NEO (NEO) currently trades for $113 a piece and, at that price, commands a market capitalization of a little over $7.34 billion. Just as with the wider cryptocurrency market, this one was subject to a considerable weakening over the last six weeks or so, but, unlike many of its peers, NEO has staged something of a strong and sustained recovery subsequent to the decline.
Specifically, and as mentioned, NEO now goes for $113 apiece, which is down around 30% of highest but marks a 36% recovery from lows and to be trading less than one third off high is more than many of the bigger coins in the space can say.
We think there’s plenty more to come, however, and that the latest one is indicative of our bull thesis for the coin.
Here is what we are looking at.
For anybody unfamiliar with this one, NEO is very similar in concept to Ethereum (ETH). It’s designed as a platform on which third parties can build decentralized applications and the associated cryptocurrency, NEO, is tied to the platform in that the accused as a sort of gas payment asset in order to support the decentralized applications built on top of it.
So why do we think this one has a chance when Ethereum already dominates the decentralized applications space?
Well, this week, the company’s founder and CEO, Da Hongfei, took the stage at NEO’s DevCon and outlined a number of initiatives designed to fuel growth going forward both for the platform and the company behind it.
One element of this event, however, struck out for us above all others and it’s on this element that we are resting our long-term bullish thesis for NEO.
What are we talking about?
Well, Ethereum has become incredibly popular because of the wave of ICOs harnessing the technology to raise capital and to build blockchain based companies. Some projects have built on NEO’s blockchain (there’s a list here for anyone interested) but far fewer than the amount that has been built on Ethereum.
Here’s what Hongfei had to say about this:
“The first killer app of blockchain is Decentralized Gold, [so]Bitcoin is the first killer app of blockchain… the second of these, are ICOs and we have to admit, that ICOs have brought many people to this industry–they helped Ethereum to become the second largest cryptocurrency.”
The third killer application group, however, is decentralized exchanges, and, as pointed out by Hongfei, the NEO blockchain is perfect for hosting this sort of technology.
Decentralized exchanges will need the following features:
- Quick transaction times
- Digital identity
- Stable coin for universal pairs
With that list of features in mind, now look at the NEO tech breakdown:
- High TPS 1,000/sec
- Finality: NEO only needs 1 confirmation for transaction approval and distributed consensus
- Interoperability through NeoX
- Digital ID through NeoID/Ontology
- Stable Coin: Alchemist
As illustrated, NEO fits the exchange remit perfectly and we see this as being a major boon for the company and its growth throughout 2018.
in other words, this is an area of the market that has yet to mature because current solutions (we are looking at you, Ethereum) aren’t up to the task. NEO, on the other hand, very much is and can step up where Ethereum fails.
$1,000 by the end of 2018.
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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.
Image courtesy of NEO
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
My Crypto Heroes Announces Issuance of MCH Governance Token
Tokyo, Japan, 24th November, 2020, // ChainWire //
My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH.
My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.
What is MCH Coin?
MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.
Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.
The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:
During December 2020 the first governance…