Hi folks, today I would like to propose some ideas for future roadmaps to create a nice ecosystem. Probably some of these ideas are not doable but all the ideas seem to me worth considering. Waiting to know what do you think about.
[TO IMPROVE]
1.0 Ability to name the stake you are creating.
1.1 I propose again to set the dark theme as the default as I think nobody uses the light one “in the web app”.
1.2 Changing the staking system. Personally I like the current one, but I noticed that a lot of people are not happy with the locking of their NEX. Therefore, I propose to change the method, people should be able to lock their NEX and unlock them freely but the dividends are only unlocked at the end of the stake, or quarterly if you choose 1 year or more. Early unlocking of NEX results in loss of accumulated dividends, exactly like in the stock markets.
[TO DEVELOP]
1.3 Nash TX. Internal transactions between members, without fees or with very low fees.
1.4 Nash addresses. I mean a unique name that you can choose and that can be used as an address for internal transactions in Nash Channels.
1.6 Nash Ethereum wallet. What I mean is services like Fortmatic, which allow you to connect your wallet to external sites and register in a few steps, I find it very useful.
To conclude, my idea was that each service has its own App, Nash Exchange, Nash Wallet, Nash Card and so on, in order to attract customers of all kinds. If someone is interested in a wallet but is not interested in a crypto exchange, he uses the Nash Wallet. If someone needs a debit card but is not interested in cryptocurrencies, he uses Nash Card.
Yes, that would definitely increase adoption of Nash Channels. However it might need some technological improvements which aren’t an absolute priority in the roadmap I would say. I’m sure this will be possible one day though.
This does pose the issue of anonymity if done on L1. Send dust to a known handle, track the transaction and boom you know that person’s adress and thus balance. Nash Channels (and L2s in general) could be the answer to that, but as per my above answer, not among the priorities judging by Nash’s 2021 roadmap.
As for your other proposals, pretty much anything is technically possible, but most are nice-to-have’s. Imagine monopolizing part of Nash’s tech team to alter the NEX staking contract and dividends model: it would be a business non-sense!
Recently I caught myself thinking about nash and its Layer 2. I’m pretty sure the reason was because I’m not completely happy about the new nash roadmap. Personally, I expected something else. But this isn’t relevant - nash has its reasons and they will do the right thing - I’m confident about that.
I questioned myself, why doesn’t nash further reposition its Layer 2 network. I mean it is one of the best on the market. We have cross chain support, even BTC is supported. It is running for a while now and it is stable, fast and secure.
Currently, there is one major topic in Ethereum and Bitcoin communities: transaction fees. The grotesque thing is… nash is a layer 2 network and should be able to address and solve this topic. But it doesn’t, transaction fees even moved into a weakness of nash. How the f*ck did this happen?
Exactly the two things posted above: free transactions between nash users and personal addresses (with privacy features) would be a game changer for nash Layer 2, in my perspective. With this nash could perform, more or less, the same tasks as some blockchains currently worth billions of dollars. Users would now see a perspective to hold in nash channels (additional to the exchange). Not only expensive tickets to pay to get in and out of the roller coaster.
We maybe haven’t won the DEX battle (in terms of marketing), but we could have won the Layer 2 battle (which we are not participating in).
Even though, nash won’t address this opportunity - nash has now a new roadmap. A new plan. I try to be open about the new direction. Hopefully there will be some surprises for me - things I can’t see at the moment.
I definitely understand your point: on L2, a new world of possibilities opens up! However it is also much slower to develop chains and third-party compatibility on it. I really think looking for short term growth on a more mature playing field (L1), then coming back to L2 use cases later on is the way to go.
Just a doubt, as you seem somewhat knowledgeable. How does Nash L2 work exactly, how can they do cross-chain swaps?
How is a channel opened on ethereum, is it just a smart contract? And how does it connect to bitcoin? Thanks
Well, I‘m not an expert, but I think I can give you quite a good answer. I don‘t know how technical you are, so I try to describe it in an good to understand analogy.
Think about nash Layer 2 as an building. This building has several entraces, where each entrace is connected to specific users.
So there is one entrace from Ethereum and from Neo. Those two are quite similar. Both are built with smart contracts.
There is also a bit of a different entrace. This one is built on so called htlcs (hash time-locked contracts). It works different, is more difficult to built, but more or less works like the others and let you enter the building.
Each entrace keeps a list of whom has entered through this entrace. These are recorded on each blockchain as data and happens while going through the door.
So inside the building users can do whatever they want. They can trade, they can transfer, …
That means someone comes in through the neo entrance, trades with someone from the eth entrace and now can go out through the eth entrance.
Noteably, not more than the entered amount can go out of the building.
More technical descriptions are available at blog.nash.io
Thanks for taking the time.
Im not completely technical illiterate but that was a good analogy.
My doubt now is: so this multi-coin second layer (the building) is a private “space” of Nash, like a private database right? In the example of BTC I dont understand exactly how it would go. To open a LN channel you create make a multisig transaction with the other party, right? How does it function here and how do you close said channel? How does Nash does that, that everybody opens a channel with them? Or how?
This is proprietary tech. Nash has chosen not to communicate on this as to protect it, but I’m sure they will make some of their research and work public when they are happy with the head start it gives them.
The one with the private space is quite hard to answer.
On one side all funds are recorded on the blockchains and the used smart contract/HTLCs. I also wouldn’t say it is a private database. For all operations nash needs the permission of the user (key signatures). I’m pretty sure nash could support a kind of “nashscan” or “nashexplorer” for their Layer 2, similar to the ones on Layer 1 blockchains. In its structure nash Layer 2 is centralized, but that is okay because it depends on decentralized Layer 1 networks. With this settings nash can’t fraud anyone.
About the bitcoin implementation I have no clue. Regarding the smart contracts I think it is an smart contract invoke, where you transfer coins in the state that they can be used on nash layer 2. For closing there are to ways. One is both parties agree on withdrawing the coins (every normal withdraw). Or the other way is to force a withdraw. Here you invoke a specific smart contract method, which initiates the withdraw. Then there is some time threshold after the funds are unlocked and set in a state to be withdrawable. With a second invoke you transfer the funds to your Layer 1 wallet.
I think there are some similarities with the Bitcoin implementation. Also aspects from Lightning network are used. So it is a hybrid between those I guess.
There is no guaranty for correctness in this post.
