Blockchain Technology Gets Another Boost as the Chinese NEO Cryptocurrency Emerges

Published on: May 25, 2021
Author: Amy Liu

NEO Crypto: the Chinese Ethereum

Like Alibaba is to Amazon and WeChat is to WhatsApp, NEO crypto has emerged as the Chinese answer to blockchain technology.

NEO is a smart contract platform built by a team of developers in China. Like Ethereum, NEO was designed for the development of distributed applications (DApps) and the digitalization of assets using smart contracts. However, unlike Ethereum, which uses its own programming language, NEO supports several common programming languages, making it more accessible to developers.

NEO crypto was created by Da Hongfei and Erik Zhang in 2014, originally under the name Antshares. The NEO blockchain issues two coins – NEO and GAS – where NEO itself is not a cryptocurrency but rather a proxy for voting rights within the blockchain governance system, and GAS is the operational token used for transactions and smart contracts, issued to users holding NEO in their wallets. The relationship can be likened to shares (NEO) and dividends (GAS).

China has been slowly changing its stance on cryptocurrency, and that has been influencing the crypto markets, including NEO, whose price is up over 524% YTD. In 2017 China banned initial coin offerings (ICOs), only to come back in 2019 supporting Bitcoin as virtual property with value, and more recently declaring Bitcoin legal to own and mine.

Last month’s statement recognizing cryptocurrency as a viable investment alternative could see the price of Chinese altcoins continue to rise.

What is Special About NEO Crypto?

Aside from its two-coin structure, NEO crypto differs from other blockchain technology platforms by focusing on regulatory compliance.

Traditional blockchains like Ethereum facilitate transactions using digital assets and smart contracts but are otherwise totally anonymous – and this has been a huge sticking point for regulators. NEO addresses this issue with its “digital identity” feature.

Each individual, business, or entity operating on the NEO has thier own unique, verifiable, digital identity. Even the consensus nodes need to have digital identification before contributing to transaction verification and other blockchain network activities.

In recent weeks, NEO has gained a lot of attention and heightened price activity in anticipation of the NEO 3 (N3) launch. The upgrade will include several new features as well as new governance protocols.

Investing in Blockchain Technology?

Crypto investors have been taken on a wild ride over the past couple of years. However, the market seems to have turned a corner, with wider mainstream acceptance and some big-name institutional investors suggesting that the crypto is approaching maturity.

Blockchain itself is more than simply a medium for creating currencies used in digital exchange transactions. Blockchain technology stands to revolutionize the way the world does business.

For investors interested in blockchain technology, a couple of companies provide blockchain services, including the Canadian company Blockchain Foundry Inc. (CSE: BCFN).

Blockchain Foundry Inc. is a North American leader in the development and commercialization of blockchain-based business solutions. They offer corporate clients, small businesses, and governments both ready-to-use and custom blockchain technology solutions that enable them to leverage blockchain technology throughout all levels of their organizations.

The principles of Blockchain Foundry have been developing blockchain infrastructure since 2013, including creating and deploying the Syscoin public blockchain protocol, which was initialized in 2014.

The company recently announced that they were excited to be adding two strategic hires to their management team.

Fulvio Ciano is a seasoned software executive and is taking on the role of Director of Software Development Consulting & Delivery.

Peter Jubb will be bringing his 20 years of experience as a creative director and information architect to the team as BCFN’s new Executive Creative Director.

With recent cryptocurrency prices facing greater volatility, readers should learn if the sector is near bottom.

Disclaimer: The company described in this article is a customer of NAI Interactive Ltd. This material is for informational purposes only and is not intended as a recommendation or offer or solicitation for the purchase or sale of any securities or financial instruments, or for transactions involving any financial instrument or trading strategy.  

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