Bitcoin in the Headlines: Blockchain Scores Economist Cover

Bloomberg Markets cover story Blythe Masters /r/Bitcoin

Bloomberg Markets cover story Blythe Masters /Bitcoin submitted by coincrazyy to BitcoinAll [link] [comments]

My growing collection of info about NEO

It can be very time consuming to keep up to date on a single blockchain project let alone multiple ones. If you just heard about NEO a few weeks ago it would be impossible catch up on past occurrences due to high volume of Reddit posts and articles made on the project. I’m going to try and simplify the past, present and future as much as I can into one well thought-out post. I hope I can be helpful to anyone who has been investigating like myself. I will include sources with all of my research.
https://imgur.com/a/NBI7S (img for mobile backround)
Key notes from the White Paper http://docs.neo.org/en-us/
Digital Assets
Digital assets are programmable assets that exist in the form of electronic data. With blockchain technology, the digitization of assets can be decentralized, trustful, traceable, highly transparent, and free of intermediaries. On the NEO blockchain, users are able to register, trade, and circulate multiple types of assets. Proving the connection between digital and physical assets is possible through digital identity. Assets registered through a validated digital identity are protected by law.
Digital Identity
Digital identity 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. In NEO, we 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. Our verification of identity when issuing or using digital identities includes the use of facial features, fingerprint, voice, SMS and other multi-factor authentication methods.
Smart Contracts
The NeoContract smart contract system is the biggest feature of the seamless integration of the existing developer ecosystem. Developers do not need to learn a new programming language but use C#, Java and other mainstream programming languages in their familiar IDE environments (Visual Studio, Eclipse, etc.) for smart contract development, debugging and compilation. NEO's Universal Lightweight Virtual Machine, NeoVM, has the advantages of high certainty, high concurrency, and high scalability. The NeoContract smart contract system will allow millions of developers around the world to quickly carry out the development of smart contracts.
Economic Model
NEO has two native tokens, NEOand NeoGas NEO represents the right to manage the network. Management rights include voting for bookkeeping, NEO network parameter changes, and so on. The minimum unit of NEO is 1 and tokens cannot be subdivided. GAS is the fuel token for the realization of NEO network resource control. The NEO network charges for the operation and storage of tokens and smart contracts, thereby creating economic incentives for bookkeepers and preventing the abuse of resources. The minimum unit of GAS is 0.00000001.
Distribution Mechanism
NEO's 100 million tokens are divided into two portions. The first portion is 50 million tokens distributed proportionally to supporters of NEO during the crowdfunding. This portion has been distributed.
The second portion is 50 million NEO managed by the NEO Council to support NEO's long-term development, operation and maintenance and ecosystem. The NEO in this portion has a lockout period of 1 year and is unlocked only after October 16, 2017. This portion WILL NOT enter the exchanges and is only for long-term support of NEO projects. The plans for it are as below:
▪ 10 million tokens (10% total) will be used to motivate NEO developers and members of the NEO Council
▪ 10 million tokens (10% total) will be used to motivate developers in the NEO ecosystem
▪ 15 million tokens (15% total) will be used to cross-invest in other block-chain projects, which are owned by the NEO Council and are used only for NEO projects
▪ 15 million (15% total) will be retained as contingency
▪ The annual use of NEO in principle shall NOT exceed 15 million tokens
GAS distribution
GAS is generated with each new block. The initial total amount of GAS is zero. With the increasing rate of new block generation, the total limit of 100 million GAS will be achieved in about 22 years. The interval between each block is about 15-20 seconds, and 2 million blocks are generated in about one year. According to this release curve, 16% of the GAS will be created in the first year, 52% of the GAS will be created in the first four years, and 80% of the GAS will be created in the first 12 years. GAS will be distributed proportionally in accordance with the NEO holding ratio, recorded in the corresponding addresses. NEO holders can initiate a claim transaction at any time and claim these GAS tokens at their holding addresses.
Consensus mechanism: dBFT
The dBFT is called the Delegated Byzantine Fault Tolerant, a Byzantine fault-tolerant consensus mechanism that enables large-scale participation in consensus through proxy voting. The holder of the NEO token can, by voting, pick the bookkeeper it supports. The selected group of bookkeepers, through BFT algorithm, reach a consensus and generate new blocks. Voting in the NEO network continues in real time, rather than in accordance with a fixed term.
Cross-chain assets exchange agreement
NeoX has been extended on existing double-stranded atomic assets exchange protocols to allow multiple participants to exchange assets across different chains and to ensure that all steps in the entire transaction process succeed or fail together. In order to achieve this function, we need to use NeoContract function to create a contract account for each participant. If other blockchains are not compatible with NeoContract, they can be compatible with NeoX as long as they can provide simple smart contract functionality.
Cross-chain distributed transaction protocol
Cross-chain distributed transactions mean that multiple steps of a transaction are scattered across different blockchains and that the consistency of the entire transaction is ensured. This is an extension of cross-chain assets exchange, extending the behavior of assets exchange into arbitrary behavior. In layman's terms, NeoX makes it possible for cross-chain smart contracts where a smart contract can perform different parts on multiple chains, either succeeding or reverting as a whole. This gives excellent possibilities for cross-chain collaborations and we are exploring cross-chain smart contract application scenarios.
Distributed Storage Protocol: NeoFS
NeoFS is a distributed storage protocol that utilizes Distributed Hash Table technology. NeoFS indexes the data through file content (Hash) rather than file path (URI). Large files will be divided into fixed-size data blocks that are distributed and stored in many different nodes
Anti-quantum cryptography mechanism: NeoQS
The emergence of quantum computers poses a major challenge to RSA and ECC-based cryptographic mechanisms. Quantum computers can solve the large number of decomposition problems (which RSA relies on) and the elliptic curve discrete logarithm (which ECC relies on) in a very short time. NeoQS (Quantum Safe) is a lattice-based cryptographic mechanism. At present, quantum computers do not have the ability to quickly solve the Shortest Vector Problem (SVP) and the Closest Vector Problem (CVP), which is considered to be the most reliable algorithm for resisting quantum computers.
Reasons for choosing dBFT over PoW and PoS:
With the phenomenal success of Bitcoin and its increasing mainstream adoption, the project’s unbounded appetite for energy grew accordingly. Today, the average Bitcoin transaction costs as much energy as powering 3.67 average American homes, which amounts to about 3000 times more than a comparable Credit Card settlement.
This mind boggling amount of energy is not, as it is commonly believed, being wasted. It is put to good use: securing the Bitcoin network and rendering attacks on it infeasible. However, the cost of this security mechanism and its implications for an increasingly warming and resource hungry planet led almost the entire crypto industry to the understanding that an alternative has to be found, at least if we’re interested in seeing blockchain technology gaining overwhelming mainstream adoption.
The most popular alternative to PoW, used by most alternative cryptocurrency systems, is called Proof-of-Stake, or PoS. PoS is highly promising in the sense that it doesn’t require blockchain nodes to perform arduous, and otherwise useless, cryptographic tasks in order to render potential attacks costly and infeasible. Hence, this algorithm cuts the power requirements of PoS blockchains down to sane and manageable amounts, allowing them to be more scalable without guzzling up the planet's energy reserves.
As the name suggests, instead of requiring proof of cryptographic work, PoS requires blockchain nodes to proof stake in the currency itself. This means that in order for a blockchain node to be eligible for a verification reward, the node has to hold a certain amount of currency in the wallet associated with it. This way, in order to execute an attack, a malevolent node would have to acquire the majority of the existing coin supply, rendering attacks not only costly but also meaningless, since the attackers would primarily harm themselves.
PoS, as well as PoW, simply cause the blockchain to fork into two alternative versions if for some reason consensus breaks. In fact, most blockchains fork most of the time, only to converge back to a single source of truth a short while afterwards.
By many crypto enthusiasts, this obvious bug is very often regarded as a feature, allowing several versions of the truth to survive and compete for public adoption until a resolution is generated. This sounds nice in theory, but if we want to see blockchain technology seriously disrupt and/or augment the financial sector, this ever lurking possibility of the blockchain splitting into two alternative versions cannot be tolerated.
Furthermore, even the fastest PoS blockchains out there can accomodate a few hundred transactions per second, compare that to Visa’s 56,000 tx/s and the need for an alternative becomes clear as day.
A blockchain securing global stock markets does not have the privilege to fork into two alternative versions and just sit and wait it out until the market (or what’s left of it) declares a winner. What belongs to whom should be engraved in an immutable record, functioning as a single source of truth with no glitches permitted.
After investigating and studying the crypto industry and blockchain technologies for several years, we came to the conclusion that the delegated Byzantine Fault Tolerance alternative (or dBFT) is best suited for such a system. It provides swift transaction verification times, de-incentivises most attack vectors and upholds a single blockchain version with no risk of forks or alternative blockchain records emerging - regardless of how much computing power, or coins an attacker possesses.
The term Byzantine Fault Tolerance (BFT) derives its name from the Byzantine Generals problem in Game Theory and Computer Science, describing the problematic nature of achieving consensus in a distributed system with suboptimal communication between agents which do not necessarily trust each other.
The BFT algorithm arranges the relationship between blockchain nodes in such a way that the network becomes as good as resilient to the Byzantine Generals problem, and allows the system to remain consensus even if some nodes bare malicious intentions or simply malfunction.
To achieve this, Antshare’s version of the delegated BFT (or dBFT) algorithm acknowledges two kinds of players in the blockchain space: professional node operators, called bookkeeping nodes, who run nodes as a source of income, and users who are interested in accessing blockchain advantages. Theoretically, this differentiation does not exist in PoW and most PoS environments, practically, however, most Bitcoin users do not operate miners, which are mostly located in specialized venues run by professionals. At Antshares we understand the importance of this naturally occurring division of labor and use it to provide better security for our blockchain platform.
Accordingly, block verification is achieved through a consensus game held between specialized bookkeeping nodes, which are appointed by ordinary nodes through a form of delegated voting process. In every verification round one of the bookkeeping nodes is pseudo-randomly appointed to broadcast its version of the blockchain to the rest of the network. If ⅔ of the remaining nodes agree with this version, consensus is secured and the blockchain marches on. If less than ⅔ of the network agrees, a different node is appointed to broadcast its version of the truth to the rest of the system, and so forth until consensus is established.
In this way, successful system attacks are almost impossible to execute unless the overwhelming majority of the network is interested in committing financial suicide. Additionally, the system is fork proof, and at every given moment only one version of the truth exists. Without complicated cryptographic puzzles to solve, nodes operate much faster and are able to compete with centralized transaction methods.
https://www.econotimes.com/Blockchain-project-Antshares-explains-reasons-for-choosing-dBFT-over-PoW-and-PoS-659275
OnChain
It is important to note the technical difference between Onchain and NEO. Onchain is a private VC-backed company with over 40 employees. NEO is a public platform with different community-led groups contributing to this public project. There exists NEO council comprised of the original NEO creators, employees from Onchain, full time NEO council members and there is also the first Western based group called City of Zion. This confusion is likely the source of the rumour about Antshares and Alibaba having a connection. Onchain and NEO are separate entities who are intimately related via cross-chain communications and similar designs.
Onchain, a Shanghai-based blockchain R&D company, first started developing Antshares in February of 2014 which will eventually become the foundation of DNA. Onchain was founded by CEO Da HongFei and CTO Erik Zhang in response to the attention from private companies garnered by the development of Antshares, China’s first public blockchain. In contrast to the weeks-old start-ups launching ICOs that is happening currently in the blockchain world, it took them 22 long months of R&D to even begin providing services to their first customers. Finally, in April 2016, the first whitepaper on consensus protocol from China was born — the dBFT (delegated Byzantine Fault Tolerance) protocol.
2016 was a busy year for Onchain and they really picked up the pace that year. Other than continuing the development of Antshares, brushing shoulders with Fortune 500 companies, Onchain became the first Chinese blockchain company to join Hyperledger — an open source blockchain project started by the Linux Foundation specifically focusing on the development of private and consortium chains for businesses. It is here where the Da HongFei and Erik Zhang, entered the hyperbolic time chamber that is now known as Fabric, a platform by Hyperledger for distributed ledger solutions, and has consequently helped them to develop many aspects underpinning the design of DNA.
In June of 2016, during the first of many future partnerships with Microsoft China, Onchain founded Legal Chain specifically targeting the inadequacies of the digital applications within the legal system. In 2005, (Digital Signature Act) was passed into national law which permitted an effective digital signatures to gain the same legal rights as a real signature.
In company with Microsoft China, they are also aiming to integrate the technology with Microsoft’s face and voice recognition API function to kick start this digital revolution within the legal system. At the same time, a partnership was formed with FaDaDa, a third-party platform for electronic contracts that has processed over 27 million contracts to date, to provide secure evidence storage with DNA. If that’s not enough, they were also voted as KPMG’s top 50 Fintech Company in China and established a relationship with the Japanese Ministry of Economy, Trade and Industry which led to the recent tour to Japan. Finally, at the end of 2016 they announced a partnership with Alibaba to provide attested email service for Ali Cloud with Legal Chain where it provides a proof-of-existence for a blockchain-powered email evidence repository for enterprise-level use.
Fosun Group, China’s largest private conglomerate, have recently invested into Onchain in order to apply DNA across all of its businesses. Currently, Fosun International has a market cap of 102.98 billion dollars on the Hong Kong Stock Exchange and that is only its international branch.
The role of Onchain so far is reminiscent of Ethereum’s EEA in addition to a stronger emphasis of governmental cooperation. Onchain has identified the shortcomings of present laser focus of hype on public platforms such as NEO and Ethereum and addressing that with DNA. DNA envisions a future where a network of assorted, specifically designed blockchains serving private enterprises, consortiums, government and the public communicating with each other forming an interconnected blockchain network.
This is the goal of DNA — infiltrating every little inefficient niche that had no better alternatives before the invention of blockchain. What is especially critical to remember during this explosive time of hype driven partly by the obscene degree of greed is that not every little niche that blockchain can fill will be holding its own little ICO for you to “go to the moon on your rocket powered lambos”. Some of those efficiencies gained will simply be consumed by companies privately or by public systems such as the legal system.
https://hackernoon.com/neo-onchain-and-its-ultimate-plan-dna-4c33e9b6bfaa
http://www.onchain.com/
https://github.com/DNAProject/DNA
https://siliconangle.com/blog/2016/10/20/onchain-partners-with-alibaba-for-blockchain-powered-email-evidence-repository/
https://www.reuters.com/article/us-fosun-blockchain/chinas-fosun-invests-in-local-version-of-bitcoin-tech-blockchain-idUSKCN1B30KM
City of Zion (CoZ)
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.
Members
https://imgur.com/a/Gc9jT
CoZ aims to be low barrier of entry, the process is straightforward:
  1. Join the channel #develop.
  2. Fork or create a project.
  3. Publish as open source.
  4. After a couple of contributions a CoZ council member will invite you to the proper channel for your contributions.
  5. Receive rewards and back to 3.
Unit testing - Ongoing effort to implement code coverage for the core
Integration testing - Tools for automated testing, performance metrics and functionality validation on private test nets
Continuous integration - Automated multi-platform testing of all pull requests at GitHub.
Deployment pipeline - Automated tools and processes to ensure fast and reliable updates upon code changes
New C# implementation (NEO2) - Improve code quality, speed & testability
Roadmap
https://imgur.com/a/4CDhw
dApps competition
https://cityofzion.io/dapps/1
10 prizes of 1350 GAS, with 500 GAS to be used for smart contract deployment. Currently 19 dApps registered. Deadline is 16 of November 11:59 EST.
https://drive.google.com/drive/folders/0B4wu5lNlukwybEstaEJMZ19kbjQ
Traveling
August 8th to August 12th:
From August 8th to August 12th, 2017, the NEO core team, led by founder & CEO Da Hongfei will travel to Japan to explore the forefront of Japan's Blockchain innovation. This trip represents the first in a series of trips around the world with the goal to foster international cooperation's and to keep up with the fast pace in Blockchain innovation. Starting in Japan, the NEO core team will visit famous local Blockchain research institutions and active communities to engage in bilateral communication. NEO will meet with Japanese tech-celebrities to gain insights about the latest developments in the Japanese Blockchain and digital currency community. Additionally, Japanese local tech media will conduct an interview allowing NEO to present its development status and its latest technological innovations.
https://www.reddit.com/NEO/comments/6ry4s9/japan_the_neo_core_team_starts_out_on_an/
https://www.youtube.com/watch?v=SgTQ32CkxlU
https://www.reddit.com/NEO/comments/6ssfx1/neo_meetup_in_tokyo_august_10th_2017_2100h/
19th August, 2017
Blockchain X Series - NEO example applications
20th August, 2017
NEO and Microsoft Azure host a blockchain programming training in Shanghai
23rd August, 2017
INNOxNEO Blockchain Open Nights: 2nd Meeting
24th August, 2017
NEO Meetup in Taipei
https://www.reddit.com/NEO/comments/6wbebneo_taipei_meetup_long_post/
13th September, 2017
INNOxNEO Blockchain Open Nights: 3rd Meeting
14th September, 2017
NEO Shanghai Meetup with NEO team
24th September, 2017
NEO Blockchain Programming Day - Hangzhou Station
27th September, 2017
INNOxNEO Blockchain Open Nights: 4th Meeting
27th September, 2017
First London NEO Developer Meetup!
4th October, 2017
First San Francisco NEO Developer Social!
14th-16th October, 2017
GNOME.Asia Summit 2017, Chongqing, China
21st October, 2017
NEO JOY, Exploring Blockchain application, Nanjing, China
26th October, 2017
Inaugural Global Fintech & Blockchain China Summit 2017
Networks proves itself with the first ICO
ICOs, on other platforms such as Ethereum, often resulted in a sluggish network and transaction delays. While NEO’s dBFT consensus algorithm is designed to achieve consensus with higher efficency and greater network throughputt, no amount of theoretical calculations can simulate the reality of real-life conditions.
--Key Observations--
Smart Contract Invocations:
A total of 13,966 smart contracts invocations were executed on the NEO network over this time period, of which, nearly all called the RPX smart contract method mintTokens. A total of 543,348,500 RPX tokens were successfully minted and transferred to user accounts, totalling 10,097 smart contract executions.
Refunded Invocations:
A total of 4182 refund events were triggered by the smart contract method mintTokens. (Note: RPX has stated that these refunds will be processed within the next two weeks.)
Crowdsale statistics:
A successful mintTokens execution used around 1043 VM operations, while an execution that resulted in a refund used 809 VM operations. Within the hour and six minutes that the token sale was active, a total of 12,296,409 VM operations were executed. A total of 9,575 unique addresses participated in the RPX ICO. Half of these, approximately 4,800 unique addresses, participated through CoZ’s Neon wallet. The top 3 blocks with the most transactions were block 1445025 (3,242 transactions), block 1444902 (2,951 transactions), and block 1444903 (1609 transactions).
Final Thoughts
At the moment, the consensus nodes for the NEO network are operated by the NEO Council in China. By Q1 2018, NEO Council aims to control less than two-thirds of the consensus nodes.
We are pleased to note that the NEO network continuted to operate efficiently with minimal network impact, even under extreme network events. Block generation time initially slowed down to 3 minutes to process the largest block, but quickly recovered to approximately 25 seconds. Throughout the entire RPX ICO, consensus nodes were able to achieve consensus and propagate new block transactions to the rest of the network. In closing, while we consider this performance to be excellent, NEO Council and City of Zion areworking closely together on upgrades, that will increase the throughputs of the NEO network.
Hyperledger
Members and governance of Hyperledger:
Early members of the initiative included blockchain ISVs, (Blockchain, ConsenSys, Digital Asset, R3, Onchain), well-known technology platform companies (Cisco, Fujitsu, Hitachi, IBM, Intel, NEC, NTT DATA, Red Hat, VMware), financial services firms (ABN AMRO, ANZ Bank, BNY Mellon, CLS Group, CME Group, the Depository Trust & Clearing Corporation (DTCC), Deutsche Börse Group, J.P. Morgan, State Street, SWIFT, Wells Fargo), Business Software companies like SAP, Systems integrators and others such as: (Accenture, Calastone, Credits, Guardtime, IntellectEU, Nxt Foundation, Symbiont).
The governing board of the Hyperledger Project consists of twenty members chaired by Blythe Masters, (CEO of Digital Asset), and a twelve-member Technical Steering Committee chaired by Christopher Ferris, CTO of Open Technology at IBM.
http://www.8btc.com/onchain-hyperledger
https://en.wikipedia.org/wiki/Hyperledger
“As a leading open-source contributor in China’s blockchain community, Onchain shares the same values as the Linux Foundation and the Hyperledger project intrinsically. We believe international collaboration plus local experience are key to the adoption of distributed ledger technology in China; we are also very excited to see other Chinese blockchain startups join Hyperledger and look forward to adding our combined expertise to the project.” Da Hongfei, Founder and CEO of Onchain
https://hyperledger.org/testimonials/onchain
Important Articles
Distribution technology DNA framework went through the national block chain standard test On May 16th, the first China block chain development competition in Hangzhou announced that Onchain, became the first through the national standard test block system.
http://www.51cto.com/art/201705/539824.htm?mobile
Da Hongfei and OnChain working relationship with Chinese Government
https://finance.sina.cn/2017-04-13/detail-ifyeifqx5554606.d.html?from=wap
http://www.gz.chinanews.com/content/2017/05-28/73545.shtml
The Chinese government is reportedly preparing to allow the resumption of cryptocurrency trading in the country in the coming months, with the required anti-money laundering (AML) systems and licensing programs in place.
https://coingeek.com/cryptocurrency-trading-poised-to-make-a-return-in-china-report/
Japanese Ministry of Economy, Trade and Industry - Working with OnChain and NEO
http://www.8btc.com/onchain-ribenjingjichanyesheng
Notice NEO will be invited to attend the INNO x Austrade China-Australia chain high-end exchange
AUSTRADE - The Australian Trade and Investment Commission is the official government, education and investment promotion agency of the Australian Government
https://mp.weixin.qq.com/s/LmXnW7MtzOX_fqIo7diU9A
Source for NEO/OnChain Microsoft Cooperation:
http://www.8btc.com/onchain-microsoft
Da Hongfei quotes
"There is no direct cooperation between Alibaba and NEO/Onchain, other than their mailbox service is using Law Chain to provide attested email service. In terms of Microsoft, yes we have cooperation with Microsoft China because NEO is built with C# and .NET Core, and NeoContract is the first in the world to support writing smart contract with C#"
https://www.reddit.com/NEO/comments/6puffo/we_are_da_hongfei_and_erik_zhang_founders_of_neo/dksm5ga/
"We have pretty good communication with government, with regulators. They don't have any negative impression with NEO and they like our technology and the way we deal with things. Regulation is not an issue for us"
https://www.youtube.com/watch?v=qpUdTIQdjVE&feature=youtu.be&t=1m16s
“Before they started cleaning up the market, I was asked for information and suggestions” “I do not expect the government to call me in the short-term and say, ‘Let’s use NEO as the blockchain technology infrastructure of China.’ But in the medium term? Why not? I think it’s possible.”
https://medium.com/@TheCoinEconomy/neo-founder-da-hongfei-advised-china-on-ico-exchange-ban-says-govt-4631b9f7971
-Upcoming Roadmap-
Decentralization of consensus nodes
▪ P2P Network optimization (2017Q4) – Network optimizations to ensure fast block generation after decentralization.
▪ Voting Algorithm Optimization (2017Q4) – Adjustments in voting algorithm to prevent identified attack vectors.
▪ Candidate List Website (2018Q1) – Published list of candidates so that voters know who they are voting for.
▪ NEO Council Consensus Node < 2/3 (2018Q1) – NEO Council shall operate less than two thirds of consensus nodes by the end of quarter 1, 2018.
Universal Data Format for Wallet/Node Prog.
▪ NEP2 – Private Key Encryption/Decryption (2017Q4) - Method for encrypting and encoding a passphrase-protected private key.
▪ NEP3 – Universal Data Format (2017Q4) – Standard data format to allow easier wallet and node programming.
https://neo.org/en-us/blog/details/65
Promotion/Ecosystem
▪ Globally Legal Token-raising Framework (2017Q4) – Following government interest to regulate ICO’s, NEO will complete a framework to raise tokens legally in all major markets by the end of 2017.
▪ NEO DevCon 1 (2017Q4) – First NEO Development Conference! More details at later date.
▪ CoZ Funding (2017Q4) – Continuous funding plan for CoZ covering next 5 years.
▪ Seed Projects (2017Q4) – First seed projects to be cross-invested with the dedicated NEO pool.
https://neo.org/en-us/blog/details/65
https://github.com/neo-project
Repositories - 14
People - 5
Contributors- 12
https://github.com/CityOfZion
Repositories - 35
People - 14
Contributors- 22
https://github.com/DNAProject/DNA
Repositories - 4
Contributors - 17
Donations welcome: ASdNxSa3E8bsxCE9KFKBMm3NA43sYJU9qZ
submitted by NEOcryptotrader to CryptoCurrency [link] [comments]

