The New Improved Smart Contract Cryptocurrency You Should Know About

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The New Improved Smart Contract Cryptocurrency You Should Know About

NEO – The “Chinese Ethereum”.

Dubbed the “Ethereum killer” or “Chinese Ethereum”, NEO was initially launched in February 2020 under the name Antshares and later rebranded as NEO in June 2020. The main digital asset is NEO which is a non-divisible token that generates GAS tokens (the latter is divisible). GAS can be used to pay network and transaction fees.

The project is a community-driven blockchain that aims to create a network of decentralized apps with the ultimate goal of creating a smart economy system. NEO’s most prolific feature is the NeoContract which is a smart contracts system intended to seamlessly integrate the current developer ecosystem. It is compatible with well-known programming languages such as C# and Java in their familiar environments such as Eclipse, Visual Studio, etc. for compilation, debugging and smart contract development.

NEO/USD Technical Outlook – The Big Picture

Currently standing at number 16 in the rankings with a total market cap of just over $450 million NEO is trading at $6.93. Its all-time peak of $162.11 was reached on January 30, 2020.

2020 has been bearish for NEO but that shouldn’t come as a surprise because most cryptocurrencies have been dropping like rocks for the last year. However, NEO was one of the best performing coins during the 2020 bull rush so it’s a bit weird to see it trading almost flat, with no sign of volatility and with all 2020 gains erased.

There is a clear downtrend but what’s worrying is that bulls seem to have completely exit the scene. The last time some buying pressure was seen was in early April 2020 when price reached the support at $43.7 and jumped into $96 area. Since then we haven’t seen any type of retracement higher, just a handful of weekly green candles have appeared and none are noteworthy.

The pair is currently trading just above the support at $5.0 and will likely see a break of said support. Under normal circumstances periods of flat movement are followed by strong movements/breakouts, the only question is which way it will go.

A Daily chart tells the same story, with the pair in a lackluster downtrend and low volatility. Support lies at $5.50, minor resistance at $10.0 and potential resistance at $15.0 (this level has not yet rejected rising prices so it cannot be considered confirmed resistance).

If we are to see relatively significant bullish movement, the first barrier that needs to be broken is the confluence zone created by the 100 days EMA and the resistance at $10.0. Until that zone is surpassed, all moves up should be treated as unsustainable jumps which will soon be reversed. The overall bias is bearish.

Daily Chart Support: $5.50

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Weekly Chart Support : $5.0 followed by all round numbers below

Daily Chart Resistance : $10.0, 100 days EMA, $15 and $25.45

Weekly Chart Resistance : $15, $43.7, $96-100

Most likely scenario : break of support, irregular volatility

Alternate scenario : at some point volatility will increase, which will make way for strong breakouts to either side; these are technical scenarios that can be invalidated by fundamental reasons (news, forks, announcements, etc.)

Cryptocurrency Guide Part 4: What Are Smart Contracts?

Blockchain technology has been around for a while, and more recently, numerous financial institutions, companies and governments have begun exploring the potential use cases, along with the benefits associated with distributed ledger technology.

Following the appearance of Ethereum, people begun exploring the potential uses of smart contracts. For those who do not know, smart contracts are computer programs capable of controlling digital assets by following the conditions set in place by a prior agreement between two or more parties.

Traditional contracts work by outlining the main terms associated with a relationship between two or more parties, normally enforced by the law of the state that they’re being signed in. On the other side of the spectrum, smart contracts don’t set the terms, but rather make sure that once all conditions are met, they self-execute, thus removing the need of a middleman when carrying out various types of transactions.

Nick Szabo, a legal scholar and cryptographer can be referred to as the creator of smart contracts. In his original report on them, he used the vending machine example. Therefore, in his example, people could input value into the vending machine, and then get access to a drink. Bitcoin could be referred to as a modern example of a successful smart contracts: the network of nodes will only validate transactions made on the blockchain network if certain conditions meant to ensure the authenticity and value of the transactions are all met. If not, the transaction doesn’t go through.

How do smart contracts work?

The process of creating and executing a smart contract is fairly simple, and can be outlined in three steps.

  • Firstly, a contract between two or more parties is written in code, and posted on the blockchain.
  • Secondly, an event has to trigger the execution of the smart contract. Relevant examples in this case include when a sum of money is sent, when an expiration date is met, when a price rises above a certain value and more.
  • Thirdly, once the triggering event takes place, the contract self-executes, according to the terms original put into code. Once this happens, both parties get what they promised to one another through the use of the contract. If the conditions are not met, then the program will decide whether the funds should go back to their respective owners. At the same time, the blockchain ledger on which the contract is stored will record all transaction details and hence give it immutability on the network. This means that regardless of whether a contract ends up self-executing or not, all details will still be stored in a transparent manner.

