NEO (NEO) Price Hoisted by the Bulls to 15% Gain: The Smart Economy

Altcoin Trading

NEO or formerly known as Antshares is outstanding today in the cryptocurrency market with an increase of 14.91 percent in the last 24-hours which resulted with the price reaching above the major $50.00 for the second time this month.

NEO Value

Source: coinmarketcap

The price is battling to balance out above the $54-$50 mark buyers and sellers to create a new trading ground which is why staying on the lookout for that specific area if it holds will be recommended.

Most people may recall NEO is the new name for AntShares, a cryptocurrency project launched in 2014. Although the team has remained largely the same, the rebranding has elevated the coin’s value to new heights. As such, the current goal is to establish a smart economy using blockchain technology and cryptocurrency.

The project targets to make ownership of non-digital assets more verifiable, connected in general and more transparent:

-Digitizing, “real-world assets… enabling registration, depository, transfer, trading, clearing and settlement via a peer-to-peer network.” – based on the whitepaper.

Which means that the ownership of assets like vehicles, houses or any physical possessions willo be recorded on the blockchain in which case the ownership is given the opportunity to be connected to digital identities through smart contracts.

“NEO is an open network for a smart economy so it’s not just a platform for smart contracts. We’re aiming to serve the future smart economy, which we define as a digitized, programmable and trustless economy.” – Founder of NEO, Da Hongfei

The official monthly development report was released by the NEO council in which very highlighted was the Development Competition that was run in conjunction with Microsoft. In the data of the report it is noted out that around 500 projects were showcased, from which 50 were cleared at first check.

During the first-ever NEO Hackathon, the NEOspace project claimed first prize. The NEOspace project was a Smart Contract aimed at leasing office space to users but based on how much time one needed the space.