My growing collection of info about NEO

It can be very time consuming to keep up to date on a single blockchain. If you just heard about NEO a few weeks ago it would be impossible catch up on past occurrences. I’m going to try and simplify the past, present and future as much as I can into one well thought-out post.
[Note: This Post is at max characters (40,000), some information will be left out]
 
https://imgur.com/a/NBI7S (img for mobile backround)
 

NEO dApps / Partnerships / ICO's

https://neo.org/dapps
 
Red Pulse $RPX (ICO Completed)
A next generation intelligence and content ecosystem for China markets
https://coin.red-pulse.com/
 
Neon Exchange $NEX (Upcoming ICO on NEO) (strategic collaboration with NEO)
NEX is a platform for complex decentralized cryptographic trade and payment service creation
https://twitter.com/neonexchange
https://neonexchange.org/
https://neonexchange.org/pdfs/whitepaper_v1.1.pdf
 
Elastos $ELA (strategic collaboration with NEO)
Blockchain Driven Internet
NEO will make itself compatible with Elastos, and Elastos will also support NEOVM, and allow the writing of smart contracts with established languages, such as C# and Java. Elastos will be an OS for the Blockchain, and NEO can help developers quickly create Blockchain applications. The combination of the two could connect different developers from around the world, forming a strong ecosystem for application development―all to better serve a Smart Economy.
http://www.elastos.org/
https://twitter.com/ElastosI
https://www.reddit.com/NEO/comments/6r1a6f/neo_and_elastos_reaching_strategic_collaboration/
 
Ontology $ONT (Partnership with NEO)
Ontology Network (ONT) is a blockchain/distributed ledger network which combines distributed identity verification, data exchange, data collaboration, procedure protocols, communities, attestation, and various industry-specific modules. Together this builds the infrastructure for a peer-to-peer trust network which is cross-chain, cross-system, cross-industry, cross-application, and cross-device.
 
NEO will be the primary digital assets service provider for clearing and settlement on Ontology. There is no contract between Ontology and NEO now, though Ontology and NEO already have an established partnership. One thing on the roadmap is that in the future business scenarios on Ontology want to hold ICOs they will be able to on NEO.
https://ont.io/#/home
https://www.reddit.com/NEO/comments/7f8bvb/ontology_network_ama_answers/
https://www.youtube.com/watch?v=lPWwcgpc3P0
https://twitter.com/OntologyNetwork?lang=en
https://imgur.com/a/Emo4Q
 
The Key $TKY (Upcoming ICO ) (strategic cooperation with NEO)
THEKEY is a Decentralized Ecosystem of Identity Verification Tool Using National Big-data and Blockchain. THEKEY team is now developing second generation on-line identify verification technology. NEO Smart Economy = Digital Asset + Smart Contract + Digital Identity, while digital identity is an indispensable element. With NEO technical support, the strategic corporation between THEKEY and NEO will provide better protection to your digital asset.
https://www.thekey.vip/
https://www.reddit.com/NEO/comments/7areac/ama_on_9th_nov_thekey_a_decentralized_ecosystem/
 
Qlink $QLC (Partnership with NEO) (Multi-chain) (Upcoming ICO on NEO)
World’s First Decentralized Mobile Network
Qlink, a decentralized mobile network, is dedicated to constructing an open-source telecom infrastructure on blockchain.
https://twitter.com/QlinkMobi
https://www.qlink.mobi/f/qlink
https://neonewstoday.com/general/qlink-partner-with-neo/
 
PeerAtlas $ATLAS (Upcoming ICO on NEO)
ATLAS: A Digital Token Supporting an Open-Source Medical Encyclopedia
http://www.peeratlas.com/
http://www.peeratlas.com/whitepaper.pdf
https://neonewstoday.com/interviews/peeratlas-q-a-colin-closse
 
High Performance Blockchain $HPB (ICO Completed)
HPB is a new blockchain architecture, positioned as an easy-to-use, highperformance blockchain platform. It aims to extend the performance of distributed applications to meet real world business needs. This is achieved by creating an architecture similar to an API operating system. The software architecture provides accounts, identity and authorization management, policy management, databases, and asynchronous communication on thousands of CPUs, FPGAs or clustered program schedulers. This blockchain is a new architecture that can support millions of transactions per second and support authorizations within seconds.
http://www.gxn.io/en.html
http://www.gxn.io/files/hpb_white_paper_en.pdf
https://www.allcoin.com/markets/HPB-BTC/0/
 
Aphelion $APH (ICO In Progress)
A Revolutionary Decentralized P2P Exchange Solution
https://aphelion.org/
https://aphelion.org/wp.html
https://github.com/Aphelion
 
Zeepin $ZPT (Crowd sale will start Jan 18, 2018) (Upcoming ICO on NEO)
The Distributed Creative New Economy.
Zeepin, a decentralized innovation community, is dedicated to promoting highly efficient circulation of innovation assets.
https://www.zeepin.io/
https://www.zeepin.io/Whitepaper_En_v1.0.pdf
https://github.com/zeepin
https://www.reddit.com/NEO/comments/7f94vs/ama_from_today_nov_24th_zeepin_the_distributed/
 
Stokit (Upcoming ICO on NEO)
Decentralized cloud storage
https://stokit.io/
Whitepaper release: 30th of November 2017
 
Universal Health Coin (Upcoming ICO on NEO )
http://www.universalhealthcoin.com/
 
AdEx (dApp built on NEO)
http://adex.network/
https://twitter.com/AdEx_Network/status/897529249661423616
 
 
Alphacat
More Information to come soon after Video is released from the Meetup
https://www.meetup.com/de-DE/Onchains-Blockchain-Project-Launch-NEO-Ecosystem-Sharing/events/245101761/
 
DeepBrain
More Information to come soon after Video is released from the Meetup
https://www.meetup.com/de-DE/Onchains-Blockchain-Project-Launch-NEO-Ecosystem-Sharing/events/245101761/
 
 

City of Zion (CoZ)

https://cityofzion.io/
https://medium.com/@cityofzion
https://medium.com/proof-of-working
https://steemit.com/@canesin
 
City of Zion (CoZ) is an independent group of open source developers, designers and translators formed to support the NEO BlockChain core and ecosystem.
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.
Members
https://imgur.com/a/Gc9jT
CoZ aims to be low barrier of entry, the process is straightforward:
  1. Join the channel #develop.
  2. Fork or create a project.
  3. Publish as open source.
  4. After a couple of contributions a CoZ council member will invite you to the proper channel for your contributions.
  5. Receive rewards and back to 3.
Unit testing - Ongoing effort to implement code coverage for the core
Integration testing - Tools for automated testing, performance metrics and functionality validation on private test nets
Continuous integration - Automated multi-platform testing of all pull requests at GitHub.
Deployment pipeline - Automated tools and processes to ensure fast and reliable updates upon code changes
New C# implementation (NEO2) - Improve code quality, speed & testability
 
Roadmap
https://imgur.com/a/4CDhw
 
dApps competition
https://cityofzion.io/dapps/1
10 prizes of 1350 GAS, with 500 GAS to be used for smart contract deployment.
Deadline was the 16 of November 11:59 EST.
http://cityofzion.io/dapps/1 (Check out page to view websites / Githubs)
1st: NEO Smart IoT
2nd: imusify
3rd: Chain Line
4th: BlockAuth
5th: Phantasma
6th: NeoTrade
7th: Turing Complete Smart Contract
8th: KRYPTON
9th: Switcheo
10th: TripShares
https://drive.google.com/drive/folders/0B4wu5lNlukwybEstaEJMZ19kbjQ
 

NEO and Microsoft China Dev Competition

 

Competition Rules

  1. The competition will open on November 20, 2017 and close at 11:59 PM Beijing time (GMT+8), March 10, 2018. Please sign up and submit your work before the deadline.
  2. Participants are required to develop on the NEO blockchain. Please refer to github.com/neo-project and docs.neo.org for relevant codes and technical documents.
  3. During the competition, developers are free to collaborate and to submit their work as a team.
  4. Teams or individuals who fail to submit their work before 11:59 PM Beijing time (GMT+8), March 10, 2018 will not be eligible for prizes.
  5. Your submission must contain executable programs and codes.
 
$150,000 First prize(1 team)
$50,000 Second prize(2 teams)
$30,000 Third prize(3 teams)
$15,000 Award of merit(10 teams)
 
A judging panel made up of NEO founder Da Hongfei,NEO Founder & Core Developer Erik Zhang, CoZ founder Fabio, Elastos founder Chen Rong,ONT Founder Li Jun and experts from Microsoft China will select 16 winners out of all the contestants for a bounty pool worth a total of USD 490,000.
 