Smart Contract Benefits

At this time, some of the main advantages of smart contracts include, but are not limited to:

  • Their function of multi-signature accounts, thus making the spending of funds only possible when a certain number of people agree, as per the original conditions put into place. If an agreement is not reached, then the smart contract will not execute;
  • Being able to manage agreements between users, and treating both parties as equals, as per the conditions that both users have agreed to;
  • Providing further utility to other possible contracts, and through the use of secondary-smart contracts, linked to the original one;
  • A means to store information and records, according to the network conditions.

It is also important to mention that smart contracts completely eliminate the need of a middleman, once required to facilitate a transaction from start to finish. Now, the use of smart contracts can save people time, money, and bring more comfort, as people will no longer be required to meet face to face. A relevant example in this case would be when a U.S. citizen purchased a house in Kiev via a smart contract without ever going to the city and meeting the seller in person.

Potential Use Cases of Smart Contracts

Storing records: As smart contracts are capable of digitizing the Uniform Commercial Code filling, they can automate both the renewal and release processed associated with record storing. If needed, they can also help automate processes such as record destruction in case this is required by law.

Trading activities: So far, trading finance was a bit difficult, due to the middlemen required in the process. Smart contracts can now streamline the entire process by using either trade payment initiation, or the Letter of Credit methods of transmission. Additionally, their use also provides a much better liquidity for financial assets, and can improve efficiency and costs for suppliers, and buyers as well. However, clear industry standards are required before smart contracts can be used on this marketplace, therefore legal implications need to be considered carefully.

Automating Mortgages: Finance is another area which could benefit from Smart Contracts. When it comes down to getting a mortgage for the purchase of the house, smart contracts can come in handy. They can automate the entire process by quickly connecting the two interested parties and having both sign a digital contract that is bound to be error-free. Through the massive transparency benefit of the technology, the person getting the mortgage knows exactly what he’s singing up for, and conditions remain transparent throughout the mortgage duration.

Supply Chain: So far, there have been numerous reports on the potential use of smart contracts to automate various supply chains. It has been stated that smart contracts can do wonders in providing real-time transparency and visibility for supply chains. By using IoT devices which can record each move of a product, from the factory to the buyer’s house. In return, this will reduce loses when transporting products from one place to another, tracking their whereabouts and always recording their arrival in a deposit. Through inventory tracking facilitated by smart contracts, the supply chain industry be improved considerably.

Real Estate: In this niche, smart contracts work by no longer requiring two persons to meet in order to exchange titles of property. This means that people throughout the world can buy properties on other continents if the legislative framework is set into place, without running into any sort of issues. This is achievable through the identity tracking protocols and digital signatures that parties could use to prove their identity. The smart contract will then check all these conditions, and also act as an escrow for the payments, hence release both the payment and the title of property at the same time.

Conclusion

As seen in this article, the potential of smart contracts is virtually limitless, as they can easily automate a wide variety of industries, thus saving people time and money, while also improving security. However, the only issue that still stands in front of its mass-adoption potential is legal. Regulatory issues have often blocked the advancement of technology, therefore it will likely take a bit longer before we can see the use of smart contracts in daily applications.

Regardless of this, developers are now using the Ethereum blockchain and smart contract technology to create decentralized apps that serve purposes for the masses, and which no longer require regulatory approval in order to function as advertised. As this market is actively evolving, it won’t take too long before we will have decentralized apps based on smart contracts directly on our phones.

æternity: New And Improved Smart Contract Blockchain.

æternity is a smart contract blockchain, which has parallels with Eteherum, Factom and Augur. It’s objective is to combine functionalities which have proven their worth and add others, in order to create a software framework with real world application and use.

Yansilav Malahov (the aeternity founder), Zack Hess (technical lead) and Nikola Stojanow (Director of Strategy & Business development) have answered our questions about the project and the upcoming ICO.

The 2nd phase of the ICO starts on the 29th of May 2020.

The æternity team wanted to emphasises that this is not an investment, but a contribution, to the aeternity project.

What has changed in terms of resources, code, testing between ICO phase I and today?

Due to the success of the first phase of our contribution campaign, aeternity was able to find

new technical and general talent, in order to assure the positive development of the project.

Yanislav Malahov – Founder

Further, aeternity was able to set up new meetup, design and content bounties, resulting in over 25 meetups worldwide, great new content and new designs, since the end of the first phase of the aeternity contribution campaign.

Further aeternity is in the process of establishing a Liechtenstein-based foundation, which will be benefiting the development of the aeternity blockchain and open-source projects in general. As soon as the foundation is finalized, aeternity will start an incubation program, in order to positively drive new projects, offer educational possibilities and encourage people to build applications on top of aeternity and open-source software.

Aeternity has also been provisionally appointment to the ‘Research and Technical Advisory’ (RATA) to provide technical input to the interoperable smart contract standards being developed by the Hong Kong-based Belt and Road Blockchain Consortium, in order to improve the global Supply Chain Management.

The Aeternity whitepaper refers to the term nonce. Can you explain this term?

