Tai Zen: All right, let’s give it a second to show up on the youtube live stream and then we’ll get started. If you guys can hear us on this live broadcast guys if you guys can test it in the chatbox and let us know, that would be awesome. Let me see here. And if you can tell us what city or country or you’re listening in from that would be awesome. So we’ll know that the broadcast is working. I’m going to go ahead and silence my phone here real quick so I don’t get interrupted. Alright, guys.
So are you guys able to hear us? So they can hear us from San Diego. Man, that’s like the most beautiful city to live in America right there guys, if anybody’s listening to this broadcast if you want to know what the most, the best city to live in America. It’s in San Diego or man, that’s like paradise out there. So they can hear us from Germany from Belfast. Alright.
So let’s go ahead and get started then, guys. So my name is Tai Zen a founder of the owner of the Cryptocurrency market site and the channel on Youtube we help people get started learning how to invest in the Cryptocurrency market. We’re the number one most popular and fastest-growing channel on the Internet right now with us today.
We have two special guests guys. The main guests that we have here are Bas Wisselink. He goes by the handle of Dam Malone on the NXT forum and in the Bitcoin community. And the Crypto community is a very popular in there is a very well respected individual. He handles all the marketing for the, in the promotions for the NXT a community.
And just as a quick disclaimer guys, so guys, when you guys listen to this broadcast, you have an idea in the background in the past when NXT first started me and Dam Malone or Bass right here and several others helped start the NXT foundation to promote the NXT Cryptocurrency and the technology to businesses and other things.
And I had some medical issues in my family to what I was not able to continue. So, I resigned from the NXT Foundation and Bass is pretty much the and the rest of the guys are pretty much in charge of it right now. So just be aware of that guys, as we go through this broadcast, there might be a personal bias towards NXT and the upcoming release of ardor. So I’m just throwing that out there so that you guys don’t start saying crazy stuff.
Also, guys, we have another special guest here. His name is Shaka Daniel from the chase that coin channel. It’s a new and upcoming, a Cryptocurrency investing channel also. He brought here is broadcasting and joining us from New York City. Hey, which part of New York in UN Shaka
Shaka Daniel: Manhattan
Tai Zen: So he’s coming from the heart of Wall Street there in Manhattan. Guys. So also I want to mention that Dam Malone is the, is broadcasting from the Netherlands. Is that correct?
Bass Wisselink: Amsterdam.
Tai Zen: Someone, the crypt keeper just said that Dam Malone is the NXT CEO. Okay, guys, there is no CEO Bitcoin in case you’re new to Cryptocurrencies. There is no CEO of Bitcoin, there is no CEO of NXT or a CEO of Waves, Lisk, Ethereum or any of that guys. All right
So if you guys want to follow us guys, I posted two links in the chatbox on the video page of the Youtube video page guys. So if you want wild followers, I’m going to start off with the page that says the NXT 2.0 overview. And we’re going to go down and I’m going to go over the introduction, the current platform limitations, the proposed solutions, and the implementation details and the gains and the benefits of the new NXT 2.0 and we’re going to go over the roadmap and the implementation phases, also.
Now, when I say we guys, the reality is most of it is going to be covered by Bass and I’m just going to ask the questions and Shaka was going to ask the questions guys. We are going to ask the questions guys from an investor’s perspective, guys, we are not asking the questions from a technical or development prospective guys, so just be aware of that. We’re not coders. We’re not here to ask them how they’re going to code the NXT 2.0.
So before we get started, guys, if you guys we’ll just hold off all your questions until the end and after we cover it right then we’ll go from there. We asked to get Christoph I can listen to from Vietnam, which is awesome because that’s what I’m originally from. I was born in Vietnam. I’m currently broadcasting from Atlanta, Georgia right now.
It’s one of the biggest cities in America and especially on the east coast. So let me go and get started with the introduction guys about NXT, of how it was in the past because I am familiar with it since I started from the very beginning. So NXT real quick history guys started out in December of 2013 and by an individual that is called BC Next. He said he was going to come up with a new type of Cryptocurrency pretty much a Bitcoin 2.0 that is different from Bitcoin because all the previous Cryptocurrencies before then was just a clone like Litecoin, Dogecoin, Dogecoin, all that was just a clone.
They just took the copy of the Bitcoin software and they just changed, tweaked a few numbers here and there and made a difference.
Well, BC Next wanted to create a completely new Cryptocurrency and eliminate and improve upon the Bitcoin software and make all the changes that he felt was necessary.
So he did a crowd sale back then. It was not caught an ICO, it was just fundraising, a crowd sale. And he raised, he asked for 21 Bitcoins to start the NXT project back then he called it next. Myself, Bass, and several others. Whenever we started the NXT Foundation, we pretty much changed the name to NXT because there was a lot easier to pronounce and say because when you say next, what is next in English or any English speaking country, it does not make very much sense. The question sounds incomplete.
So we had a chance to NXT. So that’s how it got started. It had a lot of controversies when it first got started because NXT was ahead of its time and people were not prepared to have a Bitcoin 2.0 at that time. And they were not familiar with the proud cell approach because all the Cryptocurrencies before them were just after the community was done for pretty much for free.
There was no funding and NXT was one of the first Cryptocurrencies to start a crowd sale and BC Next raised 21 Bitcoins from 70 individuals if from the Bitcoin community. And that’s how he started the funding for NXT. So if you look at all the software projects and other Cryptocurrency projects out on the market right now it’s undisputed that the number one most
I guess, I don’t know if this is corrected term, but the most successful a Cryptocurrency project from a fun crowdfunding perspective would have to be NXT because if you look at the market cap and the value of NXT today and divided by the 21 Bitcoins that was raised back then, it was 21 Bitcoins helped me if this is correct or not, but those 21 Bitcoins that BC Next ways back then was worth about 200 and something dollars. Is that correct?
