NEO is an open source cryptocurrency developed by Onchan. It is one of the more limited cryptocurrencies that encourage smart contracts. Hence, many people refer to it as Chinese Ethereum.
NEO is Breaking out, what does That Mean for China?
Its development is dated back to 2014, a year before the well-known Ethereum was announced. NEO is technologically important than Ethereum, and like Ethereum too, it enjoys lots of government and strong corporate supports.
NEO has great potentials, and it is no surprise that it makes use of security and integrity of the blockchain to achieve safe and fair trading of real world assets through smart contracts. Neo wants to bridge the gap between real-world assets with the use of blockchain.
NEO as a cryptocurrency has been at the front line to build digital currency platform where real-world trade can be carried out fairly and securely because it has always been emphasizing collaboration with central authorities. The good news is Chinese government has endorsed its usage which is crucial for startup companies in China to grow.
It is no news again that Chinese government has always been in support of its homegrown companies and technologies, NEO being a Chinese cryptocurrency is no different. There are many concerns as to the vulnerability of Bitcoin to quantum computing. However, NEO tends to have solved this problem of security.
It is very easy to use most popular programming languages to program NEO’s smart contracts; This drastically lowers the learning curve to use smart contracts and consequently, drive developer adoption.
NEO has implemented sharding and concurrency to address its scaling issues. NEO is a step further ahead and has implemented this technology perfectly. This month, the rebranded version of Antshares called NEO broke into the top 10 on Coin Market Cap. Though, this coin has been in existence since 2014. As a result of this, many people across the globe now are talking about NEO.
NEO’S RISE IN CHINA
The questions now are, how exactly did it shoot itself to that spot and what does it mean to the Chinese? NEO currently has a market cap of about $182,627,000 just below the Ethereum Classic on the Coin Market Cap list.
It was noted earlier this month that NEO was much lower on the list and some days after, the buying spiked dramatically, thereby causing the price to reach $8 to $19. That means NEO more than doubled its previous price in a week.
This development will help companies in China to increase their efficiency in their spaces; it can also be used to build massive research database at major Chinese Company like Red Pulse. NEO has resonating effects on hundreds of industries because of its applications from e-commerce to research.
NEO’s intent of launching a seed program in the next coming months will avail the Chinese developers to use NEO when developing their technologies. This has made it gain more support, mainstream acceptance, and more traction within the global digital currency community.