NEO is an open source blockchain project launched in 2014 and went live on GitHub in June 2015. Its main pillar along the years has been the NEO community. It is vibrant and supportive, besides NEO has always prioritized its community.
NEO operates under the management of NEO Global Development, however, the project remains community driven. The organization does not exist for the purpose of making profit, however, it strives to bring the latest innovation into the cryptocurrency market. NEO according to the website “utilizes blockchain technology and digital identity to digitize assets and automate the management of digital assets using smart contracts. Using a distributed network, it aims to create a “Smart Economy”.
NEO is currently ranked as the 14th largest cryptocurrency project in the world. It boasts of having a market capitalization of $1.8 billion. There are only 65,000,000 million NEO tokens in circulation but the network has a total supply of 100,000,000 NEO tokens. At the time of writing, NEO is trading at $28.07 while CoinMarketCap shows a 5.25% in the last 24 hours. NEO’s trading volume in the last 24 hours stands at $51 million. This cryptocurrency along with many others in the market has come under heavy selling pressure right from the first quarter of 2018. The selling pressure appears not to relent, however, there are key aspects of NEO that make it tick; with the potential to revisit $100 before 2018 elapses.
- NEO Global Development Goals
As mentioned above NEO puts its community first in all of its operations and plans for the future. Recently the founders of NEO, Da Hongfei, and Erik Zhang engaged the community in an ask me anything (AMA). During this event, the two principals shared with the community the plans the project has for both the near future and in the long-term. They also took the time to listen to the community’s concerns especially for the NEO Foundation as well as the NEO ecosystem.
NEO has the vision to become the #1 public blockchain by 2020. Erik shared with the community how the NEO Foundation intends to achieve this saying that the main goal as of now is to work on improving NEO technology. This improvement touches on the aspects of increasing the number of transactions throughput. They also want to make NEO stable enough to hold data in large quantities for businesses. The blockchain will also be transformed to be more developer friendly. One of the ways to achieve this is to bring down the cost of deploying dApps on the network.
The founders of NEO, Da Hongfei, and Erik Zhang have been asked to be more transparent about how funds are used within the network. This is because a colossal amount of the total NEO tokens is under the control of NEO Foundation. Zhang said during the AMA that NEO Foundation used these funds to “pay core developers, fund technical communities and invest in projects or dApps in the NEO ecosystem.” Moreover, “Profits from those investments will return to the NEO Foundation and become a fund for community building,” Erik clarified. In addition to that, the Foundation will from the third quarter of 2018 be releasing the financial reports. He went ahead to assure the community of complete transparency towards then of year.
Decentralization has been a topic of interest in the NEO community for quite some time now. However, Erik Zhang has reckoned that the platform is already geographically decentralized. Similarly, the majority of NEO blockchain consensus nodes currently located out of China in the US, Canada, Australia, Europe. Furthermore, a vote is being planned for strategic partner nodes in the course of the coming months. However, it should be noted that NEO is still politically decentralized but it will not stay like this for long. The NEO Foundation is exploring ways to reduce its influence as the community increase consensus control.
It is clear that in the next months before the year comes to an end, NEO will be a beehive of activities. The good news is that the network is working on revolutionizing itself for the changing cryptocurrency space. These developments and especially decentralization will keep NEO at the helm highly esteemed crypto projects in the industry. Therefore, NEO has a lot of work to do, but it has the potential to reclaim $100.00 in the next five months.