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The paper should be titled "POS Cryptocurrency with no blockchain" as that is the most innovative idea they are talking about.

There already exist pure POS coins, Nxt through a concept called transparent forging may be capable of resisting anything up to a 90% attack.

I'll have a read of this properly when I get home.

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The Nxt sourcecode is really terribly written, which is a shame.

The developer was also very secretive about how it worked as he was scared someone would copy it and release a clone. It was impossible for the longest time (when the price was actually much higher than it is now) to find out how the thing actually worked.

Much of this was because there was no white paper or documentation, and when pressed for details beyond the most basic, the developer just told you to read the source code once he open-sourced it.

It was bad, but it's drastically better now. The main developer changed from what was probably your last look.

https://bitbucket.org/JeanLucPicard/nxt/src/

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