1.NEO NEWSNEO: China’s BiggestCryptocurrency Defies Odds to Survive CrackdownOne of the fastest growing digital coins has been billed asthe world’s valuable and sought after cryptocurrency. NEO has defied all oddsand surpassed Bitcoin’s meteoric growth despite the Chinese crackdown on virtualcurrencies. The NEO coin now ranks 12th in the word given the factsthat it originates from a country that is on the verge of issuing a ban on newcoin offerings.With a market value of over $12 billion, NEO is poised toovercome the harsh Chinese crackdown on digital coin speculation. According to thecurrency founder Da Hongfei, the focus now shifts to making the underlying technologymore robust.
NEO, according to the founder was invented to give betterservices compared to Ethereum. This is adecentralized ledger where other companies and developers can issue coins andinnovatively build smart contract based Apps. At the moment, NEO is run by a small community of investors; they have thepower to decide who comes onboard.According to Da, NEO is far away from the Bitcoin’slibertarian ecosystem and yet to bring onboard thousands of miners; however,plans are at an advanced stage to adopt a similar model in under one year orso. Much of the network is controlled by the core team of co-founders andselect staff.”We are creating a platform where serious people can turn towhen they are focused and looking for serious transparent blockchain transactions”,adds Da.NEO came in to being in 2014 at a time when Bitcoin had notcaptured the interest of many users. It is among the first coins to create hypearound cryptocurrency offerings.
However, many coins have joined the digitalmoney market raising concerns on regulation. The coin started as Antshares butlater changes its brand name to NEO to avoid conflicts with Ant Financial ownedby Jack Ma.Surprisingly, the NEO coin holder’s community makes decisionsof who to work with when it comes to mining. By December 2017, the platform hada meager seven nodes running to verify all the network transactions as well asadding more blocks to the entire system.According to the managing director of the Shanghai basedKapronasia Consultants, Zennon Kapron, smaller teams are the best since theywork in their best faith to make the network participants happy. However, headds that a controlled structure may not be sustainable in the crypto-sphere. According to Da, NEOs adoption and growth is based on thefact that it is easier to make decision to arrive at a consensus fast. Thisensures that there are no conflicts of interest that may lead to hard forks inthe future.
Their ledger is able toprocess over 1,000 transactions per day compared to Bitcoin’s 10 when there isno congestion in their network.With regulation, Da argues that it is already strict and hedoes not see more restrictions coming in the near future. NEO is ready to adoptstringent controls that will enhance efficiency. The plan is to turn it into a distributedplatform to grow their investor base.