{"id":51574,"date":"2018-05-15T07:00:26","date_gmt":"2018-05-15T14:00:26","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=51574"},"modified":"2020-03-24T06:49:46","modified_gmt":"2020-03-24T06:49:46","slug":"neo-updates-partnerships-adoption-and-dapp-development-continues","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/neo-updates-partnerships-adoption-and-dapp-development-continues\/","title":{"rendered":"NEO Updates: Partnerships, Adoption and dApp Development Continues"},"content":{"rendered":"

Unfazed by the market\u2019s recent up-turn, NEO\u2019s value has stagnated in spite of the blockchain's rapid advancement. As the smart contract platform of the world\u2019s most populous country, one might be surprised by its modest position at 11th place by market cap<\/a> ($4.4 billion).<\/p>\n

Picking up the pieces of Q1\u2019s correction, Ethereum<\/a> has recovered to 55% of its all-time-high, where NEO squares up a whisker above 40%.<\/p>\n

\"NEO
NEO's monthly high was $90.71 and it is currently trading for $68.32.<\/figcaption><\/figure>\n

What is NEO?<\/h2>\n
\"\"
NEO, formerly known as Antshares, is China's first ever open source blockchain. Founded in 2014, NEO\u2019s mission has been to reinvent the way commerce is done.<\/figcaption><\/figure>\n

To the uninitiated, NEO<\/a> can be thought of as China\u2019s rebuttal to Ethereum \u2014 squaring up with all the features of its western counterpart\u2014 Decentralized App (dApp) support, smart contracts and Initial Coin Offerings (ICOs).<\/p>\n

While this likening is warranted, dig a little deeper, and several key distinctions set NEO aside from Ethereum\u2019s<\/a> \u201cWorld Supercomputer.\u201d<\/p>\n

Ethereum\u2019s goal is and was always to be an industrial-grade production line for DApps\u2014and toting a $75 billion market cap and 500+ ERC20 tokens<\/a>\u2014they have seen prolific success in executing this vision.<\/p>\n

NEO, on the other hand, sees itself as the distributed-platform for a new \u201csmart economy.\u201d In this digital future, physical assets are represented on the blockchain \u2014able to be traded, bought and sold via smart contract technology.<\/p>\n

Incorporating digitalized assets, digital identity, and smart contracts, NEO\u2019s vision of a \u201csmart economy\u201d is built on the type of audacious vision akin to Chinese governance. NEO's semi-centralized DBFT blockchain reflects this, with the NEO Council holding nearly 50%<\/a> of tokens “to foster the ecosystem” \u2014 a common criticism by advocates of true decentralization.<\/p>\n

The creation of serial blockchain founders Erik Zhang and Da Hongfei<\/a>, NEO is a community-funded effort that is separate from Hongfei\u2019s OnChain<\/a> \u2014 a private blockchain company collaborating with the Chinese government and large enterprises.<\/p>\n

For NEO, this relationship is a tremendous asset \u2014 naturally lending the nepotistic project success as the blockchain of choice for any of OnChain\u2019s ventures \u2014 such as Ontology's<\/a>\u00a0near-$1 billion decentralized trust network.<\/p>\n

NEO Global Capital and Fenbushi Capital Back NewEconoLabs<\/h2>\n

NewEconoLabs (NEL) has whipped the curtains off strategic partnerships with Fenbushi Capital and NEO\u2019s own NEO Global Capital \u2014 who will support the launch of NEL\u2019s NEO Name Service (NNS) \u2014 an open-source domain name system based on NEO.<\/p>\n

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NewEconoLabs (@NewEconoLab<\/a>) have announced strategic partnerships with Fenbushi Captial and NEO Global Capital for the $NEO<\/a> Name Service project (@NeoNameService<\/a>). https:\/\/t.co\/kx4o1HhNzj<\/a><\/p>\n

— NEO News (@NEOnewstoday) May 5, 2018<\/a><\/p><\/blockquote>\n