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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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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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