NEO (NEO) current price is $9.148 with a marketcap of $594.62 M. Its price is -1.39% down in last 24 hours.
- NEO (NEO)
- Live Price $9.148
24h % -1.39%
- Market Cap$594.62 M
- Volume$213.06 M
- Available Supply65.00 M NEO
More Info About Coin
The NEO cryptocurrency was formerly known as Antshares, which is really a good decision to change its name since any cryptocurrency seeking to make a major impact in dethroning Bitcoin needs to have a name that commands respect.
That said, Antshares may have been a good name in Chinese, since that is where the coin originated. NEO is yet another attempt to replace Ethereum as the runner up to Bitcoin. One step at a time, as it is said.
Because of this strategy to move ahead of Ethereum, NEO has been labeled the Ethereum Killer or Chinese Ethereum, which tells us a lot about its functionality. It uses the same decentralized server approach as Ethereum and applies the smart contract approach in handing transactions.
But as expected, it attempts to improve on the Ethereum model by improving on Ethereum’s perceived weaknesses.
“For the Smart Economy”
This is NEO’s mantra, that its newly designed open-source model will act as the front line protection for the upcoming smart economy. That smart economy is defined as the sum of a digital asset, plus a digital identity, both which are contained in a smart contract. Here are each of these terms discussed in additional detail.
Digital Asset – A digital asset will be created by converting a traditional asset into a digital one through the use of a smart contract. Once converted into a digital asset it will be able to be decentralized and given a digital certificate on the blockchain, with the intention of creating trust.
The digital certification will legally protect the transaction, giving confidence to all parties involved in the transaction.
Digital Identity – This is a key part of the smart economy model, as the digital identity of any person or entity will require the use of multifactor authentication system to ensure privacy and security.
Some possible technologies are fingerprint and voice recognition systems, facial recognition, and SMS messaging, all which have established themselves as viable security technologies. The NEO cryptocurrency will be responsible for gathering the identity data and storing it in an electronic format.
The Smart Contract – Up to now, most of the technology is standard Ethereum faire, but here is where NEO attempts to improve on the base model. The developers have created a Universal Lightweight Virtual Machine known as NeoVM that allows programmers to develop in a number of other programming languages, including C# and Java.
More robust applications and tools will be able to be developed with this added flexibility that will directly impact the progression of NEO. The NeoVM increases the certainty, concurrency, and scalability for all newly created smart contracts.
The NEO Coin
Currently there are about 50 million NEO tokens in circulation, and the cryptocurrency has a hard cap of 100 million tokens. In an effort to improve upon the Ethereum model, the lowest denomination of a coin is the value of 1. As a matter of currency history, the countries that proportionately divide their lowest currencies incrementally (to halves, quarters, tenths, etc.) are countries where the value of the currency is devalued as a result of a failing economy. NEO apparently has discovered this economic reality and wants to establish a solid base for its cryptocurrency.
One of the first hurdles for NEO to ascend is the fact of its country of origin – China. Last September the Chinese government announced it would start reining in the cryptocurrency markets by banning any new Initial Coin Offering (ICO).
This is seen by some as the first step in increased regulation of cryptocurrencies in the country. Banks and other financial institutions have been warned not to engage in financial activities dealing in cryptocurrency of any kind.
After a closer look at the “Smart Economy” it is not clear that the modified features it advances are enough for investors to steer away from Ethereum.
The Digital Identity feature makes use of the more recent proven technologies to provide a more secure transaction environment, but the “new” Smart Contract with its more flexible development platform does not seem to have the necessary allure to attract more investors. The onus of proving this technology is a reason to adopt NEO is clearly on future developers.
Finally, setting the NEO token at a minimum, indivisible value of one can be said to be an attractive strategy. Beyond the aforementioned history behind the idea, it has the potential to attract the more serious cryptocurrency investors. The recent news has many investors excited about NEO, in part because it has begun to make a move back towards its late January high of $161.98 The most recent price is $21.07.
The general consensus is that NEO continues to underperform despite a recent increase in global purchases of cryptocurrencies. The Chinese government does not appear to be relenting on its crackdown of ICOs and the cryptocurrency market in general. Unless this changes, the critical part of NEO’s success, developers, will shy away from it and investors will follow suit.
Pros & Cons
|Having corporate collaboration as well as governmental collaboration||It won't go far without adoption|
|Strong development by the smart contract format||Mostly popular in China|
|NEO holders will get rewards in GAS proportionate to number of NEO tokens they hold||High competition|
|NEO is a flexible project in the global financial market|
BCrypto Investment Tip
NEO is setting itself up to be one of the top blockchains in the entire crypto-space by 2020, and it has the team to pull it off. With a strong community, excellent technology, intelligent leadership, as well as dapps that are poised for mainstream adoption, NEO’s price is ready to soar. If you're looking to invest in NEO with a long term approach you will recieve a monthly passive income for holding the NEO token in the form of GAS token.