In the current situation of the market where the bull is running loose, a lot of people are getting attracted to cryptocurrencies. They are looking to invest more in coins which are ranked under the top 10 on CoinMarketCap. Big institutional firms and companies are benefitting from the market’s uphill trend due to their early investments. In these circumstances, many traders and investors have their eyes set on NEO. Its ecosystem is currently expanding and it’s been predicted to reach a new peak if the bullish trend continues. In this article, we shall discuss more NEO, its technology and features to ascertain whether you should HODL or not.
About ‘Onchain’- The Company behind NEO
OnChain is the company established by NEO’s founders Da HongFei and Erik Zhang in 2014. The reason why we must understand OnChain is that NEO’s functionality cannot be explained without understanding OnChain. Although, both companies are different but have similar interests that resulted in a partnership between the two. OnChain’s system is known as Decentralised Network Architecture or simply, D.N.A. the company aims to work with Chinese government and businesses that would act as major NEO adoption. OnChain develops public as well as private blockchain suitable for businesses and these blockchains link up to NEO to join decentralized economy. OnChain recently developed the ICO Ontology. The experience of OnChain and its motive to bring blockchain to business is a huge component of NEO’s potential.
Unique Features of NEO:
NEO is a second generation blockchain platform which has been every investor’s attention for the past two years and dubbed as ‘Chinese Ethereum’ but there’s much to know about the features of NEO formerly known as ‘Antshares’. When it was launched in 2016, the project focussed on digital assets and it couldn’t make its presence for the first 9 months. But after a major announcement of working together with the Chinese government and its rebranding to ‘NEO’ this project made everyone’s head turn.
Some of its notable features are as follows:
- NEO’s Flexible Development Environment
- Delegated Byzantine Fault Tolerance Algorithm
All blockchain platforms rely on consensus to prove the validity of each transaction. Some follow Proof-of-Work methods while others apply another method called ‘Proof-of-Stake’. The main difference between the two methods is that the latter requires less energy than the former and it’s more eco-friendly. But NEO uses a different consensus method which is called ‘Delegated Byzantine Fault Tolerance’ or dBFT. The major advantage of this method is that it prevents the system from splitting and doesn’t allow forks. Which means there’s no chance of NEO’s platform ever being dragged into a controversial and unstable fork.
- Notable Transaction Speed
Both crypto giants, Bitcoin and Ethereum have an extremely low transaction speed which is expensive too. But NEO can handle up to 10,000 transactions per second. The NEO platform was designed in such a way that it can handle mainstream apps and its better equipped for future.
- Quantum Secure
We say NEO is ready for the future of technology because it has a quantum computer proof feature that makes it secure from future of quantum computers. As technology advances, quantum computers are close to being operational and means that nearly all cryptocurrency will be vulnerable because a quantum computer is able to break the cryptography easily. Hence, many blockchain platforms are trying to become quantum resilient. But NEO already has quantum resistant cryptography.
- Suitable Platform for ICOs
NEO is constantly advancing as a suitable platform for ICOs by allowing projects to launch their tokens on its platform. Just as Ethereum has ERC-20, NEO’s platform has an equivalent token standard called NEP-5. Some projects are choosing NEO for its functionalities and ease and there are lot more ICOs to be up and running during 2018 due to the NEX ICO smart contract template.
All about NEO Trading:
NEO is well positioned on all big-shot cryptocurrency exchanges. It can be purchased from the following exchanges:
And many more. However, it’s not currently possible to buy NEO directly with U.S dollars. Investors who want to trade NEO must buy Bitcoin/Ethereum from an exchange that deals in U.S dollars such as Coinbase, GDAX, and Changelly. Then a trader can easily buy NEO from any of the exchanges mentioned above.
- Current Market position
At the time of writing, NEO was ranked as 10th best cryptocurrency with a positive indication of 6.94% which guarantees that the price point $69.49 will rise even more. It has a total market cap of $4.5 Billion and within the last 24-hrs around $127 Million NEO has exchanged hands. Luckily, there are no radical changes in the crypto market and despite the recent market trend; NEO is set to rise above $75 in no time.
Bitcoin has finally made a comeback from its lowest price point in Q1 and is currently placed above $8100. But there’s no telling whether bulls will remain in command. Although there are huge capabilities in NEO’s project and OnChain is set to reach milestones in the near future, cryptocurrency markets are still volatile and forever unstable. Considering the present state of cryptocurrencies all over the world, we can conclude that NEO is worth HODLing this year.
We will be updating our subscribers as soon as we know more. For the latest updates on NEO, sign up for our free newsletter!
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.
Image courtesy of DVIDSHUB via Flickr
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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