Bass Wisselink: Bitcoin. This was before the big pump in December 2013. So it was about 215 most at most.
Tai Zen: So pretty much 21 Bitcoins, $200. That’s about what $4,000 $5,000 to get the NXT project started. And at one point it was up, it was worth up to $70,000,000 for the entire network. So if you just do the math on that, it has thousands of times more, millions of times more successful, if not thousands of times more successful than any Cryptocurrency project that’s on the market today probably most Ethereum, Lisk, and Waves even combined.
So that’s what we have guys. And what happened was NXT was ahead of its time. It started a process called pre-mine where instead of wasting everyone’s time and money and electricity, they did a proof of stake condensed proof of stake peer coin was the first one to come out with a proof of stake.
Tai Zen: Proof of work and proof of stake.
Leon Fu: It was saying about how NXT, it was like a, it only raised a few thousand dollars and it’s the best percentage. That’s the last thing I heard.
Tai Zen: So as far as if you guys are not able to hear me guys, I appreciate it. You guys just put it in the chatbox immediately. That way I can see it and then I’ll slow it down. I was talking about proof of stake.
So the first Cryptocurrency to have a proof of stake consensus algorithm, guys, that’s a fancy word for the method in which they used to agree on that the network agrees on which transactions were correct or not.
And so what happened was a pure coin came out with a hybrid where they use half proof of work and proof of stake. And then big NXT was the first one to come out with a 100 percent proof of stake guys.
And since then they have a lot of controversy in the beginning when it was released because that’s, you know, anytime something is new there’s always going to be controversy people don’t like it, and they’re gonna throw it out and they’re going to troll on it.
However, a lot of people called it a scam and they thought it was a scam, a Cryptocurrency scam myself thought it was a scam to Leon thought it was, but then as the community prove themselves, we started to see more and more talent being attracted to the NXT community and we started to realize that it was not a scam.
It’s a legit a technology that legit software now NXT, because they are not big in the, are not big in they’re not big at raising money from the community and in the public in promoting themselves, they’ve been kind of hiding under the radar, not hiding, but they’ve been under the radar because they are not targeting individual users.
They are targeting businesses and institutions and financial, businesses. So that’s why you guys don’t hear a lot about it. So that’s kind of background on NXT and they’ve been kind of lurking in the bushes under the radar for the last couple of years since it’s released in the spring of 2014.
And since then there’s been a lot of businesses that have tried to adopt an NXT and they have run into some challenges where there their businesses want to connect with NXT and I’ll let a move it over to Bass and let him explain some of the challenges that they were that NXT 1.0 the old version was facing. And then we’ll start to go into the solutions. So anything you want to add to that Bass.
Bass Wisselink: Most simple world, I launched the question first, as you know, we did a lot of outreach to businesses talk to a lot of people networks at conferences and the general is quite a lot of interest in having a blockchain solution. There are always a few others to take first downs have a question you always want to be answered is do you actually understand what a blockchain is and why it’s useful.
That’s where the first a group of, people will drop off. Second one is done we or is it actually a good fit and what a lot of businesses want is they want to be sure that their business is still kind of private not I don’t mean private chains, but I do mean that the business data, for instance, second is that they do want a kind of control. So this is all also a question.
And the third one is it logical, is it understandable to our customers if we start using this blockchain and with NXT and basically with a lot of blockchains you have the problem that if you do anything with let’s say a token the transaction still needs to be paid by the native currency of any blockchain.
So the fees in NXT that Senate state so when you start a project, for instance, for yourself Tai coin and you want to make transactions in Tai coin, there will need to be paid in NXT, which from a customer point of view makes no sense. And it’s very hard to actually tell people you need to buy next to work with the system, which is completely different. So that was one of the first things that we noticed.
The second one is if people, we don’t really want people a first step that where we want to onboard people is in, in the public chain. If they go on a private chain the NXT holders will not see any benefit from it
So to get them on the public chain will need to offer them some reassurances. Now, of course, next can do an encrypted transaction they can’t do. So if there’s user data, send over the blockchain, it will be encrypted, but still, they don’t feel all that well about it.
And then you need to explain to them, if you want to do a clone, you have a bootstrapping problem, you will need to set up a critical mass of service to actually make it to state. So it’s hard sometimes it’s a really hard sell and we’ve been trying to solve that problem.
We do see that in order to grow you will need to go through corporations or businesses and not directly to the end-user. That’s a completely different game and we chose at least there’s a foundation not to go that way.
Tai Zen: Okay. So to correct that problem is the proposal that you guys have.
Bass Wisselink: Can you repeat the question, Tai. Okay.
Tai Zen: I say that I’m. So that’s the problem that the challenge that we’re running into with NXT. So what is the solution that you guys have come up with that the NXT committee has come up with?
Bass Wisselink: Show the solution that we now have the developers have come up with because we give them feedback all the time on what we get back from, from the customers is in a completely new architecture that allows people allows businesses and people to create their own safe and secure blockchain with the same functionality that NXT at the moment has without the bootstrapping problem.
And the nice thing is with this solution, a lot of other problems that are out there are also solved. So what the developers have done is they basically split the tokens into, if you now do a transaction on Bitcoin, on NXT, you need to pay fees in Bitcoin and the transactions are made with Bitcoin same with, same with anything in the new system which is called other. This functionality will be split, will be one main chain. And the main chain is the one that maintains the content consensus.
This is ARDOR connected to this blockchain. You can make a new child change. We specifically call them child changed because we need to do differentiated from the already established words side change. He’s changed cannot exist without ARDOR, they are linked to it.
And on these chains, you have tokens which are used for the transactions and also for the fees. The creators of these chains are the ones who will be doing the exchange from the child chain token to others to get their blocks embedded and achieve consensus into the main chain.
