Well, not only the Bitcoin but Bitcoin Cash is also forking this month. Developers behind the project announced the changes in software rules via a Hard Fork on November 13, 2017. Why does this currency forks so much?!!!. Here, I am writing my second post of the “Top Altcoins for November 2017” Series.
If you wish to read the first article, please click here.
Neo Coin: Earlier Antshares, often referred as “Chinese Ethereum”
Neo was launched in 2016 and has traded for less than 50 cents for around 1 year till April 2017. Since, then Neo tokens have given enormous returns to its investor with currently being traded at $26.38 (Link). NEO is the only crypto project backed by Chinese developers and might be of key interest to the Chinese citizens.
What is Neo Coin?
Neo Coin (formerly known as Antshares) is a decentralized open-source cryptocurrency and blockchain platform launched in China. Apart from the Neo coin tokens, NEO has one more crypto-tokens called GAS. Neo tokens act as investment tokens on the blockchain while, the Gas tokens work as the fuel for the initial tokens. GAS will be used for resource allocation and network charges.
Impact of China’s Ban on Neo: Price surges 50%
On September 4, Chinese government banned ICOs ruling that they are illegal and that startups must refund all ICO investments to contributors. The immediate ruling not only dragged Chinese market but the global crypto-currency market.
Initially NEO declined by nearly 50% from $34 to $19. However, this became an investment opportunity for big whales. The coin spiked back to its $34 level.
This event matured NEO further. In a statement by NEO council promising “sustainable development under existing laws and regulations”.
In Q4 2017, NEO will work with international legal advisors to establish a legal framework which is compliant in major countries for smart contracts running on top of NEO to adopt. Currently NEO is the only crypto-currency complying with Chinese regulations.
Upcoming NEO Events
- November 12 – Second NEO JOY
- November 16 – NEO dApps Competition
- November 18 – NEO/China Open Source
- November 26 – dApps Winner Announced
- December 4 – Da Hongfei (founder) to speak at Blockchain World Conference
- December 5 – NEO to be added at Korean exchange Coinrail
- December 13 – NEO meetup at Cambridge
Rumours in the market: There is strong speculation in the market (which might not be true!) that NEO is getting support from the Chinese government.
- Since, NEO is a Chinese developer backed project, the project can gain the localization benefit and would interest many of the local Chinese investors. The project team seems to be very active for these two months – November and December.
- Also, currently this is the only currency which complies with all the Chinese regulations which gives it an added advantage.
- NEO has partnership with Microsoft China, which adds up more credibility to the project
- Rumours of support from the Chinese government might also support in gaining retail investor interest
- Chinese government is developing its own digital currency, Once, stated backed digital currency will be there, investor interest would shift toward that one and might sideline NEO.