The latest weekly report of NEO shows some advancements as well as glitches discovered that are being solved even as we speak. NEO (NEO) is one of the top-ranked cryptocurrencies according to coinmarketcap.com and gets its fair share of attention.
NEO and Ontology
On 14th May 2018, NEO and Ontology foundations had signed a Memorandum of Understanding (MOU) that includes important areas of cooperation and shared resources. The joint initiatives of both the cryptocurrencies are also included in this agreement. Other than the shared interests, the differences between the two platforms have also been discussed in this memorandum. NEO and Ontology will continue supporting the development of NeoContract and the NeoVM. Both the cryptocurrencies take the help of a dual token economic model to govern and fuel their networks. NEO utilizes the concept of governance while GAS applies it for network fees on NEO. The same goes for ONT (governance) and OTG (network fees on Ontology). The memorandum hardly comes as a surprise as Onchain (co-founded by NEO founders Da Hongfei and Erik Zhang with Jun Li of Ontology) provides technical support to the Ontology network.
The difference between the two cryptocurrencies lies in the strategic view for application development. Ontology acts as both open source, public blockchain, and private blockchain but NEO completely focuses only on being a public blockchain. The fundamental differences between the two networks will become more prominent as the platforms mature.
However, as discussed in the Memorandum, NEO aims to create a Smart Economy with a public blockchain whose major areas of concern would be digital identity, digital assets, and publicly developed dApps. Even if the Ontology network is also public, the focus will be on creating private blockchains for different businesses. It also plans to connect the blockchains to each other.
As said before, NEO and Ontology will collaborate to develop a smart contract ecosystem and will also work on developing smart contract open standards. Both the platforms will cooperate to provide standard technology interfaces like SDKs and APIs. They will also discuss development achievements and research results. The ultimate goal is to develop integrable MainNets by conducting cross-chain research. This will also lead to a joint funding initiative. From the news section of NEO website, “The funding will be allocated for academic research exploring blockchain technology development, including algorithm, cross-chain protocols, and formal verification. Other communities and individuals who share the same interests are welcome to join in these funding initiatives.”
NEP-5 Storage Injection
Red4Sec, a security auditing company had discovered a storage injection vulnerability a few days ago. The good news is that the glitch is located only in the NEP-5 smart contracts and does not have any effect on the NEO blockchain. NEO Global Development had confirmed the report of Red4Sec and had immediately taken actions and released an official explanation statement. The dApps that utilized this technology are the ones to be affected by this vulnerability. NEP-5 tokens are considered to be the most affected. This glitch means that an attacker would be able to make some changes to the contract storage which that there would be no obstacle to burn a certain number of tokens if they had a mind to do so. This would change the total supply discussed within the contract. However, the issue was not as dire as it seems. The affected smart contracts did not face too much of a risk also.
Upgrading the contract code is vital for solving the vulnerability issue. According to the developers, upgrading the smart contracts would not be so difficult and the process has become straightforward due to the upgrade API. It forms a crucial part of the project’s fundamental layer. At the moment, the developers assure that all the tokens are safe and there is no need of being worried. However, this slight scare has made many projects keep a close eye on their own dApps and smart contracts for safety. This issue has shown that everyone in the NEO community is ready to come together and address potential issues in a coordinated manner.
Currently, NEO (NEO) is ranked 11th on the coinmarketcap.com list. In the past few days, NEO had seen some usual fluctuations in the price as generally observed in the cryptocurrency market. At the time of writing, according to coinmarketcap.com, the price of NEO shows approximately $52.24 USD (7.02%). The market cap is over $3,395,700,000 USD and the volume (24h) is beyond $103,000,000 USD.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…