nxt’s Decentralized Crowdfunding feature as well as Nxt’s digital Marketplace.

VRC

VeriCoin 1.5.1 is now available for download for Mac, Windows and Linux at www.VeriCoin.info

VeriCoin BlockChain Reload Demo

http://youtu.be/IsgcBoRad_0

What’s new in the VeriCoin 1.5 .1 Wallet?

VeriCoin has also teamed up with ISG3D, a Canadian based 3D printing company, and can now offer custom VeriCoin smartphone cases. More details can be found here – http://www.isg3d.com/products/vericoin-iphone-case

OPAL

Coinimal

Coinimal has introduced a Tell-A-Friend system: You receive a €2.50 bonus* for every referred, verified customer after the initial order. Additionally you will receive a lifetime 5% bonus* on the collected service fee, for every order your referred customers fulfil.

And of course, your friends will benefit as well. After their verification we will grant them a €5 voucher for their initial order. https://www.coinimal.com/tell-a-friend

*Bonus can only be withdrawn as Cryptocoin order. Minimum order is 25€. Can be combined with normal order. Valid: 180 days from issuing date.

Coinimal is looking for a freelancer to code the Coinimal plug-in for Nxt’s upcoming plug-in system. PM twinwinnerd.

SuperNET Radio Network

SNRN is taking advertisement orders. SuperNET-related coins and services are not supposed to start paying for exposure on SuperNET Radio, because ‘we do this as a service to the SN community to keep them informed’, as Lootz writes.

‘Plugging’ or ‘promoting’ a coin, service, asset, or product is self-evident when it’s the subject of a discussion’, continues Kevondo, ‘but active advertising via “on air” spots, sponsorships, Blocks Ads or producing a show and running it on air multiple times are all currently within SNRN’s capabilities, so contact myself or Lootz for prices’.

‘Those taking advantage of Pre-Supernet Launch Deals will be grandfathered in @ the price we agree to NOW. As SNRN increases its reach when Supernet begins active promotion, the pricing included in our Business Plan will come into play. Lootz is giving away the house right now. LOL!’

SNN

SuperNET News Network has launched. fumanchu writes: ‘Aloha, Hello, Salutations, and all that Jazz. It is my very special privilege to let everyone know we just had the soft launch of the first portal in the SuperNET News Network ( SNNews.io / Supernetnews.org ).

‘Content will be dripping in slowly during those first few awkward weeks but in time we hope to have a steady flow of community-driven content focusing on developments in the Business, Blockchain, and FinTech Space.

‘Get in touch if you want to talk about advertising specials for the first few groups that sign up for 6 and 12 month packages. Pricing is lower now than it will ever be again in the future. Contact me BEFORE you sign up though and I’ll give you a special deal since you are all part of the SuperNET family here.’

CHA?

There’s a problem that someone out there might be able to solve. James writes: ‘Somebody needs to pull a magician out of a hat’: Chancecoin’s lead developer, magician, seems to have disappeared. ‘If we get a java dev, it can be taken over. chanc3r said the tech was good. I can offer 1% of chancecoin to the new dev that is taking over.’

The Endgame

SuperNET is all coming together. James writes, ‘We are approaching the end game. All the pieces are in place. Just have to snap them into place and activate them. I think there is some feedbacks coming from security side, but that is for privacy issues.’

‘After InstantDEX, I will make the Tradebots, which allows for some improvements to MGW, and of course Teleport and finally Telepathy to complete the core things for me. Probably a few things needed for Privatebet. I said it would be about 6 months for me to complete my tech, I think it is around 5 months now and ramchains kind of got added, so I can pretend I am still on schedule. I am making the core, but the true nature of SuperNET is all the things that others will build on top of it.’

Win a SuperNET silver coin

So where are we going? How do you see Nxt / SuperNET playing out in the future?

Post a meme, an essay, a piece of code, a cartoon, a song or a video, a master thesis or indeed anything else that helps you answer the question. The winner will receive one of pondsea’s stunning limited-edition .999 silver SuperNET coins.

Deadline: Friday 6th March 2015, Midnight GMT. Post your entry to the contest here: http://test.nxter.org/win-a-supernet-silver-coin/ or message your entry to NXT-EAVH-SLEV-KSEE-EE2KP. Nxt Community will pick the winner.

SuperNET related links

http://supernet.org

SuperNET news

Newsletter signup:

http://supernetwrk.weebly.com/newsletter.html

https://twitter.com/Jl777News

http://jl777news.tumblr.com/

https://www.facebook.com/jl777official

SuperNET Newsletters archive

http://test.nxter.org/category/supernet-newsletters/

Community

SuperNET Slack

chat.supernet.org for chat and signup,

https://forum.thesupernet.org/index.php?board=46.0 have a log of the public channels.

SuperNET Forum

https://forum.thesupernet.org

SuperNET CORE coins

NXT

http://nxt.org

BTCD

http://bitcoindark.pw

BBR

http://boolberry.com

VRC

http://www.vericoin.info

CHA

http://chancecoin.com

OPAL

http://www.opal-coin.com

VPN

https://bitcointalk.org/index.php?topic=757614.0

SuperNET related projects

BITS (SuperNET CORE component!)

https://bitcointalk.org/index.php?topic=748045

SkyNET (FinHive)

https://nxtforum.org/finhive/

https://nxtforum.org/nxtventures/reserved-6826/

Coinomat

https://coinomat.com

Neodice

https://nxtforum.org/nxtventures/(pre-ann)-neodice/

Freemarket

https://nxtforum.org/nxtventures/freemarket-official-thread/

ATOMIC

https://bitcointalk.org/index.php?topic=780833.0

Pangea

https://nxtforum.org/nxtventures/pangea-poker/

Jay

https://nxtforum.org/nxtventures/jay-decentralized-plugin-network-asset-8688289798928624137/

Omnigames

https://nxtforum.org/nxtventures/omnigames-asset/

SNN

https://forum.thesupernet.org/index.php?topic=118.0

Coinimal

http://coinimal.com

ShortUNITY

https://nxtforum.org/assets-board/shortunity/

Prediction Markets

https://www.fairlay.com/predict/registered/new/supernet-in-top-10-of-coinmarketcap/

https://www.fairlay.com/predict/registered/new/supernet-in-top-5-of-coinmarketcap-before-2016/

Author of SuperNET newsletters: NXTER MAGAZINE: http://test.nxter.org