NEO, commonly referred to as the “Chinese Ethereum,” has overtaken Cardano to become the sixth most valuable cryptocurrency in terms of market cap.
The NEO coin price has shot up nearly 17% on Monday, recouping much of the losses from the February crash. The average NEO to USD exchange rate is now marching toward our 2018 price target. We have reasons to believe that the NEO price could set a new all-time high very soon.
Here are two reasons why investors, notably in Asia, are buying NEO with both hands.
- NEO holders are hoping they’ll be receiving free coins.
- NEO holders are, in fact, receiving some free coins.
Confused? Stay with me as I explain what’s going on here. But first, a quick heads up for those new to the NEO cryptocurrency.
NEO is a blockchain technology that adds a unique touch to Ethereum’s idea of “smart contracts.” NEO has improved upon Ethereum’s technology to give us the concept of “smart economy”—a decentralized ecosystem where human identities will be digitized and all human financial and business transactions may be conducted on a secure distributed platform.
That’s a mouthful. What exactly makes it different from Ethereum? Two things: scalability and multiple language support.
Scalability means it can process thousands of transactions compared to Ethereum’s numbered transactions. And multiple language support allows it to be more developer-friendly than Ethereum, which only supports one language—that is, “Solidity.”
Developer-friendliness is allowing NEO to reach a bigger market of developers, who are expected to increase NEO’s visibility against Ethereum. I’ve covered the subject of “NEO vs. Ethereum” in further detail before. However, this quick intro may give you an idea why NEO is turning heads.