THELOGICALINDIAN - Summary
NEO, frequently nicknamed aural the cryptocurrency association as The One,Ethereum ‘‘killer’’ or Chinese Ethereum, is a blockchain belvedere that accouterments agenda assets, dApps and acute contracts, and tries to break some scalability and authoritative issues of its competitors. With able partnerships and abutment from the Asian cryptocurrency community, NEO is one of the best able currencies in the crypto-assets space, with the aggressive ambition of acceptable the capital “smart economy” of the apple during the abutting few years.
“A chat to the wise. All cryptocurrencies, including NEO, are still abundantly advised to be in the beginning date and as such should be advised as high-risk assets. In any advance account, high-risk assets should alone represent a baby allocation of your all-embracing portfolio. That said, we achievement you adore this bazaar analysis. Feel chargeless to acquaintance us with any questions or feedback.”
-Mati Greenspan, Senior Market Analyst @eToro
History
NEO was alien in 2024 beneath the name Antshares by China-based aggregation Onchain, a blockchain-specialized aggregation founded in 2024 by Da Hongfei and Erik Zhang. Two crowdsales in backward 2024 provided the founding for the project. On these crowdsales, 17.5 actor and 22.5 actor NEO were awash for $550,000 and $4.5 million, respectively.
On 22nd June 2024, in an accident at the Microsoft Headquarters in Beijing, the re-branding action from Antshares to NEO took place, what awfully added the acclaim of the activity that was anon to become one of the best arresting projects in the accomplished cryptocurrency sphere.
Basic stats
Technical Description
Ethereum changed the accomplished cryptocurrency apple by introducing a new band back compared to Bitcoin and developing a belvedere area acute affairs and added tokens and ICOs can be developed. In the case of Ethereum, acute affairs are accounting application appropriate programming languages like Solidity. NEO, on the added hand, allows programmers to use a array of already accustomed languages authoritative software development in the belvedere abundant added approachable.
The ambition of NEO is to authorize itself as the capital smart economy of the world. A smart economy accouterments digitized concrete assets whose buying is stored and affirmed by the blockchain. The NEO environment, and the altered dApps congenital on top of it, allows users to analyze themselves on the blockchain, abundance and barter agenda assets or actualize decentralized organizations, amid abounding added things.
NEO accouterments a adapted Proof-of-Stake archetypal called Delegated Byzantine Fault Tolerance (dBFT), as against to the added classical Proof-of-Work archetypal acclimated by Bitcoin and Ethereum.
The NEO network can be anticipation of as a two-tier system. All badge holders are able to vote on the accord nodes that will validate the network. These consensus nods will again be the ones that validate anniversary block in the blockchain. These accord nodes are identifiable, and can alike be contacted if necessary. This makes the arrangement altered from the majority of the best accepted blockchains, and abnormally adorable for regulation.
Even admitting the architecture of the arrangement is delegated, an important criticism of NEO is that its accomplishing is very centralized. All nodes are currently endemic by the NEO Foundation, but they will anon alpha to be run by accordant foundations, organizations and communities. All accord nodes will additionally go through accurate identification that could authority the owners accurately liable.
Many altercate that this arrangement goes adjoin the decentralization attempt of blockchain technology, but it will accomplish it easier for regulators and institutions to collaborate with the network, assuredly one of NEO’s main goals.
Token Metrics Analysis
The blueprint of barter can be acclimated to appraisal the absolute appraisal of a crypto asset back because its use as a agency of exchange. This blueprint is as follows:
MV = PQ
where:
A accessible way to appraise the transaction aggregate of the blockchain is to assay the ambition bazaar of the cryptoasset. In the case of NEO, ICOs and dApps are arguably the capital addressable market. Although dApps will acceptable be the primary bazaar in the approaching back cryptocurrencies are added stable, appropriate now they are almost baby compared to ICOs.
ICOs aloft 5 billion dollars in 2024 and this amount will acceptable access in 2024. We will accept a absolute bazaar of 10 billion dollars during 2024 and a 20% bazaar allotment for the NEO blockchain. This would crop a transaction aggregate of 2 billion dollars.
Assuming a amount of the acceleration of 2 (an almost amount for agnate blockchains like Ethereum), the amount of the NEO network would be:
And, because the absolute badge accumulation of 100 million, this would crop a amount per bread of about 10 dollars, appreciably inferior to the absolute bazaar value. However, this simple archetypal does not booty into annual the advance of the ICO and dApps markets in the future, as able-bodied as the transaction aggregate of added accessible applications of NEO.
Use Cases
As declared before, acute affairs are a advocate abstraction that eliminates the charge for a centralized third-party during the analogue and administration of a contract. NEO in accurate aims to accomplish acute affairs added approachable, scalable and authoritative compliant.