Total sign-ups :194 Data collected as of 2017/11/28
 
Country sign-ups
China 48
USA 31
India 12
Norway 7
France 6
Other 90
 
https://neo.org/competition.html
 
 

ICO Firm

 
Projectico
A service that helps others launch a token sale if it is right for their cause and will be using NEO in most instances going forward. We have created a foundation that is bringing compliance and trust to the marketplace for ICOs and allowing international people to still participate.
https://www.projectico.io/
https://www.reddit.com/NEO/comments/7dd3s0/ama_on_20_nov_projectico_a_us_based_turnkey_token/
 
 

Key notes from the White Paper

http://docs.neo.org/en-us/
 
Digital Assets
Digital assets are programmable assets that exist in the form of electronic data. With blockchain technology, the digitization of assets can be decentralized, trustful, traceable, highly transparent, and free of intermediaries.
 
Digital Identity
Digital identity refers to the identity information of individuals, organizations, and other entities that exist in electronic form.
Our verification of identity when issuing or using digital identities includes the use of facial features, fingerprint, voice, SMS and other multi-factor authentication methods.
 
Smart Contracts
The NeoContract smart contract system is the biggest feature of the seamless integration of the existing developer ecosystem. Developers do not need to learn a new programming language but use C#, Java and other mainstream programming languages in their familiar IDE environments (Visual Studio, Eclipse, etc.) for smart contract development, debugging and compilation. NEO's Universal Lightweight Virtual Machine, NeoVM, has the advantages of high certainty, high concurrency, and high scalability. The NeoContract smart contract system will allow millions of developers around the world to quickly carry out the development of smart contracts.
 
Economic Model
NEO has two native tokens, NEOand NeoGas NEO represents the right to manage the network. Management rights include voting for bookkeeping, NEO network parameter changes, and so on. The minimum unit of NEO is 1 and tokens cannot be subdivided. GAS is the fuel token for the realization of NEO network resource control. The NEO network charges for the operation and storage of tokens and smart contracts, thereby creating economic incentives for bookkeepers and preventing the abuse of resources. The minimum unit of GAS is 0.00000001.
 
Distribution Mechanism
NEO's 100 million tokens are divided into two portions. The first portion is 50 million tokens distributed proportionally to supporters of NEO during the crowdfunding. This portion has been distributed.
The second portion is 50 million NEO managed by the NEO Council to support NEO's long-term development, operation and maintenance and ecosystem. The NEO in this portion has a lockout period of 1 year and is unlocked only after October 16, 2017. This portion will NOT enter the exchanges and is only for long-term support of NEO projects. The plans for it are as below:
▪ 10 million tokens (10% total) will be used to motivate NEO developers and members of the NEO Council
▪ 10 million tokens (10% total) will be used to motivate developers in the NEO ecosystem
▪ 15 million tokens (15% total) will be used to cross-invest in other block-chain projects, which are owned by the NEO Council and are used only for NEO projects
▪ 15 million (15% total) will be retained as contingency
▪ The annual use of NEO in principle shall NOT exceed 15 million tokens
 
GAS distribution
GAS is generated with each new block. The initial total amount of GAS is zero. With the increasing rate of new block generation, the total limit of 100 million GAS will be achieved in about 22 years. The interval between each block is about 15-20 seconds, and 2 million blocks are generated in about one year. According to this release curve, 16% of the GAS will be created in the first year, 52% of the GAS will be created in the first four years, and 80% of the GAS will be created in the first 12 years. GAS will be distributed proportionally in accordance with the NEO holding ratio, recorded in the corresponding addresses. NEO holders can initiate a claim transaction at any time and claim these GAS tokens at their holding addresses.
 
Consensus mechanism: dBFT
The dBFT is called the Delegated Byzantine Fault Tolerant, a Byzantine fault-tolerant consensus mechanism that enables large-scale participation in consensus through proxy voting. The holder of the NEO token can, by voting, pick the bookkeeper it supports. The selected group of bookkeepers, through BFT algorithm, reach a consensus and generate new blocks. Voting in the NEO network continues in real time, rather than in accordance with a fixed term.
 
Cross-chain assets exchange agreement
NeoX has been extended on existing double-stranded atomic assets exchange protocols to allow multiple participants to exchange assets across different chains and to ensure that all steps in the entire transaction process succeed or fail together. In order to achieve this function, we need to use NeoContract function to create a contract account for each participant. If other blockchains are not compatible with NeoContract, they can be compatible with NeoX as long as they can provide simple smart contract functionality.
 
Cross-chain distributed transaction protocol
Cross-chain distributed transactions mean that multiple steps of a transaction are scattered across different blockchains and that the consistency of the entire transaction is ensured. This is an extension of cross-chain assets exchange, extending the behavior of assets exchange into arbitrary behavior. In layman's terms, NeoX makes it possible for cross-chain smart contracts where a smart contract can perform different parts on multiple chains, either succeeding or reverting as a whole. This gives excellent possibilities for cross-chain collaborations and we are exploring cross-chain smart contract application scenarios.
 
Distributed Storage Protocol: NeoFS
NeoFS is a distributed storage protocol that utilizes Distributed Hash Table technology. NeoFS indexes the data through file content (Hash) rather than file path (URI). Large files will be divided into fixed-size data blocks that are distributed and stored in many different nodes
 
Anti-quantum cryptography mechanism: NeoQS
The emergence of quantum computers poses a major challenge to RSA and ECC-based cryptographic mechanisms. Quantum computers can solve the large number of decomposition problems (which RSA relies on) and the elliptic curve discrete logarithm (which ECC relies on) in a very short time. NeoQS (Quantum Safe) is a lattice-based cryptographic mechanism.
 

Reasons for choosing dBFT over PoW and PoS

 
With the phenomenal success of Bitcoin and its increasing mainstream adoption, the project’s unbounded appetite for energy grew accordingly. Today, the average Bitcoin transaction costs as much energy as powering 9.3 average American homes for 1 day.
https://digiconomist.net/bitcoin-energy-consumption#assumptions
This mind boggling amount of energy is not, as it is commonly believed, being wasted. It is put to good use: securing the Bitcoin network and rendering attacks on it infeasible. However, the cost of this security mechanism and its implications for an increasingly warming and resource hungry planet led almost the entire crypto industry to the understanding that an alternative has to be found, at least if we’re interested in seeing blockchain technology gaining overwhelming mainstream adoption.
The most popular alternative to PoW, used by most alternative cryptocurrency systems, is called Proof-of-Stake, or PoS. PoS is highly promising in the sense that it doesn’t require blockchain nodes to perform arduous, and otherwise useless, cryptographic tasks in order to render potential attacks costly and infeasible. Hence, this algorithm cuts the power requirements of PoS blockchains down to sane and manageable amounts, allowing them to be more scalable without guzzling up the planet's energy reserves.
As the name suggests, instead of requiring proof of cryptographic work, PoS requires blockchain nodes to proof stake in the currency itself. This means that in order for a blockchain node to be eligible for a verification reward, the node has to hold a certain amount of currency in the wallet associated with it. This way, in order to execute an attack, a malevolent node would have to acquire the majority of the existing coin supply, rendering attacks not only costly but also meaningless, since the attackers would primarily harm themselves.
PoS, as well as PoW, simply cause the blockchain to fork into two alternative versions if for some reason consensus breaks. In fact, most blockchains fork most of the time, only to converge back to a single source of truth a short while afterwards.
By many crypto enthusiasts, this obvious bug is very often regarded as a feature, allowing several versions of the truth to survive and compete for public adoption until a resolution is generated. This sounds nice in theory, but if we want to see blockchain technology seriously disrupt and/or augment the financial sector, this ever lurking possibility of the blockchain splitting into two alternative versions cannot be tolerated.
Furthermore, even the fastest PoS blockchains out there can accomodate a few hundred transactions per second, compare that to Visa’s 56,000 tx/s and the need for an alternative becomes clear as day.
A blockchain securing global stock markets does not have the privilege to fork into two alternative versions and just sit and wait it out until the market (or what’s left of it) declares a winner. What belongs to whom should be engraved in an immutable record, functioning as a single source of truth with no glitches permitted.
After investigating and studying the crypto industry and blockchain technologies for several years, we came to the conclusion that the delegated Byzantine Fault Tolerance alternative (or dBFT) is best suited for such a system. It provides swift transaction verification times, de-incentivises most attack vectors and upholds a single blockchain version with no risk of forks or alternative blockchain records emerging - regardless of how much computing power, or coins an attacker possesses.
The term Byzantine Fault Tolerance (BFT) derives its name from the Byzantine Generals problem in Game Theory and Computer Science, describing the problematic nature of achieving consensus in a distributed system with suboptimal communication between agents which do not necessarily trust each other.
The BFT algorithm arranges the relationship between blockchain nodes in such a way that the network becomes as good as resilient to the Byzantine Generals problem, and allows the system to remain consensus even if some nodes bare malicious intentions or simply malfunction.
To achieve this, Antshare’s version of the delegated BFT (or dBFT) algorithm acknowledges two kinds of players in the blockchain space: professional node operators, called bookkeeping nodes, who run nodes as a source of income, and users who are interested in accessing blockchain advantages. Theoretically, this differentiation does not exist in PoW and most PoS environments, practically, however, most Bitcoin users do not operate miners, which are mostly located in specialized venues run by professionals. At Antshares we understand the importance of this naturally occurring division of labor and use it to provide better security for our blockchain platform.
Accordingly, block verification is achieved through a consensus game held between specialized bookkeeping nodes, which are appointed by ordinary nodes through a form of delegated voting process. In every verification round one of the bookkeeping nodes is pseudo-randomly appointed to broadcast its version of the blockchain to the rest of the network. If ⅔ of the remaining nodes agree with this version, consensus is secured and the blockchain marches on. If less than ⅔ of the network agrees, a different node is appointed to broadcast its version of the truth to the rest of the system, and so forth until consensus is established.
In this way, successful system attacks are almost impossible to execute unless the overwhelming majority of the network is interested in committing financial suicide. Additionally, the system is fork proof, and at every given moment only one version of the truth exists. Without complicated cryptographic puzzles to solve, nodes operate much faster and are able to compete with centralized transaction methods.
https://www.econotimes.com/Blockchain-project-Antshares-explains-reasons-for-choosing-dBFT-over-PoW-and-PoS-659275
 

OnChain

 
It is important to note the technical difference between Onchain and NEO. Onchain is a private VC-backed company with over 40 employees. NEO is a public platform with different community-led groups contributing to this public project. There exists NEO council comprised of the original NEO creators, employees from Onchain, full time NEO council members and there is also the first Western based group called City of Zion.
Onchain, a Shanghai-based blockchain R&D company, first started developing Antshares in February of 2014 which will eventually become the foundation of DNA. Onchain was founded by CEO Da HongFei and CTO Erik Zhang in response to the attention from private companies garnered by the development of Antshares, China’s first public blockchain. In contrast to the weeks-old start-ups launching ICOs that is happening currently in the blockchain world, it took them 22 long months of R&D to even begin providing services to their first customers. Finally, in April 2016, the first whitepaper on consensus protocol from China was born — the dBFT (delegated Byzantine Fault Tolerance) protocol.
2016 was a busy year for Onchain and they really picked up the pace that year. Other than continuing the development of Antshares, brushing shoulders with Fortune 500 companies, Onchain became the first Chinese blockchain company to join Hyperledger — an open source blockchain project started by the Linux Foundation specifically focusing on the development of private and consortium chains for businesses.
In June of 2016, during the first of many future partnerships with Microsoft China, Onchain founded Legal Chain specifically targeting the inadequacies of the digital applications within the legal system. In 2005, (Digital Signature Act) was passed into national law which permitted an effective digital signatures to gain the same legal rights as a real signature.
In company with Microsoft China, they are also aiming to integrate the technology with Microsoft’s face and voice recognition API function to kick start this digital revolution within the legal system. At the same time, a partnership was formed with FaDaDa, a third-party platform for electronic contracts that has processed over 27 million contracts to date, to provide secure evidence storage with DNA. If that’s not enough, they were also voted as KPMG’s top 50 Fintech Company in China and established a relationship with the Japanese Ministry of Economy, Trade and Industry which led to the recent tour to Japan. Finally, at the end of 2016 they announced a partnership with Alibaba to provide attested email service for Ali Cloud with Legal Chain where it provides a proof-of-existence for a blockchain-powered email evidence repository for enterprise-level use.
Fosun Group, China’s largest private conglomerate, have recently invested into Onchain in order to apply DNA across all of its businesses. Currently, Fosun International has a market cap of 102.98 billion dollars on the Hong Kong Stock Exchange and that is only its international branch.
The role of Onchain so far is reminiscent of Ethereum’s EEA in addition to a stronger emphasis of governmental cooperation. Onchain has identified the shortcomings of present laser focus of hype on public platforms such as NEO and Ethereum and addressing that with DNA. DNA envisions a future where a network of assorted, specifically designed blockchains serving private enterprises, consortiums, government and the public communicating with each other forming an interconnected blockchain network.
This is the goal of DNA — infiltrating every little inefficient niche that had no better alternatives before the invention of blockchain. What is especially critical to remember during this explosive time of hype driven partly by the obscene degree of greed is that not every little niche that blockchain can fill will be holding its own little ICO. Some of those efficiencies gained will simply be consumed by companies privately or by public systems such as the legal system.
 
https://hackernoon.com/neo-onchain-and-its-ultimate-plan-dna-4c33e9b6bfaa
http://www.onchain.com/
https://github.com/DNAProject/DNA
https://siliconangle.com/blog/2016/10/20/onchain-partners-with-alibaba-for-blockchain-powered-email-evidence-repository/
https://www.reuters.com/article/us-fosun-blockchain/chinas-fosun-invests-in-local-version-of-bitcoin-tech-blockchain-idUSKCN1B30KM
 

Traveling

 
August 8th to August 12th
From August 8th to August 12th, 2017, the NEO core team, led by founder & CEO Da Hongfei will travel to Japan to explore the forefront of Japan's Blockchain innovation. This trip represents the first in a series of trips around the world with the goal to foster international cooperation's and to keep up with the fast pace in Blockchain innovation. Starting in Japan, the NEO core team will visit famous local Blockchain research institutions and active communities to engage in bilateral communication. NEO will meet with Japanese tech-celebrities to gain insights about the latest developments in the Japanese Blockchain and digital currency community. Additionally, Japanese local tech media will conduct an interview allowing NEO to present its development status and its latest technological innovations.
 
https://www.reddit.com/NEO/comments/6ry4s9/japan_the_neo_core_team_starts_out_on_an/
https://www.youtube.com/watch?v=SgTQ32CkxlU
https://www.reddit.com/NEO/comments/6ssfx1/neo_meetup_in_tokyo_august_10th_2017_2100h/
 
19th August, 2017
Blockchain X Series - NEO example applications
 
20th August, 2017
NEO and Microsoft Azure host a blockchain programming training in Shanghai
 
23rd August, 2017
INNOxNEO Blockchain Open Nights: 2nd Meeting
 
24th August, 2017
NEO Meetup in Taipei
 
13th September, 2017
INNOxNEO Blockchain Open Nights: 3rd Meeting
 
14th September, 2017
NEO Shanghai Meetup with NEO team
 
24th September, 2017
NEO Blockchain Programming Day - Hangzhou Station
 
27th September, 2017
INNOxNEO Blockchain Open Nights: 4th Meeting
 
27th September, 2017
First London NEO Developer Meetup!
 
4th October, 2017
First San Francisco NEO Developer Social!
 
14th-16th October, 2017
GNOME.Asia Summit 2017, Chongqing, China
 
21st October, 2017
NEO JOY, Exploring Blockchain application, Nanjing, China
 
26th October, 2017
Inaugural Global Fintech & Blockchain China Summit 2017
 
28th October, 2017
NEO meetup in Seoul, Korea:
 
28th October, 2017
NEO Blockchain Programming Day - Beijing Railway Station:
 
November 12th, 2017
NEO JOY in Hangzhou: Considerations on Basic Service Facilities in Blockchains:
 
November 18th - 19th, 2017
NEO attending China open source conference 2017:
 
November 21st, 2017
NEO attending swissnex China in Shanghai:
 
November 27th, 2017
ONCHAIN meetup NYC, Onchain's Blockchain Project Launch + NEO Ecosystem Sharing Session
 
November 27th, 2017
China&USA NEO blockchain meetup in Manhattan NYC
 
November 30th, 2017
Meetup San Francisco: The Future Of Blockchain With The Founders of NEO, Elastos, & Stellar
 
December 4th, 2017
NEO attending Blockchain World Conference in Bangkok:
 
December 7th, 2017
NEO meetup Singapore:
 
December 13th, 2017
NEO meetup at Cambridge:
 

Networks proves itself with the first ICO

 
ICOs, on other platforms such as Ethereum, often resulted in a sluggish network and transaction delays. While NEO’s dBFT consensus algorithm is designed to achieve consensus with higher efficency and greater network throughputt, no amount of theoretical calculations can simulate the reality of real-life conditions.
 

