Connect with us

Blogs

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

Published

on

NEO
READ LATER - DOWNLOAD THIS POST AS PDF

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.

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

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

Published

on

collateralized debt position
READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

Published

on

Hodium
READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Elite