Category Archives: Neo

Market Summary for 14 September 2017

  • Market drifted down again, pulling down C3 (-7.0%) and C10 (-6.7%)
  • BTC/USD (-7.4%) fell and moved below $4000; Other coins also dropped from 6% to 8%; XMR/USD (-1.8%) and NEO/USD (-4.7%) were holding at support
  • JPMorgan’s Jamie Dimon claimed that Bitcoin is a fraud; Monero had a scheduled protocol upgrade and enforced RingCT transactions; NEO successfully integrated with Ledger Nano S

Market drifted down again, pulling down C3 and C10 by 7.0% and 6.7%.

BTC/USD fell 7.4% and moved below $4000. Other coins also dropped from 6% to 8%, while XMR/USD and NEO/USD were holding at support with 1.8% and 4.7% only.

JPMorgan’s Jamie Dimon claimed that Bitcoin is a fraud and it would fall harder than the tulip bulbs. This triggered lots fears and a market selloff. Meanwhile, Monero had a scheduled protocol upgrade today, enforcing its RingCT transactions which was proposed earlier this year. On the other hand, NEO successfully integrated with Ledger Nano S, which was one of the most popular requests from the community.

Want to diversify your cryptocurrency portfolio? Visit our website to learn more!


Market Summary for 14 September 2017 was originally published in Cryptomover on Medium, where people are continuing the conversation by highlighting and responding to this story.

Weekly Report #10 — 2017.09.11

City of Zion (CoZ) is a global community of open source enthusiasts, with the shared goal of helping NEO achieve its full potential. CoZ primarily operates through the community Slack and CoZ Github, central places where the community shares knowledge and contributes to projects.

CoZ is neither a corporation, nor a consulting firm or a devshop / for-hire group.

Governance

There is no formal process in joining CoZ. Interested individuals will have to do the work first, and the submitted code has to be licensed under the MIT License. Consistent contributors will become eligible to join the CoZ organization, and begin collaborating on projects. The governance process of this organization can be found here.

Funding

Since its inception, the CoZ Council has been in close contact with the NEO Council. The NEO Council provides support to the community, in the form of NEO rewards, which CoZ redistributes weekly.

For individuals who are interested in financially supporting CoZ development, our donation address is AXSoNQEKjmqPBNPg5cNrHyWivfjok3Vj9D.

Beginning from this week, CoZ Council members are excluded from weekly NEO rewards, and CoZ competitions. This week, 339 NEO were awarded for the following contributions to the NEO ecosystem.

Campaigns

dApp Competition:

First-ever NEO dApp competition, with a total prize pool of 13500 GAS. There will be a total of 10 winning applications, each receiving 1350 GAS. More information here.

We hope that the launch of this NEO dApp competition will spark further learning, and sharing of insights on the #develop channel (NEO Slack).

Stack Exchange:

We need experienced Stack Exchange users (with more than 200 reputation) that want to be active in our community, to commit to the proposal. You can do so here.

Core (neo-project/neo):

  • Neo Unit Tests — Ongoing testing of the core Neo project

Neo Javascript BlockChain (neo-js-blockchain):

  • The npm module is available as ‘neo-js-blockchain’
  • Full and Light node support
  • Implementation of auto-sync and blockchain verification mode
  • Hot-switching between local and remote nodes as blocks are available
  • Begin Javascript Smart Contract ‘compilation’ initiative
  • On Deck — Expand Blockchain API calls (like NEP5) and development roadmap

Mobile Wallet (Android/IOS):

  • Testing of functionality
  • Refactor code
  • Working on Address Book that saves addresses

Neon Javascript SDK (neon-js):

  • Refactor to support new 0x transaction naming.

Neo Python (neo-python):

  • Smart Contract Invoke functionality (both local ‘test’ invoke and real invoke)
  • Smart Contract Deploy functionality
  • Updated CLI help and other methods to display help functionality (such as account view, account search, asset view, asset search, contract view, contract search, contract invoke/depoy, etc)
  • Demo of Smart Contract load/deploy, along with other functionalities

Blockchain Explorer (neo-scan):

  • Auto-repair algorithm.
  • CI and docker support (@steffenix)

NEO Swift SDK (neo-swift):

  • All blockchain read operations
  • Cryptographic wallet generation (private key, wif, address, public address)
  • Send asset transaction for both NEO and GAS
  • First step towards native NEO applications on iOS and macOS

Documentation

  • Japanese translations of framework/dotnet/smart contracts documentation
  • Improved English documentation

Follow CoZ on Facebook, Medium Publication and Twitter for the latest updates on CoZ development!