Key Observations

 
Smart Contract Invocations:
A total of 13,966 smart contracts invocations were executed on the NEO network over this time period, of which, nearly all called the RPX smart contract method mintTokens. A total of 543,348,500 RPX tokens were successfully minted and transferred to user accounts, totalling 10,097 smart contract executions.
 
Refunded Invocations:
A total of 4182 refund events were triggered by the smart contract method mintTokens. (Note: RPX has stated that these refunds will be processed within the next two weeks.)
 
Crowdsale Statistics:
A successful mintTokens execution used around 1043 VM operations, while an execution that resulted in a refund used 809 VM operations. Within the hour and six minutes that the token sale was active, a total of 12,296,409 VM operations were executed. A total of 9,575 unique addresses participated in the RPX ICO. Half of these, approximately 4,800 unique addresses, participated through CoZ’s Neon wallet. The top 3 blocks with the most transactions were block 1445025 (3,242 transactions), block 1444902 (2,951 transactions), and block 1444903 (1609 transactions).
 
Conclusion on Network Performance
At the moment, the consensus nodes for the NEO network are operated by the NEO Council in China. By Q1 2018, NEO Council aims to control less than two-thirds of the consensus nodes.
We are pleased to note that the NEO network continuted to operate efficiently with minimal network impact, even under extreme network events. Block generation time initially slowed down to 3 minutes to process the largest block, but quickly recovered to approximately 25 seconds. Throughout the entire RPX ICO, consensus nodes were able to achieve consensus and propagate new block transactions to the rest of the network. In closing, while we consider this performance to be excellent, NEO Council and City of Zion areworking closely together on upgrades, that will increase the throughputs of the NEO network.
 

Hyperledger

 
Members and governance of Hyperledger:
Early members of the initiative included blockchain ISVs, (Blockchain, ConsenSys, Digital Asset, R3, Onchain), well-known technology platform companies (Cisco, Fujitsu, Hitachi, IBM, Intel, NEC, NTT DATA, Red Hat, VMware), financial services firms (ABN AMRO, ANZ Bank, BNY Mellon, CLS Group, CME Group, the Depository Trust & Clearing Corporation (DTCC), Deutsche Börse Group, J.P. Morgan, State Street, SWIFT, Wells Fargo), Business Software companies like SAP, Systems integrators and others such as: (Accenture, Calastone, Credits, Guardtime, IntellectEU, Nxt Foundation, Symbiont).
The governing board of the Hyperledger Project consists of twenty members chaired by Blythe Masters, (CEO of Digital Asset), and a twelve-member Technical Steering Committee chaired by Christopher Ferris, CTO of Open Technology at IBM.
http://www.8btc.com/onchain-hyperledger
https://en.wikipedia.org/wiki/Hyperledger
 
“As a leading open-source contributor in China’s blockchain community, Onchain shares the same values as the Linux Foundation and the Hyperledger project intrinsically. We believe international collaboration plus local experience are key to the adoption of distributed ledger technology in China; we are also very excited to see other Chinese blockchain startups join Hyperledger and look forward to adding our combined expertise to the project.” Da Hongfei, Founder and CEO of Onchain
https://hyperledger.org/testimonials/onchain
 

Important Articles

 
Response to baseless FUD
https://medium.com/@MalcolmLerideresponse-to-baseless-fud-9b7e5e2eeeea
 
Distribution technology DNA framework went through the national block chain standard test On May 16th, the first China block chain development competition in Hangzhou announced that Onchain, became the first through the national standard test block system.
http://www.51cto.com/art/201705/539824.htm?mobile
 
Da Hongfei and OnChain working relationship with Chinese Government
https://finance.sina.cn/2017-04-13/detail-ifyeifqx5554606.d.html?from=wap
http://www.gz.chinanews.com/content/2017/05-28/73545.shtml
 
The Chinese government is reportedly preparing to allow the resumption of cryptocurrency trading in the country in the coming months, with the required anti-money laundering (AML) systems and licensing programs in place.
https://coingeek.com/cryptocurrency-trading-poised-to-make-a-return-in-china-report/
 
Japanese Ministry of Economy, Trade and Industry - Working with OnChain and NEO
http://www.8btc.com/onchain-ribenjingjichanyesheng
 
Notice NEO will be invited to attend the INNO x Austrade China-Australia chain high-end exchange
AUSTRADE - The Australian Trade and Investment Commission is the official government, education and investment promotion agency of the Australian Government
https://mp.weixin.qq.com/s/LmXnW7MtzOX_fqIo7diU9A
 
Source for NEO/OnChain Microsoft Cooperation:
http://www.8btc.com/onchain-microsoft
 

Da Hongfei quotes

 
"There is no direct cooperation between Alibaba and NEO/Onchain, other than their mailbox service is using Law Chain to provide attested email service. In terms of Microsoft, yes we have cooperation with Microsoft China because NEO is built with C# and .NET Core, and NeoContract is the first in the world to support writing smart contract with C#"
https://www.reddit.com/NEO/comments/6puffo/we_are_da_hongfei_and_erik_zhang_founders_of_neo/dksm5ga/
 
"We have pretty good communication with government, with regulators. They don't have any negative impression with NEO and they like our technology and the way we deal with things. Regulation is not an issue for us"
https://www.youtube.com/watch?v=qpUdTIQdjVE&feature=youtu.be&t=1m16s
 
“Before they started cleaning up the market, I was asked for information and suggestions” “I do not expect the government to call me in the short-term and say, ‘Let’s use NEO as the blockchain technology infrastructure of China.’ But in the medium term? Why not? I think it’s possible.”
https://medium.com/@TheCoinEconomy/neo-founder-da-hongfei-advised-china-on-ico-exchange-ban-says-govt-4631b9f7971
 

Upcoming Roadmap

 
Decentralization of consensus nodes
▪ P2P Network optimization – Network optimizations to ensure fast block generation after decentralization.
▪ Voting Algorithm Optimization – Adjustments in voting algorithm to prevent identified attack vectors.
▪ Candidate List Website – Published list of candidates so that voters know who they are voting for.
▪ NEO Council Consensus Node < 2/3 – NEO Council shall operate less than two thirds of consensus nodes by the end of quarter 1, 2018.
 
Our original plan was to start decentralize in Q1 2018. We are however growing faster than expected and cannot accept the risk with being as centralized as we currently are. The conclusion is that we re-prioritize and start the process of decentralizing today. We believe that NEO community groups and exchanges will be suitable to run consensus nodes; community groups already know the technology, and exchanges are already running full nodes with high uptime and monitoring. We welcome interested parties to reach out to us on [email protected]. A NEP to encourage voting will be presented in the coming weeks.
https://neo.org/blog/Details/3016
 
Universal Data Format for Wallet/Node Prog.
▪ NEP2 – Private Key Encryption/Decryption (2017Q4) - Method for encrypting and encoding a passphrase-protected private key.
▪ NEP3 – Universal Data Format (2017Q4) – Standard data format to allow easier wallet and node programming.
https://neo.org/en-us/blog/details/65
 
Promotion/Ecosystem
▪ Globally Legal Token-raising Framework (2017Q4) – Following government interest to regulate ICO’s, NEO will complete a framework to raise tokens legally in all major markets by the end of 2017.
▪ NEO DevCon 1 (2017Q4) – First NEO Development Conference! More details at later date.
▪ CoZ Funding (2017Q4) – Continuous funding plan for CoZ covering next 5 years.
▪ Seed Projects (2017Q4) – First seed projects to be cross-invested with the dedicated NEO pool.
https://neo.org/en-us/blog/details/65
 

NEO Github

https://github.com/neo-project
 
NEO Smart Economy https://github.com/neo-project/neo
1.2k Stars
383 Forks
327 commits
17 contributors
 
neo-gui https://github.com/neo-project/neo-gui
 
examples-csharp https://github.com/neo-project/examples-csharp
 
proposals https://github.com/neo-project/proposals
 
 

CityOfZion Github

https://github.com/CityOfZion
 
awesome-neo https://github.com/CityOfZion/awesome-neo
A curated list of awesome NEO libraries, applications and resources.
14 contributors
 
neon-wallet https://github.com/CityOfZion/neon-wallet
380 Stars
118 Forks
392 commits
29 contributors
 

DNAProject Github

https://github.com/DNAProject/DNA
 
NEO/GAS Donations welcome: ASdNxSa3E8bsxCE9KFKBMm3NA43sYJU9qZ
submitted by NEOcryptotrader to NEO [link] [comments]

My growing collection of info about NEO Vol. 2

It can be very time consuming to keep up to date on a single blockchain. If you just heard about NEO a few weeks ago it would be impossible catch up on past occurrences. I’m going to try and simplify the past, present and future as much as I can into one well thought-out post.
 
I made the first Volume around 6 weeks ago
https://www.reddit.com/CryptoCurrency/comments/75mul5/my_growing_collection_of_info_about_neo/
 
I felt it was time for an update since so much has happened.
If you want the up to date version in between Vol updates visit NEO and its located on the #3 top post of all time.
[Note: This Post is at max characters (40,000), some information will be left out]
 
https://imgur.com/a/NBI7S (img for mobile backround)
 

NEO dApps / Partnerships / ICO's

https://neo.org/dapps
 
Red Pulse $RPX (ICO Completed)
A next generation intelligence and content ecosystem for China markets
https://coin.red-pulse.com/
 
Neon Exchange $NEX (Upcoming ICO on NEO) (strategic collaboration with NEO)
NEX is a platform for complex decentralized cryptographic trade and payment service creation
https://twitter.com/neonexchange
https://neonexchange.org/
https://neonexchange.org/pdfs/whitepaper_v1.1.pdf
 
Elastos $ELA (strategic collaboration with NEO)
Blockchain Driven Internet
NEO will make itself compatible with Elastos, and Elastos will also support NEOVM, and allow the writing of smart contracts with established languages, such as C# and Java. Elastos will be an OS for the Blockchain, and NEO can help developers quickly create Blockchain applications. The combination of the two could connect different developers from around the world, forming a strong ecosystem for application development―all to better serve a Smart Economy.
http://www.elastos.org/
https://twitter.com/ElastosI
https://www.reddit.com/NEO/comments/6r1a6f/neo_and_elastos_reaching_strategic_collaboration/
 
Ontology $ONT (Partnership with NEO)
Ontology Network (ONT) is a blockchain/distributed ledger network which combines distributed identity verification, data exchange, data collaboration, procedure protocols, communities, attestation, and various industry-specific modules. Together this builds the infrastructure for a peer-to-peer trust network which is cross-chain, cross-system, cross-industry, cross-application, and cross-device.
 
NEO will be the primary digital assets service provider for clearing and settlement on Ontology. There is no contract between Ontology and NEO now, though Ontology and NEO already have an established partnership. One thing on the roadmap is that in the future business scenarios on Ontology want to hold ICOs they will be able to on NEO.
https://ont.io/#/home
https://www.reddit.com/NEO/comments/7f8bvb/ontology_network_ama_answers/
https://www.youtube.com/watch?v=lPWwcgpc3P0
https://twitter.com/OntologyNetwork?lang=en
https://imgur.com/a/Emo4Q
 
The Key $TKY (Upcoming ICO ) (strategic cooperation with NEO)
THEKEY is a Decentralized Ecosystem of Identity Verification Tool Using National Big-data and Blockchain. THEKEY team is now developing second generation on-line identify verification technology. NEO Smart Economy = Digital Asset + Smart Contract + Digital Identity, while digital identity is an indispensable element. With NEO technical support, the strategic corporation between THEKEY and NEO will provide better protection to your digital asset.
https://www.thekey.vip/
https://www.reddit.com/NEO/comments/7areac/ama_on_9th_nov_thekey_a_decentralized_ecosystem/
 
Qlink $QLC (Partnership with NEO) (Multi-chain) (Upcoming ICO on NEO)
World’s First Decentralized Mobile Network
Qlink, a decentralized mobile network, is dedicated to constructing an open-source telecom infrastructure on blockchain.
https://twitter.com/QlinkMobi
https://www.qlink.mobi/f/qlink
https://neonewstoday.com/general/qlink-partner-with-neo/
 
PeerAtlas $ATLAS (Upcoming ICO on NEO)
ATLAS: A Digital Token Supporting an Open-Source Medical Encyclopedia
http://www.peeratlas.com/
http://www.peeratlas.com/whitepaper.pdf
https://neonewstoday.com/interviews/peeratlas-q-a-colin-closse
 
High Performance Blockchain $HPB (ICO Completed)
HPB is a new blockchain architecture, positioned as an easy-to-use, highperformance blockchain platform. It aims to extend the performance of distributed applications to meet real world business needs. This is achieved by creating an architecture similar to an API operating system. The software architecture provides accounts, identity and authorization management, policy management, databases, and asynchronous communication on thousands of CPUs, FPGAs or clustered program schedulers. This blockchain is a new architecture that can support millions of transactions per second and support authorizations within seconds.
http://www.gxn.io/en.html
http://www.gxn.io/files/hpb_white_paper_en.pdf
https://www.allcoin.com/markets/HPB-BTC/0/
 
Aphelion $APH (ICO In Progress)
A Revolutionary Decentralized P2P Exchange Solution
https://aphelion.org/
https://aphelion.org/wp.html
https://github.com/Aphelion
 
Zeepin $ZPT (Crowd sale will start Jan 18, 2018) (Upcoming ICO on NEO)
The Distributed Creative New Economy.
Zeepin, a decentralized innovation community, is dedicated to promoting highly efficient circulation of innovation assets.
https://www.zeepin.io/
https://www.zeepin.io/Whitepaper_En_v1.0.pdf
https://github.com/zeepin
https://www.reddit.com/NEO/comments/7f94vs/ama_from_today_nov_24th_zeepin_the_distributed/
 
Stokit (Upcoming ICO on NEO)
Decentralized cloud storage
https://stokit.io/
Whitepaper release: 30th of November 2017
 
Universal Health Coin (Upcoming ICO on NEO )
http://www.universalhealthcoin.com/
 
AdEx (dApp built on NEO)
http://adex.network/
https://twitter.com/AdEx_Network/status/897529249661423616
 
 
Alphacat
More Information to come soon after Video is released from the Meetup
https://www.meetup.com/de-DE/Onchains-Blockchain-Project-Launch-NEO-Ecosystem-Sharing/events/245101761/
 
DeepBrain
More Information to come soon after Video is released from the Meetup
https://www.meetup.com/de-DE/Onchains-Blockchain-Project-Launch-NEO-Ecosystem-Sharing/events/245101761/
 
 

City of Zion (CoZ)

https://cityofzion.io/
https://medium.com/@cityofzion
https://medium.com/proof-of-working
https://steemit.com/@canesin
 
City of Zion (CoZ) is an independent group of open source developers, designers and translators formed to support the NEO BlockChain core and ecosystem.
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.
Members
https://imgur.com/a/Gc9jT
CoZ aims to be low barrier of entry, the process is straightforward:
  1. Join the channel #develop.
  2. Fork or create a project.
  3. Publish as open source.
  4. After a couple of contributions a CoZ council member will invite you to the proper channel for your contributions.
  5. Receive rewards and back to 3.
Unit testing - Ongoing effort to implement code coverage for the core
Integration testing - Tools for automated testing, performance metrics and functionality validation on private test nets
Continuous integration - Automated multi-platform testing of all pull requests at GitHub.
Deployment pipeline - Automated tools and processes to ensure fast and reliable updates upon code changes
New C# implementation (NEO2) - Improve code quality, speed & testability
 
Roadmap
https://imgur.com/a/4CDhw
 
dApps competition
https://cityofzion.io/dapps/1
10 prizes of 1350 GAS, with 500 GAS to be used for smart contract deployment.
Deadline was the 16 of November 11:59 EST.
http://cityofzion.io/dapps/1 (Check out page to view websites / Githubs)
1st: NEO Smart IoT
2nd: imusify
3rd: Chain Line
4th: BlockAuth
5th: Phantasma
6th: NeoTrade
7th: Turing Complete Smart Contract
8th: KRYPTON
9th: Switcheo
10th: TripShares
https://drive.google.com/drive/folders/0B4wu5lNlukwybEstaEJMZ19kbjQ
 

NEO and Microsoft China Dev Competition

 

Competition Rules

  1. The competition will open on November 20, 2017 and close at 11:59 PM Beijing time (GMT+8), March 10, 2018. Please sign up and submit your work before the deadline.
  2. Participants are required to develop on the NEO blockchain. Please refer to github.com/neo-project and docs.neo.org for relevant codes and technical documents.
  3. During the competition, developers are free to collaborate and to submit their work as a team.
  4. Teams or individuals who fail to submit their work before 11:59 PM Beijing time (GMT+8), March 10, 2018 will not be eligible for prizes.
  5. Your submission must contain executable programs and codes.
 
$150,000 First prize(1 team)
$50,000 Second prize(2 teams)
$30,000 Third prize(3 teams)
$15,000 Award of merit(10 teams)
 
A judging panel made up of NEO founder Da Hongfei,NEO Founder & Core Developer Erik Zhang, CoZ founder Fabio, Elastos founder Chen Rong,ONT Founder Li Jun and experts from Microsoft China will select 16 winners out of all the contestants for a bounty pool worth a total of USD 490,000.
 
