Once termed as the Chines version of Bitcoin, NEO (NEO) has been going through a rough time despite its untapped potential. The coin value had been hit by the current organic market slump; the bearish trend appears to be headed for a short-term breakout.
NEO, the Ethereum competitor is poised to benefit from the many ICOs and other startups shifting base from Ethereum to superior platform. The current Ether price drop is a clear indication that most projects are not happy with the Ethereum ecosystem and are shifting their base to more promising coins like NEO and Zilliqa among others.
NEO Price Snap-Shot
Since February, NEO price has been dropping with a marginal spike early May and many investors have been writing it off. However, the coin has been gaining traction at a time when the entire market has been bleeding. At the time of going to press, the coin has impressed many in the last 2-hour trading session after gaining 9.49% and 3.98% to the dollar and Bitcoin respectively.
However, NEO (NEO) has dropped one step to rank 15 by market cap that stands at $1.062billion with a 2-hour volume of 67.094milion that saw the coin trade at $16.35. Binance and BitForex are the biggest movers with NEO/USDT and NEO/ETH recording high preference from the trades. The Switcheo listing appears to have given NEO a boost that the network has been lacking.
NEO (NEO) Attractiveness Set to Grow
According to the NEO Chief Marketing and Community Operations, Caterina Zhang, the platform is in the process of enhancing its scalability and increasing transaction speeds. These two have been a huge headache in the recent past, a clear indication that adoption and NEO coin usage is on the rise.
“This NEO platform will provide higher transaction per second [TPS], automized stability and make the NEO platform ready for the real enterprise use cases to be deployed on top it. As for the storage capacity we are also researching on the NEO FS, NEO’s decentralized file storage. We have NeoX protocol in our roadmap which will allow the cross chain interoperability.”
To reduce the increasing network spam, she says that the implementation of NEO 3.0 is designed to eradicate the problem thus bringing back investor confidence:
“When exchanges are facing congestion of the transactions they can implement certain GAS fees in order to prioritize certain transactions. The network is operating well despite the spam and we are continuing to improve the platform and development will not be stopped by such a spam attack.”
This is a long term solution and NEO (NEO) expects to achieve 100,000TPS by 2020. The goal is to transform the platform to a global brand given the current popularity in the Chinese market.to achieve the vision, NEO marketing campaigns have seen the coin attract Switcheo attention recently.
NEO (NEO) to Trade through Switcheo
Switcheo is a growing exchange that uses the O3 Labs Dapp browser. This is a mobile wallet app that will see increased access to the NEO platform. The exchange is built on the NEO ecosystem and this increases NEO exposure and visibility. This is a decentralized trading platform that is compatible with Android and iOS operating systems and will help NEO (NEO) take advantage of the increased global smartphone usage as it sets that stage for mass adoptions. This allows holders to trade using the O3 Labs platform directly and seamlessly:
You can now trade $NEO, $GAS and NEP-5 tokens on Switcheo Exchange (@SwitcheoNetwork) directly from your O3 mobile wallet courtesy of @O3_Labs. https://t.co/D5gIEIyWli
Switcheo is fully decentralized and is a cross chain outfit that supports more than 25 digital assets mainly NEP-5 token and is working towards adding EOS, Zilliqa, QTUM and Ethereum digital assets to its ever growing portfolio.