NEM Beta 0.4.12

Releases
#81

Ok, I still don't really get it, but whatever ;)

I was just testing the script out to be ready when the next release is coming.

I always get "send returned 400". What can I do to find the reason?


Keep Spamming. They might be more errors uncovered. We never know. The more bugs uncovered the better. if we need a new revision, it better be more exhaustively done. ;)
#82

Guys, at this point I think it does not make sense to let the scripts run and pump out transactions. We already know that the current release (and in fact older releases too) have shortcomings in certain places which makes it too slow to consume many transactions per block. The next release will have have a better performance. But for now it's better to shut down the scripts.

#83

I saw many blocks with over 40 transactions per block. NXT doesn't handle that kind of volume very often so I don't know what the stress limit is there.  But still, I would like to be a lot better than NXT. 

As we know Bitcoin handles 4000 transactions per block.  But they have 10 minute block times.  If we get up to 400 transactions per minute or more (I don't know if that is possible) it would make me really happy.  That way I could tell everyone that upon launch, that upon Nemesis, that NEM is handling as many transactions per second as Bitcoin.  Just my dream.  ;D

I'm glad you are working on this BloodyRookie

#84

I saw many blocks with over 40 transactions per block. NXT doesn't handle that kind of volume very often so I don't know what the stress limit is there.  But still, I would like to be a lot better than NXT. 

As we know Bitcoin handles 4000 transactions per block.  But they have 10 minute block times.  If we get up to 400 transactions per minute or more (I don't know if that is possible) it would make me really happy.  That way I could tell everyone that upon launch, that upon Nemesis, that NEM is handling as many transactions per second as Bitcoin.  Just my dream.  ;D

I'm glad you are working on this BloodyRookie

Visa + MasterCard togehter: 62 billion transactions per year = ~2000 transactions per second (there are much higher peaks)

It doesn't make any sense to aim at 400 transactinos per minute = 7 transactions per second for NEM. Even if these high amounts of transactions won't happen in near future, NEM should be ready for it.

Or do you wan't to recode the basics when you notice that people are actually really using NEM a lot?
#85


I saw many blocks with over 40 transactions per block. NXT doesn't handle that kind of volume very often so I don't know what the stress limit is there.  But still, I would like to be a lot better than NXT. 

As we know Bitcoin handles 4000 transactions per block.  But they have 10 minute block times.  If we get up to 400 transactions per minute or more (I don't know if that is possible) it would make me really happy.  That way I could tell everyone that upon launch, that upon Nemesis, that NEM is handling as many transactions per second as Bitcoin.  Just my dream.  ;D

I'm glad you are working on this BloodyRookie

Visa + MasterCard togehter: 62 billion transactions per year = ~2000 transactions per second (there are much higher peaks)

It doesn't make any sense to aim at 400 transactinos per minute = 7 transactions per second for NEM. Even if these high amounts of transactions won't happen in near future, NEM should be ready for it.

Or do you wan't to recode the basics when you notice that people are actually really using NEM a lot?


I think the reality is blockchain today cannot handle that. It may need some form of a payment gateway one day in the future for this to happen. That's my guess and I don't know how that will work out to be.
#86



I saw many blocks with over 40 transactions per block. NXT doesn't handle that kind of volume very often so I don't know what the stress limit is there.  But still, I would like to be a lot better than NXT. 

As we know Bitcoin handles 4000 transactions per block.  But they have 10 minute block times.  If we get up to 400 transactions per minute or more (I don't know if that is possible) it would make me really happy.  That way I could tell everyone that upon launch, that upon Nemesis, that NEM is handling as many transactions per second as Bitcoin.  Just my dream.  ;D

I'm glad you are working on this BloodyRookie

Visa + MasterCard togehter: 62 billion transactions per year = ~2000 transactions per second (there are much higher peaks)

It doesn't make any sense to aim at 400 transactinos per minute = 7 transactions per second for NEM. Even if these high amounts of transactions won't happen in near future, NEM should be ready for it.