So that’s in dot io view, the very simple way in which this has done sort of token that now every blockchain has two functions has been split now. So if you now want to do your own blockchain, you don’t need to bootstrap your benefit directly from the main chain, which already is maintained by a lot of parties.
Tai Zen: Okay. So basically what my understanding is that the NXT main chain, the main blockchain, I guess the most difficult part about creating your own blockchain or your own token system is the security of the network.
And the biggest challenge for businesses whenever they create their own, a network of their own system to go on top of NXT, the old NXT, the biggest challenge they have is doing all the software and treating all the security.
So by splitting the token separately like that, the whole chain from the main blockchain, it allows them to the main blockchain to handle the security issues. Wow. The chain can do what it needs to do. Is that, is that correct.
Bass Wisselink: Exactly, because businesses are primarily aimed at functionality, they’re not, they’re not focused on everything that’s done on the backend. It needs to be done, but what they, their questions are always, can it do this, can it do this, can I do this. They are not the first question is not directly security-related. You never almost never see this as the other thing, of course, is a lot of businesses just don’t have the know-how to do it anyway.
I’ve seen a lot of people and Youtube, probably seen a lot of projects that just launched a blockchain as if it’s child’s play. It’s not really difficult to make a secure system. and even big systems can have problems. And it also,
Leon Fu: I have a quick question of how these child chains that you’re talking about, how who are maintaining the security of those. I didn’t quite understand that part.
Bass Wisselink: The child chains, child blocks, let’s be, let’s call it this way, get submitted to the main chain. That’s where they are validated and achieve consensus. So the consensus part is completely taken out of the child chains. They just keep a transaction ledger for their very specific a chain, but the transactions are validated on one main chain.
Leon Fu: okay. But then if you’re saying the main chain is validating both itself and the child chain, but then who’s storing the copy of the child chain, then like who’s actually holding the copy, just like the, all the notes are you know, all the full notes, keep a copy of the blockchain. But do they also need to keep a copy of all the child changes as well or not?
Bass Wisselink: There are several things. So we have goals. There’s also split between light notes and for almost most year system. So we call them archival notes because they will need to keep the complete ledger.
So there will be some notes needed to maintain full days will maintain a full ledger of everything. There are, there is also the possibility to run your note light, which means we have the system will prune data from the blockchain’s a periodically. So, people, this means that let’s say once in two weeks all the transaction get pruned or only a hash is left of these transactions and the full note are the ones we’ll retain this data. So at the moment, this is the architecture that is proposed.
Leon Fu: I do understand the light client doesn’t have a full copy. So you mentioned something called archive on those are those the ones that keep the full copy of both the main chain and the child changes. Is that their story. But, but, I think this is a but a full note. They valid, they have to validate both themselves and all the child chains that are tied to the blockchain. Is that correct? All right. That’s, that was my question.
Shaka Daniel: I have a question that’s going to Tai into that. I read in the forum and I just heard you say, what did the child chains. They can be pruned or the information can be hedged a little bit. Will this make the whole platform more scalable or just a child chains.
Bass Wisselink: No, no. Well, the main chain will not have as much information anyway because it doesn’t do anything else, but the verification is the main chain Tokens cannot be used for all the functionality that NXT has now. It’s a very, very limited in its, in what it needs to do.
So this means, yeah, child chains themselves will, we can be very small compared to current blockchains, but the main chain itself will be by nature very small because it only retains a certain blocks as far as I’ve seen from the current architecture because you need to need to understand it’s still full encoding.
The blocks will be submitted as a whole to the child blocks will be submitted as a whole to the blockchain. So it will build. We built within it another way than full batch of all the transactions.
Shaka Daniel: So is it to say that the way I’m understanding it, it’s like a segregated witness coin type of deal that’s going on. Is that right? The comparison
Bass Wisselink: the comparison is completely. I’ve had a question a few days ago if it was comparable to what Lightning Network, for instance, is doing, but in the developers, they decor develop themselves denied this. I’m trying to get the quotes that I find. It’s a similar thing. It is similar in architecture as far as I can see, but it’s not exactly the same. I’ll try to find the link or the information for you.
Leon Fu: So one more question I have is, you mentioned these child chains are also validated by the full note is so who gets to decide, like if I want a child chain, am I do, do I need to go get permission from the full notes to add a child chain to it or who. How do you, what’s the process to add a new child chain.
Bass Wisselink: You will be. No, you can set it up by yourself and run you. As far as I know, let me see because I think I made a bit of a booboo in this one. We do have main notes and we have child chain a running.
Leon Fu: If I set up a new child chain by myself, who is going to validate it, then like do I have to submit a request to the full notes.
Bass Wisselink: There is a competition between child chains to get added to the main chain. So this is the competition in the system itself.
Leon Fu: Okay. I need to pay. Or is that what do I need to pay. Yeah.
Bass Wisselink: Yes. You pay just like you do in NXT, you pay fees to be added to the main chain. So you have people running Europe, people running the main chain and they get a bugle. You will need to submit your child in blocks to the main chain. And this will be the competing process. So if you and Tai both have a chain running and the blocks are getting full, let’s put it this way, you will need to compete for space on the main chain for your child chain blocks.
Leon Fu: Okay. All right. I see what you’re saying. So it’s almost like another chain. Like I have to announce it. I want a child chain and I have to be, I don’t have to pay for it too. I have to pay more than the next guy who wants a child chain
Bass Wisselink: in essence, you pay for the consensus for the new being that, for the fact that you are getting validated on the main chain. This is one of the main incentives for people running the main chain.
Leon Fu: Okay. Thank you.
Shaka Daniel: So how user friendly will this be if, let’s say if I want it to set up a chase that coins tokens for my site now, how user friendly with this be will I have to, I’m, I’m not a coder, I’m not really super technical, but will I be able to do this by myself or will I have a user friendly. Would it be?