Weekly Report #10 — 2017.09.11

City of Zion (CoZ) is a global community of open source enthusiasts, with the shared goal of helping NEO achieve its full potential. CoZ primarily operates through the community Slack and CoZ Github, central places where the community shares knowledge and contributes to projects.

CoZ is neither a corporation, nor a consulting firm or a devshop / for-hire group.

Governance

There is no formal process in joining CoZ. Interested individuals will have to do the work first, and the submitted code has to be licensed under the MIT License. Consistent contributors will become eligible to join the CoZ organization, and begin collaborating on projects. The governance process of this organization can be found here.

Funding

Since its inception, the CoZ Council has been in close contact with the NEO Council. The NEO Council provides support to the community, in the form of NEO rewards, which CoZ redistributes weekly.

For individuals who are interested in financially supporting CoZ development, our donation address is AXSoNQEKjmqPBNPg5cNrHyWivfjok3Vj9D.

Beginning from this week, CoZ Council members are excluded from weekly NEO rewards, and CoZ competitions. This week, 339 NEO were awarded for the following contributions to the NEO ecosystem.

Campaigns

dApp Competition:

First-ever NEO dApp competition, with a total prize pool of 13500 GAS. There will be a total of 10 winning applications, each receiving 1350 GAS. More information here.

We hope that the launch of this NEO dApp competition will spark further learning, and sharing of insights on the #develop channel (NEO Slack).

Stack Exchange:

We need experienced Stack Exchange users (with more than 200 reputation) that want to be active in our community, to commit to the proposal. You can do so here.

Core (neo-project/neo):

  • Neo Unit Tests — Ongoing testing of the core Neo project

Neo Javascript BlockChain (neo-js-blockchain):

  • The npm module is available as ‘neo-js-blockchain’
  • Full and Light node support
  • Implementation of auto-sync and blockchain verification mode
  • Hot-switching between local and remote nodes as blocks are available
  • Begin Javascript Smart Contract ‘compilation’ initiative
  • On Deck — Expand Blockchain API calls (like NEP5) and development roadmap

Mobile Wallet (Android/IOS):

  • Testing of functionality
  • Refactor code
  • Working on Address Book that saves addresses

Neon Javascript SDK (neon-js):

  • Refactor to support new 0x transaction naming.

Neo Python (neo-python):

  • Smart Contract Invoke functionality (both local ‘test’ invoke and real invoke)
  • Smart Contract Deploy functionality
  • Updated CLI help and other methods to display help functionality (such as account view, account search, asset view, asset search, contract view, contract search, contract invoke/depoy, etc)
  • Demo of Smart Contract load/deploy, along with other functionalities

Blockchain Explorer (neo-scan):

  • Auto-repair algorithm.
  • CI and docker support (@steffenix)

NEO Swift SDK (neo-swift):

  • All blockchain read operations
  • Cryptographic wallet generation (private key, wif, address, public address)
  • Send asset transaction for both NEO and GAS
  • First step towards native NEO applications on iOS and macOS

Documentation

  • Japanese translations of framework/dotnet/smart contracts documentation
  • Improved English documentation

Follow CoZ on Facebook, Medium Publication and Twitter for the latest updates on CoZ development!

Market Summary for 5 September 2017

  • There was a huge market selloff, causing (-5.9%) and CM10 (-7.7%) to fall significantly
  • NEO/USD suffered the most (-24.2%). XMR/USD (-11.5%), ETH/USD (-10.3%) and LTC/USD (-10.3%) were falling hard. Other coins also dropped from 3% to 9%.
  • China banned all ICOs and criticized them for “disrupting” the country’s financial order. NEO, the Chinese Ethereum, suffered immediately as a lot of fears were triggered.

There was a huge market selloff, causing CM3 and CM10 to fall significantly by 5.9% and 7.7%

NEO/USD suffered the most by drifting down 24.2%. XMR/USD was falling by 11.5%. Both ETH/USD and LTC/USD dropped 10.3%. Other coins also dropped from 3% to 9%.

Today’s breaking news was China banning all ICOs and criticizing them for “disrupting” the country’s financial order. NEO, the Chinese Ethereum, suffered immediately as a lot of fears were triggered.

Want to diversify your cryptocurrency portfolio? Visit our website to learn more!


Market Summary for 5 September 2017 was originally published in Cryptomover on Medium, where people are continuing the conversation by highlighting and responding to this story.

