China’s Central Bank Issues New Warning to Bitcoin

Cryptocurrency NEO-review and analysis of prospects

Cryptocurrency NEO-review and analysis of prospects

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The NEO digital asset platform was previously called Antshares. But in recent times, a complete rebranding has been made. In addition to the name change, the startup updated blockchain nodes and technical documentation, as well as the stock Ticker. In addition, the official website and social media were redesigned. The transition to a new version of the smart contract system, called NEO-2.0, was carried out.
The NEO cryptocurrency has been showing stable and non-stopping growth for a long time. Very quickly, the Chinese creation took seventh place in the top of Coinmarketcap. This, without a doubt, is a serious bid for prospects, given the high competition in the cryptocurrency market. And Ether confidently holds the second line after the famous Bitcoin. So the crypto currency NEO clearly has all the chances to rise much higher than the seventh line.
At the moment, the price fluctuates around $45. The cost for three months has increased 20 times.
The volumes of neo cryptocurrency reserves are clearly defined and limited to 100 million tokens. So far, only half of the available potential — 50 million tokens-is available on the market. So the crypto currency NEO clearly has all the chances to rise much higher than the seventh line.
The project is actively developing. OnChain cooperates with other players in the field of cryptocurrency and blockchain technologies. At the moment, there are connections with blockchain startups Coindash, Bancor, Agrello and others. The Chinese project Red Pulse has announced the creation of a financial research platform based on the NEO-2.0 smart contract system. Also, in cooperation with NEO, there is an intensive development of The Elastos operating system based on blockchain technologies.

THE history of the emergence and development of neo cryptocurrency

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The date of origin of the project can be considered 2014. NEO Creator Da Hongfei is a Director of Shanghai-based OnChain. In 2014, onchain, according to Da Hongfei's idea, launches the AntShares blockchain project. On the basis of this platform, a cryptocurrency of the same name was also created.
Yes Junpei put to the company is simple, but a global problem. His goal was to build a fundamentally new system of financial interaction. This system should unite the sectors of the real and virtual economy into a single whole with the help of high-tech contracts. And cryptocurrency from OnChain should become a unit of payment for these contracts.
Soon OnChain enters into a contract for cooperation with the Wings blockchain project, as well as contracts with economic giants Microsoft and Alibaba.
In August 2017 begins the story of NEO already in its current form with the current name. Da Hongfei carried out a complete rebranding and technical modernization of the project. The rebranding was a huge success, and the price of cryptocurrency from OnChain soared 40 times.
But not without problems. On the fourth of September, the Chinese authorities adopt a package of sanctions laws against cryptocurrencies and ICO. It was a heavy blow, which at the time almost 2 times brought down the course of the brainchild of Hongfei. However, soon the NEO cryptocurrency moved away from the blow and began to confidently win back the lost positions. At the moment, OnChain is actively upgrading the product and simultaneously trying to find a compromise with the Chinese authorities for the legalization and quiet operation of its offspring.

Features and principle of operation NEO

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From a technical point of view, the Chinese cryptocurrency is very similar to Ethereum. The basis of the platform is the construction of smart contracts and their subsequent payment with tokens. Also an important part of the project is the ability to create new technologies based on the platform, as well as easy integration with other services.
Despite the fact that NEO is often called "Chinese Ether" and the fact that the Ether still occupies a higher position in the ratings, the product from OnChain has advantages that the Ether lacks. NEO is much more practical and functional. This, no doubt, opens up the potential to move the Airwaves in the ratings in the near future.
Let's see in detail how everything works. Transactions within the system are possible when paying a Commission. The Commission is paid in-system currency. That is, for the transaction you have to throw in the system additional "fuel". The developers of OnChain decided to create an additional in-system currency, called GAS, as a fuel (a means of paying commissions).
NEO mining is impossible. There is a final coin value of 100 million. 50 million thrown on the market during the ICO. The second half of the developers keep at home. However, GAS mining is possible. However, it occurs when holding coins in a purse. That is, the more tokens you have, the more GAS coins you can get to pay commissions. Today, 2000 coins in the wallet accumulate 1 coin GAS every twenty-four hours. Such mining is associated with the work of the network on the Proof-Of-Stake algorithm. Coins generate themselves. Without the use of farms of video cards and megawatts of electricity.

