NEO is among the top dogs in the world of cryptocurrency. It was created to help developers contracts and decentralized applications (Apps) because it is very much like Ethereum in design. It is usually referred to as the Chinese Ethereum because they share similar objectives. The goal of Ethereum is to create a cheaper and trustworthy internet with cross-border accessibility, while that of NEO’s is to ensure the seamless management of intangible assets by tokenizing them using smart contracts.
As similar as their objective seem, there are perceived differences. One of which includes Ethereum network making itself the focus platform for the creation of smart projects and ICOs. The network gives more authority and control to programmers and developers over the applications they design in an active attempt to create the third version of the internet.
A Smart Economy
In a bid to up it game, NEO seems to be preparing for what the future holds. Its core objective of bringing about a smart economy will be achieved by digitizing both tangible and intangible assets on its blockchain so that they can be traded through smart contracts. The secure proof of ownership value that the blockchain technology offers will be leveraged upon, and the digitized assets can be validated and protected by company.
However, Ethereum can perform this function too through its Ethereum Solidity Syntax, it is aimed at enabling app developers to innovate new ways to utilize the internet other that using smart contracts to digitize assets. The goal of the Chinese Ethereum to create a smart economy is aligned at the government view of centralizing transactions and is particularly contradictory to what the founding father of Ethereum aims to build. company creators understand that government control and regulation of financial instruments and transaction are here to stay and they intend to leverage on this fact.
The Role of Government
The role of government in anything that has mass effect cannot be overemphasized. Everyone knows that the Chinese government has lots of regulation in place to check anything making its way into the country. Such is seen in regulations restricting foreign tech companies to operate in the country without contravening the law. A vivid example is China repeatedly restricting Google to operate in the country, which has now made its own search engine, Baidu – a mammoth in the world of tech. Such is also seen in the world of ecommerce with China’s own ecommerce giant, Alibaba, vanquishing Amazon and becoming a focal point on its own.
The platform make a name for itself by becoming the first government-compliant cryptocurrency by having some form of alliance with a central body, the Chinese government. With NEO, everyone will be assigned a form of digital identity with which government can monitor the blockchain for smart contracts as well as buying and selling activities. This is one of the main differences when compared to Ethereum as Ethereum has no form of collaboration with any central body. With this and many other differences, it shows that the two platforms are not contenders and Ethereums’s huge control of the decentralized applications market and ICO does not affect comapny’s goal of smart economy that is regulated by government.
NEO PRICE SOARS ABOVE $114
Neo’s price is soaring above $114, which is quite impressive, although there have been some dips in the market over a few days. It is, however, projected to reach $120 in a few days; although accurate predictions might be difficult to make because the volatility of the market is currently at an extreme.
With $288.3 million in 24-hour trading volume, the currency is doing pretty fine, although this trading volume is nothing to write home about when compared to top cryptocurrencis like bitcoin. Its trading volume is increasing although it has yet to hit the billion dollar point.