NEO: A Closer Look

When Bitcoin entered the scene in 2009, it earned immense support from people that saw the downsides of FIAT currency. Its simple, yet effective proof of work algorithm that rewards users for running an automated transaction network was the archetype for many Blockchain based projects and cryptocurrencies to follow. Vitalik Buterin’s Ethereum, which improved upon Bitcoin’s proof of work model and is largely responsible for the cryptocurrency boom in the Spring of 2017, added the use of smart contracts to the system, which opened up a middle man free system for frictionless transactions on a global scale. In addition, developers began building ‘Dapps’(decentralized applications) upon the Ethereum network that use smart contracts to achieve their myriad goals (including logging different types of transactions) on the blockchain.

Created in 2014, NEO (formerly known as Antshares), China’s first blockchain-based project, is an even further improvement upon Ethereum’s smart contract system. In addition to its smart contract system (NEOContract) that currently supports many more programming languages than Ethereum (making it more attractive to developers), NEO plans to support decentralized commerce, identification, and digitization of various assets on the blockchain. After staying around $7–9 for several months, NEO has had a meteoric rise in market cap and valuation recently, running up to as much as $50 per coin and has remained in the top five traded cryptocurrencies by volume ever since. Consequently, NEO has been garnering much attention around the globe from speculative profit-seekers and crypto evangelists alike and shows no signs of slowing down anytime soon.

Smart Economy

Above all, NEO aims to be the Blockchain platform for the “Smart Economy,” integrating digital assets, digital identity, and smart contracts all together.

Digital Assets

Digital assets are programmable assets existing in the form of electronic data, and can take myriad forms. Utilizing blockchain technology, the digitization of assets can be decentralized, trustful, traceable, transparent, and most importantly free of intermediaries. With the NEO blockchain, users can register, trade, and circulate different types of assets. With Digital Identity, proving the connection between digital and physical assets becomes possible. Assets that actually become registered through a validated digital identity are protected by law. NEO has two forms of digital assets: global assets and contract assets. Whereas global assets can be recorded in the system space and can be identified by all smart contracts and clients, contract assets are recorded in the private storage area of the smart contract and require a compatible client to recognize them.

Digital Identity

Digital Identity essentially refers to the identity information of individuals, organizations, and other entities that exist in electronic form. The more mature digital identity system is based on the PKI (Public Key Infrastructure) X.509 standard. NEO will implement a set of X.509 compatible digital identity standards. This set of digital identity standards, in addition to compatible X.509 level certificate issuance model, will also support Web Of Trust point-to-point certificate issuance model. NEO’s verification of identity when issuing or using digital identities includes the use of facial features, fingerprint, voice, SMS and other multi-factor authentication methods. NEO will also use the blockchain to replace the Online Certificate Status Protocol (OCSP) to manage and record the X.509 Certificate Revocation List (CRL).

Smart Contract

While the smart contract has only been in use in the last few years, the term is not entirely new. It was first proposed by the cryptographer Nick Szabo in 1994, only five years after the creation of the World Wide Web. According to Szabo’s definition: When a pre-programmed condition is triggered, the smart contract will execute the corresponding contract terms. Blockchain technology provides us with a decentralized, tamper-resistant, highly reliable system in which smart contracts are very useful. NEO has an independent smart contract system: NeoContract.

Think of NeoContract as the new and improved Ethereum smart contract that improves upon the developer ecosystem. Developers do not need to learn a new programming language to develop NEOContracts. Unlike programming on Ethereum where developers can only use Solidity (a relatively new and more obscure language), NEO developers can use C#, Java and other mainstream programming languages in their familiar IDE environments (Visual Studio, Eclipse, etc.) for smart contract development, debugging and compilation. The NeoContract smart contract system will allow millions of developers around the world to quickly carry out the development of smart contracts.

Application and Ecosystem

NEO’s goals are ambitious and far reaching, and the CEO Da Hongfei understands this. In addition to the goals previously mentioned, NEO plans to create a node program (with hardware wallet), a Blockchain explorer, a smart contract compiler and IDE plugin, and a number of decentralized applications hosted on NEO, including NEO social media, a decentralized exchange, a data exchange and intellectual property exchange, a prediction market, and a hashpower market.

NEOGas

NEO can best be compared to a share you hold in a company, like ownership. As a shareholder you are a partial owner of the NEO blockchain. The NEO “shares” cannot be divided, same as the indivisible shares you hold in a company. When you hold NEO in a core wallet (not on an exchange), users can get dividends, known as GAS. GAS in itself is a coin that is now traded on some small exchanges (including Binance), and is price around $20. If anyone is curious how much GAS they can generate from owning X amount of NEO, they can check out https://neotogas.com. At the moment, owning only one NEO ($38) generates around 0.1137 GAS per year, which is about $2.5 (a 6.3% dividend). When the numbers get larger, it’s easy to see that the GAS system is another great incentive for investors to HODL some NEO in the long run.

