Since its creation, NEO has experienced the upsurge and boom of the blockchain industry, making it one of the cryptocurrencies that continue to cause a ripple in the digital money market. By combining digital assets, digital identity, and smart contract, the virtual currency seeks to create a smart economy built on the foundations of decentralization, transparency, and security.
As of this writing, NEO is trading at around $130 while three days ago it was $162.33 per coin, according to CoinMarketCap. In the recent months, NEO has shown serious efforts to increase and strengthen its blockchain ecosystem, with new ICOs joining the network. These developments come on the heels of the ICO craze utilizing the Ethereum blockchain, to which NEO is often compared. Both NEO and Ethereum are protocol blockchains that permit the creation of decentralized applications on top of their blockchain. On the NEO blockchain, the decentralized applications will operate as part of NEP-5, which is NEO’s application protocol.
With a series of new ICOs joining the network and a rapid development of the past ICOs, more investors are inching closer to the network. NEO stood strong during the recent market plunge, which saw mainstream cryptocurrencies such as bitcoin drop in value by almost 50 percent. While China is a top critic of cryptocurrency and its trade, NEO continues to enjoy support from a Chinese-based company, conducting its business fully without interference from the government as long as it complies with China’s regulations. With that kind of support, it is possible to read strong ties between NEO and the Chinese government, which might allow back the ICOs in the country.
With the bubbling ICO craze, investors are constantly looking for blockchains and suitable platforms on which they can build applications. Owing to its popularity, NEO provides a favorable environment for that to happen. All the same, whether this will come to fruition depends on the ability of the projects to deliver and the quality of the ICOs. Here are some of the projects that have joined the NEO network as well as those planning to do the same.
QLINK is possibly the first decentralized mobile network, utilizing the blockchain technology. As its number one objective, the project seeks to develop a decentralized platform, which consumers and businesses can utilize for their mobile phone data plans. According to their whitepaper, “Qlink aims to build the world’s first decentralized mobile network, which will extend network coverage, reduce the cost of telecom infrastructures, and reward users for sharing unused network assets.”
The Red Pulse token is one of the ICOs on the NEO network. The company conducts research for market intelligence. The NEO platform offers incentives to researchers by rewarding them with Red Pulse tokens. In the end, the platform shares and sells the generated insights to other companies looking for market intelligence. Such companies are usually many. The main objective of Red Pulse is to integrate the entire research process into a single decentralized platform.
Trinity is the version of the lightning network operating on the NEO network. The network will help NEO to increase the efficiency of its blockchain ecosystem. This will be possible by making real-time payments, scalability, low transaction fees, and privacy protection. The project seeks to enhance the quality of the throughput of NEP-5 tokens.
DeepBrainChain aims to be the world’s first decentralized marketplace for artificial intelligence products. Artificial Intelligence is expensive to create and maintain owing to the complexity and the huge amount of computing power that they need to operate. DeepBrainChain aims to reduce the expenses involved by connecting the worldwide AI industry using the blockchain technology. They plan to offer a wide range of AI-related marketplaces on which users can build modes, exchange AI data and lend out computing power.
Former Ethereum ICOs Joining the Network
Unique as it may sound, some ICO decided to switch blockchains, ditching Ethereum for NEO. For instance, PIKCIOCHAIN decided to move to NEO after a three million dollar investment of the NEO Council. Similarly, Narrative opted to switch to NEO because they believed that NEO is on the “most promising and technologically advanced blockchains.”
PIKCIOCHAIN aims to create a decentralized platform for personal data exchange. The platform will enable users to collect, certify, and exchange personal basis. Once launched, consumers will be able to earn money from their data by exchanging it with other businesses. This means they will have complete control over their data while using it to earn profits.
Narrative is a platform, out to decentralize social media. The platform seeks to introduce a decentralized economy that will enable creators and active participants to earn rewards for their efforts. In addition, it will enable brands and users to interact freely and directly without involving a third party. Narrative will focus on users and create a social media micro-economy that enables users to have full control over the distribution and management of funds.
Current ICOs on NEO Network
The Key focuses on identification verification network, using the blockchain technology. In addition, the project seeks to develop a cheap, reliable, fast, and secure use of data. The Key will depend on government authorities to authorize the identifications exclusively. This shows the close ties between the virtual currency and the Chinese government. The Key draws support from a company with an already existing product with a database of 210 million people in 66 cities. The Key plans to launch its crowdsale in March 2018.
Currently, NEX is the most anticipated ICO based on the NEO platform. The project will create a platform on the NEO blockchain in which users will be able to trade other cryptocurrencies and NEO applications. As a decentralized exchange platform, it will provide payment services using its own NEP-5 token. The idea of NEX is somehow similar to that of Etherdelta, a decentralized exchange platform on the Ethereum network. However, there is only one big difference between the two: On NEX, the focus will be on usability. NEX is already at an advanced stage, with just some legal processes to clear before the token sale can kick off.
APEX believes that the consumer data and marketing sector is broken, and they want to fix it. The project is set to enable consumers to have complete control of their personal data by using the Apex ecosystem. When consumers are able to control their personal data, Apex seeks to create a suitable platform in which consumers and businesses can interact and share information freely on a fair and transparent basis. Apex will also focus on data quality, customer loyalty, and marketing effectiveness.
NEO Name Service
Since the network aims to create a decentralized platform for building applications, it will obviously embrace a decentralized internet. The NEO name service is working toward the creation of the NEO domain, which will ensure that all NEO-based applications have a NEO-based webpage as well.
Moonlight focuses on creating a decentralized community for open-source projects. The platform will embrace a distributed workforce to match each project with another one, using an algorithm.
AdEx will be a decentralized ad exchange platform, using smart contracts. With this development, it aims to create a platform on which consumers and businesses can interact with each other, understand, and control advertisements. Besides, AdEx seeks to focus on user privacy regarding the consumer, and a clear, detailed reporting regarding businesses.
In addition to the mentioned upcoming ICOs on the platform, you can find more on the list here.
A Bright Future
With the present and upcoming ICOs on the NEO platform, it is safe to conclude that the network is headed for an all-inclusive ecosystem. While the quality of the applications and their ability to deliver is still unknown, most projects on the network look quite promising. With the NEP-5 protocol, NEO aims to ensure that all its ICOs conform to the legal requirements. This is an important step in China, judging from the government’s reaction to the past crypto situations.
Looking at the overall value of the applications operating on top of the Ethereum blockchain, the NEO-based ICOs can improve the value of the NEO network. With that in mind, the NEO cryptocurrency will play a key role in all the developments in the ecosystem. With a long list of upcoming ICOs, the future definitely looks bright for the digital currency.
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