NEO, the cryptocurrency previously known as AntShares, made news this week when it went from being a top 15 cryptocurrency to a top 10 cryptocurrency by market cap.
The Rise of NEO
NEO is most generally referred to as the “Ethereum of China.” According to the company, however, a more adept description of their project is “China’s public Blockchain.
The value of the token rose from below $10 to over $20 since August 3rd. It’s market cap rose more than $900 million. This platform is similar to Ethereum’s but with a few advantages and a different mission.
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Removing Barriers to Entry
The NEO platform provides a wide range of languages for its compiler, including Python and Go. More importantly, the NEO contract runs through a Virtual Machine and supports commonly used programming languages like C# and Java. This presents a major advantage over Ethereum.
Real World Integration
The projects mission is to create an entire smart economy. Within the platform there are digital assets, smart contracts, and a digital identity for use in real-world applications in the global economy.
The platform is in a spot similar to Ethereum’s in early 2017, both value wise and launch phase wise. Its product is fully operational but does a few things differently. This includes the execution of C# code which attracts more developers and adds flexibility.
As we saw this year with Ethereum, when initial coin offerings (ICOs) launch on a platform the token thats hosting them increases in value substantially. For this reason NEO is also prepared to run ICOs on its platform.
If NEO is able to integrate physical assets and involve the Chinese government its value will grow dramatically.