Bass Wisselink: And the aim is to make it very user-friendly. it probably won’t be because we’re setting up the first child chain that’s a that let’s say that is an NXT to child chain. and it’s also a reference child chain.
So that’s our first goal to get done by quarter two, quarter three, 2017 after that on the roadmap is the creation of a blockchain deployment kit and these. So the idea is to make it easy.
Let’s not say anyone can do it because that is, will most probably not be true, but most people with basic knowledge should be able to set up their own child chain, with a few clicks.
Tai Zen: Okay. Hey, can you do just so for the non-technical of the investors out there, could you just use like a use case example of a business or that incorporate, would that would utilize this child chain and use the NXT a blockchain just can use. Is there an example that you can think of.
Bass Wisselink: One of the things that I’m seeing right now is, for instance, we have a few companies running on NXT which call for instance not to, as quite by Brian Kelly that’s running on the NXT blockchain for those kinds of what’s now called monetary system coins. It makes sense to port to NXT to other NXT to
Because they are having a, let’s say, secondary coin, they have their own coin system which they want to do something very specific with and for them, it’s very logical to move there because then they have the freedom to their customers. They’re not linked to our other at all. They just had their customers will just see a see this system. The same would go for a use case that I’ve been working on myself and which have yet to see come to fruition is loyalty coins, loyalty systems within any organization also are very easy to do.
Now with next child chain. It’s those kinds of simple things that, that work. Now, one of the things that we’re also ourselves are chasing at the moment and want to build is a network of pages since pegged to outside currencies. So there will be an in.
So it will be easier, you will be able to trade these assets on the whole system until you could pay with Bitcoin. You can play with Litecoin, you could pay with anything on our child, change via another child chain may sound a bit weird at the moment
But that’s because I didn’t get to mention one thing assets on our system will be universal. So what is now called assets on the NXT blockchain where we, you will be able to trade on every, a child unless the child chain prohibited. And that means you can create these pegs, tokens and actually trade them all over. Exchange them all over the whole system.
Tai Zen: Okay. Now alright, let’s move on over here to the implementation here, right. So how is this going to be implemented? Like basically let’s talk about the roadmap here of how this will all occur. Because I have a lot of people in the youtube chatbox, they’re talking about how the NXT holders. So let’s just say if I have one, a, if I’m a holder, I’m an investor and I have one NXT right now, what is going to happen to that annex that I currently own.
Bass Wisselink: You will keep the NXT that you now we don’t do a burning process.
Tai Zen: Okay. So because I see Christian Fernandez, he’s been answering questions on how the NXT tokens will be converted to order.
Bass Wisselink: Yeah. it’s actually not that hard on the 14th of July in 12 days if you are running the. No, you don’t even need to run it, but preferably you’ll be running the one point nine version of the software. And this is the NXT, the software that is taking snapshots of all account every 60 blocks, which is an hour.
These snapshots will go on for three months and at the end of the three months, this is at block 1 million blocks of the NXT blockchain. I’m the system will take an average of all these holdings and payout an asset automatically to all these accounts which will represent their other holdings, their future other holders. Let’s be very clear about that. So this is the first stage that we’re going into now. So
Tai Zen: just real quick, if you guys want to go to the link, a matter of fact, let me just go and put the link here and that way everyone that’s listening to follow us, I put, I just put the link in the chatbox, guys in the youtube chat boss to show the NXT 2.0 roadmap. And then you guys can follow along as fast as going through it.
Leon Fu: A quick question. So can I get the private key that I have for NXT you and I use that same private key for order, is that
Bass Wisselink: it uses the same mapping as NXT so you will have the same account, you can access the same account on the new thing with your son.
Leon Fu: Okay. So if people want to invest in art or they can just simply buy an accumulate NXT and there’ll be automatically bought the odd, they’ll automatically have a state in order. Is that correct?
Shaka Daniel: So will dissemble what is this FXT symbol that I’m seeing that’s going around.
Yeah. This is, this is a legendary name at the moment. We have two tokens that will come out, so we and, the first code name that was used for this in the links that you see still need to be cleaned up his FXT, it was meant for the, let’s say, the for the staking token to consensus token an FNX was the codename for the child chain token. The FXT that you see has now been changed into other, in the FNX will also get a real normal name. This is basically due to the way it’s been developed and where we put priorities.
Leon Fu: Go ahead. Go ahead.
Shaka Daniel: Also I didn’t see where the BNO licensing was all put in there. Do you, can you just explain quickly why did you guys do that.
Bass Wisselink: You mean the JPL license.
Shaka Daniel: Yeah, I’m not, I’m not sure about what the, what the license is called, but it’s some kind of copyright license, something like that.
Bass Wisselink: Yeah, it’s an open-source licensing form you have several of those. You have MIT, which is a, I think the most prevalent MIT license means use the code and just put a reference in there that you’ve used the code GPL is more restrictive. The GPL code means that any derivative work of the original code also needs to be published under open source under GPL, under the same license.
So if you, for instance, have used parts of the NXT code, whatever, they may be an incorporated into your own software and then publish it in the publishing part is the important part. Then you will need to publish it under GPL unless you have permission, a license to not do so. And that needs to be negotiated with the core developers who wrote the original software.
Tai Zen: It’s basically the software, the NXT 1.9 is released yesterday.
Bass Wisselink: Yeah. And today the newest version 1.9.2 two is the first main net version that has just been released.
Tai Zen: Okay. So is that for people to test on or is that for a working
Bass Wisselink: fully working main meant version.
Tai Zen: Okay. So when the cell for the people that are listening that they currently have the old NXT software, do they need to upgrade to the new one.
Bass Wisselink: No, they still have time until October when block 1 million is expected, but they are advised to upgrade because the. So it’s not needed but recommended.
Tai Zen: So if someone, like right now that’s listening to this and they say that they were interested in investing into the NXT 2.0 project. And they go to Poloniex dot com and they buy some NXT there. do they keep the NXT there at the exchange or do they need to transfer to their personal wallet so that the Snapshot Process will work?
