You’ve heard of bitcoin by now: the world’s most famous cryptocurrency has been making waves for its ridiculous price swings.
One of the biggest markets for this crypto-craze has been China. Despite the country’s turbulent relationship with the asset class, it remains a hub of activity. The market has persisted through the ups and downs and isn’t likely to be going away anytime soon.
This is where Chinese-based crypto ‘NEO’ comes in.
What is NEO?
NEO’s roots go back to 2014, where it was originally developed by Shanghai-based OnChain. Originally named Antshares, it boasted the title of ‘China’s first ever open-source blockchain’.
OnChain had one goal in mind: To reinvent the way commerce is done.
Enabled by the blockchain, NEO hopes to make this goal a reality.
The future of NEO
NEO’s ultimate objective is to build a platform for a new smart economy.
Part of the process of this new economy will be the development of digitised assets, which can be sold, traded and controlled by smart contracts.
NEO wants to give people access to these smart contracts using a currency that they’re already comfortable with. Whether that’s yuan, dollars or euros, it doesn’t matter. What’s important is that it’s accessible.
This approach could make it feasible for NEO to compete with ethereum, and it could even become the foundation of the smart economy in the East.
Risks and Advantages of NEO
Of course, there’s immense risk involved when investing in cryptocurrencies. There are no regulations, no failsafe, and no real rules. We call it the Wild West of investing for a reason.
Though, as adoption increases, things will eventually smooth out. Remember, while there might be a lot of buzz in the media about bitcoin and cryptos, there still isn’t a lot of money involved — at least not by global standards.
On top of this, NEO operates in one of the most controlling nations in the world. One advantage of the NEO platform is that the Chinese government has embraced it as part of their five-year blockchain plan whilst banning other crypto currencies. This level of control has the capacity to alienate the platform from the west.
Should you buy NEO?
On this page you’ll find all our latest news and developments on NEO and cryptos at large. This information is designed to help you learn more about NEO. Whether you’re completely new to NEO or have some prior knowledge, our aim is to inform.
An informed investor is a smart investor. We highly recommend immersing yourselves in the wider world of NEO and all cryptocurrencies in general.