Total sign-ups :194 Data collected as of 2017/11/28
 
Country Sign-ups
China 48
USA 31
India 12
Norway 7
France 6
Other 90
 
https://neo.org/competition.html
 
 

ICO Firm

 
Projectico
A service that helps others launch a token sale if it is right for their cause and will be using NEO in most instances going forward. We have created a foundation that is bringing compliance and trust to the marketplace for ICOs and allowing international people to still participate.
https://www.projectico.io/
https://www.reddit.com/NEO/comments/7dd3s0/ama_on_20_nov_projectico_a_us_based_turnkey_token/
 
 

Key notes from the White Paper

http://docs.neo.org/en-us/
 
Digital Assets
Digital assets are programmable assets that exist in the form of electronic data. With blockchain technology, the digitization of assets can be decentralized, trustful, traceable, highly transparent, and free of intermediaries.
 
Digital Identity
Digital identity refers to the identity information of individuals, organizations, and other entities that exist in electronic form.
Our verification of identity when issuing or using digital identities includes the use of facial features, fingerprint, voice, SMS and other multi-factor authentication methods.
 
Smart Contracts
The NeoContract smart contract system is the biggest feature of the seamless integration of the existing developer ecosystem. Developers do not need to learn a new programming language but use C#, Java and other mainstream programming languages in their familiar IDE environments (Visual Studio, Eclipse, etc.) for smart contract development, debugging and compilation. NEO's Universal Lightweight Virtual Machine, NeoVM, has the advantages of high certainty, high concurrency, and high scalability. The NeoContract smart contract system will allow millions of developers around the world to quickly carry out the development of smart contracts.
 
Economic Model
NEO has two native tokens, NEOand NeoGas NEO represents the right to manage the network. Management rights include voting for bookkeeping, NEO network parameter changes, and so on. The minimum unit of NEO is 1 and tokens cannot be subdivided. GAS is the fuel token for the realization of NEO network resource control. The NEO network charges for the operation and storage of tokens and smart contracts, thereby creating economic incentives for bookkeepers and preventing the abuse of resources. The minimum unit of GAS is 0.00000001.
 
Distribution Mechanism
NEO's 100 million tokens are divided into two portions. The first portion is 50 million tokens distributed proportionally to supporters of NEO during the crowdfunding. This portion has been distributed.
The second portion is 50 million NEO managed by the NEO Council to support NEO's long-term development, operation and maintenance and ecosystem. The NEO in this portion has a lockout period of 1 year and is unlocked only after October 16, 2017. This portion will NOT enter the exchanges and is only for long-term support of NEO projects. The plans for it are as below:
▪ 10 million tokens (10% total) will be used to motivate NEO developers and members of the NEO Council
▪ 10 million tokens (10% total) will be used to motivate developers in the NEO ecosystem
▪ 15 million tokens (15% total) will be used to cross-invest in other block-chain projects, which are owned by the NEO Council and are used only for NEO projects
▪ 15 million (15% total) will be retained as contingency
▪ The annual use of NEO in principle shall NOT exceed 15 million tokens
 
GAS distribution
GAS is generated with each new block. The initial total amount of GAS is zero. With the increasing rate of new block generation, the total limit of 100 million GAS will be achieved in about 22 years. The interval between each block is about 15-20 seconds, and 2 million blocks are generated in about one year. According to this release curve, 16% of the GAS will be created in the first year, 52% of the GAS will be created in the first four years, and 80% of the GAS will be created in the first 12 years. GAS will be distributed proportionally in accordance with the NEO holding ratio, recorded in the corresponding addresses. NEO holders can initiate a claim transaction at any time and claim these GAS tokens at their holding addresses.
 
Consensus mechanism: dBFT
The dBFT is called the Delegated Byzantine Fault Tolerant, a Byzantine fault-tolerant consensus mechanism that enables large-scale participation in consensus through proxy voting. The holder of the NEO token can, by voting, pick the bookkeeper it supports. The selected group of bookkeepers, through BFT algorithm, reach a consensus and generate new blocks. Voting in the NEO network continues in real time, rather than in accordance with a fixed term.
 
Cross-chain assets exchange agreement
NeoX has been extended on existing double-stranded atomic assets exchange protocols to allow multiple participants to exchange assets across different chains and to ensure that all steps in the entire transaction process succeed or fail together. In order to achieve this function, we need to use NeoContract function to create a contract account for each participant. If other blockchains are not compatible with NeoContract, they can be compatible with NeoX as long as they can provide simple smart contract functionality.
 
Cross-chain distributed transaction protocol
Cross-chain distributed transactions mean that multiple steps of a transaction are scattered across different blockchains and that the consistency of the entire transaction is ensured. This is an extension of cross-chain assets exchange, extending the behavior of assets exchange into arbitrary behavior. In layman's terms, NeoX makes it possible for cross-chain smart contracts where a smart contract can perform different parts on multiple chains, either succeeding or reverting as a whole. This gives excellent possibilities for cross-chain collaborations and we are exploring cross-chain smart contract application scenarios.
 
Distributed Storage Protocol: NeoFS
NeoFS is a distributed storage protocol that utilizes Distributed Hash Table technology. NeoFS indexes the data through file content (Hash) rather than file path (URI). Large files will be divided into fixed-size data blocks that are distributed and stored in many different nodes
 
Anti-quantum cryptography mechanism: NeoQS
The emergence of quantum computers poses a major challenge to RSA and ECC-based cryptographic mechanisms. Quantum computers can solve the large number of decomposition problems (which RSA relies on) and the elliptic curve discrete logarithm (which ECC relies on) in a very short time. NeoQS (Quantum Safe) is a lattice-based cryptographic mechanism.
 

Reasons for choosing dBFT over PoW and PoS

 
With the phenomenal success of Bitcoin and its increasing mainstream adoption, the project’s unbounded appetite for energy grew accordingly. Today, the average Bitcoin transaction costs as much energy as powering 9.3 average American homes for 1 day.
https://digiconomist.net/bitcoin-energy-consumption#assumptions
This mind boggling amount of energy is not, as it is commonly believed, being wasted. It is put to good use: securing the Bitcoin network and rendering attacks on it infeasible. However, the cost of this security mechanism and its implications for an increasingly warming and resource hungry planet led almost the entire crypto industry to the understanding that an alternative has to be found, at least if we’re interested in seeing blockchain technology gaining overwhelming mainstream adoption.
The most popular alternative to PoW, used by most alternative cryptocurrency systems, is called Proof-of-Stake, or PoS. PoS is highly promising in the sense that it doesn’t require blockchain nodes to perform arduous, and otherwise useless, cryptographic tasks in order to render potential attacks costly and infeasible. Hence, this algorithm cuts the power requirements of PoS blockchains down to sane and manageable amounts, allowing them to be more scalable without guzzling up the planet's energy reserves.
As the name suggests, instead of requiring proof of cryptographic work, PoS requires blockchain nodes to proof stake in the currency itself. This means that in order for a blockchain node to be eligible for a verification reward, the node has to hold a certain amount of currency in the wallet associated with it. This way, in order to execute an attack, a malevolent node would have to acquire the majority of the existing coin supply, rendering attacks not only costly but also meaningless, since the attackers would primarily harm themselves.
PoS, as well as PoW, simply cause the blockchain to fork into two alternative versions if for some reason consensus breaks. In fact, most blockchains fork most of the time, only to converge back to a single source of truth a short while afterwards.
By many crypto enthusiasts, this obvious bug is very often regarded as a feature, allowing several versions of the truth to survive and compete for public adoption until a resolution is generated. This sounds nice in theory, but if we want to see blockchain technology seriously disrupt and/or augment the financial sector, this ever lurking possibility of the blockchain splitting into two alternative versions cannot be tolerated.
Furthermore, even the fastest PoS blockchains out there can accomodate a few hundred transactions per second, compare that to Visa’s 56,000 tx/s and the need for an alternative becomes clear as day.
A blockchain securing global stock markets does not have the privilege to fork into two alternative versions and just sit and wait it out until the market (or what’s left of it) declares a winner. What belongs to whom should be engraved in an immutable record, functioning as a single source of truth with no glitches permitted.
After investigating and studying the crypto industry and blockchain technologies for several years, we came to the conclusion that the delegated Byzantine Fault Tolerance alternative (or dBFT) is best suited for such a system. It provides swift transaction verification times, de-incentivises most attack vectors and upholds a single blockchain version with no risk of forks or alternative blockchain records emerging - regardless of how much computing power, or coins an attacker possesses.
The term Byzantine Fault Tolerance (BFT) derives its name from the Byzantine Generals problem in Game Theory and Computer Science, describing the problematic nature of achieving consensus in a distributed system with suboptimal communication between agents which do not necessarily trust each other.
The BFT algorithm arranges the relationship between blockchain nodes in such a way that the network becomes as good as resilient to the Byzantine Generals problem, and allows the system to remain consensus even if some nodes bare malicious intentions or simply malfunction.
To achieve this, Antshare’s version of the delegated BFT (or dBFT) algorithm acknowledges two kinds of players in the blockchain space: professional node operators, called bookkeeping nodes, who run nodes as a source of income, and users who are interested in accessing blockchain advantages. Theoretically, this differentiation does not exist in PoW and most PoS environments, practically, however, most Bitcoin users do not operate miners, which are mostly located in specialized venues run by professionals. At Antshares we understand the importance of this naturally occurring division of labor and use it to provide better security for our blockchain platform.
Accordingly, block verification is achieved through a consensus game held between specialized bookkeeping nodes, which are appointed by ordinary nodes through a form of delegated voting process. In every verification round one of the bookkeeping nodes is pseudo-randomly appointed to broadcast its version of the blockchain to the rest of the network. If ⅔ of the remaining nodes agree with this version, consensus is secured and the blockchain marches on. If less than ⅔ of the network agrees, a different node is appointed to broadcast its version of the truth to the rest of the system, and so forth until consensus is established.
In this way, successful system attacks are almost impossible to execute unless the overwhelming majority of the network is interested in committing financial suicide. Additionally, the system is fork proof, and at every given moment only one version of the truth exists. Without complicated cryptographic puzzles to solve, nodes operate much faster and are able to compete with centralized transaction methods.
https://www.econotimes.com/Blockchain-project-Antshares-explains-reasons-for-choosing-dBFT-over-PoW-and-PoS-659275
 

OnChain

 
It is important to note the technical difference between Onchain and NEO. Onchain is a private VC-backed company with over 40 employees. NEO is a public platform with different community-led groups contributing to this public project. There exists NEO council comprised of the original NEO creators, employees from Onchain, full time NEO council members and there is also the first Western based group called City of Zion.
Onchain, a Shanghai-based blockchain R&D company, first started developing Antshares in February of 2014 which will eventually become the foundation of DNA. Onchain was founded by CEO Da HongFei and CTO Erik Zhang in response to the attention from private companies garnered by the development of Antshares, China’s first public blockchain. In contrast to the weeks-old start-ups launching ICOs that is happening currently in the blockchain world, it took them 22 long months of R&D to even begin providing services to their first customers. Finally, in April 2016, the first whitepaper on consensus protocol from China was born — the dBFT (delegated Byzantine Fault Tolerance) protocol.
2016 was a busy year for Onchain and they really picked up the pace that year. Other than continuing the development of Antshares, brushing shoulders with Fortune 500 companies, Onchain became the first Chinese blockchain company to join Hyperledger — an open source blockchain project started by the Linux Foundation specifically focusing on the development of private and consortium chains for businesses.
In June of 2016, during the first of many future partnerships with Microsoft China, Onchain founded Legal Chain specifically targeting the inadequacies of the digital applications within the legal system. In 2005, (Digital Signature Act) was passed into national law which permitted an effective digital signatures to gain the same legal rights as a real signature.
In company with Microsoft China, they are also aiming to integrate the technology with Microsoft’s face and voice recognition API function to kick start this digital revolution within the legal system. At the same time, a partnership was formed with FaDaDa, a third-party platform for electronic contracts that has processed over 27 million contracts to date, to provide secure evidence storage with DNA. If that’s not enough, they were also voted as KPMG’s top 50 Fintech Company in China and established a relationship with the Japanese Ministry of Economy, Trade and Industry which led to the recent tour to Japan. Finally, at the end of 2016 they announced a partnership with Alibaba to provide attested email service for Ali Cloud with Legal Chain where it provides a proof-of-existence for a blockchain-powered email evidence repository for enterprise-level use.
Fosun Group, China’s largest private conglomerate, have recently invested into Onchain in order to apply DNA across all of its businesses. Currently, Fosun International has a market cap of 102.98 billion dollars on the Hong Kong Stock Exchange and that is only its international branch.
The role of Onchain so far is reminiscent of Ethereum’s EEA in addition to a stronger emphasis of governmental cooperation. Onchain has identified the shortcomings of present laser focus of hype on public platforms such as NEO and Ethereum and addressing that with DNA. DNA envisions a future where a network of assorted, specifically designed blockchains serving private enterprises, consortiums, government and the public communicating with each other forming an interconnected blockchain network.
This is the goal of DNA — infiltrating every little inefficient niche that had no better alternatives before the invention of blockchain. What is especially critical to remember during this explosive time of hype driven partly by the obscene degree of greed is that not every little niche that blockchain can fill will be holding its own little ICO. Some of those efficiencies gained will simply be consumed by companies privately or by public systems such as the legal system.
 
https://hackernoon.com/neo-onchain-and-its-ultimate-plan-dna-4c33e9b6bfaa
http://www.onchain.com/
https://github.com/DNAProject/DNA
https://siliconangle.com/blog/2016/10/20/onchain-partners-with-alibaba-for-blockchain-powered-email-evidence-repository/
https://www.reuters.com/article/us-fosun-blockchain/chinas-fosun-invests-in-local-version-of-bitcoin-tech-blockchain-idUSKCN1B30KM
 

Traveling

 
August 8th to August 12th
From August 8th to August 12th, 2017, the NEO core team, led by founder & CEO Da Hongfei will travel to Japan to explore the forefront of Japan's Blockchain innovation. This trip represents the first in a series of trips around the world with the goal to foster international cooperation's and to keep up with the fast pace in Blockchain innovation. Starting in Japan, the NEO core team will visit famous local Blockchain research institutions and active communities to engage in bilateral communication. NEO will meet with Japanese tech-celebrities to gain insights about the latest developments in the Japanese Blockchain and digital currency community. Additionally, Japanese local tech media will conduct an interview allowing NEO to present its development status and its latest technological innovations.
 
https://www.reddit.com/NEO/comments/6ry4s9/japan_the_neo_core_team_starts_out_on_an/
https://www.youtube.com/watch?v=SgTQ32CkxlU
https://www.reddit.com/NEO/comments/6ssfx1/neo_meetup_in_tokyo_august_10th_2017_2100h/
 
19th August, 2017
Blockchain X Series - NEO example applications
 
20th August, 2017
NEO and Microsoft Azure host a blockchain programming training in Shanghai
 
23rd August, 2017
INNOxNEO Blockchain Open Nights: 2nd Meeting
 
24th August, 2017
NEO Meetup in Taipei
 
13th September, 2017
INNOxNEO Blockchain Open Nights: 3rd Meeting
 
14th September, 2017
NEO Shanghai Meetup with NEO team
 
24th September, 2017
NEO Blockchain Programming Day - Hangzhou Station
 
27th September, 2017
INNOxNEO Blockchain Open Nights: 4th Meeting
 
27th September, 2017
First London NEO Developer Meetup!
 
4th October, 2017
First San Francisco NEO Developer Social!
 
14th-16th October, 2017
GNOME.Asia Summit 2017, Chongqing, China
 
21st October, 2017
NEO JOY, Exploring Blockchain application, Nanjing, China
 
26th October, 2017
Inaugural Global Fintech & Blockchain China Summit 2017
 
28th October, 2017
NEO meetup in Seoul, Korea:
 
28th October, 2017
NEO Blockchain Programming Day - Beijing Railway Station:
 
November 12th, 2017
NEO JOY in Hangzhou: Considerations on Basic Service Facilities in Blockchains:
 
November 18th - 19th, 2017
NEO attending China open source conference 2017:
 
November 21st, 2017
NEO attending swissnex China in Shanghai:
 
November 27th, 2017
ONCHAIN meetup NYC, Onchain's Blockchain Project Launch + NEO Ecosystem Sharing Session
 
November 27th, 2017
China&USA NEO blockchain meetup in Manhattan NYC
 
November 30th, 2017
Meetup San Francisco: The Future Of Blockchain With The Founders of NEO, Elastos, & Stellar
 
December 4th, 2017
NEO attending Blockchain World Conference in Bangkok:
 
December 7th, 2017
NEO meetup Singapore:
 
December 13th, 2017
NEO meetup at Cambridge:
 

Networks proves itself with the first ICO

 
ICOs, on other platforms such as Ethereum, often resulted in a sluggish network and transaction delays. While NEO’s dBFT consensus algorithm is designed to achieve consensus with higher efficency and greater network throughputt, no amount of theoretical calculations can simulate the reality of real-life conditions.
 

