Back in January 2018, NEO hit an incredible price of $180 per coin. Only weeks after that, crypto market entered a prolonged bear market that wiped out all the gains altcoins (and bitcoin) accrued in the tail end of 2017.
Tough love bear markets were giving to the crypto holders are felt in NEO ranks as well. Human beings need bolstering up while in doldrums so one NEO holder took to Reddit to gauge the sentiment around his NEO holdings and ask community what are they looking forward to when it comes to the misleadingly dubbed “chinese ethereum”.
So what is the community excited about for 2019?
It boiled down to 3-4 major developments around the ecosystem.
Leading the way is the decentralization.
Decentralization is also an important one, since it is where the value in this industry is derived from.
NEO recently released a publication on its official blog detailing how they plan to make the NEO network decentralized in the upcoming year.
At present, the NEO MainNet has seven consensus nodes. Netherlands-based telecommunications company, KPN, and open-source community group, City of Zion, host a node each. The other five nodes are currently hosted by the NEO Foundation in various regions around the world.
NEO want to break this centralized consensus and have decided to release a GitHub repository titled “How to become NEO consensus node”. The repository was today updated to a 1.3 version which includes new information on the rules and election schedules of upcoming consensus node selection cycles. To cite the project:
“Governance of the NEO network currently consists of two methods: on-chain governance and off-chain governance. On-chain governance is election through the votes of NEO holders, whilst off-chain governance relies on election through the support of the NEO Foundation. In the near term, the NEO Foundation will focus on promoting decentralization through off-chain governance. The goal is to accelerate the decentralization process in an orderly manner by delegating consensus nodes to reliable and trustworthy parties.”
Another frequently cited happening is Neo 3.0. NEO 3.0 will be an entirely new version of the NEO platform, built for large scale enterprise use cases. It will provide higher TPS and stability, expanded APIs for smart contracts, optimized economic and pricing models, and much more. Most importantly, we will entirely redesign NEO’s core modules.
Integration of NEX and nOS is also eagerly awaited in the NEO camp. nOS aims to encourage consumer level adoption of NEO dApps by providing a safer and easier way to use applications. It is a virtual operating system allowing you to connect to the Blockchain Powered Open Internet.
NEX, also known as Neon Exchange, is a platform for payment services and decentralized crypto trade. NEX aims to combine the performance of centralized exchanges with the trust and security features of decentralized exchanges.
Written off by many but NEO is still here and alive
It has been pretty quiet around NEO in the recent months – the chinese Ethereum killer is still in limbo over what will their government do about blockchain in general. But that didn’t stop them to improve the technical side of the project, nor the teams that launched their tokens on NEO network to keep updating their products.
Neo was known as Antshares and it was founded by Da Hongfei in 2014. In 2017 it was renamed as Neo. Neo is the true rival of Etnereum and it offers more than a digital coin. It is a blockchain platform which empowers developers to generate smart contracts and decentralized applications. Smart contracts are quite popular nowadays and are predicted to be even more so in the future so this niche is the most competitive one in the crypto world.
One of the NEO holders posted a nice write-up of his stance on NEO future and if the holders can still be bullish of the Da Hongfei’s brainchild. He made sure to focus on the fundamentals, stating that developer activity is recording new highs every week, regular hackathons and meetups and ever increasing number of working dApps on NEO blockchain are clear signal where the future of this network lies. He also emphasized NEO’s efforts to improve UI of their wallets which is an important element of adoption process as users are frustrated with terrible user experience and awfully designed interfaces of other crypto projects. Here is the link to the full article.
NEO Price Prediction 2019
NEO, as the rest of the market, is tightly coupled and dependent on bitcoin’s price action. If bitcoin embarks on another bull run, NEO can hope for one as well. Since that is very unlikely, don’t expect much to change for NEO price-wise in this year. So 2019 will be a year of boring sideways action with minor bitcoin ignited jumps and slumps.
The main currency in cryptocurrency markets is Bitcoin and given this, altcoins tend to fuel Bitcoin runs and Bitcoin tends to do the same in return. Given this relationship, Bitcoin price movements (or lack thereof) tend to effect altcoin prices.
When Bitcoin goes up swiftly, it will likely:
- Suppress or depress altcoins as money flows into Bitcoin;
- Or, take altcoins along for the ride
In cases when Bitcoin plunges, it will likely:
- Depress altcoins as money flows into fiat;
- Or, cause altcoins to boom as money flows into them, but this is rarely the case.
When Bitcoin moves sideways, it will likely:
- Cause altcoins to mimic that as traders wait for a clear sign on the direction of the market;
- Or, cause altcoins to flourish as traders look for returns in altcoins and try to get favorable trades in terms of BTC pairs.
To summarize, Bitcoin is the focal point of the crypto market in many ways, and with BTC trading pairs on every exchange, the gravity of Bitcoin is hard to evade.
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