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What is the future of NEO coins?

Of& nbspPrashant Jha

The NEO coins, also known as Chinese Ethereum, and for good reason, have shown their potential by entering the Top 10 of the Cryptocurrency clubs.

NEO is not just a digital resource, but much more, just as Ethereum acts as a platform for other new entrants and helps them create decentralized application and smart contracts, two big things in Blockchain technology.

The future of NEO or other cryptocurrencies is not easy to predict, given the highly volatile nature of the encryption market. But we can certainly make some assumptions based on previous precedents and market trends, let's see if the future of NEO coins will be bullish or bearish.

You can also read: How to buy NEO coins with your credit card?

NEO: More than just a digital token

There are more than 4000 cryptocurrencies listed on the commercial market, amounting to $ 400 billion market capitalization. Of these thousands of cryptocurrencies, the first 10 cryptocurrencies represent 70% of the total capitalization. The cryptography market is so volatile that, last year, Bitcoin lost 81% of its market share, while Ethereum was the biggest loser with a decline of over 91%.

The figures are indicative of two things,

  1. The market is strongly dominated by the first 10 cryptocurrencies.
  2. The volatile nature of digital currencies can precipitate market behavior within hours.

Now, coming to NEO, it is not just a digital asset for financial transactions, but a complete ecosystem focused on providing a platform for creating tokens and also helping companies through their smart contract. Thus, the Chinese name Ethereum.

NEO was created in 2014 as AntShare, however, it switched to NEO in July 2017, the complete ecosystem to provide Blockchain-based products also gives a boost in terms of prices. There are few other aspects that make the NEO currency different from its peers.

  • NEO works on the basis of two coins, NEO and GAS. On the one hand, you have NEO which is a singular entity and can not be split, ie you can use NEO only as a whole and not as 0.002 NEO coins.
  • GAS can be seen as a bonus to keep NEO coins in the rigid and cold wallet, and the GAS incentive is directly proportional to time. The longer you hold NEO in your wallet, the more GAS you earn. GAS can be used by the NEO community to pay transaction fees on the network. This is also divisible, so you can pay GAS tokens of 0.5 or 0.005.

What makes NEO a good investment option?

Cryptocurrencies still need to be recognized as legal tender for financial exchanges in most of the world. Most of these digital resources are classified as "Security" in addition to Bitcoin and Ethereum.

There has been significant growth in the level of acceptance in the last year, but many believe that more centralized authorities need to understand the importance of decentralization.

Among the cryptocurrency hubs, China is emerging as a leader among Asian countries, and NEO is said to be in the good books of the Chinese government, giving it the necessary market boost.

Another factor that could prove fundamental to NEO's growth is its all-round ecosystem status and much more than a simple digital token, which makes NEOs more like parts of society than a simple, independent digital resource. therefore, it can be a good investment option.

You can also read: will NEO be a good investment in 2019?

Price history NEO

The change in the name of NEO from AntShare to the current one in July 2017 proved to be advantageous also for its market value, as prices started to rise starting from July 2017. In July the price of an NEO coin was about $ 6, and if you could have invested $ 100 at that time, your investment would have grown up to $ 27.00 in January 2018, an increase of 2600%.

The main reason apart from the change of name is its proximity to the Chinese government and is also projected as something more than a digital asset.

It is in parallel with Ethereum and the comparison with the second highest cryptocurrency has also given a necessary upward movement in terms of market price. Subsequently the NEO has shown that it is not just a copy of the Ethereum and that it can do some things better than the Ethereum network.

You can also read: Against and pro of the NEO

What is the future of NEO coins?

The future is not certain and this is what makes it interesting, the same goes for NEO coins or other cryptocurrencies. We have already seen in the past how Bitcoin's forecasts for 2018 were not at all close to the real price. So we should use the word "presume" rather than "foresee".

The current price of NEO is $ 7.87, while smartereum.com has predicted a price forecast of $ 355. The analysis is based on a couple of factors, such as for example

  • growing interest of institutional investors in NEO
  • Technical advantages offered by the NEO platform compared to that of Ethereum
  • The focus of NEO on the digitization of resources rather than on the digitization of money

However, observing the current price, the forecast seems quite optimistic, given that most of the cryptographic resources have suffered strong resistance even after entering the first quarter of 2019.

Brian Evans, a famous investor angel, has full confidence in the NEO currency and goes one step further to predict that the NEO could replace Bitcoin in the near future, due to its complete ecosystem and solutions. He says,

The big move for NEO is creating a whole intelligent economy. It has incorporated digital resources, smart contracts and a digital identity that can be used for real-world applications and integrated into the real economy. China could (and could) be a candidate for that first application and integration of the real world.

Conclusion

If the future is bright or boring for the Chinese Ethereum aka NEO, only time could tell. However, focusing on building a complete decentralized platform can make it a long-time player. The NEO network offers many advantages over Ethereum as it offers the user the possibility of coding in multiple languages, rather than just one on the Ethereum platform. Even its two-coin policy could prove to be a success, as it has been rightly implemented.

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Prashant Jha

As a content writer, Prashant believes in presenting complex topics in simple terms such as laity. He is passionate about technology and an avid reader.

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