Bass Wisselink: The snapshot process will work anyway where wherever there is a next wallet, it will be pulled. We’re at the moment, however, talking to the separate exchanges, we’ve been talking to BTC 38 to Poloniex, Bittrex, etc.
Because these funds need, they will need to do this if they keep all their annexed in one wallet for instance. And it’s certainly possible that they have a cold wallet somewhere. Yeah. This will need to be distributed to their users who have it on the, on the exchanges and they’re working with us.
They understand it and they’re very helpful. If you do want to be absolutely certain, keep it in your own external wallet, not on an exchange. And that’s anyway, good advice anyway. Never keep too many funds on an exchange, but if you feel comfortable with it, you can keep it on the exchange and they will create credit you with your other one distribute it.
Tai Zen: Okay. Just real quick, while you were at it while you, speaking about NXT wallets besides the one that provided on the NXT a website are there other wallet services that you have in mind that you feel that are reliable.
Bass Wisselink: My next the info is browser wallet, which is very a very user-friendly and very safe and they already have been optimized for the distribution. So if there’s a, if there’s anyone, if you want to use very simple client and not go through the hassle of installing a separate one on your, on your system, you can go there. They also, yeah,
Tai Zen: from my NXT info.
Bass Wisselink: Yeah. I’ll give you the link. Let me see.
Leon Fu: Yeah. And so Bass, if you guys are not doing a crowd sale, if you’re simply crediting current NXT holders with ardor or NXT 2.0 tokens how are you going to raise money for the development of an Nxt. 2.0 then
Bass Wisselink: yeah, there are several, several ways we’re doing this. One for the first new child chain, we are keeping back 50 percent of the supply, so both other and the NXT end, the FNX or NXT tool child chain will have the same amount of tokens that are out there in next at the moment.
But for the child chain, so not the main chain, we’re keeping back 50 percent for development, business development and coding neck apart from that, we are also very much a chasing external capital, which is for us the way to go at this moment, we can’t, this is one of the main reasons why we didn’t do an ICO to do an ICO for a system that has a chance to impact the NXT value and we need to be aware that it definitely may and we’re working very hard to minimize that because we think and the one still has much life in it.
We cannot do that to the original investors’ people over the last two and a half years. I’ve invested a lot and supported us a lot. So that’s the main reason why we didn’t do an ICO. So we need to chase it by more conventional means. So we’re going after grants, we’re submitting a lot of papers. We’re also chasing licensing fees and the relicensing fees from people who wanted close source it all. What’s included in our current business model.
Tai Zen: I actually liked that idea that you guys are going after grants and stuff like that. The fact I’m a Cryptocurrency that’s down located down in Austin, Texas, they recently got like a $200,000 grant from the department of homeland security in America. And so, I believe that that’s interesting path for you guys to take to fund the NXT because we all know that the software does not build itself. You need coders and developers and they need to be paid for doing that. So I’m glad that you guys are taking that route because it’s a creative route to get funding besides the traditional ICO route.
Bass Wisselink: Yeah. And it also allows us to look, if you go off the grants of getting a grant is not easy. You need to have very clear documentation, and you can’t bullshit these people. So it also forces us to formalize the things that have been built over the years and put it down. And then we can reuse that. Once the ground is granted you can publish those again, which will strengthen the basics and show the whole world this is what it is.
And this is how it works, this was also one of the things you propose that sometimes, and it’s all these, all these things and that makes it fun to do, but sometimes also slow is we come from a grassroots background.
We started as a community, we’re still a community, but once you start to grow and you need to abide by certain things because you do want to have professional partners and they ask for certain things you’ve, your basically forced to professionalize your process. And that’s what we’re doing right now.
Tai Zen: Yeah. So I’m doing that. I also believe when you’re seeking government grants, it’s a long process. So if it was a fly by night, you know, get the rich quick scheme. I think that the way the government has their grant process, it’s going to eliminate a lot of that riff-raff and a lot of bullshitters
Bass Wisselink: yeah. And it also means you need to use, once you go after grants and things like these, any money, basically you will need to clarify what it’s being used for. They don’t get it. They don’t, they just give you a bag of money and say, here, go do something fun with it.
Now they want in writing this part there, this part there. And so it’s not as if we can run with it or going to run with it. This is going into the development of both NXT and others because this is one of the things that I do want to have very clear to existing NXT holders.
It may look like it’s being becoming obsolete and the system runs, it’s still a very good system. There is and we’re very actively working on keeping this system alive. For instance, for existing assets that are on the NXT blockchain, these are not being moved to the other blockchain and there is no real reason to do so at first they can change, they can change over when they want. And the devs have already said that as long as the NXT blockchain has significant use, they will support team supporting it, bring out bug fixes, patches, etc.
Tai Zen: So back to the roadmap that you were going over. So the one NXT 1.9 got released yesterday and the updated version got released today on July 2nd as we’re making this broadcast and let’s jump forward to and that’s Q3 starting Q4 in the fourth quarter of 2016. The roadmap here says that there’ll be an automatic distribution of Ethics Tassets is the Ethics T is now the order.
Bass Wisselink: Yes, we were bringing out a renamed or roadmap very soon. but the effort in. So, let me see here Q4 which adapts October probably October 12th, but it’s block 1 million. There will be an automatic distribution of the other assets to all the accountants.
Tai Zen: Okay. And then it will just show up and everyone’s a wallet or a client. Yeah. And then in the first quarter of 2017, you mentioned that the roadmap shows that NXT 2.0 or the order we’ll go to an alive.
Bass Wisselink: Yeah. So this is also why we put a date on there first for the 1st of January, 2016. But we need to keep looking at the quarters. First-quarter of 2017 to test net, we’ll go live.
