The blockchain revolution, as many have dubbed it, shows no signs of slowing down. While Bitcoin’s slow adoption may have been the catalyst that made the world comfortable with the new means of credit, and Ethereum, Ripple and other altcoins have been showing the world what blockchain can be used for, it’s still difficult to grab a foothold in the industry. That’s why NEO hs branched out and created two new tokens, pegged to existing values, that are more compatible working with smart contracts. This not only shows how blockchain can be properly utilized but how versatile and adaptive blockchain firms are in order to show users they are willing to listen.
Token Additions Show Power of Smart Contracts
The latest report from NEO Global Development (NGD) shows the new developments to the platform, which is a promising sign for those involved with blockchain or those wanting to invest in cryptocurrency. The new tokens added to the NEO platform are CNEO and CGAS. What’s most striking about the additions is that the C stands for contract, which shows a move towards smart contracts. Smart contracts use the decentralized ledger of blockchain in order to turn the contracts into computerized code and have them monitored by the same computer systems that monitor the security of blockchain transactions. Smart contracts remove the need for a middleman when doing any transaction as blockchain cryptocurrency such as Bitcoin (BTC), Ethereum (ETH), Stellar Lumens (XLM), Ripple (XRP) is used, which helps protect both buyer and seller involved in the exchange.
Tokens Are Pegged to Existing NEO and GAS
The new tokens are pegged in value to NEO and GAS. Following altcoin losses earlier in the year, both “Chinese Ethereum” NEO and GAS have seen steady increases lately. Tying the smart contract facilities to cryptocurrency with such a high bounce back ability provides some comfort for potential investors. The contracts can be exchanged for the altcoins at the rates of the market. NEO is a dApp function as opposed to being merely a cryptocurrency value. This means that CNEO and CGAS needed to be created – and pegged to existing crypto in order to give credibility to show up on exchanges – in order to be used for the smart functionality. The blockchain hasn’t been altered, so the new altcoins are additions to the current platform rather than upgrades. But that begs the question, what is next for the NEO platform?
What’s Next for the NEO Platform?
NGD has already onboarded more staff and begun moves to expand its services and offering in light of what the new altcoins can do. The NEO ecosystem is growing and by creating the smart contract offering, shows that they are prepared to do what they can for the users of the network and to show they anticipate what users may want. What the NEO team have done is to make their own smart contracts more user-friendly to the wider blockchain world, which works to show how credible they are in the blockchain ecosystem and how they plan to continue to disrupt proceedings. The move to locate more staff and expand its talent pool can be seen as a direct hit back against those critics that have regarded the platform as tagnant. Investors can watch and wait to see where the value of what NEO has to offer may go, and potentially embark on the smart contracts as we head into 2019.
What Does the Future Hold for Blockchain?
The most obvious movement for 2019 for blockchain is more widespread adoption of even just Bitcoin. Once major retailers have normalized blockchain payments – as they did with contactless – then not only will the price rise and investors feel more comfortable with the removal of the “volatility” tag, but the general public will give added credibility. The smart contract system is definitely a strong use of blockchain and one that moves on from just being an alternate way of transferring funds globally and avoiding unnecessary fees. The added security of smart contracts could give an added layer of encryption for multiple applications, and as some platforms have already shown, blockchain’s unique nature could be used as a selling point itself. Whatever the future holds for blockchain, NEO’s willingness to listen to users shows that they are prepared to learn from the people who actually use the platforms.
The addition of the altcoins to the NEO system is a move towards the versatility of what blockchain is. It may be tied to methods of payment, but the additional benefits of smart contracts which form the basis of CNEO and CGAS mean that blockchain globally is moving away from the constraints that may have held it back. Investors should definitely be watching and waiting to see where the development for the NEO platform take it – and to what extent this may encourage greater adoption worldwide.
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