NEO has a unique position to lead China in the crypto revolution.
Many traders are aware of the recent impact to the market NEO, formally Antshares, has caused. Not so many are aware of their plans for the future. This uncerntainty, compounded with recent China ICO bans, and closure announcements from their exchanges, has led to a bumpy rouad the past few weeks for crypto. NEO was one of the more prominent 'Altcoins' to hit the market and that prominence along with their ties to China also caused a larger-than-most hit to it's price. Many are skeptical and worried of the future of the China market. Thus, many coins related to, or dealing with the Chinese market took a massive hit. Prior to the China news NEO was trading over one Satoshi, or 1 cBTC and fell below 50% of it's all time high. These huge impacts have left investors fusturated and worried for the future of NEO.
Despite the negative news NEO has recovered incredibly over the past few days. This recorvery is largely tied to their recent news claiming, roughly, that China will not slow them down. Their announcments alluded to some interesting ideas that sparked many conversations across social media.
In an interview with one of the leading financial newspaper of the Netherlands (www.fd.nl), founder of NEO also known as Chinese Ethereum states that he was contacted by Chinese regulators to provide information and suggestions before crackdown.
In conversation with Het Financieele Dagblad, Da Hongfei stated ;
'NO, NONE OF THE SUPERVISORS HAVE CONTACTED ME. BUT BEFORE THEY STARTED CLEANING UP THE MARKET, I WAS ASKED FOR INFORMATION AND SUGGESTIONS.'
He also added commented on the mining network closures:
'IT’S NEVER CONFIRMED. I THINK THE SUPERVISORS ARE PARTICULARLY WORRIED ABOUT THE CHALLENGES THAT BITCOIN AND OTHER CRYPTO CURRENCIES ENTAIL. THE STATUS OF FIDUCIARY MONEY CAME UNDER PRESSURE.'
Seemingly, Da Hongfei, is not worried about the current market and seems quite hopeful. This becomes evident when you look past the scare tactics and begin to understand and look forward to the future. Being that Da was questioned prior to ICO shutdowns and comments on the nonsensical nature of networking closures it leads one to think what one could possibly have up their sleeve in these troublesome times. That's when you have to dig a little deeper.
NEO brands itself as the Blockchain for the “Smart Economy”. NEO provides a way to administer smart contracts and dApps that bolster decentralized commerce, identification and digitization of assets that can range from mortgages to P2P contracts to charatiy donation and beyond. NEO has been branded 'The Ethereum of China' and rightfully so as these capabilities allow for a uniquely 'Smart Economy'. NEO wants to integrate digital assets, digital identity, and smart contracts into its platform. When the company rebranded from Antshares and upgraded to NEO 2.0 it introduced new features, such as cross-chain protocol, quantum-resistant cryptography, a distributed storage protocol and a secure communication protocol.
“We hope the platform can be used for different front end scenarios, such as the Digital asset wallet, Forum, Voting, Profile management and Mobile applications. The platform also features an open API that can be used for integration with other systems.”
These features, in my opinion, are what are required for the future of blockchain technology. The future is much more than a cryptocurrency alone. The future is a vast decentralized network of data sharing entities where security, privacy and real world functionality combine into a glorious interwoven map of transactional data.
The bottom line here is that there is a clear path for NEO to join in with China to create a new crypto economy. NEO has positioned itself to fit into China's economy during this crypto revolution. There are further collaborations and updates pouring in frequently our best bet is NEO and the 'Smart Economy' is here to stay.
...We plan to detail NEO and the Smart Economy in future posts, stay tuned!