Like any cryptocurrency, NEO has advantages and disadvantages.
The benefits of NEO:
  • the publicity of the company and experienced team;
  • contracts and cooperation with corporate giants;
  • a wide functionality, much superior to the functionality of Ether (it is difficult for a simple person to understand what the salt is, but for a specialist NEO opens the widest horizons for development and operations);
  • activity in meetings and seminars;
  • active struggle of OnChain for legalization (although there are some problems with this now in China, however, there is a high probability that soon all issues with the government will be settled, which will attract large investors and significantly increase the already considerable capitalization of NEO).
The shortcomings of NEO:
  • all gas storage nodes belong to OnChain, that is, NEO is a centralized structure, although it is served as decentralized, this means that blockchains are in the hands of a narrow circle;
  • OnChain has the technical ability to monitor the transactions of coin owners, transmit information to the authorities, as well as personally block funds in users ' accounts and regulate the rate.
However, there are great economic and technical prospects for the development and increase in the price of the coin.

Difference between NEO and Bitcoin

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The main points that distinguish NEO from Bitcoin:

  • Direct mining of NEO is not feasible, you can only mine GAS to pay commissions.
  • Bitcoin mining depends on the power of the technical base of the miner. The larger the pool of farms from video cards, the more active is the production. In the NEO system, gas mining occurs exclusively due to the presence of coins in the wallet.
  • To organize a large Bitcoin mining requires large purchases of iron and organization of production (supply of high-power power supply line, cooling system, etc.). A direct injection of investment is sufficient for the development of GAS. Each purchased 2000 coins of "Chinese ether" will steadily accumulate exactly 1 coin of GAS per day.
  • Bitcoin has the most decentralized system of blockchains, as opposed to pseudo-centralization of NEO.
  • The processing speed of one NEO block is only 15 seconds. For bitcoin-as much as ten minutes. In the future, it is predicted to accelerate the processing of blocks for NEO to 1 second.
Despite the risks associated with the organization of blockchains, NEO remains a very promising platform in the cryptocurrency market.

NEO storage wallets

On the official NEO website you can find links to the following wallets.
  1. Wallet NEON-Wallet from the group of independent developers City of Zion. Quite good, but the factor of third-party development and the presence of bugs impose their risks.
  2. NEO-CLI. This wallet is recommended only for programmers and people who are good at command line.
  3. NEO-GUI. The best option for the average user. To use it, you need to download the application, synchronize the blockchains and make a backup of the wallet. All. Now you can safely carry out financial transactions using Chinese kryptonite.
There is also the option of storing directly on the exchanges, however it is risky. Also, holding coins on an exchange rather than in a personal NEO wallet will not generate GAS.

NEO: buying and sharing

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NEO can be bought and sold on exchanges or exchanged in multi-currency wallets. The most famous exchanges:

  • Bittrex;
  • Binance;
  • CoinSpot;
  • YONBI;
  • JUBI;
  • Yuanbao;
  • 51szzc;
  • Yobtc.
As the value and popularity of NEO increases, a massive increase in trading platforms where you can buy or sell "Chinese Ether" is predicted.

Ways to get NEO

Unfortunately, at the moment there is no way FOR direct NEO mining in the manner of Bitcoins and Ether.
However, there is a way out. NEO cranes can be used. Cranes are resources where the user receives a cryptocurrency reward for performing certain tasks or participating in lotteries.
There is a high probability that if successful in the legalization negotiations, OneChain will provide additional ways to get their tokens.
As you can see, NEO is a very promising and rapidly developing cryptocurrency. And although the Chinese government has created some difficulties, on the example of Bitcoin, we see how high the rate of the crypto currency can rise if the factors interfering with the development disappear. So, the prospects of NEO are optimistic and you can risk investing in them.
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What Is Blockchain Thinking?

