Neo, China’s biggest cryptocurrency has been on an unstoppable rise since Da Hongfei launched it in 2014. The coin has already taken the cryptoworld by storm, but its creators aren’t stopping there. They want to assemble a “smart economy” that will work a lot like a computer program. Assets will be traded in a public ledger and “smart contracts” will be written by people that will allow money to be shifted around when certain conditions are met.
During an interview with Bloomberg, Da stated that, “We want to be the place people go to when they want to do serious and reliable transactions,”
In the past month the Neo coin has seen the stunning increase of 128 percent. Whereas on December 25 one coin was $59.94, it has since skyrocketed to $136.75. The market has clearly been rattled. It is officially the eighth largest cryptocurrency on the world market. It has a market cap that is steadily resting at $8.8 billion.
One can get a good idea of where Neo is heading by looking at their website. Here is a statement from the company site, “NEO is a non-profit community-based blockchain project that utilizes blockchain technology and digital identity to digitize assets, to automate the management of digital assets using smart contracts, and to realize a “smart economy” with a distributed network.”
At the moment, it won’t be hard to see how much Neo and Ethereum have in common. Both have a desire to start up a smart economy, where individuals would use the blockchain to shift their ideas on shifting assets around. Whereas Ethereum has Dapps which allows developers to run their own ideas off of the network, Neo has the desire to do things differently.
Eden Block CEO Noam Levinson wrote this in a December article, “Ethereum did it first. It was revolutionary and exciting and took the crypto world by storm. Today almost every ICO is built on Ethereum’s ERC20 token platform and Vitalik Buterin is one of our time’s greatest minds. Yet if we’ve learned anything from the fact that Alibaba is closing in on Amazon’s market cap and WeChat dominates China’s social media scene, it’s that China plays by their own rules.”