Tai Zen: Okay. And then that will go live. And then in the first quarter of 2017. The snapshot for the Ardor will also be based on the snapshots that were taking the order distribution will also happen.
Bass Wisselink: No, no, no, no. This needs to be clear. So quarter for twelfth of the twelfth, October this year. Then the other assets will be distributed. The test, let’s keep the test nets separate from this because the test met is part of the process, but it has nothing to do specifically with the assets or the tokens.
So then in quarter three, quarter three, 2017 or the main net will go live. And that is the point where the tokens that people have a will be converted automatically to the tokens on the new network that is sick. That is.
So there will be a snapshot and then there will be credited the tokens. And there’s one thing that also needs to be mentioned, of course, because if they now get at their assets and then nothing happens for almost half a year, why would I put it in there in the roadmap, the assets, the other assets will be tradable.
So it will definitely be from the 12th of October until the second quarter, third quarter you can trade them and we’re also talking with the, with the exchanges about this so people can also trade these assets and accumulate more if they want to.
Tai Zen: Okay. So basically the exchanges that are currently trading NXT right now, Poloniex Bittrex and BTC thirty-eight. All those will more than likely be trading the will carry the order talking to be traded also.
Bass Wisselink: Yeah, that’s definitely what we’re aiming for.
Leon Fu: Does that mean ardor and NXT will be both traded as you can still trade the old NXT token. So Poloniex, for example, would have with less than both all that see and that will be for tokens and there’ll be independent of each other, right. Like they’ll NXT will have its own value and ardor will also have its own value. Is that correct?
But don’t you see that isn’t NXT the original eventually going to be worthless then. I mean, why would I hold onto that. If I can get ardor, which is where all the focus of development is.
Bass Wisselink: That’s assuming at the moment that there is no use for NXT 1.0 that’s the underlying assumption.
Leon Fu: But won’t ardor do everything NXT 1.0 does. I mean why would I hold my old NXT tokens at all. What like the artery is going to do everything that NXT 1.0 does right now? Right. So why would I, why would I hold as an investor or even as a user, why would I, why would I continue to hold that NXT 1.0
Bass Wisselink: Should we now created a new system where it’s possible to have multi chains, linked multi-change that’s other. I would be very surprised if there aren’t use cases that do not want that specific situation, but that do want to have a very separate chain.
I’ve heard this question a lot and I think it’s also a bit an indicative of the black and white thinking that’s going on in Crypto a lot my guesses. But let me convince you over the next month, that next 1.0 does have viable use cases in it. And that will mean it will have value. What I also know is that a lot of people will think what Leon just thought to and that there might be a significant drop, definitely.
Leon Fu: I don’t doubt that NXT 1.0 has use cases. It has use cases today. I’m just saying what use cases does it have that ardor won’t have, which I don’t see there are any
Bass Wisselink: no, exactly and I can’t answer the question directly at the moment, but my gut tells me that there are, and this is also one of the things don’t as a foundation, we will be, we will definitely be a developing or at least offer. As I said, I can’t answer that question.
Leon Fu: So what I’m afraid of, that’s an NXT 1.0 holder is right after you do the snapshot. People get their ardor locked in. We’ll just have a dump, like just NXT 1.0 crash right after that.
Bass Wisselink: That’s the thing I can at least on. So because the NXT that you have are also the basis on which the new child chain tokens are distributed. So in a quarter three 2017, there will be another distribution directly on the new chain of the new child chain token that is also coming out.
And that’s based on a one to a half a distribution and that’s done also in NXT. So if you have no. So if it. So if you dump it immediately after ordering, you have zero balance. At the time of that snapshot, you won’t get any and you will need to apply them in a different way.
Leon Fu: Okay. All right. I gotta run guys. I’m gonna. Have to drop off here. Thanks. Thanks very much.
Shaka Daniel: So I do not kinda get you to give any price for addictions or anything, but do you see, do you see an order being kind of like related to NXT like the DAO was related to either a meaning like the DAO was pulling eaters, price up. Do you see pulling NXT price up even though the prices will be independent
Bass Wisselink: at the moment certainly because we now are in an accumulation stage. So, you can’t get into all the next day that makes it an entry point. And if people, if ardor is an attractive proposition to people who definitely will pull up the NXT price. Yes.
Shaka Daniel: Yeah, I understand. I mean, overall, when auditors on the markets, when NXT on the markets, do you think it’s going otter will still pull the price of NXT or do what. Do you see that happening there? Because the price is being independent of each other. It can go any way.
Bass Wisselink: Yeah. So I can’t offer any prediction on that one. My goal as NXT foundation is to support both systems and may and get the most value out of both for the investors. And that’s the only promise I can make. That’s also why I’m replying this way to Leon is that’s my commitment. I won’t, I refuse to drop in this and I’m convinced that we will make it a, have value still and a good value, in the short term logic tells me that, that people will look at the newest, the newest kid on the block and that’s how it works. That’s human psychology. But on the other end, I’ve seen NXT does do some weird things sometimes. So real predictions I can’t offer.
Tai Zen: Here’s, here’s what I see coming up and just from my experience in investing in Cryptos these past few years, I see the NXT is similar to like you know, how I don’t know if you guys are familiar with growing bamboo
But I lived in a house one time in Austin, Texas and there was some bamboo, there was some small bamboo. We just moved in and there was some bamboo in the back yard and they were only about thirty four inches tall. And we didn’t think it was a big deal every time we cut the grass we would cut it because bamboos are grass, we just cut it and we didn’t think it was a big deal.
Never thought it was a nuisance, never thought anything. And for months we never saw much bamboo in our backyard. And then one time there was a lot of rain and we could not go out there and cut the grass.
And within a week, the week that we were supposed to cut the grass, we didn’t cut it. And we looked at one morning and there was five-foot-tall bamboo in our backyard. It went from that tall to about my height. It went to 45 foot tall and some of them were even six-foot tall.
