In this blog post, we’re taking you through what NeoScrypt is, its respective advantages and disadvantages, and several blockchain projects utilizing NeoScrypt. We’d love to hear any questions or comments you have, and if there’s any particular NeoScrypt cryptocurrencies out there that you think are worth keeping an eye on.
Keep in mind that the below three NeoScrypt coins are not ranked in any particular order, and are merely examples of three projects out there who employ it. Furthermore, the market capitalizations listed are accurate as of December 16, 2018.
Let’s get started with the most pressing question you are probably asking…what is NeoScrypt?
What is NeoScrypt? Core Features
NeoScrypt is a successor to the Scrypt algorithm and password-based key derivation function (KDF) created by Colin Percival, originally constructed to combat large-scale hardware attacks by requiring mass amounts of memory for an attacker. Scrypt is also commonly used as the Proof-of-Work (PoW) algorithm for a good portion of cryptocurrencies in today’s space, and ultimately has served as the foundation for Litecoin and Dogecoin (notably).
Effectively, password based key derivation function is what’s known as a deterministic algorithm, which derives a cryptographic key from “an input datum known as a password.” One of the most common uses of KDFs is in “key stretching,” where the length of a user’s password is lengthened, ultimately preventing against brute force attacks. Unfortunately, PBKDF2, a popular KDF utilized by cryptocurrencies, does not use significant amounts of memory to operate or complex logic, making it susceptible to brute force attacks via general purpose hardware, such as custom design (ASICs) and GPUs (all at a relatively low cost).
Cue NeoScrypt, NeoScrypt is a further development of Scrypt, addressing the aforementioned issues and geared towards:
- Increased security,
- Better performance, and
- Low costs.
NeoScrypt is still not as widely utilized as Scrypt or SHA-256 (as utilized by Bitcoin), but does have several notable cryptocurrencies that we are about to get into.
3 NeoScrypt Cryptocurrencies Worth Keeping an Eye On
Below are just three blockchain projects and cryptocurrencies using NeoScrypt. You can find a comprehensive list of NeoScrypt coins out there (some alive, some dead) by heading over to https://coinguides.org/neoscrypt-coins/ and brushing up on their NeoScrypt coin list.
Uniform Fiscal Object ($UFO) – $600k Market Cap
Although boasting a somewhat quirky ticket and homage to our undiscovered friends out there, Uniform Fiscal Object (UFO) is one of the most popular NeoScrypt coins in today’s cryptosphere. Specifically, UFO is a “decentralized peer-to-peer protocol,” enabling the seamless and secure transfer of value across the globe. And, while it may seem repetitive to state its benefits (as all of the projects listed boast similar features), UFO supports:
- Heightened resistance to brute force attacks,
- Decreased resources and computational costs,
- Lightning fast P2P transactions, and
- Staggeringly low transaction fees.
Take as a whole, UFO is primed for merchant adoption due to its embodiment of what we originally wished Bitcoin to be. Furthermore, UFO has made a strong push towards solidifying its fundamentals and features, overhauling signing security and rolling out faster synchronization over the last year and a half. Additionally, as a result of several past forks, specifically their CHECKLOCKTIMEVERIFY (CLTV) fork, Uniform Fiscal Object coin has done away with transaction hash malleability and ultimately laid the foundation for safe and secure payment channels for customers and merchants.
Feathercoin ($FTC) – $3 Million Market Cap
Based on Litecoin, a cryptocurrency enabling near instant payments to anyone across the globe, and now utilizing NeoScrypt, Feathercoin is a upgraded and customized P2P “alternative cryptocurrency” geared towards mass participation. Most notably, Feathercoin is open-source, lightning fast (just as UFO is), low-cost, and secure, supporting an average block time of roughly 60 seconds, a time considerably faster compared to Bitcoin’s present 11 minute plus average block time (as of December, 2018) and Litecoin’s 2 minute plus block time.
A notable feature employed by Feathercoin is their automatic checkpointing, a security and safety feature aimed at preventing malicious attackers from diverting users to a different blockchain, while ensuring the Feathercoin network does not fall victim to a dreaded 51% attack. Because of Feathercoin’s furtherance of security through checkpointing, it (like UFO) is a secure and viable alternative to both Bitcoin and Litecoin for both miners and merchants.
In March 2018, Feathercoin’s Medium page announced an increased push by their Switzerland-based non-profit (The Feathercoin Foundation), to spread its message and generate further excitement and adoption of Feathercoin, so be sure to keep an eye out for Feathercoin this 2019!
If you’d like to read up further on Feathercoin and its push for mass adoption, head on over to their website!
VIVO ($VIVO) – $56k Market Cap
- InstantSend: authorizing users to instantly transfer/send VIVO to peers, making use of the masternode network to verify the transaction by consensus.
- PrivateSend: enabling true financial privacy through fund origination obfuscation, thanks to the VIVO wallet, which is comprised of varying “inputs” or separate and discrete coins.
- Stable Network: a highly decentralized and robust network of masternodes across the globe, supporting and maintaining the network 24/7. Such masternodes are ensuring transaction privacy, generating instant transactions through consensus, and communicating with one another to ensure the network remains decentralized.
But, that’s not also, VIVO also boasts a web wallet for users to store their VIVO, support on Coinomi (for Android and iOS), and listings on several exchanges (Cryptopia, Cryptobridge, STEX).
It is worth noting that in early 2018, VIVO’s founder stepped down, leaving the development to active community members.
To read up more on VIVO, how much a masternode costs (1000 VIVO), and how to download their wallet, head on over to their website.
NeoScrypt Mining Profitability & Final Thoughts
It’s important to understand that the NeoScrypt algorithm is not new by any means, so if you’re looking to mine a NeoScrypt coin, you shouldn’t have any trouble finding a mining program for it. Some of the most common and basic NeoScrypt miners include:
Furthermore, if you’d like to check out the profitability of mining the above coins, brush up on the below links and play around with the numbers a bit based on your setup.
Below are the links for all three coins:
- UFO – https://www.coinwarz.com/calculators/ufocoin-mining-calculator,
- Feathercoin – https://whattomine.com/coins/8-ftc-neoscrypt,
- VIVO – https://whattomine.com/coins/200-vivo-neoscrypt.
This post is meant to serve as an introduction to NeoScrypt cryptocurrencies, a type that is rarely written about, but is still making waves amongst small cap coins in today’s blockchain ecosystem. Take this blog post as a starting point, and we strongly recommend you look into these projects further!
If you’re a blockchain company or law firm and are looking to increase your online presence and visibility, reach out to us today for a free, no-obligation website diagnosis and consultation.
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Also published on Medium.