With the non-stop growing number of cryptocurrencies out there [March 2017 there were 700 – now the number has doubled] it gets more difficult on a daily bases to make the right choices when it comes to trading or long-term investing. Each cryptocurrency represents a product, technology or platform aimed at solving a problem punctuated by centralized systems. However, there are those that can not support their vision with the offered support in which case the market and industry is overbalancing enthusiasm with actual progress. But, one project in particular that is standing out as a revolution and signaling legitimacy in its early stages is NEO – China’s major crypto.
Formerly known as AntShares or The Ethereum of China, NEO is attempting to create an infrastructure for a smart economy which target making ownership of non-digital assets more verifiable, connected in general and more transparent.
-Digitizing, “real-world assets… enabling registration, depository, transfer, trading, clearing and settlement via a peer-to-peer network.” – based on the whitepaper.
Which means that the ownership of assets like vehicles, houses or any physical possessions willo be recorded on the blockchain in which case the ownership is given the opportunity to be connected to digital identities through smart contracts. Smart contracts – self executable contracts based on the blockchain platform that go live only specific conditions are met.
This facilitates what NEO hopes will develop into a “smart economy” by affording a layer of immutability and accessibility not previously possible under the status quo.
“NEO is an open network for a smart economy so it’s not just a platform for smart contracts. We’re aiming to serve the future smart economy, which we define as a digitized, programmable and trustless economy.” – Founder of NEO, Da Hongfei
On the other side, it is of great importance to see in what way the particular vision is accepted after being received by the industry and market when you reflect it on where the platform stands in the ecosystem. For the time being, NEO [NEO] is 9th largest cryptocurrency by market capitalization with $3,4 billion market cap with a token price of $52.98 against the US Dollar.
But, a major example of recognition is the fact that NEO is the first cryptocurrency to receive an A-rating from the Weiss Cryptocurrency Ratings [cover in post by EthereumWorldNews]
The very respectable grade for NEO comes from the terms of being high-quality in functioning and operation, lower risk and stable in the long-term for which bitcoin was given out the lower grade for the reason of high speculation risks and less advanced tech.
Juan Villaverde – Weiss analyst, in a letter to his subscribers talked about NEO and the balance across grading criteria rather than a material specialization in one subject:
“It’s not one outstanding feature that explains NEO’s good rating. It’s the balance of mostly positive scores across the board. A technology that allows the platform to scale to thousands of transactions per second, relatively strong usage metrics that go beyond mere speculation, plus, I might add, trading patterns indicating it’s a favorite of the investment community.”
The reach for improvement seems inevitable keeping in mind the magnitude of the project and its future vision. With all the cryptos spreading out their cards in the ecosystem, NEO is out of the only ones to showcase actual material progress making it differentiate as a platform in forms of legitimacy.