I mean literally in just one or two nights, just overnight we thought somebody had sprayed some steroids on our lawn or something because of the bamboo. I have never seen bamboo grow that fast.
And the reason why I’m sharing this with you is that I believe in the last couple of years, wow Ethereum while Auger by all these other Cryptocurrencies like Lisk and waves, they’re gaining popularity by the ICO is the money they’ve raised.
I think that NXT has been silent, you know, under the radar planting it’s roots and spreading its roots. And I think that the NXT 2.0 project, when it comes up this time, it’s solving some really big issues and challenges that businesses have that once we’ve used the blockchain technology and I think that this is going to be a huge jumpstart for NXT to move forward.
Because in the beginning, people might’ve said that, you know, this is not the real deal. Whatever Bitcoin 2.0 they were skeptical about it. But you fast forward two years now with all the development that’s going on in the NXT project.
I think those days are gone and I think that there are bright futures ahead. You get one company or one financial institution to adopt NXT as their backbone, as their platform to create their financial solutions.
And it’s going to force NXT that take off the fact that one of the things that people need to realize is that when NXT first came out at the end of 2013 and beginning of 2014 having a crowd sale having a proof of stake and everything, most Cryptocurrencies day off, day off, they’re like, you know, like dogecoin, you know, things like Dogecoin, Litecoin, you know, all, you look at thecoinmarketcap.com website and most of the coins below the bottom of the list, they’re pretty much debt. I mean, most clients come out and within a few months, they’re gone. And the fact that NXT has survived two years out in the wild and now it’s reinventing itself. I think that there’s a huge potential for this moving forward.
Bass Wisselink: I just want to address that question that Leon had about validation because I do think this is important information to say it’s so within other.
Tai Zen: Just real quick Bass. Can you repeat the question again? Just in case people are listening.
Bass Wisselink: The question that Leon had is how is verification done everybody needs to run full notes and duties notes validate themselves as well as the others and the way it’s structured is, and this is just quickly so it’s out there. I do want to have that information is we have people run if people are running other note
And the child chains themselves are basically containers. They are added to the main chain. They collect the transactions to collect the transactions are offered to the main chain and as I said, there is a complete competition there to be included.
So all the notes will need to validate all child chains. And this is an important one because this was the question that Leon was asking. So yes, an archival node will have a full record of all child tends transactions and the light note won’t and didn’t want to put that out there because I thought that I definitely needed to answer that question.
So there’s a lot that this also means, and this is also an important one, sorry for interrupting, is that the other token that is now first getting out is the most important token in this sense that it will contain or that it will gain value from all child chains.
Shaka Daniel: So the archival nodes will be holding the because I saw in the forum that you can choose to keep information from the checkout chains and so that’s what the archive note.
Bass Wisselink: Yes, exactly. The archival nodes will hold all information so and they are needed to actually truly be able to retrieve, for instance, messages but also transaction information, they are needed in the, in the system for that, the light note of out of that, because not all not everybody will probably be able to run those in that fashion or don’t want to run those.
Tai Zen: Okay. I have a question on I want to get your personal opinion, you don’t have to speak on behalf of the NXT community or NXT the foundation, but just your personal thoughts and opinions on this since you have been in this since the beginning when NXT first came out, what are your thoughts on the cause of the lack of popularity with NXT and what do you see in the upcoming future. Can going to put you in the oracle seat here. Like me and LeonFu.com here.
I want you to play the oracle of Cryptocurrency for a minute. And what do you see was the stumbling block for NXT as far as popularity in mainstream use goes compared to an inferior or to Bitcoin or any of those, you know, it’s especially within the relationship to an Ethereum because Ethereum was the second Bitcoin 2.0
That came out after NXT and it’s funny because now they are talking about going towards a proof of stake consensus similar to NXT. I’m sure that the algorithm is not the same, but the fact that they’re using it, proof of stake, and I just watched the video this morning where Andreas Antonopoulos when the audience asked him what are some of the upcoming, the upcoming new technologies that are coming out in the Cryptocurrency space. And he said he predicted that Bitcoin itself will move towards a hybrid proof of work and proof of stake Cryptocurrency. An algorithm as well.
Bass Wisselink: Yeah, exactly. I heard that too in a talk from him a few weeks ago.
Tai Zen: So just basically your personal thoughts on stumble in what you think is going to allow it to leapfrog forward.
Bass Wisselink: There are, there are a few reasons why we at least I would identify a few reasons why we didn’t, where we weren’t able to maintain visibility as we did first, it’s a very, it used to be a very scattered community, where it was very hard to get one message out and if you don’t have unity of message Bangor disappear. That’s just a simple rule of marketing.
So we had, we had people in the community that said, next is this and other people, next is this, and then, and this is also because we do a lot, we’re able to do a lot, so you will attract a very diverse group of people.
So that’s the first, the second one is, let’s see, in 2014 how many new projects came out there. They were, there were a lot. And again, people look for the main chance and invest in things that have a higher return on investments. Then an existing system lack of funding also didn’t help. So combined with that, with that non-unity in the message, at least a basic unity. What are you?
So, that’s for the past. I’m the future. I’ve always been very bullish. Otherwise, I wouldn’t sit in this chair. It’s a very solid system. We do a lot, I speak to so many people where you finally get to explain, okay, what is this NXT. And then you showed the client and then they get scared by declined because there’s so much in there.
You take one thing out and say we this kind of messaging and you can do this kind of exchange, say, okay, but others are just talking about, again, this is fully operational.
So based on the fact that fundamentally it’s okay. I’m fine, I don’t, I have no problem with people ignoring it because we have plenty of people not ignoring it. But one thing that people don’t seem to realize is that if you’re dealing with a larger company and you’re talking to them, you can’t see anything. They won’t allow any pr around that.
