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NEO (NEO) aka Chinese Ethereum

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NEO (NEO) cryptocurrency has made massive price improvements from the short leaps to a higher range, with the price surging past the $80 mark as it began 2018 on a bright not. After witnessing a plunge for several weeks, NEO coin came back on track, becoming one of the altcoins to make a mark over the past few weeks. Regarded as the “Chinese Ethereum”, there is a reason it is being termed that. The first reason is that NEO is similar to Ethereum as the two pride themselves with hosting decentralized applications, ICOs, and smart contracts. The second reason is that both are open source, though they differ in terms of support. Ethereum has always had the support of developers; NEO currency has been backed by the Chinese government from the beginning. This has been that major reason why it became popular both in China and beyond.

NEO (NEO) cryptocurrency has been utilizing a more energy-efficient consensus mechanism called dBFT, fully known as the decentralized Byzantium Fault Tolerant. They have used it instead of proof-of-work, thus making their transaction rates even faster. Currently, they have a transaction rate of 10,000 transactions per second. In addition to that, it supports more computer languages than what rival Ethereum can. Users can be able to build dApps with Java, C#, with the team looking to add Python and Go, thus making this option accessible to startup companies that have big ideas.

After stuttering for a few days, the price of NEO coin surged astronomically, surpassing the $80 mark within an hour of trading, in the process increasing by 7%. NEO has been off the radar until now, as it was finding it hard to break the $40 mark but has since the recorded double that price.

The NEO conference in Beijing has been the main catalyst for NEO’s recent rally, with analysts expecting the price of the crypto to surge beyond the $100 mark after that. The conference was held at the Microsoft Beijing and was attended by representatives of the team and some blockchain experts across the world, discussing the possible ways they can promote the open-source ecosystem for apps on the blockchain.

The price of GAS has also rallied alongside that of NEO, increasing twice in value over the past two weeks, and surging almost 60% over the last 24 hours.

GAS is the dividend-bringing asset related to NEO, and it is used to pay for transactions on the network and to secure it in the process. Storing your NEO in a wallet for the purpose of staking leads to the production of dividends in GAS, which is also an exchange-traded asset.

At the moment, NEO (NEO) still has a low market dominance, but it has been added to the list as Bitcoin’s dominant position in the market is slowly diminishing.

This article was curated from Google News. You can read the original article here.