Migration Committee Community Update #1

Catapult Migration
#186

if NIS ADDRESS then
run NIS encryption scheme and consensus rules to validate transaction
else if CATAPULT ADDRESS then
run CATAPULT encryption scheme and consensus rules to validate transaction

You should probably file a patent for this :+1:

I just explained how it can be done above

No you did not. What you did is to make a lot of assumptions, adding that ā€œconsensusā€ is going to build you a tunnel between nis and catapult.

I get that you want it to be a one chain migration and you want it to work like other ledgers, maybe you should start working on your idea so that it becomes somewhat realizable.

the real criticism should be pointed at the Foundation leadership

Constructive feedback will be taken into consideration :wink:

2 Likes
#187

There would be no running away with anything in the burned scenario because they would be burned by definition.

In the bridge scenario if you cannot read what I wrote I cannot help you. Plain as day, simple script. Only question is who gets to own keys like that and how they would be kept secure. It could be done as an interim solution until a more complete bridge is built with a true decentralized solution. You probably have no experience with programming at all so start with Python or PERL and see what a script looks like.

#188

Read I will, master.

#189

how blockchain and DLT technology works.

Blocks and a chain around them?

#190

The only thing that would bridge NIS and Catapult is writing code and not just relying on out of the box software by core devs. Our interactions are revealing to the situation with the Foundation and Migration team and why this two chain proposal exists in the form it does. I know a migration could be done seamlessly with the right team built by the appointment of a CTO, unfortunately I donā€™t see this occurring, thats fine, I will make my actions accordingly.

Thanks for the back and forth over the past day.

#191

@bituser22 @NEMquisitor this was fun. But not useful up to now.

I do want to read details about the bridge functionality - for instance the idea by @cryptonit has the merit to be clear in defining a process.

With Catapult being open source, it is up to everyone to go and research those topics. Also, up to anyone to come up with a solution for migration that will not disrupt operations of NEM supporters/partners.

With few people having ever opened PRs in one of the NEM core repositories over the three years im here, I doubt you guys will be the ones but lets go at it instead of endless discussions. :slight_smile:

1 Like
#192

Our interactions are revealing to the situation with the Foundation and Migration team and why this two chain proposal exists in the form it does

This, I will take note.

#193

If you cannot understand the process I outlined for a simple bridge then you probably donā€™t understand much of how anything works. I explained the algorithm exactly as it should be implemented and the only additions would be a small database to enter handled Tx IDs in so there is a check and no Tx is run 2x. Or a more clever persistent scanning mechanism could be employed for snagging transactions made to the bank wallets.

#194

any news from nem foundation?

1 Like
#195

We are quiet again @@ā€¦

#196

After much contemplation and many drinks, I think the Migration Committee has made a good decision for the migrationā€”a snapshot with the flexibility to choose when your token will be allocated to your wallet.

Thereā€™s a couple of things Iā€™m really concerned with regarding the decision that unclaimed tokens will be in control of a legal entity:

  1. An increased concentration of control of the new currency (in comparison to XEM).
  2. Value dilution due to increased number of available stock (in comparison to XEM). Think of the lost and unclaimed XEMs that will then be in the hand of the aforementioned legal entity.

Thereā€™s little that we, the token holders, can do about these issues.

  1. We just have to take it in and put trust in the legal entity to handle the stock responsibly.
  2. Would the Committee be so kind to be transparent about how many tokens are remain unclaimed after the migration? And maybe also on how these tokens will be spent?

Thank you for all of your hard work. :+1:

7 Likes
#197

If you donā€™t mind giving central authority that much trust with coins then my idea of a 2-way bridge with 1 wallet on each chain acting as a bank is the easiest and best way to go. Functional XEM supply will remain 9 billion and we can keep 1 market and 1 ticker. No issues with migration and people can move coins between chains whenever they want. No tax issues at all either.

1 Like
#198

With all due respect, but youā€™re littering the thread. It has discouraged me from following/reading this thread.

#199

I presume this legal entity will have control of all unclaimed stakes from NIS1 genesis block? Please confirm.
Or will it only be addresses that were/are active in NIS1?

I would also like transparency on how much XEM is within this legal entity, where they came from, and where they are destined to including all the addresses and transactions.

If any positive use can be made of the remaining funds after opt-in period is over, then there should be a community vote on what it should be spent on.

2 Likes
#200

Hi all, this is not a small task. At the end of the day something has to happen. Doing nothing or being stuck in Analysis paralysis is just gone make things worse.
At the end off the day, there are many possible implementations of a solutions to a given problem. As a professional Developer with experience behind my belt, it is never easy to just come up with an idea and implement it, there are always unknown risks that will pop up. Like economics there are some many variables involved it is hard to predict the outcome or effect.
Best is to stay the course and finish something workable and implementable.
At the end of the day I put more trust in the people/resources that have everyday and hands on experience in the subject as they have thought the most about the scenarios and possible outcomes.

I hope the migration committee runs a couple of test scenarios at the least and matches the results against expected outcomes.
Also core devs need to review this implementation and how it will be implemented and raise some risk , where applicable. (I believe this has already happened ?)
At the end of the day trust in the old chain and new should be maintained and I believe that is what the committee is trying to achieve.
To all the people working on this and putting in their intellectual sweat, thank you for your time, your concern and your passions.
The approach you all have been taking so far is a wise one. Coming up with a strategy, getting input from parties and then re assessing based on data received.
Just a slight word of caution, if we need more time, take it. Rushing just for the sake of a deadline never end well, but in the same breath, no time wasting, time prudence
should always apply.

The plans of the diligent lead surely to advantage, But everyone who is hasty comes surely to poverty.

2 Likes
#201

I want to ask people who are thinking about alternative proposal.
Why do not discuss in NEM2Slack?
There is no conversation on the #migration channel.
Please talk specifically.

I think the decision of the migration committee is the best.(Considering tax)

NEM Foundation promises that the catapult release date is due in Q3.
Please decide as soon as possible.

2 Likes
#202

How will the collected Namespace and Mosaic fees be used after Catapult? Until now, it is only stored at a certain address, and its purpose has not been clarified.

Namespace:NAMESPACEWH4MKFMBCVFERDPOOP4FK7MTBXDPZZA
Mosaic: NBMOSAICOD4F54EE5CDMR23CCBGOAM2XSIUX6TRS

I think these should be systematically returned to the ecosystem, for example as one of the harvest rewards.If that is possible.

Are those addresses going to be allocated at Catapult? If so, the fee might had better reimbursed to the allocated Namespace owner who has a renewal deadline in NIS1.

Anyway, I want to know
惻 How to care for the stored Namespase and Mosaic fees (NIS1)
惻 How will the new Namespase and Mosaic fee be used after catapult started

Please clarify. Thank you.

2 Likes
#203

How is further support of NIS1 planned? Both in terms of further development and marketing?
For a longer period of time.

thx

1 Like
#204

Okay, so there is only 1 snapshot that matters. The way it was written that wasnā€™t obvious and it sounded like the opt-in could literally occur at any point after the fork. In that case I agree you cannot game this since there is no possibility to make a claim later. But what if someone sends me old XEM on NIS1 after the snapshot? I cannot get my catapult tokens unless they send me corresponding catapult tokens on the catapult chain? This makes old XEM truly worthless as it isnā€™t even redeemable for catapult XEM by a new owner after the snapshot. Therefore it is imperative to preserve the old XEM markets.

https://tutuapp.uno/ , https://9apps.ooo/ , https://showbox.kim/

#205

Itā€™s simple. After the snapshot, you request payments in new catapult tokens instead of XEM