Key Observations

 
Smart Contract Invocations:
A total of 13,966 smart contracts invocations were executed on the NEO network over this time period, of which, nearly all called the RPX smart contract method mintTokens. A total of 543,348,500 RPX tokens were successfully minted and transferred to user accounts, totalling 10,097 smart contract executions.
 
Refunded Invocations:
A total of 4182 refund events were triggered by the smart contract method mintTokens. (Note: RPX has stated that these refunds will be processed within the next two weeks.)
 
Crowdsale Statistics:
A successful mintTokens execution used around 1043 VM operations, while an execution that resulted in a refund used 809 VM operations. Within the hour and six minutes that the token sale was active, a total of 12,296,409 VM operations were executed. A total of 9,575 unique addresses participated in the RPX ICO. Half of these, approximately 4,800 unique addresses, participated through CoZ’s Neon wallet. The top 3 blocks with the most transactions were block 1445025 (3,242 transactions), block 1444902 (2,951 transactions), and block 1444903 (1609 transactions).
 
Conclusion on Network Performance
At the moment, the consensus nodes for the NEO network are operated by the NEO Council in China. By Q1 2018, NEO Council aims to control less than two-thirds of the consensus nodes.
We are pleased to note that the NEO network continuted to operate efficiently with minimal network impact, even under extreme network events. Block generation time initially slowed down to 3 minutes to process the largest block, but quickly recovered to approximately 25 seconds. Throughout the entire RPX ICO, consensus nodes were able to achieve consensus and propagate new block transactions to the rest of the network. In closing, while we consider this performance to be excellent, NEO Council and City of Zion areworking closely together on upgrades, that will increase the throughputs of the NEO network.
 

Hyperledger

 
Members and governance of Hyperledger:
Early members of the initiative included blockchain ISVs, (Blockchain, ConsenSys, Digital Asset, R3, Onchain), well-known technology platform companies (Cisco, Fujitsu, Hitachi, IBM, Intel, NEC, NTT DATA, Red Hat, VMware), financial services firms (ABN AMRO, ANZ Bank, BNY Mellon, CLS Group, CME Group, the Depository Trust & Clearing Corporation (DTCC), Deutsche Börse Group, J.P. Morgan, State Street, SWIFT, Wells Fargo), Business Software companies like SAP, Systems integrators and others such as: (Accenture, Calastone, Credits, Guardtime, IntellectEU, Nxt Foundation, Symbiont).
The governing board of the Hyperledger Project consists of twenty members chaired by Blythe Masters, (CEO of Digital Asset), and a twelve-member Technical Steering Committee chaired by Christopher Ferris, CTO of Open Technology at IBM.
http://www.8btc.com/onchain-hyperledger
https://en.wikipedia.org/wiki/Hyperledger
 
“As a leading open-source contributor in China’s blockchain community, Onchain shares the same values as the Linux Foundation and the Hyperledger project intrinsically. We believe international collaboration plus local experience are key to the adoption of distributed ledger technology in China; we are also very excited to see other Chinese blockchain startups join Hyperledger and look forward to adding our combined expertise to the project.” Da Hongfei, Founder and CEO of Onchain
https://hyperledger.org/testimonials/onchain
 

Important Articles

 
Response to baseless FUD
https://medium.com/@MalcolmLerideresponse-to-baseless-fud-9b7e5e2eeeea
 
Distribution technology DNA framework went through the national block chain standard test On May 16th, the first China block chain development competition in Hangzhou announced that Onchain, became the first through the national standard test block system.
http://www.51cto.com/art/201705/539824.htm?mobile
 
Da Hongfei and OnChain working relationship with Chinese Government
https://finance.sina.cn/2017-04-13/detail-ifyeifqx5554606.d.html?from=wap
http://www.gz.chinanews.com/content/2017/05-28/73545.shtml
 
The Chinese government is reportedly preparing to allow the resumption of cryptocurrency trading in the country in the coming months, with the required anti-money laundering (AML) systems and licensing programs in place.
https://coingeek.com/cryptocurrency-trading-poised-to-make-a-return-in-china-report/
 
Japanese Ministry of Economy, Trade and Industry - Working with OnChain and NEO
http://www.8btc.com/onchain-ribenjingjichanyesheng
 
Notice NEO will be invited to attend the INNO x Austrade China-Australia chain high-end exchange
AUSTRADE - The Australian Trade and Investment Commission is the official government, education and investment promotion agency of the Australian Government
https://mp.weixin.qq.com/s/LmXnW7MtzOX_fqIo7diU9A
 
Source for NEO/OnChain Microsoft Cooperation:
http://www.8btc.com/onchain-microsoft
 

Da Hongfei quotes

 
"There is no direct cooperation between Alibaba and NEO/Onchain, other than their mailbox service is using Law Chain to provide attested email service. In terms of Microsoft, yes we have cooperation with Microsoft China because NEO is built with C# and .NET Core, and NeoContract is the first in the world to support writing smart contract with C#"
https://www.reddit.com/NEO/comments/6puffo/we_are_da_hongfei_and_erik_zhang_founders_of_neo/dksm5ga/
 
"We have pretty good communication with government, with regulators. They don't have any negative impression with NEO and they like our technology and the way we deal with things. Regulation is not an issue for us"
https://www.youtube.com/watch?v=qpUdTIQdjVE&feature=youtu.be&t=1m16s
 
“Before they started cleaning up the market, I was asked for information and suggestions” “I do not expect the government to call me in the short-term and say, ‘Let’s use NEO as the blockchain technology infrastructure of China.’ But in the medium term? Why not? I think it’s possible.”
https://medium.com/@TheCoinEconomy/neo-founder-da-hongfei-advised-china-on-ico-exchange-ban-says-govt-4631b9f7971
 

Upcoming Roadmap

 
Decentralization of consensus nodes
▪ P2P Network optimization – Network optimizations to ensure fast block generation after decentralization.
▪ Voting Algorithm Optimization – Adjustments in voting algorithm to prevent identified attack vectors.
▪ Candidate List Website – Published list of candidates so that voters know who they are voting for.
▪ NEO Council Consensus Node < 2/3 – NEO Council shall operate less than two thirds of consensus nodes by the end of quarter 1, 2018.
 
Our original plan was to start decentralize in Q1 2018. We are however growing faster than expected and cannot accept the risk with being as centralized as we currently are. The conclusion is that we re-prioritize and start the process of decentralizing today. We believe that NEO community groups and exchanges will be suitable to run consensus nodes; community groups already know the technology, and exchanges are already running full nodes with high uptime and monitoring. We welcome interested parties to reach out to us on [email protected]. A NEP to encourage voting will be presented in the coming weeks.
https://neo.org/blog/Details/3016
 
Universal Data Format for Wallet/Node Prog.
▪ NEP2 – Private Key Encryption/Decryption (2017Q4) - Method for encrypting and encoding a passphrase-protected private key.
▪ NEP3 – Universal Data Format (2017Q4) – Standard data format to allow easier wallet and node programming.
https://neo.org/en-us/blog/details/65
 
Promotion/Ecosystem
▪ Globally Legal Token-raising Framework (2017Q4) – Following government interest to regulate ICO’s, NEO will complete a framework to raise tokens legally in all major markets by the end of 2017.
▪ NEO DevCon 1 (2017Q4) – First NEO Development Conference! More details at later date.
▪ CoZ Funding (2017Q4) – Continuous funding plan for CoZ covering next 5 years.
▪ Seed Projects (2017Q4) – First seed projects to be cross-invested with the dedicated NEO pool.
https://neo.org/en-us/blog/details/65
 

NEO Github

https://github.com/neo-project
 
NEO Smart Economy https://github.com/neo-project/neo
1.2k Stars
383 Forks
327 commits
17 contributors
 
neo-gui https://github.com/neo-project/neo-gui
 
examples-csharp https://github.com/neo-project/examples-csharp
 
proposals https://github.com/neo-project/proposals
 
 

CityOfZion Github

https://github.com/CityOfZion
 
awesome-neo https://github.com/CityOfZion/awesome-neo
A curated list of awesome NEO libraries, applications and resources.
14 contributors
 
neon-wallet https://github.com/CityOfZion/neon-wallet
380 Stars
118 Forks
392 commits
29 contributors
 

DNAProject Github

https://github.com/DNAProject/DNA
 
NEO/GAS Donations welcome: ASdNxSa3E8bsxCE9KFKBMm3NA43sYJU9qZ
submitted by NEOcryptotrader to CryptoCurrency [link] [comments]

Derivatives will kill us all!

My first RI!
I brought this up here a few weeks ago but I thought it was worth expanding on. Our exhibit of badeconomics:
BIS says there are $1 quadrillion in derivatives right now on earth. The last time there was this much in derivatives was before 2008. The banks made sure they can take your money if they crash in the last budget bill passed by U.S. How much is $1,000,000,000,000.00? If one dollar = one second. one million dollars = 12.5 days one billion dollars = 30 years one trillion dollars = 30,000 years one quadrillion dollars = 30 million years When derivatives collapse, you will finally understand that sea level and earth temperature rises will be the least of your worries, unless a resilient high pressure block parks its ass over the mid-west this summer. Because if it does, world starvation will begin. Don't forget that the U.S. government sold off its grain reserves in the last recession.
Admittedly this comes from /collapse, so I feel almost mean picking on this (the other post I made was criticizing Bloomberg News for misusing the figure we're going to talk about). Also apparently agriculture will collapse in 50 years. But I wanted to talk with you about derivatives, because I worked with them for 6 years and I find them endlessly fascinating.
The Biggest Number You'll Ever Hear
One thing that is true about this (and perhaps the only thing) is that the notional value of the world's derivatives is probably the single largest money value you can meaningfully talk about in finance and economics. The world's total debt, for perspective, is about $200 trillion, or 2.86 times global GDP.
If you google "derivatives quadrillion" you will get a lot of posts from people sharing our friend's view with varying degrees of breathless panic that the sheer size of this number will bring down the global economy. (Saying that it will end civilization, though, is new to me.) This quadrillion figure purports to be the notional value of the world's derivatives, and our friend is kind enough to cite the BIS, the Bank for International Settlements. The BIS is an international financial institution predating the IMF and World Bank sometimes called a "Central Bank's Bank" because it, well, settles international finances. If you've heard of the Basel Agreements (such as Basel III), which are at the core of international financial regulation, the reason they're called "Basel" is because the BIS lives in Basel, Switzerland.
Anyway, one thing the BIS does is count up all those derivatives. You can see the BIS data here. Indeed, you will see an eye-wateringly large number there: $552 trillion notional value for the world's derivatives (again, compare that with $200 trillion in global debt). That is down from $710 trillion in 2013 but a far cry from one quadrillion dollars.
That $552 trillion figure refers to OTC (over the counter) derivatives. There is another variety of derivatives - "listed" or "exchange-traded" derivatives. The BIS calculates an additional $63 trillion open interest in listed derivatives. Open interest is a comparable figure to notional value for listed derivatives.
If you don't know what OTC and listed derivatives are, don't worry, the difference is an important part of our story that we'll get to.
The BIS excludes certain types of popular listed derivatives from this total for some reason, including the kind of derivative that most people have heard of: stock options. The Office of the Comptroller of the Currency (OCC) provides reports on US derivatives exposure: out of $181 trillion in notional value US derivatives, $3.4 trillion are stock and commodity derivatives, so we aren't missing much.
I've Got a Notion Of A Notional
So what is notional value and why is it coming to kill you?
Financial derivatives are about being derived from something. The something is called the underlying of the derivative. Roughly, the value of that underlying is the notional value.
There are many fancy variations of derivatives, but there are three basic kinds: forwards, options, and swaps. The simplest one is a forward contract, which is just an agreement to buy something at a certain price at some point in the future. I'll give the same example I gave a few weeks ago:
Say we have a forward contract for one barrel of oil. This agreement says you will buy a barrel of oil for $30 from me in three months. The notional value of this contract is $30. If oil ends up costing $31 when the contract is due, you are able to pay $30 for something worth $31. The value of the contract then is...not $30 (the notional value), not $31 (the spot price), but...$1.
At the time the contract expires and you have to pay for the oil, this contract is just a coupon for $1 off on a barrel of oil. You're still obligated to pay $30 for the oil, but the derivative itself is only worth that $1 coupon.
If you had wanted just the option (not the obligation) to pay, you could have bought...an option. I won't get into options because this is already really long although options are way more fun.
I Just Wanna Sit Back And Unwind (My Forward Contract)
You might say, "Well, Sporz, fine - the contract itself is worth $1, but I'm still obligated to pay up $30 (notional value) for the oil. So it's still relevant?"
Yeah, and if you actually do hold it to maturity, you have to accept delivery of that barrel of oil and pay. But there is a way to get out of it and just pocket your $1 without actually getting a barrel of oil: Sell the contract. In fact, sell it back to the person who's giving you the oil for that $1 that it's worth (who will just rip it up, what's the point of delivering oil to himself?) Now there's no $30, just that $1 that changed hands - and nothing to do with the notional value!
"Sporz, that's insane!"
It is a little convoluted but it works. It works so well that the vast majority of contracts are unwound this way.
You may be wondering why you would bother doing this if you didn't actually want to buy or sell oil. One answer is that you could be just speculating on the price. The other is if, say, you're an airline that wants oil, or an oil producer selling oil - you get the ability to fix the price ahead of time rather than worrying that, when you need oil the price will be sky high or rock bottom. This reduces your risk substantially. A lot more oil producers would be bankrupt now if it weren't for these handy little hedges. This is why derivatives are so important and valuable and how they can make the world safer.
"But I still need oil!"
Yes, but not oil in Cushing, Oklahoma.
Back To The Future (Contract)
"Why are we in Oklahoma, Sporz?"
So, a forward contract like the one we made is an over-the-counter (OTC) derivative. OTC derivatives are nifty because you and I get together, decide on a custom price, and a custom location for delivery. The problem is that this is expensive (we're hammering out a very custom contract and I am a very expensive banker), you're dependent on me still being in business when the contract is due (I may be very expensive, but I also could be very incompetent), and if you want to get out of it, either I'm feeling nice, or you have to find someone else to take this very special contract and that can be hard. People still do this sometimes (Pemex, the Mexican national oil company, hedges using OTC oil derivatives) but you can see some problems.
Futures contracts are closely related to forward contracts. The difference is that they are listed derivatives - instead of calling me up and hammering out this very custom contract, you go to a big exchange, like the New York Mercantile Exchange (NYMEX) and buy the contract there.
The contract is completely standardized: the oil (West Texas Intermediate) gets delivered on specific dates, and at a specific place (Cushing, Oklahoma).
"But I want oil in Ohio."
The price of oil in Ohio is going to be pretty close to what it is in Oklahoma. (The difference is called basis risk). But close enough. So you close out your NYMEX contract and pocket your $1 and pay about $31 in Ohio for oil. Net, you still managed to pay $30.
The benefit is: Because the contract is standard, many people want to buy and sell them, so you shouldn't have a hard time getting out if you want. Also, you aren't contracted with me specifically. If you want to buy, and I want to sell, the exchange will contract with us both. Your counterparty isn't me, the incompetent banker who might disappear tomorrow, but with the entire pool of buyers and sellers at the exchange.
The other thing is margining and daily settlement. Obviously the exchange doesn't want to pick up the tab for me being a deadbeat if I can't pay in three months for that $31 barrel of oil. So I have to keep some amount of cash in a margin account at the exchange to cover me. Each day, the contract is settled as if I had closed it - if the price went up, I have money taken out of my account. If the price went down, money gets put in from yours. If I don't have enough money in my account, I face a margin call. (Awesome movie by the way, you should see it - ironically there is no margin call in it). If I don't make the margin call and top up the account, my position is closed immediately for being naughty.
"What does this have to do with notional values?"
It doesn't. It has to do with making derivatives safer (almost to the point of paranoia at times). So derivatives won't blow the world economy up like our friend thinks they might.
So, how big is it? Really?
So we've talked about the benefits of derivatives (being able to hedge risk), things that can make derivatives less risky (margining, daily settlement, and central clearing - we'll come back to those). And that notional value is not a good way to measure the size or risk of derivatives. So what is a good measure?
One way to think about it is, if we see that notional value can vastly overstate the size of a derivative (our $30 notional, $1 value forward contract again), we can think about the market value. Our forward contract has a market value of just $1.
It's also worth noting that notional value could (in rare cases) be less than the market value. If oil had risen to $90, the contract would be worth $60 - on a $30 notional. But this is rare and (for reasons I'll get to) statistically impossible for derivatives as a whole.
If we go back to our favorite BIS report you'll see a figure for "Gross Market Value" which is just $15 trillion rather than the $552 trillion for OTC derivatives. That's a huge difference, I don't have to tell you - $15 trillion is a big number but not nearly as mind-boggling as half a quadrillion. This is essentially the difference between the $1 and $30 values for our forward contract.
But it gets better. Let's look at our favorite OCC report, the one that talks about American derivatives.
We start with that $180 trillion notional, and there's a "Gross Positive Fair Value" (this is like "Gross Market Value") of $4 trillion. So, great the US's derivatives are a lot smaller than notional would suggest too.
But let's imagine that you're a bank now and you have lots of deals. Lots of these deals offset each other, though - one derivative I have with you might be worth $1M, the other might be worth -$500,000. If you or I go bust, it isn't $1.5M down the drain - just the difference, $500,000. This difference is net current credit exposure (NCCE).
That NCCE is just $500 billion for the US. So out of that $4 trillion worth of derivatives out there, there's enough offsetting going on that there's only $500 billion on the hook.
NCCE can change dramatically (It went up to $800 billion during the crisis) but it's pivotal to estimating the magnitude of derivatives as a potential economic risk.
You just make me wanna SWAP!
"So, Sporz, I was reading your favorite BIS report and I noticed you haven't talked the biggest part - $434 trillion in interest rate contracts. WHAT ARE YOU HIDING!?"
Calm down! I'm getting there!
The fun thing about derivatives is that they mix and match. You want a forward contract buying Euros intead of oil? You got it. An option on a commodity? Sure. An option on a future on a basket of options on a basket of stocks? Go nuts.
As you may know, interest rates are kind of important in finance. Like the oil price, interest rates move, and like people sometimes want to bet on the oil price or lock in a price that they find preferable to tons of risk, people want to do this with interest rates. A lot.
By any measure, interest rate derivatives are more popular than any other category of derivative. More popular than the rest of them combined, even.
So it's worth talking about them.
The characteristic feature of a swap is paying repeatedly for something. Our forward contract just had us pay once; a swap on oil would have me paying each month for a barrel of oil for say $30. (Like the forward contract, this is rare for crude oil - you'd rather buy a bunch of crude oil futures and pay those each month for that sweet, sweet Oklahoma oil).
A typical interest rate swap will have two sides - one will pay floating, the other will receive fixed. These are called the "legs" of the swap. The floating leg will pay every three months whatever the chosen interest rate is (say, 3 month LIBOR - yes, that LIBOR) The fixed leg will pay a fixed amount over the life of the swap. This is useful because if - say - you're being paid a lot of variable rates and worried they'll crash, you can trade that out for a known fixed rate and then you are safe and happy.
This is very common but swaps (like all derivatives) can get super fancy. Add in a few more legs, a collar, a call, some cross-currency risk, and now we're talkin'.
Interest rate swaps are important not just because of their enormous size, but because they are OTC. Like our original forward contract, these get sketched out between counterparties and are highly customized. In the past, these had some of the problems are forward contract had - you may find it hard to get out of this swap if you want to, and you're dependent on me, your sole counterparty, to pay up and if I don't show up then you are sad, lonely, and out of a lot of money.
Some of those things that make listed derivatives safer have been applied because of The Recent Unfortunateness to OTC swaps. There are now Swap Execution Facilities to, er, facilitate swaps. Specifically, swaps now have to be centrally cleared (kind of like the listed derivatives) which reduces dependency on a single counterparty. There are also margin requirements to make sure that the swap gets paid. This is intended to reduce the systemic danger of swaps blowing up.
So credit. Very risk.
Even if you've never thought much about interest rate swaps, you might have heard of credit default swaps.
These have a fun story. Swaps have been around in bulk since the 70s; options around the same time (thank you Black-Scholes); forwards are ancient. Modern credit default swaps were invented by a lady named Blythe Masters at JPMorgan in 1994 because they were worried that Exxon wouldn't pay a debt to them because of the Exxon Valdez disaster.
Credit default swaps (CDS) are usually described as insurance. They're called "swaps" in the name but they do not taste like swaps. The typical interest rate swap will see both sides make money at various points during the life of the swap (usually) and it will not be very much (remember - you make the difference between two different rates, which is unlikely to be very much). A CDS looks like this in that one side pays for protection ("protection buyer") and the other side sells it. The protection is on some debt some company owes (say, Exxon). As long as Exxon keeps paying its debts, the protection seller just keeps getting paid, and if everything is hunky dory, the protection buyer might never get paid back anything at all.
If things go pear-shaped, though, the protection buyer gets to cackle with glee and sell some worthless bonds for full price to the protection seller. Then the swap ends, and the protection seller is very sad.
One thing that makes this different from insurance is that I can't insure your house (unless I live there. Can I?) And I can't insure it multiple times hoping that it burns down.
"Well that's creepy."
Yep.
It's not quite as creepy as it sounds, though. For every "I hope his house burns down" there is an equal and opposite "I hope his house stays pristeen and perfect and only lightly singed." This is not academic - there are things like The Curious Case of the CDS and the Spanish Casino in which the company was made to technically default, trigger the CDS, and go on happily. It has been described as "objectively beautiful." It made The Daily Show.
No talk of CDS is complete without AIG, though. You'd think an insurer would have done better than insure the hell out of all the bad debt in the world, but that happened.
I bring this up not to bury CDS but to praise it. Derivatives are tools. They can be used for good and ill. The key is to make them good rather than throw out a potentially valuable tool.
The main challenge with CDS is that (unlike normal swaps) they have the potentially to blow up in a big way. For years you make a few pennies a month selling protection then one day you discover you've been protecting Lehman and then you are sad in a big way.
Since 2008 CDS was changed to be more standardized (helping you get out of one if you're in trouble). They now have to have fixed coupons (and, making them even less like normal swaps, there is an upfront payment to compensate) making them similar to one another. They also have margining and central clearing now. The goal here being entirely "Let's not let these derivative blow the world up, shall we?"
Oh, and Blythe Masters (inventopopularizer of CDS) went on after inventing these things to prank the California energy market and is doing stuff with bitcoin now. Bon voyage.
So long, and thanks for all the derivatives
So this is incredibly long but I've had my thoughts on derivative percolating for a while and I wanted to illuminate some of it. So we covered how notional value vastly overstates the economic relevance of derivatives; we illustrated it with a forward contract; talked about how certain innovations in the listed market make derivatives less fragile; and discussed how those innovations have been applied to certain interest and credit derivatives since The Great Unfortunateness.
I do want an excuse to talk about mortgage backed securities and stuff because those are fun too.
"Wait, you owe me a barrel of oil!"
Dammit.
submitted by Sporz to badeconomics [link] [comments]

