How to buy, sell and trade Amoveo (VEO)
Learn how to buy, sell and trade Amoveo's VEO token.
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Amoveo is a new blockchain designed for the enforcement of investment and insurance contracts. It was developed by Zack Hess, one of the founders of æternity (AE) and Augur (REP). Hess is also known as "zack-bitcoin" on GitHub.
According to its developer on the blockchain's GitHub, Amoveo is the result of lessons learned from creating previous coins and allows for further scalability as well as other benefits.
How does Amoveo work?
Launched in early 2018, Amoveo is a relatively new cryptocurrency, and as a result, there's only limited information available about the platform. However, the Amoveo white paper sums up what this project is all about:
"Amoveo is a blockchain which secures a cryptocurrency called Veo. Using Amoveo you can host a market on a server where you make money every time anyone trades. Using Veo in the markets, you can buy and sell risk in anything. With Amoveo it is impossible for customers to steal from a market, and it is impossible for the market to steal from its customers."
In short, Amoveo is a blockchain prediction market that allows users to forecast the outcome of future events using an oracle. Anyone can ask the oracle a question if they're willing to pay a fee, and the oracle can settle markets in three ways: True, False and Bad Question.
Amoveo centres on a state channel system, which is a technique that allows transactions and processes to be moved off-chain. Amoveo smart contracts are built on top of the Amoveo channel system. Amoveo channels allow for bets, which are described in the white paper as "Turing-complete contracts written as a part of the channel". The aim of this structure is to eliminate the time-consuming hassle of publishing a transaction to the blockchain and to reduce fees for users.
According to the developer, Amoveo's road map in the next couple of months involves the following:
- Use combinatorial markets. This market uses two oracles, not just one, which allows for nine possible outcomes instead of three.
- Get market users. Move the market by using smart contracts to pay rewards to early users as well as utilising other tactics.
- Study Amoveo's users. Amoveo will make improvements based on how people are using the coin and what they'd like to see.
- Rebrand Amoveo. After defining a user segment, the developer will rename Amoveo to adjust marketing to an appropriate audience.
- Grow user base. Use smart contracts to incentivise targeted advertising and grow users.
Amoveo's main net launched on 2 March 2018, expanding to 16 live nodes at the time of writing. Today, more than a thousand people hold VEO.
Things to consider before buying VEO
Before buying any coin or token, you should bear in mind that cryptocurrencies are complex and volatile assets. Consider the following when deciding whether to buy VEO:
- Developer fees. Hess's wage is programmed into the Amoveo system and is controlled by the oracles. 16.66% of VEO tokens have been reserved for developers with a one-year lockup.
- Potential use cases. While gambling is perhaps the most obvious use case for Amoveo's platform, other options outlined in the white paper include prediction markets, building a stablecoin (a coin that avoids the substantial price fluctuations for which cryptocurrencies are notorious), insurance (using a financial market to reduce your risk), crowdfunding and financial derivatives.
- Cryptocurrency community response. Even though it is in the early stages of development, VEO has begun capturing the attention of the cryptocurrency community. There's already a small following on Discord and Reddit.
- Early-adopter risks. If you buy into VEO now, you're buying into the early-adoption phase. Exactly what the future holds for Amoveo remains to be seen, so bear in mind the risks involved when acquiring a new cryptocurrency.
- Unpredictable price. At this point in time, VEO's price is determined by a small number of early adopters and should fluctuate until it's officially listed on exchanges. On Discord, as of late May 2018, the price is fluctuating from $500 to $700 per coin – up from $100 to 150 in early March.
- Alternatives to buying, selling or trading VEO. If you don't want to buy, sell or trade VEO, there's always the option of mining it. Amoveo's mining algorithm uses SHA256 encryption, like bitcoin, but you can't use bitcoin ASICs to mine VEO. If you're looking for a miner or a mining pool, the official Amoveo GitHub recommends VeoMiner. VeoMiner is touted as the fastest known miner but charges a small developer fee and is closed source. You could also try out AmoveoMinerMan (NVIDIA GPUs only), a free and open-source miner.
By assessing these factors and using them as a starting point for your own research, you should be able to decide whether to buy VEO.
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