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

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

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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.)

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.

Advantages and disadvantages of using smart contracts – How to create a smart contract?

Of course, these are not all advantages and disadvantages of smart contracts.

A classic contract is an oral or written agreement with a set of conditions. In the modern world, the fulfillment of contract conditions is guaranteed by the state. If one of the parties does not comply with the terms of the agreement, the court will determine the offenders and oblige them to bear responsibility. Such contracts are constantly found in everyday life: when renting an apartment, insuring a car or finding employment.

There are difficulties with classic smart contracts development. The specialist must compile the text of the document, otherwise, there may be gaps and inaccuracies in the terms of the agreement. Lawyers like using professional vocabulary that is hard for an ordinary person to understand. Another important nuance is the presence of a judge who resolves disputes between the parties to the agreement. Moreover, the trial itself requires time and money. Such an agreement format remained the best until a smart contract appeared.

What Is a Smart Contract and Why Should I Use It?

With the transition to digital methods of communication, storage, and processing of information, a foundation has emerged for a new form of contracts. It is the demand of modern society and new approaches. Almost everybody has heard such a notion as a smart contract. But what actually it means? How do smart contracts work? What are the benefits of smart contracts? Let’s find out everything about it.

What is a Smart Contract

This concept was developed by Nick Sabo in 1996. So, exactly he was the first who smart contracts explained. According to Sabo, a smart contract is a set of numerically promises, including protocols on which the parties fulfill their promises. An original smart contract example from Nick Sabo’s work is a vending machine.

The person lowers a coin into the machine, and then it provides him/her with a drink or a chocolate bar. This interaction is a transaction that involves the purchase of goods for a fixed amount. The difference between this situation and the classic contract is that the machine automatically fulfills the conditions of the transaction: if payment has passed, the mechanism issues the goods.

The real practical usage of smart contracts was found with the advent of blockchain technology. Do you know what is a smart contract in blockchain? Well, blockchain-based decentralized systems are environments in which the execution of a smart contract is independent of a third party, and its code cannot be arbitrarily changed. Outside such an environment, a smart contract will simply be a software code.

How to Make a Smart Contract

Do you want to find out how to make a smart contract? First of all, it is necessary to know the programming language. Creating smart contracts entry-level is possible without deep knowledge, but more complex contracts are better to entrust professional developers. They definitely know how to create a smart contract. Next, you need to select a blockchain platform, which will be a contract.

Currently, Ethereum smart contracts, where the Solidity language operates, are the most popular. For editing and drafting the contract Remix is used. Already written code is necessary to test and remove bugs from cryptocurrency exchanges. In ordinary contracts, the logic is as follows – if you put money, you get the prescribed and vice versa.

However, for a person who is far from programming, independent implementation of smart contracts on the blockchain will not be possible. For this purpose, a specialized Ethereum platform was created. It solves the problem of how to build a smart contract, being new to the industry. The program allows simplifying the creation of smart contracts for those who haven’t required knowledge of blockchain and smart contracts.

What is an Ethereum Contract

Ethereum smart contract is a condition of a transaction, recorded using a code that is required to be executed by the recipient and seller of any goods or currency. In essence, the smart contract serves as an intermediary between the two parties. Let’s analyze a small transaction using the smart contract Ethereum: two users decided to make cryptocurrency exchanges using this technology.

One of them sends funds to the program, where they are stored under reliable protection. Now no one can access them. The second user must fulfill own conditions: transfer a certain amount to the same program. As soon as this condition is met, traders receive funds. If one of the participants did not fulfill the agreement, the money is returned back to their owners.

As soon as the transaction was recorded, all data about it is stored on a blockchain. And no one can delete or correct this information – tens of thousands of copies are on computers of different users around the world. One of the benefits of smart contracts for Ethereum is complete automatism. The participation of strangers is generally not required. This means that users can save a lot of money on commissions, which would have to be paid to intermediaries.

How do Smart Contracts Work

The development of smart contracts is connected with blockchain technology. Actually, it takes place on the blockchain platform. Its content is placed in the program block, from which entry and exit points are made, allowing the smart contract to work with information outside the blockchain, including performing some actions.

For the contract to work, it is necessary the parties apply electronic signature technologies that are used when signing transactions in the blockchain applications. In order for the smart contract to work efficiently, exactly specified conditions for the execution of the contract are necessary, otherwise, it will be impossible to automate the process. Also, smart contracts receive information from outside blockchain platform through the use of Oracle programs that mediate with external databases and are entered into the blockchain technology. The basic principle of how do smart contracts work is the accuracy of the execution of the prescribed conditions, as well as full automation of this process. But of course, the best practices show that smart contract ideas have both advantages and disadvantages.

Among the advantages are:

  • Reliability and immutability provided by the decentralized data storage system in the blockchain technology;
  • Transparency of actions in smart contracts on blockchain in the system, along with the confidentiality of the parties to the contract;
  • Automation of smart contracts work;
  • Cost reduction due to exclusion from the chain of intermediaries;
  • High speed of execution thanks to the use of mathematical algorithms in blockchain applications instead of bureaucratic mechanisms.

Blockchain and smart contracts also have disadvantages:

  • Weak legal regulation of smart contracts work;
  • The necessity to address the issue of transaction processing speed and scalability in blockchain technology;
  • Inability to adjust smart contracts work;
  • High dependence on programmers and exposure to bugs.

Of course, these are not all advantages and disadvantages of smart contracts. But if remember it is still developed and improved, smart contracts work have all chances to become a great replacement of standard ones. Finally, as the best practices show, it is better to apply to blockchain development companies if you have not required skills and knowledge.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

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