NEO is a project that most of you are probably familiar with by this point, and it is often referred to as the ‘Chinese Ethereum.’ This is a fair high-level comparison, but NEO operates utilizing the Delegated Byzantine Fault Tolerance (DBFT) algorithm - which is a consensus mechanism (as opposed to proof of work/stake) that allows distributed systems to operate effectively and efficiently in the event of a failed component. NEO has traded as high as $180 USD in early 2018, but has since slumped heavily. It now trades around $68 USD on Binance today and has really lagged behind the recent market rally of coins like Bitcoin and Ethereum. There are many reasons that outlook remains bullish on NEO, and below we’ll go through a few:
Adoption - The NEO platform already has 19 projects deployed and running, these are issued in NEP5 format and offer advantages to the ERC20 format of Ethereum. Some NEP5 tokens include Ontology, RedPulse, KuCoin, and DeepBrainChain. They have one of the largest crypto Reddit communities(r/NEO) at over 90,000 subscribers.
Partnerships - The NEO team has announced they are working with the Chinese Government Authorities around integrating real-world assets and smart contracts. NEO is also a part of the G3 alliance, alongside Bitmain(largest Bitcoin mining pool in China) and Elastos (decentralized internet project).
Ecosystem - NEO is positioning itself on a larger scale to become the public cloud of China, offering a full suite of tools such as NeoX (cross-chain contract execution), NeoFS (decentralized storage), and NeoQ (quantum-resistant cryptography).
Leadership - Da Hongfei is a tremendously established and well-respected crypto leader in the world! Check out Coin Central’s spotlight bio to learn more about him.
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