My growing collection of info about NEO

It can be very time consuming to keep up to date on a single blockchain project let alone multiple ones. If you just heard about NEO a few weeks ago it would be impossible catch up on past occurrences due to high volume of Reddit posts and articles made on the project. I’m going to try and simplify the past, present and future as much as I can into one well thought-out post. I hope I can be helpful to anyone who has been investigating like myself. I will include sources with all of my research.
https://imgur.com/a/NBI7S (img for mobile backround)
Key notes from the White Paper http://docs.neo.org/en-us/
Digital Assets
Digital assets are programmable assets that exist in the form of electronic data. With blockchain technology, the digitization of assets can be decentralized, trustful, traceable, highly transparent, and free of intermediaries. On the NEO blockchain, users are able to register, trade, and circulate multiple types of assets. Proving the connection between digital and physical assets is possible through digital identity. Assets registered through a validated digital identity are protected by law.
Digital Identity
Digital identity 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. In NEO, we 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. Our verification of identity when issuing or using digital identities includes the use of facial features, fingerprint, voice, SMS and other multi-factor authentication methods.
Smart Contracts
The NeoContract smart contract system is the biggest feature of the seamless integration of the existing developer ecosystem. Developers do not need to learn a new programming language but use C#, Java and other mainstream programming languages in their familiar IDE environments (Visual Studio, Eclipse, etc.) for smart contract development, debugging and compilation. NEO's Universal Lightweight Virtual Machine, NeoVM, has the advantages of high certainty, high concurrency, and high scalability. The NeoContract smart contract system will allow millions of developers around the world to quickly carry out the development of smart contracts.
Economic Model
NEO has two native tokens, NEOand NeoGas NEO represents the right to manage the network. Management rights include voting for bookkeeping, NEO network parameter changes, and so on. The minimum unit of NEO is 1 and tokens cannot be subdivided. GAS is the fuel token for the realization of NEO network resource control. The NEO network charges for the operation and storage of tokens and smart contracts, thereby creating economic incentives for bookkeepers and preventing the abuse of resources. The minimum unit of GAS is 0.00000001.
Distribution Mechanism
NEO's 100 million tokens are divided into two portions. The first portion is 50 million tokens distributed proportionally to supporters of NEO during the crowdfunding. This portion has been distributed.
The second portion is 50 million NEO managed by the NEO Council to support NEO's long-term development, operation and maintenance and ecosystem. The NEO in this portion has a lockout period of 1 year and is unlocked only after October 16, 2017. This portion WILL NOT enter the exchanges and is only for long-term support of NEO projects. The plans for it are as below:
▪ 10 million tokens (10% total) will be used to motivate NEO developers and members of the NEO Council
▪ 10 million tokens (10% total) will be used to motivate developers in the NEO ecosystem
▪ 15 million tokens (15% total) will be used to cross-invest in other block-chain projects, which are owned by the NEO Council and are used only for NEO projects
▪ 15 million (15% total) will be retained as contingency
▪ The annual use of NEO in principle shall NOT exceed 15 million tokens
GAS distribution
GAS is generated with each new block. The initial total amount of GAS is zero. With the increasing rate of new block generation, the total limit of 100 million GAS will be achieved in about 22 years. The interval between each block is about 15-20 seconds, and 2 million blocks are generated in about one year. According to this release curve, 16% of the GAS will be created in the first year, 52% of the GAS will be created in the first four years, and 80% of the GAS will be created in the first 12 years. GAS will be distributed proportionally in accordance with the NEO holding ratio, recorded in the corresponding addresses. NEO holders can initiate a claim transaction at any time and claim these GAS tokens at their holding addresses.
Consensus mechanism: dBFT
The dBFT is called the Delegated Byzantine Fault Tolerant, a Byzantine fault-tolerant consensus mechanism that enables large-scale participation in consensus through proxy voting. The holder of the NEO token can, by voting, pick the bookkeeper it supports. The selected group of bookkeepers, through BFT algorithm, reach a consensus and generate new blocks. Voting in the NEO network continues in real time, rather than in accordance with a fixed term.
Cross-chain assets exchange agreement
NeoX has been extended on existing double-stranded atomic assets exchange protocols to allow multiple participants to exchange assets across different chains and to ensure that all steps in the entire transaction process succeed or fail together. In order to achieve this function, we need to use NeoContract function to create a contract account for each participant. If other blockchains are not compatible with NeoContract, they can be compatible with NeoX as long as they can provide simple smart contract functionality.
Cross-chain distributed transaction protocol
Cross-chain distributed transactions mean that multiple steps of a transaction are scattered across different blockchains and that the consistency of the entire transaction is ensured. This is an extension of cross-chain assets exchange, extending the behavior of assets exchange into arbitrary behavior. In layman's terms, NeoX makes it possible for cross-chain smart contracts where a smart contract can perform different parts on multiple chains, either succeeding or reverting as a whole. This gives excellent possibilities for cross-chain collaborations and we are exploring cross-chain smart contract application scenarios.
Distributed Storage Protocol: NeoFS
NeoFS is a distributed storage protocol that utilizes Distributed Hash Table technology. NeoFS indexes the data through file content (Hash) rather than file path (URI). Large files will be divided into fixed-size data blocks that are distributed and stored in many different nodes
Anti-quantum cryptography mechanism: NeoQS
The emergence of quantum computers poses a major challenge to RSA and ECC-based cryptographic mechanisms. Quantum computers can solve the large number of decomposition problems (which RSA relies on) and the elliptic curve discrete logarithm (which ECC relies on) in a very short time. NeoQS (Quantum Safe) is a lattice-based cryptographic mechanism. At present, quantum computers do not have the ability to quickly solve the Shortest Vector Problem (SVP) and the Closest Vector Problem (CVP), which is considered to be the most reliable algorithm for resisting quantum computers.
Reasons for choosing dBFT over PoW and PoS:
With the phenomenal success of Bitcoin and its increasing mainstream adoption, the project’s unbounded appetite for energy grew accordingly. Today, the average Bitcoin transaction costs as much energy as powering 3.67 average American homes, which amounts to about 3000 times more than a comparable Credit Card settlement.
This mind boggling amount of energy is not, as it is commonly believed, being wasted. It is put to good use: securing the Bitcoin network and rendering attacks on it infeasible. However, the cost of this security mechanism and its implications for an increasingly warming and resource hungry planet led almost the entire crypto industry to the understanding that an alternative has to be found, at least if we’re interested in seeing blockchain technology gaining overwhelming mainstream adoption.
The most popular alternative to PoW, used by most alternative cryptocurrency systems, is called Proof-of-Stake, or PoS. PoS is highly promising in the sense that it doesn’t require blockchain nodes to perform arduous, and otherwise useless, cryptographic tasks in order to render potential attacks costly and infeasible. Hence, this algorithm cuts the power requirements of PoS blockchains down to sane and manageable amounts, allowing them to be more scalable without guzzling up the planet's energy reserves.
As the name suggests, instead of requiring proof of cryptographic work, PoS requires blockchain nodes to proof stake in the currency itself. This means that in order for a blockchain node to be eligible for a verification reward, the node has to hold a certain amount of currency in the wallet associated with it. This way, in order to execute an attack, a malevolent node would have to acquire the majority of the existing coin supply, rendering attacks not only costly but also meaningless, since the attackers would primarily harm themselves.
PoS, as well as PoW, simply cause the blockchain to fork into two alternative versions if for some reason consensus breaks. In fact, most blockchains fork most of the time, only to converge back to a single source of truth a short while afterwards.
By many crypto enthusiasts, this obvious bug is very often regarded as a feature, allowing several versions of the truth to survive and compete for public adoption until a resolution is generated. This sounds nice in theory, but if we want to see blockchain technology seriously disrupt and/or augment the financial sector, this ever lurking possibility of the blockchain splitting into two alternative versions cannot be tolerated.
Furthermore, even the fastest PoS blockchains out there can accomodate a few hundred transactions per second, compare that to Visa’s 56,000 tx/s and the need for an alternative becomes clear as day.
A blockchain securing global stock markets does not have the privilege to fork into two alternative versions and just sit and wait it out until the market (or what’s left of it) declares a winner. What belongs to whom should be engraved in an immutable record, functioning as a single source of truth with no glitches permitted.
After investigating and studying the crypto industry and blockchain technologies for several years, we came to the conclusion that the delegated Byzantine Fault Tolerance alternative (or dBFT) is best suited for such a system. It provides swift transaction verification times, de-incentivises most attack vectors and upholds a single blockchain version with no risk of forks or alternative blockchain records emerging - regardless of how much computing power, or coins an attacker possesses.
The term Byzantine Fault Tolerance (BFT) derives its name from the Byzantine Generals problem in Game Theory and Computer Science, describing the problematic nature of achieving consensus in a distributed system with suboptimal communication between agents which do not necessarily trust each other.
The BFT algorithm arranges the relationship between blockchain nodes in such a way that the network becomes as good as resilient to the Byzantine Generals problem, and allows the system to remain consensus even if some nodes bare malicious intentions or simply malfunction.
To achieve this, Antshare’s version of the delegated BFT (or dBFT) algorithm acknowledges two kinds of players in the blockchain space: professional node operators, called bookkeeping nodes, who run nodes as a source of income, and users who are interested in accessing blockchain advantages. Theoretically, this differentiation does not exist in PoW and most PoS environments, practically, however, most Bitcoin users do not operate miners, which are mostly located in specialized venues run by professionals. At Antshares we understand the importance of this naturally occurring division of labor and use it to provide better security for our blockchain platform.
Accordingly, block verification is achieved through a consensus game held between specialized bookkeeping nodes, which are appointed by ordinary nodes through a form of delegated voting process. In every verification round one of the bookkeeping nodes is pseudo-randomly appointed to broadcast its version of the blockchain to the rest of the network. If ⅔ of the remaining nodes agree with this version, consensus is secured and the blockchain marches on. If less than ⅔ of the network agrees, a different node is appointed to broadcast its version of the truth to the rest of the system, and so forth until consensus is established.
In this way, successful system attacks are almost impossible to execute unless the overwhelming majority of the network is interested in committing financial suicide. Additionally, the system is fork proof, and at every given moment only one version of the truth exists. Without complicated cryptographic puzzles to solve, nodes operate much faster and are able to compete with centralized transaction methods.
https://www.econotimes.com/Blockchain-project-Antshares-explains-reasons-for-choosing-dBFT-over-PoW-and-PoS-659275
OnChain
It is important to note the technical difference between Onchain and NEO. Onchain is a private VC-backed company with over 40 employees. NEO is a public platform with different community-led groups contributing to this public project. There exists NEO council comprised of the original NEO creators, employees from Onchain, full time NEO council members and there is also the first Western based group called City of Zion. This confusion is likely the source of the rumour about Antshares and Alibaba having a connection. Onchain and NEO are separate entities who are intimately related via cross-chain communications and similar designs.
Onchain, a Shanghai-based blockchain R&D company, first started developing Antshares in February of 2014 which will eventually become the foundation of DNA. Onchain was founded by CEO Da HongFei and CTO Erik Zhang in response to the attention from private companies garnered by the development of Antshares, China’s first public blockchain. In contrast to the weeks-old start-ups launching ICOs that is happening currently in the blockchain world, it took them 22 long months of R&D to even begin providing services to their first customers. Finally, in April 2016, the first whitepaper on consensus protocol from China was born — the dBFT (delegated Byzantine Fault Tolerance) protocol.
2016 was a busy year for Onchain and they really picked up the pace that year. Other than continuing the development of Antshares, brushing shoulders with Fortune 500 companies, Onchain became the first Chinese blockchain company to join Hyperledger — an open source blockchain project started by the Linux Foundation specifically focusing on the development of private and consortium chains for businesses. It is here where the Da HongFei and Erik Zhang, entered the hyperbolic time chamber that is now known as Fabric, a platform by Hyperledger for distributed ledger solutions, and has consequently helped them to develop many aspects underpinning the design of DNA.
In June of 2016, during the first of many future partnerships with Microsoft China, Onchain founded Legal Chain specifically targeting the inadequacies of the digital applications within the legal system. In 2005, (Digital Signature Act) was passed into national law which permitted an effective digital signatures to gain the same legal rights as a real signature.
