NEO Now 16th in Market Cap With Another 7% Price Rise, DevCon in February

Siamak Masnavi

The price of the NEO token, which is the base asset of the NEO blockchain (also known as "Chinese Ethereum"), has gone up another 7% to $9.71 in the past 24-hour period, powering NEO past both NEM (XEM) and Ethereum Classic (ETH) in the market cap table, thereby making it the 16th most valuable cryptocurrency. 

In fact, what is even more impressive is that, according to CryptoCompare, as can be seen in the chart below, the NEO price has gone up around 53% in the last 30 days, from $6.34 (10 December 2018, 09:00 UTC) to $9.71 (9 January 2019, 09:00 UTC), making it one of the best performing cryptocurrencies over this period:

NEO - 30 Days - 9 Jan 2019.png

One possible reason for NEO's strong price action over the past few weeks is the excitement in the NEO community over the upcoming annual developer conference, "NEO DevCon 2019", which is being held February 16–17 in Seattle, United States. At this conference, NEO's founders are expected to share "new roadmap and platform innovations, and showcase how the global NEO blockchain community is bringing the Smart Economy vision to life."

Another partial explanation might be that on Monday (January 7th), NEO's official Twitter account announced that according to "the latest yearly ranking released by China’s Center for Information and Industry Development (CCID), which is under the country’s Ministry of Industry and Information Technology," NEO was listed as a Top 10 Public Blockchain:

 Yet another reason might be the tweets sent out on January 3rd by Erik Zhang, founder and core developer of NEO, about the planned upgrade to NEO's consensus algorithm "Delegated Byzantine Fault Tolerance" (dBFT):

As for what else NEO HODLers can look forward to in 2019, here is a nice list presented by user "Edgegasm" in the thread "Next milestone?" in the "/r/NEO" subreddit:

"Based on current discussions/developments/announcements, we should expect to see the following in 2019 at minimum:

  • Decentralization of remaining consensus nodes that are currently operated by NEO (at least 4 of the 5, they should probably keep one)
  • Node stability improvements (will improve TPS)
  • Node recovery system (let a node rejoin consensus automatically in the event of a disconnect)
  • Third consensus phase (commit phase, to prevent 'sporks')
  • Light wallet voting implementations (likely in Neon first)
  • NeoFS candidate beta (NEO SPCC's DDSP).

Other possibilities for this year (speculation):

  • Network analytics
  • Additional nodes added in batches of 3 (taking us to 10, 13 etc)
  • Other performance improvements (for scalability)
  • Block explorer improvements (neo-scan)
  • NeoID and NeoX details (maybe not ready for release, but it's not beyond reason either)"

Featured Image Courtesy of NEO Team

GAS Rises 36% in a Day as Details on NEO 3.0 Emerge

The price of GAS, a cryptocurrency used within the NEO ecosystem, has recently seen its price jump by over 10% in less than a day as details on NEO 3.0 have started to emerge during the NEO DevCon 2019 in Seattle.

According to CryptoCompare data, GAS is currently trading above the $3 mark after seeing its price rise by nearly 36% in little time. Its market cap is now above $30 million, as the rise helped it become one of the top 100 cryptos.

NEOGAS' price performance in the last 24-hour period

What exactly is behind the rise is unclear, although some have suggested investors are gaining confidence on NEO 3.0 and have started acquiring GAS as a result. Others have claimed a whale may be accumulating the cryptocurrency.

The NEO blockchain notably has two cryptocurrencies: NEO and GAS. While NEO is seen as a representation of shares on the blockchain that can be used for electoral accounting and to obtain GAS dividends, the latter is the cryptocurrency used to pay for fees and services. NEO holders are rewarded with GAS dividends.

Details about NEO 3.0 that have emerged essentially revolved around the cryptocurrency’s scalability, security, efficiency, and a potentially increased number of transactions per second it’ll be able to handle.

Speaking in Seattle through a video presentation, NEO co-founder Erik Zhang revealed NEO 3.0’s goal is to support commercial applications on the blockchain, and although a date on its launch is to be determined, we know it’ll address the platform’s stability and scalability.

For one, NEO 3.0 will reportedly have native contracts, allowing for a higher number of transactions per second on the blockchain, and will allow users to access internet resources in smart contracts through URLs.

Its delegated Byzantine Fault Tolerant (dBFT) consensus protocol, which Zhang has in the past touted will become the “best consensus mechanism for blockchains,” will also get rid of some flaws that stop node synchronization from being more efficient.

It has also recently been revealed NEO Global Development (NGD) is opening an office in Seattle, headed by a former  Microsoft executive. NEO’s first decentralized exchange, Switcheo, has also added support for various Ethereum-based ERC-20 tokens late last year.