When talking about cryptocurrencies, Bitcoin, Ethereum, Litecoins are the ones in the limelight. But there is another very powerful cryptocurrency in the making called NEO that targets an entirely different audience of crypto enthusiasts. The blockchain is often referred to as the “Chinese Ethereum” because of its certain similarities with Ethereum. For example, the use of Onchain technology by Neo, which was first created and popularized by Ethereum. The NEO project, unlike others, mainly focuses on executing smart contracts on the NEO blockchain, making the crypto coin unique.
What is NEO?
NEO is a popular China-based open-source blockchain project founded in 2014 by Da HongFei and Erik Zhang. The platform, formerly known as Antshares, was rebranded as NEO in 2017. The NEO network’s native cryptocurrency focuses on creating a “smart economy” that harnesses the smart contracts’ potential to distribute digital assets effectively. Theoretically, NEO describes its Smart Economy System as “Digital Assets + Digital Identity + Smart Contract = Smart Economy.”
Aspects where NEO is different from others
The Onchain technology of NEO, designed to be regulator-friendly having a centralized approach, sets NEO apart from most other leading cryptocurrencies. In terms of market capitalization, NEO ranks 20th in the list of leading cryptocurrencies like Bitcoin and Ethereum. Some of the aspects that sets NEO apart from others are:
- Futureproof: The Neo blockchain constantly tries to widen its community of developers, who will help the network to create a new infrastructure for the ecosystem, with advanced features and lower barriers to entry. The development team behind the Neo project operates an “EcoBoost initiative,” designed to encourage users to build smart contracts, decentralized apps, and smart contracts on its blockchain. This ensures that the project is futureproofed and can combat the sudden demand surges. Neo 3.0 has already been launched to enhance the network security allowing it to process multiple transactions per second.
- Multiple Native Tokens: Unlike other blockchain networks with only one native token, the Neo network has 2 native tokens: NEO and GAS. NEO is an investment token that enables users to vote for the blockchain network’s improvement; the more NEO tokens a user holds, the more voting rights they can exercise. On the other hand, GAS tokens are used to pay the transaction fees on the network.
- Unique Development Fund: Neo runs a unique development fund, named the “EcoBoost initiative”. The initiative was launched in 2019 to provide full life-cycle support for high-potential projects, including technical support, grants, and social media promotions.
The Neo Technology
The NEO coin mainly utilizes the Smart Contract technology. Smart contracts allow the execution of transactions among different parties in the blockchain network without the governance of a central body or legal system. The smart contract execution creates a programming code of the network, facilitating transparency, traceability, and irreversibility of transactions.
To provide its users with a more accessible approach to blockchain technology, Neo paired with Onchain, an independent Chinese technology company that focuses on solving the regulatory issues on various blockchain networks. NEO coin and Onchain’s partnership will make blockchain more approachable for users; Neo providing a semi-centralized and safe platform for users to trade their assets, while Onchain focusing on making the blockchain technology approachable.
Experts’ views on Neo
According to experts like Mark Cagney, the Co-Founder at SoFi (Social Finance, Inc.), and angel investor Brian Evans, NEO has a bright future. They both think that NEO has a huge potential to replace the mainstream crypto Bitcoin with its innovative use of blockchain technology. You can visit Cryptonewsz.com to get more views on NEO cryptocurrency.
Future of Neo (NEO)
Due to the cryptocurrencies’ volatile nature, it is not always possible to predict their future prices. However, experts believe that 2021 will be a good year for NEO investments. According to the NEO forecast, the NEO price might be around $18.86 to $24.14 during May 2021, and will spike in the range of $23.98 to $30.69 by the year-end.
Thus, Neo is a rapidly growing blockchain ecosystem aiming to become the foundation of the next-gen internet system facilitating a new economy bringing digitized payments, identities, and assets under one specified unit.