”Chinese Ethereum” entered the top 10 cryptocurrencies by capitalization
At the beginning of the week NEO showed rapid growth against the backdrop of other cryptocurrencies and entered the top ten by capitalization according to the data of CoinMarketCap. Such growth cryptocurrency has been keeping since the beginning of the year, having risen in price by half, despite the market weakening caused by news from South Korea.
NEO Blockchain platform was the first open-source project in China, launched in the fall of 2016. However, despite the fact that it is often called “Chinese Ethereum”, NEO has a number of differences from the brainchild of Vitalik Buterin.
First and foremost, the NEO issue is limited to 100 million tokens that can not be divided, and Ethereum can produce an unlimited number of ETHs. And Ethereum still uses the Proof-of-Work mechanism for mining, and NEO immediately issued the entire volume. Finally, due to its own mechanism of smart contracts and less workload in NEO, transactions are faster than in Ethereum.
In 2018, 27 ICOs are planned on NEO platform, developers are loyal to the authorities of the PRC and cooperate with the largest companies, including Microsoft and AliBaba. Such prospects, as well as a limited supply of tokens on the market, have a positive effect on strengthening the NEO exchange rate.