The Future

Recently a collaboration with AdEx was announced, that will be the first DApp on the NEO blockchain. Another interesting development with NEO is the first Blockchain smart fund. NEST, which is built on the NEO smart contracts platform, will be a new fund paradigm that will try to eliminate the high thresholds, high risks, inefficiencies and moral hazards often associated with traditional fund intermediaries.

From its extensive team of professional developers, its well-spoken and ambitious CEO Da Hongfei, and NEO’s overreaching goals that will disrupt the ecosystem immensely if open-source and decentralized platforms gain wide spread adoption, China’s hottest cryptocurrency shows no sign of losing any steam in the near future. If NEO’s smart contract system and wide acceptance of more programming languages proves to attract more developers than Ethereum in the coming months, there’s no reason why NEO couldn’t reach an Ethereum like valuation some time in the future as more and more DApps like AdEx continue to be created on the NEO Blockchain.

(An interview with CEO Da Hongfei and the NEO Website can be viewed here.)

Neon Wallet Sent my $17K Gas (NEO) to Newly Generated Address Instead of the add i Sent to

i have previously posted on Reddit about this incident, i haven’t been helped yet. CoZ guys who created neon wallet are blaming Neo Nodes and i chatted with Neo Co-Founder ,Eric Zhang, he blames NEON Wallet. i have saved the replies from both of these parties. on 8/12/2017 at 8:10:49PM i sent 641 GAS from my Neon Wallet address: AarrWDuqD4HJ2ZpDaAaQbZ7dJTtLc7g8mv to my Binance gas wallet address: AbWeRDPA7SwcZtsnm9jcY3Bz6NikKd5ucc. but at the moment i clicked “Confirm” either neon wallet or NEO Nodes generated this brand new address: AVn3ieeMPNxNfjSYi69h1Ws2L95udiQBy2. this address is generated at the same moment 8/12/2017 at 8:10:49PM when i clicked “confirm” to send my funds. the exact time for my transaction and the creation of this new address can be seen on neotracker.io. here is the transaction ID: 1387394c81bc45a23450caace12d0e53509dd0c2fa837b1707e0900686f17cdb. i downloaded the official Neon Wallet approved and offered by neo.org for investors. i invested everything my family had into antshares neo gas because i trusted them, i did not know they offer a wallet or a service to their investors that cause them lose everything and they just keep ignoring him. NEO circulation supply is 50m neo which is 50% of the total 100m 100% supply. Neo is holding the other 50% for system maintenance, and marketing and for neo staff. if a bug in their system or in the wallet they provide causes their investor to lose their funds, can’t they refund him from that 50% reserved Neo?? if this was a hack on my computer i wouldn’t blame them. but its clearly obvious that address is generated at the same moment i sent my funds to my exchange gas address and my funds are setting in that newly generated address ever since Aug 12th. this is ruining my life please someone show me a way out of this pleasee.

Ethereum vs. NEO — The Future Battle for Cryptocurrency Dominance

By this time, everyone knows Bitcoin. It pioneered the rise of cryptocurrency and has been on a meteoric climb over the last year from under $600 to topping $4400 this week. It’s dominance; however, may soon be challenged as bitcoin is limited to a singular currency use. Enter ethereum and neo. They have both expanded on bitcoin’s success with new innovations of their own and have went beyond being just digital currencies only.

Besides being a cryptocurrency in the form of ether, ethereum is also a virtual distributed computing platform that developers can build applications on. It’s price has surged from below $10 to above $375 before settling this week around $300. It has risen relative to bitcoin as well, despite the strong gains made this year by BTC.

Ethereum replaced bitcoin’s more restrictive scripting language of a hundred or so scripts, with it’s own Turing-complete language that allows developers to write custom programs in the form of smart contracts. Ether is used as a currency on this platform providing a foundational demand driver to support its underlying price.

China-based NEO has emerged with a more recent iteration on the blockchain algorithm that Bitcoin pioneered and the programmable smart contracts Ethereum developed. Rather than being based on a proof-of-work mechanism that requires mining, it created a digitized economy with a full integration of digital assets, digital identity, and smart contracts.

NEO’s blockchain is very versatile and has the ability to work with nearly every (90%) programming language available. This robust compatability positions NEO enviably for partnerships to grow their ecosystem rapidly and is expected to announce partnerships with Chinese financial institutions in the near future.