Even if we were, even if we were talking to let’s say a bank or a major company, I wouldn’t say because I can’t, I’d lose, I’d lose the commission immediately.
That’s having said that, the last half-year, we’d, we’ve processed more calls and talks than in the last two years before that because it’s hans and well, one thing I can say for instance, where I’m going to speak personally, and this is where I’m going to do workshops. This is the ministry of transportation in the Netherlands. That’s the level of people we’re working with. This is government level, they won’t do that if you have a shit product.
Tai Zen: Okay. So that’s a little. Let me just clarify a couple of things that you just said there. One is that when you said that you were in the seat to do this, I don’t think that most people realize that you and dev have quit your day jobs to work on this NXT project full time.
Bass Wisselink: I still have two days left.
Tai Zen: So that’s, to me, that’s a good sign. The second thing is that when you mentioned about privacy and disclosure, when you are working with these banks and these financial institutions, so most Crypto investors don’t realize that you cannot just went out and brag to the public or shout to the public, the private and confidential conversations that you have with these banks to help build their technology using the NXT blockchain.
They are not going to allow you to do that because they don’t want their competitors to know what they are doing with you. So some of you guys are listening to this. If you guys wonder what type of institutions or financial institutions or government institutions that are, that the NXT Foundation and the NXT community is working with sometimes they cannot disclose these things for privacy and confidential reasons.
For example, when I’ll use this as an example when fact received a $200,000 grant from the department of homeland security. If you noticed there was like a 24h. There was almost a one to two-day delay before they announced it.
The government had to announce that, you know, has the authority to announce who they are giving their money to first. But factum incorporated the accompany that, that helps to develop the fact and software or the open soil source software. I don’t believe that it’s a little for them too, run out. If they’re about to get a grant from the Department of the homeland,
Bass Wisselink: you’ve always faced the situation that these partners who are arguing here, then you will want to have first dibs on pr. It’s as simple as that. And I’m very practical fine with that. As long as they work with us but for the investors to know what kind of things we deal with, we can offer a few insights so far, but that’s based on the work I do personally.
So in next week for instance, I will, I am speaking in Amsterdam city hall, other at an event for four local governments and there all day by invitation the fact that that is happening and what we’re working at that level should give you some idea that we’re not working at peanut level at least.
Tai Zen: Just real quick, do you have any other questions Shaka. If not, I’m going to start taking questions to wrap things up. I’m going to take questions from the audience here on youtube.
So if you guys just leave it in the chatbox and we’ll get Bass to answer for them. if you guys put questions in, I’m also including the city or the country that you’re in now where we can have an idea who’s listening in a while. We’re waiting for the questions to come in. Are you familiar with who Crypt Keeper is?
Bass Wisselink: Yes. Crypt Keeper is one of our german next people who also help out with our help desk.
Tai Zen: So I want to just say thank you to a Crypt Keeper for answer job of doing that. Do you also know who Christian Fernandez is?
Bass Wisselink: Usually I know people by the handle, not by their nicknames, not by personal
Tai Zen: so I’m not sure who Christian Fernandez, but apparently he must understand the, excuse me, he must be very familiar with the NXT community because he’s answering all the questions. Correctly, to all the audiences on the youtube chat. So I don’t know what his handle is, but I do want to say thank you for helping to answer the questions also to both Christian Fernandez and to the Crypt Keeper.
So our first question here, Bass is that Rohit Sharma, he mentioned that order will receive, he’s asking your order will receive a revenue stream from all the child chains, is that correct.
So explain how that works. So the main blockchain the main chain will receive streams of income from all the child chains.
Bass Wisselink: Yeah, as I said, a child chains. We’ll need to compete for space on the main chain. So they will need to put up fees that will allow them to get in. Once of course, a maximum volume is regional, high volume child chains. The child chains creator is responsible for getting the blocks excepted into the main chain.
So if you are on the main chain, you are the one who will get the fees from all the child chains on next. You only have one chain, but on the other system, the ideas of course to have multiple chains and I don’t know what the upper limit is, but it’s, it’s large. So if you have one chain on that, if you have 10 chains on, there are 20 chains, you get a steak in all these competing child chains as a forger, as a staker on the other chain.
Tai Zen: Okay. So basically the main chain that was formerly called a forge forging next or FNXT so that will now be called Ardor.
That helps you to understand it better now. Because I kept thinking it was called NXT. So we don’t have any more questions coming in. I think you did a great job. So we’ll go ahead and conclude this broadcast, you know.
So thanks for bringing it on. One that just came in right before. Hey, just real quick, bass team pumped chicken. Love her maps. Asked you if you can convert, really quick confirming this. If I hold from July 14 to October 12th but then sell NXT October 13, the order will still transfer to my wallet. Is that correct?
Bass Wisselink: It already will have transferred to your wallet. So let’s get off the dates. That’s because it is blockchain, block Malian. Once you’ve passed that you will have your Ardor and nobody can take them away.
Tai Zen: Okay. Alright. Well thanks for joining us on this broadcast and thanks for taking the time out from your busy day with the NXT foundation to help answer these questions and thanks for the audience for joining us today guys and thanks to a Shaka Daniel
Bass Wisselink: To say one thing for the people out there next week there will be a new site up forArdor, so there will be assigned at Ardorplatform.org and it will also be possible to buy Ardor NXT with there.
Tai Zen: Okay. And so like I was saying thanks to Shaka Daniel for joining us from his channel, chase that coin, if you guys enjoyed some of the questions that he asked and his personal thoughts on investing in Cryptocurrencies, I encourage you guys to subscribe to his channel as well and follow him on twitter.
I will leave his info, his channel and his twitter handle in the description box below this video so you guys can follow it. And whenever Bass in the NXT community come out with the new order platform website, I will also be included here in the description as well.
So thanks for joining us on this broadcast guys, and this will conclude the broadcast today.
Shaka Daniel: All right, thanks for having me