Or do you wan't to recode the basics when you notice that people are actually really using NEM a lot?


I think the reality is blockchain today cannot handle that. It may need some form of a payment gateway for that one day in the future for this to happen. That's my guess.


I agree with rocket there.
For NEM to reach an adoption that would make such rates necessary we're going to need instant transactions which doesn't work on "normal" blockchains. It makes no sense to back 7k tx in one block because that's people might do some fine day.
#87

@Rockethead:
And do these "payment gateways" exist at least theoretically? Otherwise it could become very difficult to implement it in NEM, because it was not considered in the first place.




Visa + MasterCard togehter: 62 billion transactions per year = ~2000 transactions per second (there are much higher peaks)

It doesn't make any sense to aim at 400 transactinos per minute = 7 transactions per second for NEM. Even if these high amounts of transactions won't happen in near future, NEM should be ready for it.

Or do you wan't to recode the basics when you notice that people are actually really using NEM a lot?


I think the reality is blockchain today cannot handle that. It may need some form of a payment gateway for that one day in the future for this to happen. That's my guess.


I agree with rocket there.
For NEM to reach an adoption that would make such rates necessary we're going to need instant transactions which doesn't work on "normal" blockchains. It makes no sense to back 7k tx in one block because that's people might do some fine day.

Because… what? What do you mean?
#88

@Rockethead:
And do these "payment gateways" exist at least theoretically? Otherwise it could become very difficult to implement it in NEM, because it was not considered in the first place.




Visa + MasterCard togehter: 62 billion transactions per year = ~2000 transactions per second (there are much higher peaks)

It doesn't make any sense to aim at 400 transactinos per minute = 7 transactions per second for NEM. Even if these high amounts of transactions won't happen in near future, NEM should be ready for it.

Or do you wan't to recode the basics when you notice that people are actually really using NEM a lot?


I think the reality is blockchain today cannot handle that. It may need some form of a payment gateway for that one day in the future for this to happen. That's my guess.


I agree with rocket there.
For NEM to reach an adoption that would make such rates necessary we're going to need instant transactions which doesn't work on "normal" blockchains. It makes no sense to back 7k tx in one block because that's people might do some fine day.

Because... what? What do you mean?


I guess that sentence wasn't clear.
It makes no sense to go crazy on something that may or may not be needed in a distant future. 7k tx / s isn't possible with a "normal" blockchain setup.
In fact by standard it's 0 tx / s as blocks take an avg of 1 minute to be created.
#89


@Rockethead:
And do these "payment gateways" exist at least theoretically? Otherwise it could become very difficult to implement it in NEM, because it was not considered in the first place.




Visa + MasterCard togehter: 62 billion transactions per year = ~2000 transactions per second (there are much higher peaks)

It doesn't make any sense to aim at 400 transactinos per minute = 7 transactions per second for NEM. Even if these high amounts of transactions won't happen in near future, NEM should be ready for it.

Or do you wan't to recode the basics when you notice that people are actually really using NEM a lot?


I think the reality is blockchain today cannot handle that. It may need some form of a payment gateway for that one day in the future for this to happen. That's my guess.


I agree with rocket there.
For NEM to reach an adoption that would make such rates necessary we're going to need instant transactions which doesn't work on "normal" blockchains. It makes no sense to back 7k tx in one block because that's people might do some fine day.

Because... what? What do you mean?


I guess that sentence wasn't clear.
It makes no sense to go crazy on something that may or may not be needed in a distant future. 7k tx / s isn't possible with a "normal" blockchain setup.
In fact by standard it's 0 tx / s as blocks take an avg of 1 minute to be created.

