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The Recent Global Developments of NEO: What Future Awaits for This Coin and Its Holders

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NEO

When NEO was first introduced about two years ago, it didn’t have much luck in the competition against the big guns like Bitcoin or Ethereum. The market capitalization of both of these coins adumbrated the advantageous features of this coin. However, when Bitcoin and Ethereum started to exhibit their flaws in the form instability, lack of scalability and in some cases security, investors around the world started to look beyond these two while taking interest in slightly unfamiliar coins at the same time. Right in the beginning of this year, Bitcoin’s price plummeted drastically leading to a massive upheaval in the entire market. NEO, on the other hand, took full advantage of this situation and acquired the trust of a significant number of crypto-traders eventually gaining a formidable position on Coinmarketcap.

NEO is designed to provide a highly scalable network of various decentralized applications (DApps) to traders which is a significant advantage over Bitcoin’s slow transaction process. Also, unlike many other coins, NEO development team posts updates on a monthly basis to make their users conversant with the latest upgrades in the blockchain system. On 6th June of this year, the major NEO developments occurred in May were published. Here, a few of those updates would be discussed along with their probable impact on NEO’s future by the end of this year.

Technical Updates:

As far as the technical updates are concerned, NEO published an updated version of their roadmap where each of the technical developments that are about to occur in the next quarter of this year is unequivocally mentioned. According to this R&D roadmap, the Q3 of this year which would cover the months of July, August, and September, would undergo various upgrades including NeoFS research updates, NEP-8 stack isolation of NeoVM, joint development sprints of NGD and CoZ, NEP-9 URI scheme. The developments during the last quarter of this year would majorly include NEP-10 composite smart contracts along with initial tests of NeoX. This currency is currently on its Q2 phase NeoQS research update in progress.

As far as the decentralization property is concerned, the NEO development team has mentioned completing the API for acquiring nominee data and the frame for nominee application site. These two are likely to be launched and open sourced by the end of this month.

Community Updates and Partnerships in May:

On the 14th of May, NEO engaged in a strategic partnership with Ontology Foundation (ONT), another efficient cryptocurrency that was recently tokenized. Both of these tokens announced a MoU on technology as well as strategy integration. The purpose of the MoU is to allow NEO DApps to create a bridge between the blockchains with and without permission. The obvious results of this partnership would include:

  • Jointly running NeoVM to allow cross-chain invocations and transfer. This way, smart contracts on NEO ecosystem would be able to invoke smart contracts on Ontology and vice versa.
  • Jointly supporting the NeoX protocol and
  • Sharing APIs and SDKs

The NEO global community also went to South America during the previous month in order to extend their reach to more potential investors.

Updates in June:

The monthly report for May was released on the 6th of June. NEO has gone through several notable updates after that as well. Some of them include:

  • Release of Version 1.3.1: NEO Ledger Application version 1.3.1 became available on the Ledger Manager of Switcheo on the 8th of June. As a result, now users would be able to upgrade their ledger app and trade directly from the Ledger Nano S on the Switcheo Exchange. Switcheo also announced the launch of an upgraded version 2 shortly.
  • Partnership with Blockchaingamer: On June 13th, Blockchaingamer became the media partner of NEO blockchain ecosystem. As the online gaming industry is currently at large across the world, this partnership is likely to boost NEO’s popularity among the investors.

Current Scenario of NEO:

NEO currently holds the 11th position on Coinmarketcap with a price nearly equivalent to nearly $40 and a market capitalization of circa $2.6 billion (as of June 14th, 2018). Although the recent price trends do not exhibit any upsurge in price, the updates and partnerships mentioned above are likely to change this trend.

Final Thoughts:

Crypto-traders are well aware of the capricious nature of the market by now. So it is quite impossible to accurately predict a coin’s future. However, new technical developments and partnerships are always likely to create new opportunities and attract new potential investors. According to some speculators, this coin has even the potential to outperform Ethereum by the end of this year. Hence, the recent developments of NEO should make a positive impact on this coin’s future.

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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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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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…

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