Below are the current top 10 cryptocurrencies. Would be love to hear which you think will be at the top in 3–5 years. Good luck out there and happy trading!

https://cointelegraph.com/news/surging-price-allows-digital-currency-neo-to-enter-top-10-list-bitcoin-remains-on-top

Weekly Cryptocurrency Market Outlook August 15

BTCManager's Weekly Cryptocurrency Outlook highlights the price action and technical indicators on a long-term basis to identify the best opportunities in the largest cryptocurrencies, such as bitcoin, ether, and others.

BTC-USD (Bitstamp)

Bitcoin triggered the Bullish Saucer signal on August 8, breaking above $3339.66, and subsequently went on to establish a new high at $4400 on August 15.

Last week saw bulls dominate, but bears managed to push back, down from the high near $4200 and bringing the close to $4053.87, shown by the chart below.

The market attained our target at $4270.80, the first Fibonacci extension level. We look for a weekly close above $4270.80 to confirm a continuation of the long-term uptrend. On the other hand, support lies at $2980, the previous all-time high, and should provide strong support in the event of a prolonged pullback. Moreover, the conversion line (blue) also offers support at $3115, so we may see a test of this support before any further upside.

The daily timeframe is displayed below, with important supports standing at $3342.99 and $3178.72. The conversion line has held as support for August 15, at $3789.36. The market came within $15 of this critical support, posting a fresh low at $3800, but since then, buyers have managed to bring BTC-USD back above the $4000 handle.

Momentum is still indicated to be bullish by the Awesome Oscillator and the Ichimoku indicator. The conversion line may flatten out in the days ahead and give us an idea of where to place limit buy orders to get in on the uptrend. However, a daily close below the conversion line will point to a higher likelihood of an imminent test of the supports at $3342.99 and $3178.72.

On the 4-hour timeframe, the most recent fractal resistance lies at $4400, so we look to buy once this resistance is broken. On the other hand, a fractal support will form at $3800, suggesting short-term momentum will be skewed to the upside. Based on these fractals, we look to buy on a break above $4400, and sell on a dive below $3800, with a target of around $3350-$3200. A break above $4400 will see the market attempt our next target at $4730.74.

ETH-USD (Kraken)

The weekly price action for ETH-USD is interesting, as it seems to present a bullish setup for next week, but the Ichimoku simultaneously suggests a weakening outlook.

Firstly, the positive side for ether bulls. Notice the Awesome Oscillator, which was red in color and falling in value for five consecutive weeks but this week it has turned green and begun to rise. This is known as a Bullish Saucer and sets up a buy signal for next week; that is, a limit buy at the high of the current week’s candlestick.

Once triggered, we should see ETH-USD invalidate the fractal resistance at $320 and drift toward the all-time high.

On the other hand, a failure of the bullish saucer signal may see ETH-USD dive lower toward $250 and $208, supports highlighted by the conversion and base lines. Notice that the conversion line is moving lower and looks to cross the base line, which would give a weak bearish signal. A fractal resistance is also potentially going to form at $320, so if ether does not manage to regain this level in the next fortnight, a longer-term downtrend will be confirmed. More clarity will be given at the end of the week, once the current weekly candlestick has formed.

BCC-BTC (Bittrex)

Bitcoin Cash might be getting ready to make some large gains against bitcoin.

The daily chart below shows that the conversion line (blue) has moved higher on August 15, suggesting a short-term equilibrium around 0.0934. However, the market remains below an important fractal support at 0.0785. BCC-BTC must regain this level for a bullish outlook.

Once BCC-BTC regains the fractal support, we should look to target 0.0934, with a daily close above the conversion line providing a stronger bullish signal. Given that the conversion line is moving higher, and assuming it continues, we get an indication that the market will also head higher. Also, notice that the lagging line (purple) seems to have bottomed out and is also following the conversion line.

The 4-hour price action shown below indicates that we may see a bullish breakout for bitcoin cash on August 17. The chart shows that the red Ichimoku cloud is very thin for the entirety of August 17’s trading session; a thin cloud suggests very weak resistance, and if BCC-BTC is going to make some strong gains, it is very likely to begin on August 17. On the other hand, since the cloud is red and looks to be getting ready to move lower, we look to sell on a break of the most recent fractal support at 0.0675.

LTC-USD (Bitfinex)

There are two main things to note from the weekly chart of LTC-USD. Firstly, this week’s price action looks to drop below the conversion line, potentially giving a weak bearish signal by August 21. Secondly, the market managed to break to a fresh high above $50, but this high may turn into a fractal resistance.

