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How busy has NEO been in the past few days?

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NEO
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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.

Price Analysis

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.

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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.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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