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NEO (NEO): The New Face of Smart Economy with Ontology (ONT)

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Around mid-May, Ontology and NEO have decided to join their forces by officially announcing that the two teams have successfully come to an agreement. The initial agreement is called MoU Concerning Strategy and Technology. The main objective of this project is to take the development of NEO smart economy to the next level. The mentioned objective can be achieved only with upgrading NEO chain prior to the completion of the goal, which means that the teams behind NEO and ONT agreed on developing and upgrading NeoContract and Neo Virtual Machine. Here is what the new face of Neo Smart economy will look like at the end of this project.

NEO Partners Up with Ontology: Smart Economy Awaiting Upgrades

Ever since Ontology and NEO have partnered up in mid-May, making their cooperation official with publishing a release about the purpose of the mentioned partnership, stating that their main objective would be developing smart contract technology and revamping Neo smart economy.

Beside from having the goal of developing smart economy further from this point, the two teams have come to an agreement that they will be also working on having Neo Virtual Machine and NeoContract technology widely and massively adopted.

Since the technology behind Neo Virtual Machine is created in a way that makes it flexible for sustaining changes with the condition of having an appropriate ecosystem that would be able to support the technical nature of this virtual machine.

The unique architecture thus makes NeoVM a perfect fit for many purposes and across various industries.

The team behind Neo has decided to go forward with publishing all the planned changes and updates that the two teams are planning on performing on NeoContract and Neo virtual Machine in order to improve the experience of all users as well as to introduce Neo Smart Economy to a wider auditorium, consequently taking it to mass adoption.

After the changes are applied, it is expected to have cross-chain smart contract operations available on NEO chain as a product of the development. However, the team stresses out that is really important to understand that such changes always take some time.

The final product would be the new face of the smart economy, which is so far named as NeoContract volume 2.0. Here is what NEO users and all investors interested in the smart economy can expect from Neo Contract volume 2.0.

What Changes Will Neo and Ontology Perform on NeoContract?

One of the changes that will be available in NeoContract is the feature called Serialize and Deserialize. This feature will be thoughtfully added because a smart contract operation often means handling of complicated data structures.

In order to simplify this process, the team will be adding a brand new set of API tools which will allow users to serialize or deserialize data, which means that the users will be able to minimize data to fit byte size or restore data to its previous state. All versions of uploaded data will be stored safely in data storage so users will be able to retrieve past versions, while safely storing data.

Another one of handy features will come in form of Storage Iterator, which will serve the purpose of enabling record keeping with smart contracts as well as enabling users to get easy access to their records within smart contract operations. The iterator will work based on the principle of having users individually setting conditions for record keeping while having the ability to modify, keep or delete records. For now, a contract can read only one record, so this feature will come as an improvement to NeoContract.

Stack isolation will be brought to the new version of NeoContract in order to enhance the level of security between computing stacks in Neo virtual machine, while Exception handling will enable users to make exceptions for certain cases of smart contract handling in order to be able to recover the mentioned contract exceptions.

NEO and the Concept of Sharding

One of the biggest changes NEO and ONT will be adding to the new version of smart contract ecosystem is the concept of sharding, which was introduced by a blockchain project called Zilliqa (ZIL), a rather small coin that has recorded an amazing progress in the course of only several months.

The new feature based on the concept of sharding will be called Dynamic sharding. Sharding makes up for an exceptional strategy of technical upgrades, especially when integrated into growing networks that need to prevent traffic jams.

NEO is said to be able to verify and complete around 1000 transactions per single second, however, as NEO represents a growing network, also making the 11th-best currency in the market, as its community is growing with more Dapps being uploaded over time, sharding comes just in the right time.

Dynamic sharding will work based on relevancy and response between users during contract execution, which will significantly reduce the possibility for getting network cluster.

Finally, to enable cross-border smart contract operations, the two teams behind ONT and NEO will be implementing a cross-chain solution named NeoX. NeoX will enable cross-chain execution of smart contracts, but in order to NeoX to be successfully integrated into the newly planned NeoContract 2.0, NEO and Ontology first need to apply changes on Neo Virtual Machine so the changes would make the system lock and rollback.

It is not yet become official when the mentioned changes will officially become available for the public; however, it is certain that ONT and NEO have started with preparations for the future NeoContract 2.0 release.

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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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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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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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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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