The major cryptocurrency projects such as Ethereum, XRP and EOS have taken the limelight in recent weeks, but NEO is happening a lot, which deserves a closer look.
NEO Global Development (NGD) has just published its monthly report that highlights new developments and updates to the platform. The most interesting of these is the addition of two new CNEO and CGAS tokens to its blockchain. The letter C stands for a contract which implies that tokens will be used specifically for smart contracts.
Both new tokens are anchored respectively to NEO and GAS and can be exchanged at market prices. The NEO ecosystem has often been referred to as the "Chinese Ethereum" because it is also a dApp platform rather than a simple currency or value reserve. According to the blog post, a growing number of dApps on the platform has led to the need for a more diverse set of resource types.
"In response to requests from the community, NGD developed CNEO and CGAS, two contractual assets that mapped NEO and GAS, two global assets, to NEP-5 smart contractual equivalents."
The two existing tokens, NEO and GAS, can not be easily used by smart contracts, so the need to convert them into NEP-5 equivalents has emerged. Custom tokens often fail to gain recognition in the larger cryptographic community or fail to be listed in exchanges, which is why the team has anchored them to existing digital resources;
"Whenever a project issues an NEP-5 token for that contract, the community may not recognize its token or exchanges are not willing to list it for circulation. As such, it is expensive for the project. recommended to the NGD team to release a NEP-5 asset anchored to NEO / GAS. "
The two new tokens serve as an addition to the platform rather than an update since the blockchain has not been altered. The update to the platform has arrived in the main version of NEO and NEO-CLI 2.9.0. in the month of September. Many additional features have been included that focus on improving the security, stability and flexibility of NEO nodes. NEO 3.0 is still in the pipeline but is expected to bring many changes to what has been described as "a completely new version".
NGD has been busy organizing multiple events and recruiting more staff for its ever-expanding operations. The NEO token itself earned 8% in the last week and is currently trading at $ 18.7 while GAS approached 16% over the same period of time and at the time of writing was trading at $ 5, 90.