China’s Bet For Blockchain?
NEO has a long track-record of technical and commercial development with a goal of becoming the first digital coin to receive official approval in mainland China.
With NEO’s blockchain-based smart contract system, users can easily digitize assets on the network in a decentralized, traceable, transparent, open, and trustworthy manner without worrying about additional costs or intermediaries.
It allows users to buy, sell, circulate, exchange, or record a variety of assets and even link physical assets with unique digital avatars. This potentially makes NEO a more reliable option than other similar projects as it adheres to regulations and is fully compliant. The concepts of digital identity and asset protection separate NEO from competitors.
This is why many believe that NEO can be the first digital coin to get approval in China, which has banned other popular coins like Bitcoin.
Neo’s Performance to Date
NEO boomed within years of launch and hit its highest point in the first quarter of 2018 before crashing due to market forces. Since the coin is directly linked to the parent company NEO, its performance largely depends on how the company performs.
The coin hit a high of $198.38 on January 15, 2018, and has been trading under $30 for a long time. Being Crypto expects the coin to reach the $120 mark and go as high as $450 in the next five years.
Unlike most other coins, NEO offers dividends, which adds to its investment potential. It has also received interest from institutional investors.
Neo’s Mission and Vision
The company aims to provide a “community-driven”, “enterprise-ready”, ‘developer-friendly” open network for the smart economy” — to support a global dApp ecosystem.
The coin gives digital identities to assets by using the NeoID system that is a customizable decentralized self-sovereign identity protocol.
Best known for being the first open-source blockchain platform developed in China, NEO does exactly what Ethereum does, but in a better manner. It allows for the development of decentralized apps in a more secure environment.
Continuous development is one of NEO blockchain’s biggest assets. It helps ensure the system can manage sudden increases in demand.
Each block in the NEO system contains one or more transactions. The platform currently supports a maximum transaction size of 100 KiB going up to transactions per block. The system is scalable and these limits can be increased if needed.
Moreover, unlike most other blockchains, NEO has two tokens that are native to the system: NEO and GAS.
NEO essentially works as an investment token and gives people the right to vote on blockchain-related decisions. On the other hand, GAS covers fees and transaction costs.
Founded in China by Erik Zhan and Da Hongfei and originally known as AntShares, the company was rebranded “NEO” in 2017.
What do influencers say about Neo?
The general consensus seems to be positive. Here’s what some experts had to say about the coin:
“The big move for NEO is creating an entire smart economy. It has incorporated digital assets, smart contracts, and a digital identity that can be used for real-world applications and become integrated into the real economy. China could (and may) be a candidate for that first real-world application and integration,” said Brian Evans, angel investor, adviser and blockchain evangelist.
“NEO will see a wide stream take up because they plan to allow contracts to be coded in languages that are understood by more than 90% of developers”, said Da Hongfei, CEO of NEO.
Neo’s Market and Competition
Ethereum, to an extent, does the same job as NEO. Moreover, some other platforms that offer dividends include Komodo, BitMax, KuCoin, Neblio, PIVX, and NAV Coin.
News and Views
NEO3 is expected to come in the next few months. It promises to offer digital identity and file storage.