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How busy has NEO been in the past few days? - Global Coin Report
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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, Litecoin, Ethereum, and Ripple On the Rise

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The recent development in the cryptocurrency industry is a rise in price for many of the core digital coins. We believe that the unexpected price hike is due to the renewed interest of the key players in the industry. Many investors, speculators, and traders are rushing into the number one cryptocurrency; Bitcoin like never before. Other altcoins such as Ethereum, Ripple, and Litecoin are not dormant either. The effect of the influx is the soaring prices of the digital coins within seven days.

The price of the crypto leading giant-Bitcoin has increased at 25.74 percent in one week. Ethereum also gained 18.76 percent increase in its price. Litecoin and Ripple also recorded some percentage increase in the tune of 53.20 percent and 16.12 percent respectively. It is no just these few popular coins that have gained in one week. From what we have gathered, 94 digital coins amongst the leading 100 cryptocurrencies are also experiencing the rise in price. This information is according to what TradingView published in April 2019.

According to them also, other cryptocurrencies gained in value while others declined. From their calculations, six digital currencies advanced while ninety-four was on the decline. Also, another information shows that the increase in Bitcoin price has reduced the value of other assets such as bonds and stocks.

The possible reason for the rally

Many people are wondering…

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Blogs

Crypto Market is Not Free from the Bearish Trend Yet

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bearish
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Investors and traders are still speculating over the bullish trend that shook the market this past seven days. However, amidst the joy of the price hike in the industry, some people are still cautious. A crypto trader with the twitter handle of BTC_Macro is advising other players in his tweet to be careful. According to him, the bearish cryptocurrency market is not over yet.

In the tweet, the user admonished players in the market not to listen to the people saying that the bears have given up. It went further to say that Bitcoin may still plunge uncontrollably anytime even if it breaks the $6K mark. When this occurs the twitter user continues, any scenario may occur. The advice is that players in the crypto market should be on the neutral side. According to the user, it is not safe to be on the bullish side or the bearish side. Instead, players should be on their toes without bias.

How Trader reacts to price movements

Over time, it has become evident that many traders usually go against the market majority during bearish or bullish trends. Well, there is usually some logic backing up the reactions.

It is true that we have seen the longest bearish trend in the history of cryptocurrencies. Everybody who has a stake in the crypto market is expecting the day of the bull’s rise…

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Altcoins

The Interoperability Problem of Blockchain May Soon Be Over

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Kardiachain
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Crypto traders have certainly had a rough time since early 2018. The markets have tanked resulting in large losses for nearly everyone involved in the market. While that’s bad, what’s even worse is the fact that many projects have failed to deliver on their roadmap. Blockchain technology has been hailed as the next great advance in technology. And while many companies are making strides toward fully implementing blockchain-based technology, there is still a long way to go. As promising as blockchain technology is, there are still limitations that need to be addressed.

Limitations of Blockchain Networks

Although blockchain technology is certainly the future, the existing technology will need to be improved before it can go mainstream.  A few of the current limitations include:

  • Limited Scalability – Blockchain networks have consensus mechanisms that require each node to verify a transaction. This verification requirement slows down the network and limits the total number of transactions that can be processed.
  • Limited Usage – Each blockchain network was created with specific usage in mind. Because of the limited number of use-cases, each network eventually suffers from a never-ending loop of limited adoption. In the end, this causes low awareness.
  • Lack of Interoperability – At present, individual blockchain ecosystems are unable to communicate with each other. If a blockchain network attempts to retrieve information from an external (outside the “chain”) source, each node would have to…
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