Project Update: NEO (NEO) the Open Network For Smart Economy

Project Update: NEO (NEO) the Open Network For Smart Economy

Basics

NEO utilizes blockchain technology and digital identity to digitize assets and automate the management of digital assets using smart contracts.

It's a combination of digital assets, digital identities and smart contracts. All of that combines should create a blockchain based ecosystem

This mans NEO wants to digitalise every asset and have every asset its own digital identity on immutable blockchain.

NEO (formely Antshares) had an ICO in September 2016 where they raised 3.7M

Tokens and usage

NEO runs a two token system: NEO is basically shares of the project and they are used to collect dividends in other token named GAS as well as voting rights on proposals

The GAS tokens work as transaction fees over here so if any transaction is made the user has to pay some amount of GAS tokens

The assets which exist in the form of electric data with the ability to get programmed is called the digital asset. Neo helps to have the digital asset in a decentralized environment which is safe and free from any type of risk which is suffered in the centralized environment.

There are already ICOs and projects running on NEO: NEX, Red Pulse, AdEx, Qlink and more.

Recent News

Neo team recently publshed their monthly report for January 2019. In the report they highlight the development of NEO CLI 2.9.4 (Command-line interface which allows to interract with NEO)

NEO Devcon 2019 is happening middle of February in Seattle and hopefully can highlight the developments happening on NEO. There were many big names annouced.

The project is heavily focusing on decentralisation and the NEO foundation has recently announced consensus node selection cycle as part of its efforts to accelerate decentralization. In there they have detailed explanation on how the node system works.

Through the monthly reports we can see that the team is expanding.

Roadmap

The most important future release for NEO is NEO 3.0 which will include several new features and improvements. The release of the NEO 3.0 is set at the end of 2019 and is 41% complete according to Github, the ke highlights are:
Increasing TPS
Adjusting the economic model (NEO and Gas)
Adjusting the system pricing model (lower cos of deploying dapps)
Cross-platform smart contracts
NeoVM updates that would simplify it and allow for usage of the high level programming languages

Availability and price

NEO is a very popular crypto so it's listed on many big exchanges with most volume being on DragonEX, UEX, Binance, Exrates and LBank
Overall 24h volume around $165M

USDT is the most popular pairing, also paired with: BTC, ETH, USD, CNY, KRW. NEO is also treated as market for many other tokens.

Current price as of 11th of February is around
$8.03 with NEO being ranked on 16th place in terms of the market capitalisation and market cap of around $522M.

65M tokens are in circulation out of 100M so there will be new tokens in circulation - something to consider.

As with most altcoins NEO has been struggling this year with very significant decrease of overall 96% which is quite bad even for altcoins. $198.38 is the ATH - it was achieved on 15th of January but in the last few months hs been outperforming BTC.

How is it doing?

NEO has been rather slow in terms of news, partnerships and hype but the development is progressing well.

The team recently moved to the new office and according to LinkedIn has a team of around 60 members. On top of that there is a lot of Github activity.

NEO has several dapps already running and is one of the most popular plaforms after ETH (next to EOS and TRON)

The valuation of NEO is currently justified and the GAS generation is rewarding the holders.

It's a very solid choice as an alternative to Ethereum and Vechain but the project development should be tracked to ensure progress.