A “nonce” is a changing number. Nonces are involved with mining, the nonce field gives needed entropy to take mining possible. Account a have nonces, they get incremented with every transaction, that way old transactions cannot get reused.

Channels have nonces. The channel nonce get some incremented every time the channel state is updated. This make sure it impossible to re-use old channel stages from history.

The white paper states that accounts need to pay a small fee for them to be open. Does this mean that AE Token holders will have to pay fees to hold the AE Token?

In order to open a state-channel, users will have to pay a small amount of AE Token. After that, users will be able to infinitely transact, until the two parties settle and close the state channel. This has nothing to do with the actual wallet, for which users will not have to pay any fees, in order to hold their AE Token in the AE wallet. Everyone who has an account for holding AE pays the small fee on every block.

How much tokens will be reserved for developers, and will they be locked?

17% of the AE Tokens, are reserved for Aeternity Establishment, for funding operations,

Zack Hess – Technical Lead

disbursement of grants to developers, education and further research and community outreach.

Allocation to Aeternity core team members is time locked and will be released over 2 years period to incentivise their long term involvement. We are currently in the process of setting up a new incubator in Sofia, Bulgaria and Kyiv, Ukraine, creating a nurturing basis for new projects to be built on top of aeternity. Aeternity is actively looking for new talent. The selection process for talent is at a high standard, assuring that only the most skilled people are involved in the aeternity project. Finding new technical talent is a priority and aeternity is looking to facilitate new developers.

Aeternity is a smart contract network with two planned key advantages channels and oracles. Are channels similar to side chains?

Aeternity state channels are simplified versions of side chains, with only 2 participants. This means that the actual transactions are not being executed on-chain, giving aeternity’s features an advantage, compared to other blockchains like Bitcoin, or Ethereum. Aeternity decided to innovate the current way of transactions, allowing infinite scalability, only limited by the bandwidth between two parties.

Can you tell us which functions make aeternity different from other smart contract networks?

aeternity is a smart contract platform which can be used for example for financial instruments, like financial derivatives. Channels let us support smart contracts at higher scale.

Will ETH smart contracts be executable on aeternity?

No, this will not be a possibility, as aeternity is not build on ethereum, but a new blockchain, build from scratch.

In what language are aeternity contracts coded?

The aeternity technical lead, Zack Hess, wrote 3 different compilers for our virtual machine. One isn’t forth like, two are lisp like. The vm use some functions instead of goto’s. The functions can be recursive. The functions are set up as a merkelized abstract syntax tree (MAST), so you only publish the parts of the contract that get executed.

Can aeternity oracles be consulted by other smart contracts outside of the aeternity eco system?

Nodes will have diverse functions in the network, what are the requirements of host a

Nikola Stojanow – Strategy and Business Development

node?

You can adjust how much of the state your node keeps track of, so even a raspberry pie should be enough for a minimal full node.

Will oracles have a GUI interface ?

Eventually they will have a GUI interface, but it doesn’t exist yet, so we are working on that.

The white paper discuss Oracles in terms of yes/no questions. What about numerical questions?

You can encode any data in binary. Then each bit of the binary becomes a yes-no question.

When will the second phase of the ICO start?

The second phase of the aeternity contribution campaign will be commencing on the 29th of May, 2020, at 1305 GMT.

For the first 24 hours, contributors, will be able to get a bonus, resulting in

1 ETH equalling 800 AE Token,

After the first 24 hours, until the end of the first week, contributors will receive 750 AE Token per 1 ETH spent. During the second week, contributors will receive 700 AE Token per 1 ETH spend and during the third week, 650 AE Token, per 1 ETH spent. there is a cap of 21m CHF (in ETH or BTC) + 2 hours.

The ICO is being done via an ERC20 token, these will be exchanged to actual AE token, the etherum to actual AE?

Yes, the token will be migrated to the aeternity blockchain with the launch of the mainnet.

How many AEternity token will be in circulation?

As we have set a cap for the second phase at 21 million CHF, depending on what time people will contribute to the contribution campaign, this will be defining how many AE Token will be created after the finish of the second phase.

17% of AE Token will be held by the team and foundation, 82% will be in circulation and 1% will be randomly distributed to addresses that have contributed in ETH or BTC.

What was the price of the AE token in ICO phase I and what will it be or estimated to be in ICO phase II?

During Phase one of the aeternity contribution campaign, there was a bonus for the first 24 hours, where contributors would receive 1100 AE Token, per ETH. After that and until the end of the first phase, contributors would received 1000 AE Token per 1 ETH spent.

Would you like to add anything to the above?

We would like to emphasise that the United States will be excluded from the opportunity to contribute to the aeternity contribution campaign, due to legal uncertainties.

aeternity is looking to innovate the blockchain space with ‘Scalable smart contracts interfacing with real world data’ and with the improvements compared to Ethereum that we are introducing in our project, we are certain that we have the opportunity to succeed with our mission!

For more information on aeternity visit: http://www.aeternity.com/

We thank Nikola Stojanow for the interview.

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