NEO, or the Chinese Ethereum, is a coin that many investors and developers have their eyes on. NEO is considered the Chinese Ethereum because its “ first decentralized, open-source cryptocurrency and blockchain platform launched in China.” With it moving up as the ninth largest market cap with $9,871,550,000, it has a circulating supply of 65,000,000 and has a total supply of 100,000,000. As of January 18th, it has a value of 151.72.
Many developers and investors have bought into the coin because of the potential the coin carries. The goal of NEO is to use a combination of digital assets, digital identity, and smart contracts to create a smart economy. The idea of digital assets, identities and contracts are to take data and digitize it. Digital assets is an idea of protecting the assets one has possession of. Through smart contracts, a record of possession can be recorded and added to the blockchain allowing for decentralization of the asset. NEO wants to do this by taking assets and turn them digital. Digital identity is an idea of taking your personal information from passports to medical records all onto the NEO blockchain, so it’s all in the same location. This allows for a person to easily retrieve the data, through a various different ways like facial recognition, fingerprints, voice recognition, and SMS, in the same place. There is no confusion of misplacing data and information. The creation of digital assets and digital identities are done by smart contracts.
In 2018, NEO is going to have a good year. NEO is an underrated cryptocurrency that has a good team of developers being the coin. 2018 should be a good year for the top 10 coin because there are already a number of ICO’s ready to launch in China using the coin’s platform technology. Neo also uses POS (Proof of stake technology and when a coin is staked it produces the underlying GAS coin which powers the blockchains. GAS has also been doing incredibly well in the markets with a lot of upward momentum at the end of 2017 and early 2018. You can look at GAS as sort of a dividend or reward from staking the coins and verifying transactions on the NEO blockchain. NEO Hit a high of around $160 and has recently pulled back to the $120 region. We could very well see NEO follow a similar trajectory of Ethereum because of the similarities of the platform and smart contract capabilities.