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NEO Foundation and Ontology collaborate to give NeoVM, NeoContract

Akashnath

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NEO Foundation and Ontology MoU- some technical details
Source: Pixabay

In May, NEO Foundation and Ontology Foundation signed a MoU agreeing to co-fund a Joint Task Force, its purpose being API standardization and shared ecosystem of smart contract. The force would be in action for six months, with 4 million RMB [$600,000] contributed by both parties over this time.

It was reported that both NEO and Ontology would fully support the adoption and development of NeoVM [VM-Virtual Machine] and NeoContract in a bid to develop smart contract open standards.

NeoContract is a smart contract system built on NEO blockchain that allows transaction validation, token sales and decentralized app development. It consists of NeoVM, NeoContract APIs and software development kit [SDK].

NeoVM is a decentralized, stack-based VM designed for NEO where smart contracts are executed. Owing to loose coupling, the VM is not constricted to blockchain applications alone.

The emphasis on open standards is because it will facilitate interoperability and data exchange among different products or services. This would make adoption by the masses much simpler.

There are three crucial cogs to NeoVM, namely, execution engine, stacks, and inter-operable services.

  • Execution Engine

The architecture of NeoVM

Note that the execution engine also has a built in debugger.

  • Stack

NeoVM has three stacks – call stack, compute stack and standby stack. Call stack records the running state at the time of functions being called, so that the program may resume running in the contexts where the function is returned. The compute stack, referred to as buffer storage area, can be accessed directly by smart contract code. The standby stack stores data that is of no use to the compute stack.

  • Inter-operability services

The interop connects the execution engine, stacks and external services, and using this, smart contracts can access all NeoContract APIs. Because of NeoContract’s low coupling characteristic, the NeoVM can be applied to other blockchains or scenarios outside of NEO blockchain.

NeoContract contains ‘advanced’ APIs to handle a greater number of tasks of greater complexity, and can be accessed via interop services by the NeoVM.

APIs and what they do

Run- time data indicates the current running state of the smart contract.

 

Digital assets- NEO digital assets fall into two categories: global assets and contract assets. NEO is a global asset. Contract assets depend on storage function of NeoContract.

NEO said:



“To be a qualified NEO smart contract developer, you must first select an advanced programming language you are most familiar with. NEO currently supports .NET languages (C#, VB.NET, F#), Java languages (Java, Kotlin), Python and JavaScript.”

Based on the language chosen, you go for the IDE-integrated development environment, to consolidate the tools developers need to test their software.

NeoX technology allows smart contracts to be executed across blockchains. It takes many steps to execute smart contracts, ending up in either “all success” or “all fail”. When employed, the technology will support cross-chain smart contract execution without compromising the consistency. But it is a mandatory requirement that NeoVM or similar technology be adopted.





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A fourth year engineering student at SASTRA, working freelance at AMBCrypto. Writing and football are passions, and cryptos are an avid interest.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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