Neo, also termed as the Chinese Ethereum is a smart contracts platform with more emphasis on versatility and less energy consumption. If Ethereum is crude oil, then NEO would be clean energy. This is due to its dedicated bookkeeping nodes. NEO also has support for a lot more programming languages and is a lot faster as well. NEO is fork resistant which means there will always be one variant of NEO around. NEO was rebranded from Antshares in June 2017 and has gained a lot of popularity for being a smart economy platform.
While the unique qualities of NEO (NEO) speak volumes about why NEO currently ranks as the 9th coin in terms of marketcap, it is pertinent to note that this Chinese cryptocurrency has made a lot of powerful friends in the likes of Alibaba and Microsoft. Just recently, NEO announced that the coin can now be used on Alibaba. This is a major breakthrough. Such level of acceptance and adoption for NEO at a time when Ethereum is facing major problems could be a game changer.
NEO also seems more open to compliance with regulations and governmental oversight which explains why it has performed quite well in China. For investors, apart from the increase in token value, holding NEO generates GAS which can be used for NEO transactions or traded on cryptocurrency exchanges. While Ethereum (ETH) might have some competition from Cardano (ADA) and Ethereum Classic (ETC) in its markets, NEO seems to be in full control of a large Chinese market. As NEO partners up with more and more Chinese firms, its influence and dominance increases in the region which could enable it to capture this vast market without any real competition from outside. Companies like Baidu, Tencent, Bitmain and even cryptocurrency projects like Stellar are interested in working with NEO. The cryptocurrency already has Ontology, Onchain and Elastos as partners and continues to attract more with its faster transaction speeds, low energy consumption and more flexibility. NEO is also friendlier for deployment of ICOs than Ethereum. Its NEP5 standard is far more flexible than Ethereum’s ERC20 standard.
Growing interest in NEO led to a price rise from $17 around September 2017 to a high of $200 in early January 2018, an 11x price growth. Investor interest in NEO is growing and the coin could register higher gains by the end of this year. NEO has not had an outburst of massive bull runs like other coins. In fact, it has been more reserved and stable for the most part. This stability was proven when NEO held its ground and even recorded some gains while Bitcoin was falling and taking the whole market down with it. Right now, NEO is determined to do everything it can to make it the number one Chinese coin for all sorts of uses from industrial applications to healthcare. NEO was voted as one of KPMG’s top 50 fintech companies in China. Their collaboration with regional tech giants like Microsoft China is on the rise as they prepare to work closely with the government and financial institutions for mass adoption and acceptance.