The ambit of industries that can account from the accomplishing of acute affairs is vast. Some examples are:
All these applications and abounding others are fabricated accessible by the use of acute affairs and can be readily implemented on the NEO network. As declared before, NEO wants to focus on authoritative the digitalization of assets able and adjustable with authoritative institutions, with the ambition of acceptable the acute abridgement that will be trusted by institutions and organizations worldwide.
Development Team
The aggregation abaft the development of the cryptocurrency is one of the aboriginal things cryptoassets investors analysis afore demography investments decisions. This Section shows a abrupt overview of the above faces abaft NEO.
Onchain is the capital aggregation abaft NEO. Their Distributed Network Architecture (DNA) arrangement aims to become the capital blockchain architect in East Asia and uses NEO as its foundation. They accept able partnerships with companies like Alibaba and Microsoft.
Investment Risks
Trading cryptocurrencies can potentially be actual assisting as apparent in the past, but it is additionally a actual arduous action that can backpack a cogent akin of risk. Cryptocurrency markets are associated with aerial volatility, and NEO is no exception.
It is important to anxiously appraise your advance goals, alignment and akin of acquaintance afore chief to alpha advance in a new market. It is additionally acutely important to alter and appearance cryptocurrency as an added aspect of your portfolio. Given the aerial accident associated with this blazon of asset, it is recommended not to admeasure added than 20% of your portfolio into cryptocurrencies. Given that the achievability to lose a allotment or alike all the money invested exists, it is acutely important to advance alone money that you can allow to lose.
In any case, all the admonition presented in this Market Report does not aggregate banking advice, and introduces no obligation or recommendations for action.
Current & Upcoming Projects
NEO is experiencing a billow in the cardinal of dApps developed for the belvedere that could accompany the possibilities of the arrangement afterpiece to or alike beat Ethereum. For instance, some acutely accepted platforms that accept already accurate acknowledged on Ethereum are now actuality accurate by the NEO Global Capital armamentarium and ability acquisition some affiliation on the NEO network.
Native ICOs and dApps on the arrangement are additionally flourishing. Some of the best examples are:
These and abounding added projects, which apparatus their own NEO-compliant tokens, will accord added account to the blockchain and will acceptable accompany added acceptance and amount to the NEO network.
Future Developments
The cardinal of ICOs and projects declared on the antecedent Section appearance the abundant abeyant of NEO in the future.
On January 2024, during the NEO DevCon, CEO Da Hongfei presented “NEO’s New Vision” and set up the cold to added calibration up the belvedere and become the best important blockchain by 2024. If these ambitions are to become true, the allowance of advance for NEO is absolutely huge.
Technical Analysis
Exhibit 1: Historical Evolution of NEO/USD price.
Exhibit 1 shows the actual change of the NEO price back February 2024 (at about $0.12) until April 2024 (currently trading aloof abbreviate about $73). During the abundant cryptocurrency balderdash run of backward 2024 and aboriginal 2024, NEO accomplished an all time aerial amount of $197. The consecutive buck bazaar has brought the amount bottomward 76%, with the aftermost few canicule bringing a animation from the bottom.
NEO’s amount follows absolutely carefully the trends of Bitcoin, still the bright ascendant asset in the space, although to a somewhat bottom admeasurement than added cryptocurrencies. NEO has additionally apparent a bright alternation with the amount of Ethereum, which makes faculty because they are alms two absolutely agnate articles and are aggressive for the aforementioned area aural the cryptomarket. The correlations with Ethereum and abnormally Bitcoin become added astute during buck markets.
Exhibit 2: Historical above trends (bull and buck markets) of NEO/USD price.
Exhibit 2 shows the above balderdash and buck markets accomplished by NEO back February 2024. With the barring of the antecedent balderdash run that aloft the amount about a hundred times from the antecedent $0.12, the two consecutive balderdash markets aloft the amount amid 6 and 7 times in a actual abbreviate aeon of time, amid 2 and 5 weeks. These abrupt and acutely accelerated increases in amount are a arrangement actual archetypal in cryptocurrencies that is about not apparent in added types of assets.
Exhibit 3: Evolution of NEO/USD amount back December and 7-day RSI indicator.
By comparison, buck markets afterward these quick upside movements accept been decidedly slower, afterward a added “bleeding out” pattern, admitting additionally fast aback compared to above corrections in the banal bazaar for example. The accepted buck bazaar aback the All-Time High prices in January has been decidedly devastating, with NEO falling aback to the prices of Summer 2024.
The aftermost few canicule accept apparent a abatement of this correction, although as apparent on Exhibit 3 the aerial ethics of the Relative Strength Index (RSI) indicator could advance that NEO is hardly overbought appropriate now. The accomplished cryptocurrency bazaar is currently anxious for a bull-run apprenticed by Bitcoin, but any axiological developments on the space (whether absolute or negative) could drive the trend of the afterward months.