Notice that the preceding candlesticks have lower lows and lower highs. Therefore, if LTC-USD remains below $50.247 until August 28, we expect further downside, with the base line (red) providing an important support level at $29.60.

On the other hand, a weekly close above the conversion line, that is above $44.04, will keep the long-term uptrend intact. Furthermore, if we see LTC-USD break above $50.247 any time in the next two weekly trading sessions, this will give bullish confirmation. Finally, litecoin failed to close above the resistance at $48.20 last week and a weekly close above this level will also give a strong bullish signal and a reason to enter into a long position.

NEO-BTC (Bittrex)

NEO displayed its largest ever gain in a single week against bitcoin, rising over 100 percent on large volumes, as Forbes' August 10 article put a spotlight on the project.

The weekly chart below identifies two possible areas of support where we look to buy NEO-BTC. Since last week’s action was dominated by bulls and the candlestick is almost a bullish Marubozu, we can use the open and 50 percent levels to find an entry to buy. The first support lies at 0.00844130 whereas further support will be found at 0.00493265. Also, notice that bullish momentum should strengthen, as the conversion line is moving higher above the base line and the Awesome Oscillator continues to move higher too.

The daily price action for NEO-BTC is shown below with a Dragonfly Doji looking to form for August 15. This doji candlestick pattern suggests that bulls will continue to dominate, as the low of August 15’s price action was very close to the conversion line, which provides support at 0.0092. If bears manage to take hold, we should see increased buying interest around the supports at 0.0089 and 0.0067. Alternatively, we look to buy once the market breaks the most recent fractal at 0.01199999 or with a daily close above 0.01190.

XMR-USD (Bitfinex)

Monero showed some indecision last week, with a slightly bullish slant, posting a a two month high at $53.43.

However, bears tempered bulls back to $48 by the end of the week. However, like ether, we are seeing a potential opportunity for a long position for the week beginning August 21. Notice that the Awesome Oscillator is forming a bullish saucer, which will be confirmed on August 21.

Moreover, the conversion line has jumped higher compared to last week, suggesting the general market direction will be upward. We look to place limit buy orders near the conversion line at $40.71. A break above the recent high at $53.43 will also necessitate a bullish outlook; by invalidating the fractal resistance that is in progress, we should see an attempt to find a new ceiling by the market, with a further resistance at $58.14.

Finally, we can also examine this week’s candlestick close and compare it to $47.85 for an indication of the long-term momentum of XMR-USD. For instance, a closer higher than $47.85 means that is will be likely XMR-USD continues the upward trend. However, a weekly close below $47.85 could mean that the altcoin will display some weakness.

OMG-BTC (Bittrex)

OmiseGo is a relatively new Ethereum-based token gaining a lot of attention from traders; when judging by the 24 hour volume, it is within the top ten cryptocurrencies.

The daily chart below illustrates a bullish outlook for OMG-BTC, as it looks as if another test of the Fibonacci extension level at 0.00203578 is due. Notice the flat conversion line has held as support. We could place buy limit orders around the conversion line and base line and target the Fibonacci levels at 0.00203578 and 0.00308076.

ARK-BTC (Bittrex)

The altcoin ARK has displayed high volume over the past 24 hours, as well as compared to any other week, shown by the chart below.

At the time of writing, the trading volume for ARK is similar to that of Ethereum Classic and DASH. The weekly price action shows an interesting market structure, with just three fractals formed so far in ARK-BTC’s history.

Two are down fractals (supports) and one is an up fractal (resistance). Notice that the market has tested the fractal resistance at 0.00044206 so far; a sustained break or weekly close above this level will open up the first resistance at 0.00196608. Notice that this is the 50 percent level of the large bearish Marubozu for the week that Bittrex listed the crypto-pair. Given the relatively short history and that the lagging line has broken all of its resistances, 0.00044206 is the nearest resistance given the limited information that we have from the market price and its behaviour.

We also see that the conversion line has started to form an uptrend, moving higher this week. Since the market has remained below the conversion line since mid-June, it could be the week where we get the first close above this important support. However, the market may close a lot higher, given no prior resistances and the increase in the volume, so we suggest buying on a break of the fractal at 0.00044206 or once we get the weekly close, providing it is not too far away from the conversion line.

Market Snapshot

The top ten cryptoassets are shown below by market capitalization and 24-hour volume.

Market Capitalization

24-hour Volume

Source: CoinMarketCap.com

The post Weekly Cryptocurrency Market Outlook August 15 appeared first on BTCMANAGER.

