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.
Pros & Cons
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......
Please read the complete post at https://coindigest.wordpress.com/2017/11/07/top-altcoins-for-november-2017-secondpost/
