NEO came into prominence in 2017 and according to eToro, in terms of market capitalization, the coin had hit a peak of $187.41 on 15th January 2018. NEO is often considered to be the pioneering Chinese cryptocurrency that made it to the mainstream. Currently, according to coinmarketcap.com, NEO is positioned at number 11. The price of NEO at the time of writing shows approximately $64.00 USD while the market cap is approximately $4,160,110,500 USD. The volume (24h) is nearly $111,618,000 USD. (As of 14th May 2018) The current price action may not be enough to convince someone to invest in NEO now but the 11th rank should say that being one of the top-ranking cryptocurrencies it is worth investing in.
Unlike most of the cryptocurrencies, the NEO blockchain is not decentralized and thus can never be forked. Da Hongfei, the creator of NEO developed the platform by maintaining the Chinese cryptocurrency regulations. Its coding methodology allows the network to be upgraded and changed without going through the user consensus process. According to the official website of NEO, “NEO is a non-profit, community-based blockchain project that utilizes blockchain technology and digital identity to digitize assets, to automate the management of digital assets using smart contracts, and to realize a ‘smart economy’ with a distributed network.”
According to the monthly report of April published by the NEO development team, New Economy Labs (NEL), the team had completed the address details page, NEP-5 details page, and the UTXO paging. The web wallet of NEL had also undergone some changes for holding NEO assets. Another development is that the NEODUN hardware wallet firmware interface and the main flow functions have been completed. The users will be able to import private keys through secure channels.
Improvements in Switcheo, the first decentralized cryptocurrency exchange on NEO
According to the company figures, within the first week of launching Switcheo, the trading volume went above $2 million. In fact, the exchange has moved to the top 5 Decentralized Exchange (DEX) after Ethfinex, Idea, and Cobinhood. In late April, it also made to coinmarketcap.com exchange list. Other than the ERX20 tokens, the users of Switcheo platform can conduct transactions with 20 NEP-5 tokens. It includes NEO, Switcheo Token (SWH), GAS, TheKey (TKY), Bridge Protocol (IAM), Red Pulse (RPX), DeepBrainChain (DBC), and Trinity (TNC).
Version 2 of the Switcheo Public Beta exchange can be accessed on the NEO TestNet now. The users need to have a wallet for testing purposes that can be created with NEOTracker or Neon Wallet in order to use the platform. After creating the wallet, the users can go to the Beta exchange and then switch from MainNet to TestNet. They will receive TestNet tokens for testing purposes.
According to an announcement of Switcheo, an ETA for the MainNet is slated for release on 18th May 2018. Additional token listings are also expected to be released on the exchange on that day. Switcheo is expected to freeze trading just before the release of the second MainNet. However, the users will be able to withdraw standing offers and tokens and shift them on the new smart contract. One can expect more announcements regarding this so that the users do not suffer from interruptions while trading. Presently, Switcheo has collaborated in two airdrop campaigns- Travala.com and SpotCoin. According to the team, Switcheo will focus on improving mobile user experience and performing tests on the new trading system in the next few weeks.
Investments in NEO will add variety to the trader/investor’s portfolio as the NEO platform can act differently from other major crypto coins. The features of NEO show real-world application of the blockchain technology. It should also be considered that the NEO blockchain had been designed to work in tandem with the regulations of China (considering the ban related to the cryptocurrencies in China last year). As China had heavily acted on Bitcoin and the cryptocurrency exchanges, NEO- a cryptocurrency following the Chinese regulations may become a good option for traders who had shied away since the ban.
Today (14th May 2018), NEO and São Paulo Digital Business Exchange (BOMESP) will take part in a community meetup in São Paulo, Brazil. Currently, BOMESP is running on the Ethereum platform but there are some commonalities with NEO. The aim of the meetup is to develop a distributed economy through tokenization. It remains to be seen what the discussions in the community meetup will lead to and how it will affect the journey of NEO.
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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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TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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