Sorry, I still don't understand.
- First of all I compared it to VISA/Mastercard with about 2k transactions per second (not 7k).
- What do you mean with "by standard it's 0 tx / s"? What does that has to do with the block time?
- And then why does it not make sense to think about it (nobody is going crazy)?
#90



@Rockethead:
And do these "payment gateways" exist at least theoretically? Otherwise it could become very difficult to implement it in NEM, because it was not considered in the first place.




Visa + MasterCard togehter: 62 billion transactions per year = ~2000 transactions per second (there are much higher peaks)

It doesn't make any sense to aim at 400 transactinos per minute = 7 transactions per second for NEM. Even if these high amounts of transactions won't happen in near future, NEM should be ready for it.

Or do you wan't to recode the basics when you notice that people are actually really using NEM a lot?


I think the reality is blockchain today cannot handle that. It may need some form of a payment gateway for that one day in the future for this to happen. That's my guess.


I agree with rocket there.
For NEM to reach an adoption that would make such rates necessary we're going to need instant transactions which doesn't work on "normal" blockchains. It makes no sense to back 7k tx in one block because that's people might do some fine day.

Because... what? What do you mean?


I guess that sentence wasn't clear.
It makes no sense to go crazy on something that may or may not be needed in a distant future. 7k tx / s isn't possible with a "normal" blockchain setup.
In fact by standard it's 0 tx / s as blocks take an avg of 1 minute to be created.

Sorry, I still don't understand.
- First of all I compared it to VISA/Mastercard with about 2k transactions per second (not 7k).
- What do you mean with "by standard it's 0 tx / s"? What does that has to do with the block time?
- And then why does it not make sense to think about it (nobody is going crazy)?


It takes longer than 1 second for 1 tx to get through because the blocktime is 60 sec avg. That's why for me it's 0 tx per second. IMHO it isn't valid to go ahead and divide however many tx are in a block by 60 and say those are the number of tx per second because none of those actually cleared in 1 second.
By going crazy i merely meant to put much effort into it. I don't think it makes sense because the system to handle these rates will not look like our system as it does right now.
#91

So then what are the expectations for NEM in how many transactions per block can it handle?

#92

So then what are the expectations for NEM in how many transactions per block can it handle?


Goal for launch is afaik rates like in btc.
#93

Well it doesn't matter if you call it 2k transactions per second or 120k per minute…

#94


So then what are the expectations for NEM in how many transactions per block can it handle?


Goal for launch is afaik rates like in btc.
So then we can expect 60,000+ transactions per day? Sweet!
#95

pssst, nickel is there… https://github.com/NewEconomyMovement/nickel

#96

what is that?

#97

how do we find our private key?

#98

how do we find our private key?


I don't think gui currently allows to get it...

...but, you can "add existing account", enter private key[1], and send some NEMs to that account  :)

[1] - you can use sha256 of some string, although be aware, that such method is ok for beta testing, while in real life someone, could use dictionary to find it out your priv key and stole your NEMs

#99

Visa + MasterCard togehter: 62 billion transactions per year = ~2000 transactions per second (there are much higher peaks)

It doesn't make any sense to aim at 400 transactinos per minute = 7 transactions per second for NEM. Even if these high amounts of transactions won't happen in near future, NEM should be ready for it.

Or do you wan't to recode the basics when you notice that people are actually really using NEM a lot?


I am sure Visa & Co don't use a normal PC for that :D
#100


Visa + MasterCard togehter: 62 billion transactions per year = ~2000 transactions per second (there are much higher peaks)

It doesn't make any sense to aim at 400 transactinos per minute = 7 transactions per second for NEM. Even if these high amounts of transactions won't happen in near future, NEM should be ready for it.

Or do you wan't to recode the basics when you notice that people are actually really using NEM a lot?


I am sure Visa & Co don't use a normal PC for that :D

Well yes, thats true of course :D

I am just thinking there should be a theoretical solution for this problem. I wouldn't know how to answer if somebody new to NEM would ask me: And how will that work if NEM gets really useful for every day stuff?