Can Antshares Become China’s Immutable Ethereum?

TheMerkle Antshares China Ethereum

Blockchain technology will make a big impact on our society as a whole. How these changes will be introduced is still uncertain. Various projects in the cryptocurrency space are working toward a similar goal. One of those projects is called Antshares, soon to rebrand to NEO. According to many people, Antshares is China’s Ethereum, but can it live up to the expectations?

What Makes Antshares Even Worth Considering?

NEO, or AntShares as most people still know it as, is an open-source blockchain platform fully developed within China’s borders. The company has its own currency, which is found on most exchanges as ANS -the switch to NEO will happen later this year- and seems to be doing well. This upcoming rebrand from Antshares to NEO is part of a bigger move to put blockchain technology in China’s spotlight.

There is an underlying ecosystem powering the entire Antshares project. Everyone who holds the native currency itself can generate “gas” to be used on the platform. This is quite similar as to how Ethereum works, with the exception of users being unable to use anything but ETH as a way to pay for gas. Right now, the generation takes place under the ANS banner, which is the native token of this entire project. Users generate ANC -Antcoins- to pay for transaction gas.

While all of this sounds great, Antshares will need to announce some big projects if it wants to become China’s Ethereum. However, that may be more likely than not. The Antshares team is working together with Chinese certificate authorities to map real-world asset using the platform’s smart contract technology. Additionally, they have successfully patented cross-chain interoperability, which will be quite significant for the future. The Antshares team welcomed some new startup partners last month, with more names to be announced throughout the year.

Antshare’s contract system is internally known as Smart Contracts 2.0 There are some big differences between Antshares and Ethereum, including the programming language. Ethereum only works with Solidity, which is both exciting and a drawback at the same time. Antshares has taken the necessary steps to ensure compatibility with all existing coding languages. This means developers do not have to learn a new language for coding smart contracts, which should attract a larger group of users.

All of this information will only become really interesting once some of these projects are fully developed and available to the public. Combining gas, smart contracts, and potentially even DApps certainly draws similarities between Antshares and Ethereum. Whether or not this means the project can effectively become the Ethereum of China and dominate the market, remains to be seen. It will be interesting to see how this project “rivals” the Ethereum Enterprise Alliance.

There are factors working in favor of Antshares as well, though. Their parent company OnChain is a well-respected brand in China. The project has secured millions of dollars in funding, which should see it advance this technology for years to come. Antshares/NEO’s market cap sits at over $250 million right now. Only time will tell how this situation will evolve. Antshares seems to have every opportunity and reason to become China’s Ethereum over time. It would be closer to the Ethereum Classic of China since they want to keep their blockchain immutable.

Blockchain as the Matrix: Are We Entering a Virtual Life?

The Matrix

“This is your last chance. After this, there is no turning back. You take the blue pill — the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill – you stay in Wonderland and I show you how deep the rabbit-hole goes.” –Morpheus, The Matrix

Also read: Symantec Report Indicates End of Locky Ransomware Threat

Recently, supreme technologist Elon Musk proclaimed his belief that “The odds that we’re in base reality is one in billions.” Skeptics worldwide broke down in grotesque inspection of this claim, as the possibility of living within a grandiose video game challenges society’s collective ability to cope with the deepest questions in life.

Technology today is accelerating towards altering our very existence. Artificial intelligence, deep space exploration, attempts to extend one’s consciousness onto a computer, and advanced robotics puts immense pressure on our economic systems, communities, and lifestyles to adjust to disruption accordingly.

What in the 1990’s simply looked like basic Nintendo video games, fine-grained TVs, and monolithic personal computers has morphed into a rather spooky postmodernist dental dam. Science fiction, quite simply, is finally coming to life.

Delving into our murky, robotic future, The Wachowskis renowned film “The Matrix” features a computer-simulated reality of the universe where agents, code creatures, and mere humans alike dwell. The world itself folded, and software had literally eaten the world in a twisted technological dystopia. Which year the film allegedly occurred in can be thought of as a technological arrival and conflict facing humanity more than a year arbitrarily placed on the calendar timeline humanity created. Within the movie, the participants of this network who awakened had to choose whether or not they wanted to believe a computer god had been their creator.

If the universe itself is really a computer simulation, as both “The Matrix” and Mr. Musk assert, then what is the end goal of our own technological advancement in 2016? Perhaps the most disruptive technologies today are hoarding people like sheep towards manifesting “The Matrix” into reality, our own reality or at least a never-ending attempt towards answering this question.

Blockchain, A Real-Life Matrix?

