FIMK is a cryptocurrency for the Finnish people. What makes this currency different from other similar coins like Auroracoin which aims for a complete national adoption? Answer: (Svante) Apart from the public image of national ambitions, FIMK doesn’t have much similarities to Auroracoin. Its technology is unique, governance different, distribution model more refined, and most importantly it’s an international project with domestic focus that does NOT aim for “complete national adoption”.
These questions were answered by Svante Lethinen (president of Krypto Fin ry) and Dirk (@verymuchso on NXT Forum) FIMK lead developer.
FIMK is a cryptocurrency for the Finnish people. What makes this currency different from other similar coins like Auroracoin which aims for a complete national adoption?
Answer: (Svante) Apart from the public image of national ambitions, FIMK doesn’t have much similarities to Auroracoin. Its technology is unique, governance different, distribution model more refined, and most importantly it’s an international project with domestic focus that does NOT aim for “complete national adoption”. FIMK uses national basic income to distribute a third of its coin supply. This is done on opt-in receiver basis, where only the people who are interested opt in and receive a monthly payment (currently 1000 FIMK /month) as long as the 313 million stack lasts. The coin supply thus is very gradual over the years and has nonexistent diluting effect on the markets. The national focus is chosen to drive the first stages of adoption through domestic demand and local merchants.
There is a misconception within the NXT community that NXT clones don’t offer any new technology and are riding the success of NXT. What makes FIMK different and could you put this myth to rest?
Answer: (Svante) FIMK has since its inception brought numerous unique technical innovations, and has never been riding on the success of NXT (which, face it, is still much unmanifested thus unable to be ridden on).
FIMK brings both technical and non-technical improvements to NXT. To start with, the block target is half of NXT’s. Only one third of the coin supply was released at launch, strictly differing from NXT’s 71 original stakeholders of the full coin supply, which was amateurish to be frank. The rest is distributed through guaranteed block rewards and national basic income during the first 4-5 years after launch. This in theory causes more equal distribution of the total coin supply.
Since launch FIMK has released regular unique updates to its modular HTML5 client with multi-platform native executables. Instant off-blockchain p2p messaging, instant asset trade matching (virtual AE), private assets, marketplace shopping cart, merchant order notifications, colored accounts to name some of the most prominent differences.
Answer: (Dirk) Sure all NXT clones are riding the success of NXT. But at the same time NXT is riding the success of Satoshi Nakamoto. Who in turn is riding the success of the NSA inventing the SHA-2 set of cryptographic hash functions.
What I’m trying to say is we all are standing on the shoulders of giants. What counts are two things: Firstly can you understand the work done before you and secondly do you have the vision to improve upon that previous work. I believe we do have that vision.
With a much smaller technical team we were able to create a better and real-time client, written from scratch. The real-time connectors where not available in NXT so we had to add them to FIMK as well as we’ve added them to NXT+.
All in all I don’t really care about such misconceptions, the people who state these claims are the same people who have been overstating NXT’s accomplishments from day one. Such claims are clearly not based on reality, it has more to do with idolization or fan-like behavior. Which is fine in itself of course but has nothing to do with real technical innovations.
The Mofowallet is really well crafted. What was the motivation behind adding NXT to the Mofowallet?
Answer: (Svante) FIMK’s core features go hand in hand with the NXT releases, so it’s not technically a big deal to carry NXT onboard. We thought it would help both FIMK and NXT users, but sadly we haven’t received much feedback from the NXT community although we consider Mofowallet as the most advanced NXT client since half a year already.
Answer: (Dirk) When I was hired by FIMK it was my idea to also add NXT to the core client. Firstly since I felt it was the right thing to do, NXT has given us so much already. Secondly back then I figured it might in the future allow for some form of cooperation perhaps even some cross-chain functionality. Sadly this has not (yet) materialized.
As for it being really well crafted, I’d like to think of it that way before. But as a developer you are always improving and learning new things. Right now all I see is everything that is wrong with it. Sure most of the core components work really well and will be kept around but you can expect some fundamental changes to be made in the very near future. As far as I’m concerned the current client was just a prototype compared to what we are preparing now.
Do you wish to see a close relationship in the between FIMK and NXT?
Answer: (Svante) There already is a close relationship – FIMK applies the NXT updates to its core and Dirk is a member of the NXT core Team contributing code knowhow on multiple subjects. Sadly the NXT community has been mostly dismissing FIMK’s contribution. It would sure be nice to get more recognition for the FIMK features that are truly advanced, useful and unique in the crypto world. It’s a pity the misconception of “NXT clone” goes so far as to prevent mutual progress, while FIMK is less of a clone to NXT than Litecoin is a clone of Bitcoin.
Answer: (Dirk) I have done some work with Lior and Jean-Luc on the standard client. The contact with the NXT developers I experience as a positive thing but working on that client code base is very frustrating because of the way it’s coded in the first place.
Recently I’ve been talking with Bas Wisselink (@damelon on NXT forum) about creating a completely new client for NXT, this is something I’m actually pretty excited about. I have been investigating ways to best tackle this since and think I’ve found the ultimate way to do this. This way we could bring the quality of the client to a similar level as Jean-Luc and the other developers brought NXT server to the level it is now. Bitshares open ledger front end is nice, but our NXT client will be better.
What new innovations are currently being worked on?
Answer: (Svante) Off line vouchers and email account format with integration to traditional email messaging will be released soon. FIMK is continually exerting human resource efforts to help the NXT blockchain technology get adopted in the traditional banking and Financial Service Providers field. The blockchain hype is a fast rising trend and our work on this area provides exposure to NXT as well. There are a few promising projects we’re collaborating with. We trust one of them will be the catalyst for FIMK breaking big in 2016.
Answer: (Dirk) At the server side (that’s how I like to call the p2p/blockchain part) probably the biggest innovation will be the off line vouchers. Our implementation of off line vouchers allows anyone to send an unlimited amount of transactions over any non-blockchain channel, free of charge! To complete this a simple rule engine validates these transactions, examples of a rule is: transaction is valid if alias X or asset order price Y equals/is greater than/is less than etc.. Z. This is similar to smart contracts in some ways.
The next steps will build upon these free off line vouchers one of which is an alternative Asset Exchange implementation one which no longer records bid and sell orders on the blockchain (which makes placing orders free), only asset transfers are recorded (the idea being to use the blockchain only for what it’s best suited for).
The order book for this new Asset Exchange can be done in two ways, centralized through private parties who provide the central public order book or decentralized through our free two-way/instant peer 2 peer messaging protocol called Gossip protocol. Both solutions are trusted since the order book provider can not steal your funds. We’ll probably do both.
Because of the modular setup of the current FIMK client we can however copy over the most important parts and translate these directly to TypeScript.
Google Material (angular-material to be exact) replaces our current reliance on Twitter Bootstrap CSS framework it uses CSS flexbox layout instead of Bootstrap’s limiting column based layout. There will be much better mobile support because of this.
With both these new players at the core of our client I expect we can double the amount of work done in the same amount of time. And as a bonus it`s looks will be awesome, miles better than any other cryptocurrency client out there now.