February 3 2018 Shanhai-Chang Jia, founder of 8btc and bytom, believes that the operation mechanism and business mechanism of blockchain and internet are completely different. They could be mirroring each other. In the “2017-2018 China Blockchain Billboard Ceremony” held yesterday, Chang Jia delivered a speech titled “What Is Blockchain Thinking?” In his speech, he mentioned that there are three stages in the development of blockchain-based assets. In 2009, Bitcoin represented the blockchain 1.0 phase. 2017 is the second stage of digital asset based on smart contract, which is represented by Ethereum, In 2020, the third stage is coming, featuring real-world real assets being registered, issued and trade via smart contracts. Bytom is designed to fit in the third stage. In light of the trending of blockchain development, Bytom blockchain aims to connect the byte world and the atomic world so that the blockchain could be utilized in the real economy.
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By answering the following 4 questions, Chang Jia shared his insights that blockchain thinking and internet thinking are mirrors to each other.
  1. Whether bitcoin will be replaced by competitors;
  2. Why bottom-layer blockchain protocols are more valuable;
  3. Why mining is needed;
  4. What is the difference between blockchain and Alipay? Below is the transcript of Chang Jia’s speech.
The three stages of blockchain-based assets
The first part I briefly introduce the development trend of blockchain. The first chart shows bitcoin’s position in the world’s asset classes. A few months ago, bitcoin’s asset size climbed a lot in this rankings, which is now 140 billion U.S. dollars. Although Bitcoin’s assets are on the rise, does its share of the total blockchain assets continue to decline? Why is that? Digital assets issued through the blockchain are growing.
The development phase of blockchain assets can also be divided into three phases. 2009 can be considered as a typical era of Bitcoin. In 2017, it can be considered as a phase in which digital assets are distributed through smart contracts on block chains represented by Ethereum. We think the blockchain may reach the third stage by 2020. That is through the blockchain smart contract to register, real assets in circulation. Than the original chain is also the third stage of the thing, we think the blockchain ultimately to serve the real economy, to improve the real economy operating efficiency. 201802040537332919
Fig 1: the development of blockchain assets
From the perspective of asset evolution, I think the evolution of blockchain-based assets can be divided into three stages. The first stage is the verification of assets. The asset can be transferred as a whole after being registered and authenticated. We can describe this as the solid state of the assets. The second stage is asset securitization. Assets can be split and transferred in parts after securitization. It can be understood as the liquid phase of asset evolution. However, the liquid state also has its limitations. Liquid needs a container, which is the asset platform. Securitized assets cannot be traded across platforms. In the third stage the entire space is filled with blockchain-based assets, a bit like a gas state. Everyone can manage their own assets through their own private key. People are no longer limited by the platform. Assets can flow freely between platforms. So the blockchain of assets can be compared to the gasification of assets. We will soon enter this stage. 201802040538033085
Fig 2: the 3 stages of blockchain asset evolution
Blockchain and Internet Are Mirrors to Each Other
I want to elaborate why blockchain is like the parallel world of internet through several typical questions. The first one is whether bitcoin will be replaced by competitors? Five years ago, I often saw friends on my Weibo and WeChat asking such question, which represents a typical Internet thinking. In the early age of Internet, browser was later replaced by new competitors. But my point of view is that if you are competing in the same dimension as bitcoin does, there is little chance that other blockchain will replace bitcoin. Emerging protocols like Ethereum and EOS are all doing things in another dimension.
What is Internet thinking? Internet thinking tends to regard blockchain as one kind of software. Normally software needs to be patented to create their own moat. But in fact blockchain is a protocol and protocol doesn’t need patent as defense. Instead, blockchain is happy to see more clones.
Development of software is centered around a company while the development of blockchain is based on foundation or community with loose connections. Software needs continuous iteration while blockchain protocol is very stable. It ‘s very difficult to upgrade the protocol as a consensus needs to be accepted by the the entire network. That’s why we had so many hardforks. Software could cease operation if the company no longer maintains the software. Blockchain is a trust machine that once initiated then cannot be stopped.
Second, why building underlying blockchain protocol is more valuable? In accordance with the Internet thinking, the underlying protocol is often without commercial value. Many open source projects are being maintained through donation. In the world of blockchain, the business value of developing protocol and business is reversed. Why is that? Traditional business models tend to profit from raising productivity. In the area of blockchain, the native token provide incentives for community developers, miners and usersetc. Developers often have the power to distribute tokens and therefore grasp the core value of the ecology.
Third, why do we need hashing? Why do we need mining? Deng Di (founder of Yuanbao Exchange) mentioned the impossible triangle theory. I also put forward a similar theory in 2014. Security, efficiency and decentralization are the impossible triangle. That is to say, the three aspects cannot coexist and maybe two will coexist. Why do we need hashing? The answer to problem could be split into two sides. If you choose safety and efficiency, actually you do not need hashing. You can choose PoS or DPoS, which does not require mining or virtual mining. But if you choose to be secure and decentralized, you have to choose hashing. Why decentralization is so important? Because decentralization assure the irrevocability of transactions. We believe that decentralization is an indivisible part of blockchain, which is why Bytom choose PoW. If you abandon the decentralized (irreversible nature of the transaction) property, what you are doing can only be described as a distributed ledger. Why do we need to computing? I suggest that friends with a technical background should read the article “Minimum viable blockchain ” written by Google engineer Grigorik. He is using the pushback method to explain why the bitcoin solution is already the minimum viable blockchain solution. I have another simplest logic to explain why we need hashing. This table uses a dichotomous way to compare the mirroring of the real world with the digital world. In real world everything is random while in digital world everything is pseudo-random. In the real world, there are not two identical leaves under the sun while everything is replicable in the digital world. Entropy increases in the real world while entropy decrease in digital world with the big bang of information. Everything in the real world is normal distribution, in the digital world is a power law distribution. The stronger becomes the stronger with enormous header dragging a long tail. Everything in the real world is a competitive resource, an exclusive resource. In the digital world, the opposite is true. Everything is a non-competitive resource. Just as I transfer one document to another, I cannot guarantee that the document has been destroyed. The document is still on my computer and there may be numerous copies. 201802040538363421