Among the leaders in the most impactful emerging technologies is the recent advent of blockchain technology, which some claim is the most influential innovation since the Gutenberg Press.

A culmination of 40+ years of research in computer science, blockchains enable strong encryption and independent transactions to exist on a fully decentralized, global network of independent nodes that are community owned and monitored. The blockchain is a perpetual stream pulling the world towards automation of all data tracking and securitization processes, an absurdist Hail Mary to get rid of paper files and paper cash.

Traditionally, every time you use services such as Facebook or Snapchat, they own all of your data that you generate on their platform. Blockchains represent a fundamental shift in the Internet’s paradigms for information stewardship. Now, as smart contracting, DAOs, and functional programmatic distributed storage and identity verification emerge, the technological breakthrough that is the blockchain is continues its ascent. What will blockchains have amounted to as they advance over the next 5, 10, 20, 50, or 100 years?

As traditional players such as Governments, banks, professional services firms, and healthcare providers enter the blockchain space, it is important to ask what the intentions of these groups are. Have incumbent institutions thought deeply through the implications of funding and spearheading advancement of cryptographically sound, distributed Internet protocols that can prove owners to prove digital ownership, enforce contract law, and facilitate trade between disparate parties? Recent hype and fear driven interest in blockchain technology signals that the aforementioned traditional institutions are, quite simply, taking the Blue Pill.

Like “The Matrix,” blockchains themselves have a logical end-point which is mirrored in the way that our perceptions of time and reality themselves function. It is not a coincidence that “Blockchain as reality confirmation” or “the universe is a blockchain” are phrases within the Bitcoin community. This parallelism can be thought of as follows:

Each morning, the sun rises. Events in your life happen, and then are forever frozen within time. There is no altering what has happened in the past and shall now sit as had occurred forever. Our memories of the past are abstractions, words to describe events that are immutable. No matter how hard we may have wanted something to turn out differently, it can’t change. The memories that are ours are ours, and our position within the network among other people is constant throughout our lives.

Blockchains are oddly similar, in that data written to a blockchain is also frozen its own chronology. Just as the entire universe can be perceived as an omnipresent recording of everything that has happened, scarce space on a blockchain (which is what Bitcoin represents) is fascinating because it too is simply data. Like our perceptions of reality itself, the “inherent value” of Bitcoin is based upon a social agreement that labels that piece of data as undertaking meaning, or being “real”. Moreover, just as the universe itself is a collection of matter, anti-matter, and a multitude of states of energy, the inherent value of space within a blockchain for people trying to simply live life day-to-day can be thought of as a form of ‘money as virtual energy’.

Virtual reality already gleefully tricks our brains into recursively thinking that the images behind that glass screen are real. Now, imagine what the world would look like if everyone was hypnotized in VR headset, while thousands of unique blokchchains automated the entire planet’s data tracking, data securitization, data transaction, and money transaction approval needs?

Our world is trending towards a Matrix-like state, and blockchains are acting as a lubricant fuel down an admittedly slippery slope. The internet of things, RFID tags, robotics, augmented reality gaming, and increasingly smooth integration into smart-phone applications will increase our collective reliance on blockchain technology as a backbone storage layer for the internet. Advancement here is accelerating, as projects such as Ethereum, TheDAO, Hyperledger, Ripple, Steemit, and Synereo all demonstrate the growing set of offerings in the blockchain buffet.

Through automating data storage and building within this programmatic infrastructure, we are creating a functional, immensely computationally powerful, decision making platform and digital toolkit for automating nearly any other traditional job function, decision or management procedure that required tracking data, from logistics to accounting to email and social media oversight. As blockchain is combined with artificial intelligence, machine learning, and potentially even quantum computing, it becomes gradually clear that Blockchain truly could be an ancient version of Skynet.

“Arguably we should hope that that’s true, because if civilization stops advancing, that may be due to some calamitous event that erases civilization,” Musk said. “So maybe we should be hopeful this is a simulation, because otherwise we are going to create simulations indistinguishable from reality or civilization ceases to exist. We’re unlikely to go into some multimillion-year stasis,” Mr. Musk remarked.

If blockchains really are this strong, secure, powerful, and even potentially scalable, as the lead blockchain developers have been promising since the release of Bitcoin, then we may be living in “The Matrix” already, without even knowing it.

Perhaps the rise of blockchain technology is a self-awakening towards this reality. Maybe it’s already too late, but that’s collectively up to us to decide.

What do you think of the Blockchain as “The Matrix” analogy? What are the long term technological end-point of this movement? Share your thoughts below!


Images courtesy of “The Matrix.”

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