There are many different cryptocurrencies to keep an eye on. One of those currencies goes by the name NEO. The altcoin, which is mainly targeting the Chinese market, is trying a very different approach. The developers’ vision to create a smart economy will require a lot of effort to pull off, though.
The NEO Story so Far
Most people may recall NEO is the new name for AntShares, a cryptocurrency project launched in 2014. Although the team has remained largely the same, the rebranding has elevated the coin’s value to new heights. As such, the current goal is to establish a smart economy using blockchain technology and cryptocurrency. Making the ownership of non-digital assets more transparent is commendable, but not all that easy.
More specifically, it requires the immutable recording of all types of assets This includes non-financial products too, ranging from stacks of paper to houses and vehicles, to air fresheners, so to speak. The real-world assets are vast in number and will require a tremendous infrastructure to be properly tracked. With a digital approach, these assets can be transferred and traded in a more convenient and transparent manner.
It is evident NEO is taking a page out of Ethereum’s playbook. More specifically, the ecosystem will use smart contracts, just like the ones found in Ethereum. Whether or not this technology is sufficient for the smart economy, remains to be seen. The potential for NEO is certainly there, assuming can deliver on their promise.
Standing Out Among The Rest
Although everything about NEO sounds appealing, it is not necessarily a unique approach. More specifically, dozens of cryptocurrencies all try to tackle the same use cases as of right now. Building a smart economy is certainly quite appealing, but it is not the first crypto to try its hand at doing so.
At the same time, it seems NEO aims to maintain different fundamentals. Those differences will only become apparent as this project evolves. Right now, the average person won’t see any big difference between NEO or Ethereum in this regard. There is still plenty of work to be done but there’s no reason to rush things either.
Having a clear vision is not sufficient in the world of cryptocurrency. Building a project requires a strong infrastructure, hard work, and a few years worth of time. While NEO is heading in an interesting direction, it remains to be seen whether or not there is a chance of success. Until the technology is ready to use and integrated into people’s daily lives, the appeal simply may not be there.
NEO is currently trading at $54 and has lost over 58% this month alone, making it one of the hardest hit cryptocurrencies in the current market selloff.