SMART CONTRACTS CRYPTOCURRENCY

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Crypto 101 – Part 2

NEO is China’s answer to Ehtereum. Launched as Antshares, NEO also enables smart contracts. The difference is that the NEO network is built on two tokens- NEO and neoGAS. While NEO is the car, neoGAS is the petrol. NEO tokens have a limit of 100 mn tokens, and these are used for block creation, network management etc., while neoGAS is used for creating security.One of the differences is
that while Ethereum has its programming language called Solidity, NEO can be programmed using C+ and Java, making it easier for
programmers.

Also, cost of a smart contract using NEO is 27,800 USD compared to 45,000 USD for Ethereum.

Currency Transfer

Ripple enables secure currency transfer (or even commodities like Gold or Oil) using blockchain, pre-

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venting fraud cases and making transfer safer. Currently, transfer of assets requires first converting the value to USD (involves conversion fee) and then enabling transfer which can take as much as three days. However, with Ripple, as there is no conversion fee, you can do it smoothly and within a second saving time and cost. Organizations such as Bank of America, Standard Chartered Bank, Moneygram, SBI Holdings, Westpac Institutional Bank, Bank of Australia have already partnered with Ripple. The best part is that the cost of a money transfer using Ripple is just about 0.00001 SRP when 1 XRP is 0.29$. This makes it very cost-effective apart from being secure. StableCoins Large volatility in the price of crypto has been a cause of concern leading to the creation of “Stablecoin”. Stablecoins as the names suggests remaining stable in value. How does that happen by pegging them to another currency, either a USD or another crypto? There are four different kinds of StableCoins: Traditional (Off chain)- These are the ones that are benchmarked to a fiat currency like USD so that the price remains the same as USD. The issuer can only issue as many coins as the amount of USD available with them. So if they have 10mn USD in the account, they can issue coins up to 10 mn USD, with each coin being 1USD in price. The advantage is that all the security of the crypto blockchain is available while avoiding volatility. Tether is the most knows and traded traditional StableCoin and others.