NEO, also called the Chinese Ethereum, has gained slightly in its price against the USD 48 hours ago to approximately $28. Like most digital currencies the value of NEO declined on August 1,2018, after the Bitcoin price collapse. The OKEx BTC futures debacle caused losses to a large number of traders. The resulting uncertainty adversely affected the exchange rate of cryptocurrencies against the USD, a fiat currency. However since then, most cryptocurrencies like NEO recovered gradually to their original value. With high growth, NEO usage and prices increased rapidly in 2018.
NEO Blockchain
Originally known as Antshares, the NEO blockchain was developed in China. Unlike most other cryptocurrencies, NEO was pre-mined. So the number of NEO coins available remain fixed at 100 million. Only 65 million NEO coins remain in use. Increasing usage of these coins for digital transactions led to a rise in value. Like Ethereum, NEO incorporates a smart contract feature, making it suitable for online transactions. Compatibility with multiple programming language like C#, Java, F#, VB.net, and Kotlin, makes it more popular with developers worldwide compared to other digital currencies.
Price Predictions
OKEx is a HongKong based cryptocurrency exchange and it suffered losses of $9 million on July 31, 2018 due to the BTC futures loss. As the largest digital currency originating from Asia and China, the price of NEO, also dropped rapidly 7 days ago . However, policy measures implemented at the exchanges preventing similar losses, improved the value of the NEO coin. The likelihood that NEO exceeds $30 against the US dollar remains high. The Chinese government implemented many crackdowns against Bitcoin exchanges. So these crackdowns encourage Chinese users to invest in NEO coin as it more regulator friendly. Historically, the Chinese government encouraged Chinese companies in the internet sector, giving NEO a major advantage in the huge Chinese internet market.
Promotion Of NEO
The founders of NEO coin and blockchain technology ,Erik Zhang and Da Hongfei, continue promoting NEO extensively. Therefore they held an “AMA” (Ask Me Anything) for Reddit on August 3, 2018. The Chinese online TV show, “Chain Show” featured an interview with Erik Zhang. In the interview he predicted large corporations as major blockchain technology users. Additionally, NEO also partnered with Certik to improve its credibility. Certik specializes in verification of smart contracts and blockchain based systems. NEO sponsored the BSL Hackathon in Latin America, offering prizes to NEO based projects. A talk on the NEO smart economy featured in the Cryptocurrency meetup held at Hyderabad in India was another promotional activity.
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