The NEO (NEO) price is currently $19.2894 in USD, with a circulating supply of 65.00M NEO. Its market capitalization (market cap) is $1.25B. $100.41M worth of NEO has been traded in the last 24 hours, with its price changing by +10.36% over this period.
NEO, formerly known as AntShares, is known as ‘China’s first blockchain platform.’ In response to AntShares’ growing demand, in 2016, Da Hongfei and Erik Zhang created NEO. NEO is a blockchain solution that meets the requirements of private companies and government regulators in China.
NEO is a venture-backed company based in Shanghai and developed by R&D company OnChain. It’s a smart contract platform, similar to Ethereum. Its primary value proposition is the use of blockchain technology in cooperation with Chinese authorities to create a ‘smart economy.’ NEO’s goal is to become the distributed network for the smart economy by combining digital assets, digital identities and a smart contract platform altogether.
NEO uses a Delegated Byzantine Fault Tolerance (DBFT) algorithm. It is a consensus mechanism designed to help the system resists the Byzantine Generals problem and maintains consensus on the network.
- Corporate and Government Collaboration: Will become extremely beneficial when regulation and legislative challenges hit the cryptocurrency industry
- Established in China: China is considered one of the largest cryptocurrency markets, despite growing regulatory concerns.
- Supports additional code bases: Ethereum has its own language called Solidity which requires learning before development. NEO supports additional code bases like C#, VB.Net, F#, Java, and Kotlin
- Addition of Digital Identity to blockchain network: While Bitcoin and Ethereum are pro-anonymity, NEO believes that a digital identity is important for the integrity of transactions
- Competitors: Ethereum has the first mover advantage compared to NEO. There are also numerous other competitors who’ve launched a platform or are planning to do so in the near future. These include EOS, Tron, ICON, and Zilliqa to name a few.
- Centralized Network: The majority of NEO nodes are currently controlled by the project’s inner circle.
- Susceptible to government interference: While working with the Government may be beneficial, the organization is directly affected by Chinese Government officials.
NEO Price History
In October 2015, NEO raised roughly $550k via ICO, making the price of one coin about $0.032 at the time.
Today the price of one NEO is $19.2894. With a circulating supply of 65.00M coins, its current market cap is $1.25B. This makes the project one of the most successful ICOs of all time, in terms of price ROI.