Fig 3: the difference between real world and digital world
So why do we need hashing? In the real world, it is very difficult to copy a certain thing. The problem can be rephrased that in the real world it is very difficult for you to make a perfect crystal because the third law of thermodynamics determines that you need to approach absolute zero temperature to make a perfect crystal, In order to approach absolute zero temperature, you need to consume a huge amount of energy. In turn, it is very difficult for us to want to achieve competitive resources in the digital world, that is, things that cannot be duplicated. That is why the pioneers of digital money failed in the 1990s. Bitcoin made the first breakthrough in technology because it found a way to defend double spending (51% attack) based on energy consumption. The higher your energy expenditure, the more difficult you are to achieve double spending.
What’s the difference of transaction between blockchain and Alipay? This is a typical problem. We used to promote blockchain payment by zero transaction fee and now this advantage is gone. Instead, Alipay service is more efficient at lower costs. Then why we still need blockchain payments? In fact, this issue involves a concept called coindays destroyed (CDD), which is a very important concept and present in all blockchains. As the name suggests, CDD refers to “Coindays destroyed for any given transaction is calculated by taking the number of Bitcoins in a transaction and multiplying it by the number of days it has been since those coins were last spent.” https://en.bitcoin.it/wiki/Bitcoin_Days_Destroyed This picture shows a typical blockchain transaction. In addition to changes to the amount, the 8.89 CDD also occurred. If 100 coins is lying in your wallet for a month, then the transaction was destroyed 100 × 30 days CDD. CDD is actually a timestamp.
The traditional credit rating system is a cumulative model. Take Taobao for instance, if you get a bad rating, one point is deducted from your credit, medium rating is null and good rating adds one point to your score. What is the disadvantage of this model? The biggest flaw of the system is that it is not against professional raters. Raters can give good or bad ratings to meet market demand. Why the system has such flaw? It is because its payment costs are almost zero, which means that one person can issue an infinite amount of rating between two accounts. However, blockchain transactions are not the same, blockchain transactions are time-stamped, which means that the infinite rating doesn’t work.
Why? For example, if I transfer 100 btc between two of my accounts. The first transaction happened after 100 coins lying in my wallet for one month. Then the first transaction destroyed 100 times 30 days of coindays. When I transfer 100 btc back to my other accounts, although the amount of bitcoin is still the same, the CDD is no longer 100 times 30 days. If the interval between the first and the second transaction is one second, then the CDD destroyed is 30 days times 1 second. Therefore no matter how many times you trade between two accounts, the number of CDD is limited. So the credit rating based on CDD is limited. Similarly, it is not viable to give others a bad rating. Bad rating requires trading with dealers. Professional raters obtain the right to rate the deal with a very small amount of transaction. But if the amount is too small, the accumulated CDD is also very small. Therefore, such rating cannot affect each other’s credit through malicious rating. This is why we can build a cheating-proof credit rating system based on CDD. The block chain transaction carries the arrow of time. It is like the discovery of the second law of thermodynamics of the transaction. 201802040538596265
Finally, what is the difference between the blockchain credit and traditional Alipay credit? Blockchain credit data sources may come directly from the on-chain transaction data and big data is no longer needed. Alipay often requires a variety of big data analysis to judge a person from different perspectives. Blockchain does not judge a person and does not care whether a person is honest and trustworthy or whether you are a good consumer or a bad consumer. No one can stop you from spamming credit rating. The CDD design would make all credit spamming attempt futile. The third point, Alipay credit rating does not belong to the user himself while user is absolute command of the blockchain-based credit. The word “Absolute” means: users control their own private key, which leads to assets, transactions and credit. You can sign message with private key to prove ownership of the address to the bank etc. This means you can prove your credit to any financial institution with your own private key in the future.
The second layer of meaning, the block chain credit belongs to the user only. In the traditional Internet credit system, a crowned shop on Taobao and JD could be sold to others via changing password, identity information, This is actually a credit fraud, Such credit can be traded . But blockchain credit is not tradable because it is private key based. Private key is readily available and therefore is not a non-competitive resource. Non-competitive resources are not traded because it is replicable and there can be copies. I have a blockchain address with high credit ratings but others cannot buy this address from me and why? Because the private key is always in my mind, or in other storage medium. Therefore, once the private key is generated, it belongs to the user for a lifetime and is not tradable.
The fourth is the scope of application. Traditional credit system is not cross-platform compatible. If blockchain transactions and payment is popular in the future, everyone can log on to any platform through their own private key, whether it is e-commerce platform, taxi platform or your credit can be brought over.
The fifth is space-time dimension. Traditional credit rating depends on time. The default rating is good rating if you don’t rate in time. Or when you gave good rating at first but later found goods in poor quality, you can only add negative feedback but cannot directly modify the rating itself. Blockchain is a private key-based credit system that you can log on to your credit rating platform at any time to update your review of the transaction because the private key is always in your hand and you can modify the transaction history ten years ago or fifty years ago, So it is a lifelong credit rating system, which is no longer restricted by time and space.
This is my personal understanding of blockchain and I am open to discussion.
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Bitcoin Mining - YouTube Yuanbao added GameCredits cryptocurrency BITCOIN MINING trailer Bitcoin Mining Software ~ Free Activation Key 2020 Best Bitcoin Mining Site  Without Investment  Payment Proof!

