NEO (NEO): China’s Biggest Cryptocurrency Defies Odds to Survive Crackdown

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One of the fastest growing digital coins has been billed as the world’s valuable and sought after cryptocurrency. NEO (NEO) has defied all odds and surpassed Bitcoin’s meteoric growth despite the Chinese crackdown on virtual currencies. The NEO coin now ranks 12th in the word given the facts that it originates from a country that is on the verge of issuing a ban on new coin offerings.

With a market value of over $12 billion, company is poised to overcome the harsh Chinese crackdown on digital coin speculation. According to the currency founder Da Hongfei, the focus now shifts to making the underlying technology more robust.

NEO, according to the founder was invented to give better services compared to Ethereum.  This is a decentralized ledger where other companies and developers can issue coins and innovatively build smart contract based Apps. At the moment, NEO is run by a small community of investors; they have the power to decide who comes onboard.

According to Da, NEO is far away from the Bitcoin’s libertarian ecosystem and yet to bring onboard thousands of miners; however, plans are at an advanced stage to adopt a similar model in under one year or so. Much of the network is controlled by the core team of co-founders and select staff.

“We are creating a platform where serious people can turn to when they are focused and looking for serious transparent blockchain transactions”, adds Da.

NEO (NEO) came in to being in 2014 at a time when Bitcoin had not captured the interest of many users. It is among the first coins to create hype around cryptocurrency offerings. However, many coins have joined the digital money market raising concerns on regulation. The coin started as Antshares but later changes its brand name to NEO to avoid conflicts with Ant Financial owned by Jack Ma.

Surprisingly, the NEO coin holder’s community makes decisions of who to work with when it comes to mining. By December 2017, the platform had a meager seven nodes running to verify all the network transactions as well as adding more blocks to the entire system.

According to the managing director of the Shanghai based Kapronasia Consultants, Zennon Kapron, smaller teams are the best since they work in their best faith to make the network participants happy. However, he adds that a controlled structure may not be sustainable in the crypto-sphere.

According to Da, NEOs adoption and growth is based on the fact that it is easier to make decision to arrive at a consensus fast. This ensures that there are no conflicts of interest that may lead to hard forks in the future.  Their ledger is able to process over 1,000 transactions per day compared to Bitcoin’s 10 when there is no congestion in their network.

With regulation, Da argues that it is already strict and he does not see more restrictions coming in the near future.NEO (NEO) is ready to adopt stringent controls that will enhance efficiency.  The plan is to turn it into a distributed platform to grow their investor base.


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