For those of you who don't know about NEO yet, it is a recent iteration on Ethereum’s smart contracts. NEO uses a unique blockchain algorithm that improves upon Ethereum’s model. While the basics still apply, it also supports decentralized commerce, identification and digitization of several assets. NEO also closes loopholes that have caused some Ether contracts to be vulnerable to hackers. China is going ALL-IN on NEO and so am I for reasons I will state below...
I bought NEO last summer and since December, NEO’s price has seen a huge 372% rise from $33.34 to almost $200 just last week as the market begins to take stock of the 27 ICO’s launching this year on the NEO platform.
Having had little price movement over Q4 last year, NEO looks to step up its game going into 2018, with highly innovative projects including the already successful Red Pulse ICO, the world’s first decentralized mobile phone network, Qlink, and a community driven NEON exchange, NEX, based on the NEO blockchain.
Powering the NEO blockchain, and what will be fuelling these ICOs is NEO’s spendable ‘GAS’ token. GAS is a token reward whereby holders of NEO are paid GAS tokens provided NEO is held in supported wallets.
These GAS tokens are used on the NEO blockchain to fuel smart contract deployment and general transactions, similar to gas used in Ethereum. What makes GAS unique is that it is not destroyed, and has a finite supply.
With new ICOs dependent on GAS to power their projects, the scarcity of these tokens has driven the price up to $78, allowing NEO buyers an opportunity to earn a passive income from simply ‘HODLing’ the cryptocurrency.
With new ICOs on the horizon, and their numbers only expected to grow, NEO may be looker towards newer heights. Additionally, the scarcity of GAS and its potential payout for NEO holders is another factor that can drive the price higher in the coming months. I am being a bit of an optimist here, but if everything pans out according to plan, I could see NEO reaching $1000 by the end of 2018!