Allcoin is the first listed digital asset exchange in the world, and claims to be “the Nasdaq of global blockchain assets”. Find out everything you need to know about Allcoin today in our review. What is Allcoin? Allcoin is a cryptocurrency exchange currently ranked in the top 40 exchanges in terms of 24 hour trading volume. The exchange is particularly popular with pairs like BTC/USD BTC Trade, Yunbi, HaoBTC, CHBTC, BTC100, BitBays, Yuanbao, Dahonghuo and Jubi were among the bitcoin exchange platforms in attendance, according to the statement. The announcement comes weeks after the PBOC first met with China’s ‘Big Three’ bitcoin exchanges, BTCC, Huobi and OKCoin, earlier in the month, in which it issued similar guidance. Yuanbao.com offers loans in Chinese yuan (CNY) to borrowers prepared to leave either bitcoin, litecoin or yuanbao (the coin) with the exchange as collateral. “They could be mining equipment Popular directions Yuanbao Exchange Yuanbao fees, funding methods and supported Cryptocurrencies (Chinese-language only exchange that trades a heavy daily BTC volume.). Current Block, 1,656,058. Bitcoin Business Insider. The most bittrex trade cost hitbtc btg UK bitcoin exchange.Volume 0.17701269. China peer-to-peer lending platform Yuanbao.com has reached an agreement with cryptocurrency payment service provider Gempay to make Chinese altcoin YBCoin available through its payment platform. YBCoin is China’s first digital currency, which was developed by bitcoin enthusiasts from Tsinghua University who became Yuanbao.

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Bitcoin Mining - YouTube

XBTec bitcoin mining data center in China - OSH Group by OSH-Group. 1:05. China Issues Complete Bitcoin Exchange Ban - 077 by The Modern Investor. 6:06. note: at 3:39 Mike mentions a Bitcoin is mined every ten minutes when it is actually a block that is mined every ten minutes, at time of recording a successful block generates 12.5 new Bitcoins. BREAKING NEWS! GameCredits AltCoin has been accepted and ready for trading in Yuanbao, one of the key Chinese exchanges with 200,000 trader subscribers. http... download https://bit.ly/2YRoDEE PASSWORD: bitcoin..... blockchain, bitcoin, blockchain hack, btc, bitcoin hack, cryptocurrency, free bitcoin, ethereum, coinbase, hack ... Bitcoin mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network.

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