In company with Microsoft China, they are also aiming to integrate the technology with Microsoft’s face and voice recognition API function to kick start this digital revolution within the legal system. At the same time, a partnership was formed with FaDaDa, a third-party platform for electronic contracts that has processed over 27 million contracts to date, to provide secure evidence storage with DNA. If that’s not enough, they were also voted as KPMG’s top 50 Fintech Company in China and established a relationship with the Japanese Ministry of Economy, Trade and Industry which led to the recent tour to Japan. Finally, at the end of 2016 they announced a partnership with Alibaba to provide attested email service for Ali Cloud with Legal Chain where it provides a proof-of-existence for a blockchain-powered email evidence repository for enterprise-level use.
Fosun Group, China’s largest private conglomerate, have recently invested into Onchain in order to apply DNA across all of its businesses. Currently, Fosun International has a market cap of 102.98 billion dollars on the Hong Kong Stock Exchange and that is only its international branch.
The role of Onchain so far is reminiscent of Ethereum’s EEA in addition to a stronger emphasis of governmental cooperation. Onchain has identified the shortcomings of present laser focus of hype on public platforms such as NEO and Ethereum and addressing that with DNA. DNA envisions a future where a network of assorted, specifically designed blockchains serving private enterprises, consortiums, government and the public communicating with each other forming an interconnected blockchain network.
This is the goal of DNA — infiltrating every little inefficient niche that had no better alternatives before the invention of blockchain. What is especially critical to remember during this explosive time of hype driven partly by the obscene degree of greed is that not every little niche that blockchain can fill will be holding its own little ICO for you to “go to the moon on your rocket powered lambos”. Some of those efficiencies gained will simply be consumed by companies privately or by public systems such as the legal system.
https://hackernoon.com/neo-onchain-and-its-ultimate-plan-dna-4c33e9b6bfaa
http://www.onchain.com/
https://github.com/DNAProject/DNA
https://siliconangle.com/blog/2016/10/20/onchain-partners-with-alibaba-for-blockchain-powered-email-evidence-repository/
https://www.reuters.com/article/us-fosun-blockchain/chinas-fosun-invests-in-local-version-of-bitcoin-tech-blockchain-idUSKCN1B30KM
City of Zion (CoZ)
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.
Members
https://imgur.com/a/Gc9jT
CoZ aims to be low barrier of entry, the process is straightforward:
  1. Join the channel #develop.
  2. Fork or create a project.
  3. Publish as open source.
  4. After a couple of contributions a CoZ council member will invite you to the proper channel for your contributions.
  5. Receive rewards and back to 3.
Unit testing - Ongoing effort to implement code coverage for the core
Integration testing - Tools for automated testing, performance metrics and functionality validation on private test nets
Continuous integration - Automated multi-platform testing of all pull requests at GitHub.
Deployment pipeline - Automated tools and processes to ensure fast and reliable updates upon code changes
New C# implementation (NEO2) - Improve code quality, speed & testability
Roadmap
https://imgur.com/a/4CDhw
dApps competition
https://cityofzion.io/dapps/1
10 prizes of 1350 GAS, with 500 GAS to be used for smart contract deployment. Currently 19 dApps registered. Deadline is 16 of November 11:59 EST.
https://drive.google.com/drive/folders/0B4wu5lNlukwybEstaEJMZ19kbjQ
Traveling
August 8th to August 12th:
From August 8th to August 12th, 2017, the NEO core team, led by founder & CEO Da Hongfei will travel to Japan to explore the forefront of Japan's Blockchain innovation. This trip represents the first in a series of trips around the world with the goal to foster international cooperation's and to keep up with the fast pace in Blockchain innovation. Starting in Japan, the NEO core team will visit famous local Blockchain research institutions and active communities to engage in bilateral communication. NEO will meet with Japanese tech-celebrities to gain insights about the latest developments in the Japanese Blockchain and digital currency community. Additionally, Japanese local tech media will conduct an interview allowing NEO to present its development status and its latest technological innovations.
https://www.reddit.com/NEO/comments/6ry4s9/japan_the_neo_core_team_starts_out_on_an/
https://www.youtube.com/watch?v=SgTQ32CkxlU
https://www.reddit.com/NEO/comments/6ssfx1/neo_meetup_in_tokyo_august_10th_2017_2100h/
19th August, 2017
Blockchain X Series - NEO example applications
20th August, 2017
NEO and Microsoft Azure host a blockchain programming training in Shanghai
23rd August, 2017
INNOxNEO Blockchain Open Nights: 2nd Meeting
24th August, 2017
NEO Meetup in Taipei
https://www.reddit.com/NEO/comments/6wbebneo_taipei_meetup_long_post/
13th September, 2017
INNOxNEO Blockchain Open Nights: 3rd Meeting
14th September, 2017
NEO Shanghai Meetup with NEO team
24th September, 2017
NEO Blockchain Programming Day - Hangzhou Station
27th September, 2017
INNOxNEO Blockchain Open Nights: 4th Meeting
27th September, 2017
First London NEO Developer Meetup!
4th October, 2017
First San Francisco NEO Developer Social!
14th-16th October, 2017
GNOME.Asia Summit 2017, Chongqing, China
21st October, 2017
NEO JOY, Exploring Blockchain application, Nanjing, China
26th October, 2017
Inaugural Global Fintech & Blockchain China Summit 2017
Networks proves itself with the first ICO
ICOs, on other platforms such as Ethereum, often resulted in a sluggish network and transaction delays. While NEO’s dBFT consensus algorithm is designed to achieve consensus with higher efficency and greater network throughputt, no amount of theoretical calculations can simulate the reality of real-life conditions.
--Key Observations--
Smart Contract Invocations:
A total of 13,966 smart contracts invocations were executed on the NEO network over this time period, of which, nearly all called the RPX smart contract method mintTokens. A total of 543,348,500 RPX tokens were successfully minted and transferred to user accounts, totalling 10,097 smart contract executions.
Refunded Invocations:
A total of 4182 refund events were triggered by the smart contract method mintTokens. (Note: RPX has stated that these refunds will be processed within the next two weeks.)
Crowdsale statistics:
A successful mintTokens execution used around 1043 VM operations, while an execution that resulted in a refund used 809 VM operations. Within the hour and six minutes that the token sale was active, a total of 12,296,409 VM operations were executed. A total of 9,575 unique addresses participated in the RPX ICO. Half of these, approximately 4,800 unique addresses, participated through CoZ’s Neon wallet. The top 3 blocks with the most transactions were block 1445025 (3,242 transactions), block 1444902 (2,951 transactions), and block 1444903 (1609 transactions).
Final Thoughts
At the moment, the consensus nodes for the NEO network are operated by the NEO Council in China. By Q1 2018, NEO Council aims to control less than two-thirds of the consensus nodes.
We are pleased to note that the NEO network continuted to operate efficiently with minimal network impact, even under extreme network events. Block generation time initially slowed down to 3 minutes to process the largest block, but quickly recovered to approximately 25 seconds. Throughout the entire RPX ICO, consensus nodes were able to achieve consensus and propagate new block transactions to the rest of the network. In closing, while we consider this performance to be excellent, NEO Council and City of Zion areworking closely together on upgrades, that will increase the throughputs of the NEO network.
Hyperledger
Members and governance of Hyperledger:
Early members of the initiative included blockchain ISVs, (Blockchain, ConsenSys, Digital Asset, R3, Onchain), well-known technology platform companies (Cisco, Fujitsu, Hitachi, IBM, Intel, NEC, NTT DATA, Red Hat, VMware), financial services firms (ABN AMRO, ANZ Bank, BNY Mellon, CLS Group, CME Group, the Depository Trust & Clearing Corporation (DTCC), Deutsche Börse Group, J.P. Morgan, State Street, SWIFT, Wells Fargo), Business Software companies like SAP, Systems integrators and others such as: (Accenture, Calastone, Credits, Guardtime, IntellectEU, Nxt Foundation, Symbiont).
The governing board of the Hyperledger Project consists of twenty members chaired by Blythe Masters, (CEO of Digital Asset), and a twelve-member Technical Steering Committee chaired by Christopher Ferris, CTO of Open Technology at IBM.
http://www.8btc.com/onchain-hyperledger
https://en.wikipedia.org/wiki/Hyperledger
“As a leading open-source contributor in China’s blockchain community, Onchain shares the same values as the Linux Foundation and the Hyperledger project intrinsically. We believe international collaboration plus local experience are key to the adoption of distributed ledger technology in China; we are also very excited to see other Chinese blockchain startups join Hyperledger and look forward to adding our combined expertise to the project.” Da Hongfei, Founder and CEO of Onchain
https://hyperledger.org/testimonials/onchain
Important Articles
Distribution technology DNA framework went through the national block chain standard test On May 16th, the first China block chain development competition in Hangzhou announced that Onchain, became the first through the national standard test block system.
http://www.51cto.com/art/201705/539824.htm?mobile
Da Hongfei and OnChain working relationship with Chinese Government
https://finance.sina.cn/2017-04-13/detail-ifyeifqx5554606.d.html?from=wap
http://www.gz.chinanews.com/content/2017/05-28/73545.shtml
The Chinese government is reportedly preparing to allow the resumption of cryptocurrency trading in the country in the coming months, with the required anti-money laundering (AML) systems and licensing programs in place.
https://coingeek.com/cryptocurrency-trading-poised-to-make-a-return-in-china-report/
Japanese Ministry of Economy, Trade and Industry - Working with OnChain and NEO
http://www.8btc.com/onchain-ribenjingjichanyesheng
Notice NEO will be invited to attend the INNO x Austrade China-Australia chain high-end exchange
AUSTRADE - The Australian Trade and Investment Commission is the official government, education and investment promotion agency of the Australian Government
https://mp.weixin.qq.com/s/LmXnW7MtzOX_fqIo7diU9A
Source for NEO/OnChain Microsoft Cooperation:
http://www.8btc.com/onchain-microsoft
Da Hongfei quotes
"There is no direct cooperation between Alibaba and NEO/Onchain, other than their mailbox service is using Law Chain to provide attested email service. In terms of Microsoft, yes we have cooperation with Microsoft China because NEO is built with C# and .NET Core, and NeoContract is the first in the world to support writing smart contract with C#"
https://www.reddit.com/NEO/comments/6puffo/we_are_da_hongfei_and_erik_zhang_founders_of_neo/dksm5ga/
"We have pretty good communication with government, with regulators. They don't have any negative impression with NEO and they like our technology and the way we deal with things. Regulation is not an issue for us"
https://www.youtube.com/watch?v=qpUdTIQdjVE&feature=youtu.be&t=1m16s
“Before they started cleaning up the market, I was asked for information and suggestions” “I do not expect the government to call me in the short-term and say, ‘Let’s use NEO as the blockchain technology infrastructure of China.’ But in the medium term? Why not? I think it’s possible.”
https://medium.com/@TheCoinEconomy/neo-founder-da-hongfei-advised-china-on-ico-exchange-ban-says-govt-4631b9f7971
-Upcoming Roadmap-
Decentralization of consensus nodes
▪ P2P Network optimization (2017Q4) – Network optimizations to ensure fast block generation after decentralization.
▪ Voting Algorithm Optimization (2017Q4) – Adjustments in voting algorithm to prevent identified attack vectors.
▪ Candidate List Website (2018Q1) – Published list of candidates so that voters know who they are voting for.
▪ NEO Council Consensus Node < 2/3 (2018Q1) – NEO Council shall operate less than two thirds of consensus nodes by the end of quarter 1, 2018.
Universal Data Format for Wallet/Node Prog.
▪ NEP2 – Private Key Encryption/Decryption (2017Q4) - Method for encrypting and encoding a passphrase-protected private key.
▪ NEP3 – Universal Data Format (2017Q4) – Standard data format to allow easier wallet and node programming.
https://neo.org/en-us/blog/details/65
Promotion/Ecosystem
▪ Globally Legal Token-raising Framework (2017Q4) – Following government interest to regulate ICO’s, NEO will complete a framework to raise tokens legally in all major markets by the end of 2017.
▪ NEO DevCon 1 (2017Q4) – First NEO Development Conference! More details at later date.
▪ CoZ Funding (2017Q4) – Continuous funding plan for CoZ covering next 5 years.
▪ Seed Projects (2017Q4) – First seed projects to be cross-invested with the dedicated NEO pool.
https://neo.org/en-us/blog/details/65
https://github.com/neo-project
Repositories - 14
People - 5
Contributors- 12
https://github.com/CityOfZion
Repositories - 35
People - 14
Contributors- 22
https://github.com/DNAProject/DNA
Repositories - 4
Contributors - 17
Donations welcome: ASdNxSa3E8bsxCE9KFKBMm3NA43sYJU9qZ
submitted by NEOcryptotrader to CryptoMarkets [link] [comments]

Nick Blythe - YouTube Early Market Update and Why the Crypto/Blockchain Economy is Here to Stay. Bitcoin Blues (Folsom Prison Blues Parody) Digital Asset Investor - YouTube Mark Blyth - Global Trumpism and the Future of ... - YouTube

Bitcoin in the Headlines: Blockchain Scores Economist Cover Bitcoin in the Headlines is a weekly analysis of industry media coverage and its impact. First Bloomberg , now The Economist . The cover story says that “the blockchain” will disrupt everything but in the article Blythe refers to private blockchains (i.e., again not “the blockchain”) and then the article points out that her company bought Hyperledger, which uses a different kind of consensus method to create shared private ledgers. Jon Matonis, a founding director of the Bitcoin Foundation, a Washington group that promotes the cryptocurrency, says a private blockchain run by banks could end up as just another cartel and function as poorly as the payments consortium. Blythe Masters swings open the door of her ninth-floor offices, parks her suitcase, and exhales. Fresh off ... The guy on the cover and the story about him "Boy In The Bubble" is unrelated to Bitcoin. Combined with Blythe Masters being on the cover of Bloomberg, I'd say Bitcoin is getting some positive press this month. level 1. BitcoinCollege. 22 points · 4 years ago · edited 4 years ago. Bitcoin Bubbles in perspective: July 19th 2010--- $ 0.09 dropped to $ 0.04 = decline of 55%. November 7 th 2010 ... Bitcoin in the Headlines is a weekly analysis of bitcoin media coverage and its impact. If there was remaining doubt that digital currency applications of bitcoin have taken a backseat to distributed ledger use cases, the October edition of Bloomberg Markets illustrated how fast this narrative is gaining traction. “It’s all about the blockchain,” read […]

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Nick Blythe - YouTube

FREE Digital Asset Investor Newsletter Sign Up: https://bit.ly/31eomvA Protect Yourself From Hackers: 7-Day Pure VPN Trial For Only $.99 Click Here: https://... Bitcoin Price Analysis & Crypto News! 👍 THUMBS UP & SUBSCRIBE NOW + 🔔! ... The content covered in this video/live stream is NOT to be considered as investment advice. I’m NOT a financial ... Start protecting yourself on the web at http://www.NordVPN.com/whatsinsidefam or use code whatsinsidefam and save 77%!” Can we sell Bitcoins to a coin dealer... Skip navigation Sign in. Search This lecture is part of the McMaster Department of Philosophy's Summer School in Capitalism, democratic solidarity, and Institutional design https://www.soli...

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