A Mixed Week for NEO

At a time when Cryptocurrency adoption is increasing at a surprising rate, the China Information Industry Development Centre announced yesterday that they had released the second batch of their state-endorsed cryptocurrency ratings, with the likes of EOS, Steem, Lisk and more importantly NEO getting featured. As the ranking system takes into account various factors based on technology, application, and innovation, getting featured in such an index is a great step forward for NEO, as far as adoption is concerned.

However, this is not the only piece of news that involves NEO in the past week. It was also revealed that Kucoin, one of the major exchanges in Asia, had removed eight NEO pairs along with other KCS and USDT trading pairs.  Among the currencies that had their NEO pairs removed, mention can be made of Ontology (ONT), Litecoin (LTC), Zeepin (ZPT), Aphelion (APH), Oyster Pearl (PRL), DeepBrain Chain (DBC), Red Pulse (RPX), and QLC Chain (QLC). It remains to be seen how NEO’s price reacts to the current market sentiments after these latest developments materialize.

1. NEO Gets Featured on Public Chain Evaluation: As mentioned earlier, the CCID institute of Blockchain research, which falls under the jurisdiction of China’s Ministry of Industry and Information Technology, had recently featured NEO after their second round of evaluations were conducted. The list titled “The Global Public Blockchain Technology Assessment Index” ranks cryptocurrencies on the basis of three main factors, which include technology, applications, and innovation. The list aims at creating a comprehensive and independent assessment rating for all cryptocurrencies/blockchain projects for the Chinese public. Neo has been considered before when the CCID report for May placed it at rank 4 among the 28 blockchain related projects, firmly placing it behind the likes of Ethereum, Steem, and Lisk. However, this time around Neo was placed 3^rd among a list of 30 Cryptocurrency projects in the June report.  With only Ethereum and EOS ranked before it, NEO also scored the highest rating in the applications category. As far as cryptocurrency adoption is concerned, this addition will only further validate the legitimacy of NEO as a major Cryptocurrency especially in the Asian region.
2. Removal of Trading pairs From KuCoin: On June 21^st it was announced that Kucoin, a large cryptocurrency exchange had taken the decision to remove certain NEO pairs from several cryptocurrencies, including Ontology, Litecoin, and Red pulse. According to the notice released by Kucoin on June 22^nd, “KuCoin is dedicated to creating a healthy exchange ecosystem by investigating high-quality projects and utilizing resources to better serve our users. We have been closely monitoring and analyzing all the trading pairs on KuCoin. Based on the comprehensive assessment, KuCoin will remove the following trading pairs”.
   It is believed that the decision was made after the exchange analyzed all the trading pairs and their performances, with the aim of allocating resources for delivering a better user experience.
3. NEO Name Service Project: According to a medium post released by NewEconoLabs, a new project called the NEO Name Service Project was unveiled. The fruition of this project would allow users to create .neo top-level domain names or TLDs to replace the existing script hashes and wallet addresses. This is a welcome move for the NEO community, as the shortcomings of Neo addresses become more apparent as adoption grows.

Current Market scenario for NEO

NEO has always put a heavy emphasis on smart contracts to build what they call “a smart economy”. Since being introduced in 2014, NEO’s value has grown by leaps and bounds, as awareness around smart contract uses increases around the world. At the time of writing (25/06), NEO is valued at $31.70 USD placing it in Rank 12. Analysts have forecasted that Neo should reach around $ 355 by the end of the current calendar year.

Final Thoughts

While the awareness of crypto-assets is on the rise and the thrust on digitizing assets increases at a rapid rate, projects like NEO have immense potential in the near future. As the traction of the Neo platform increases day by day, the price of the token will also simultaneously increase. Furthermore, Neo’s strength lies in the scalability of its platform which in turn has attracted quite a number of large investors in recent times. Even institutional investors are starting to hop on board, as NEO Announces more integration, partnerships, and other technological updates.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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