Coin of the day is NEO.
Neo first name was AntShares (ANS), the company was founded in 2014 by Da Hongfei and Erik Zhang and has been referred to as ‘China’s first blockchain platform’. In 2016, supposedly in response to growing interest in AntShares, and a need for blockchain solutions that meet the requirements of both government regulators and private companies, Da and Erik founded OnChain, a venture-backed company that provides blockchain-based financial services. In 2017, AntShares was rebranded as Neo.
Since its inception, Neo’s OnChain technology was designed to be regulator-friendly with a centralized approach
In concept, Neo is a smart contracts ecosystem, similar to Ethereum. It allows users to automate the storage and exchange of digital assets. NEO Smart Economy consists of three parts: Digital Assets, Digital Identity, Smart Contracts.
The platform involves two different tokens. NEO and GAS are the cryptographic currencies that drive the Neo network. Both NEO and GAS are capped at 100 million tokens each.
The NEO token is representative of shares in the Neo market. NEO holders get voting rights in the NEO ecosystem as well as rights to dividends in the form of GAS. 50 million NEO were distributed through initial crowdfunding. The remaining 50 million tokens was frozen with a 1-year lockout period until October 16, 2017.
GAS dividends also accumulate as fees to the network. Users pay in GAS to deploy and run smart contracts. Fees are proportional to the computing resources consumed by the contract. These fees are distributed to ‘bookkeepers’ as a reward for their activity on the network.
Technicals
NEOBTC was in downtrend scenario beginning from the February, which could be interpreted as a prolonged correction to the 2017.12 – 2018.01 uptrend. 0.0057 level is roughly a 61.8% Fibo retracement of the specified uptrend, so it could be a good place to draw a turnaround pattern and begin the next growth cycle, as the price is low enough but still not canceling a rising scenario. Drawdown below the 0.005 level will put a big question mark on the further bullish scenario. The last support after 0.005 level would be a Global Bullish Trend Line (around 0.004 level at the current time). A breakthrough above the 0.006 level could be a sign of a bullish movement beginning, a further breakthrough of the 0.0067 – 0.007 zone and Bearish Trend Line afterward will confirm the beginning of the next growth cycle.
Neo first name was AntShares (ANS), the company was founded in 2014 by Da Hongfei and Erik Zhang and has been referred to as ‘China’s first blockchain platform’. In 2016, supposedly in response to growing interest in AntShares, and a need for blockchain solutions that meet the requirements of both government regulators and private companies, Da and Erik founded OnChain, a venture-backed company that provides blockchain-based financial services. In 2017, AntShares was rebranded as Neo.
Since its inception, Neo’s OnChain technology was designed to be regulator-friendly with a centralized approach
In concept, Neo is a smart contracts ecosystem, similar to Ethereum. It allows users to automate the storage and exchange of digital assets. NEO Smart Economy consists of three parts: Digital Assets, Digital Identity, Smart Contracts.
The platform involves two different tokens. NEO and GAS are the cryptographic currencies that drive the Neo network. Both NEO and GAS are capped at 100 million tokens each.
The NEO token is representative of shares in the Neo market. NEO holders get voting rights in the NEO ecosystem as well as rights to dividends in the form of GAS. 50 million NEO were distributed through initial crowdfunding. The remaining 50 million tokens was frozen with a 1-year lockout period until October 16, 2017.
GAS dividends also accumulate as fees to the network. Users pay in GAS to deploy and run smart contracts. Fees are proportional to the computing resources consumed by the contract. These fees are distributed to ‘bookkeepers’ as a reward for their activity on the network.
Technicals
NEOBTC was in downtrend scenario beginning from the February, which could be interpreted as a prolonged correction to the 2017.12 – 2018.01 uptrend. 0.0057 level is roughly a 61.8% Fibo retracement of the specified uptrend, so it could be a good place to draw a turnaround pattern and begin the next growth cycle, as the price is low enough but still not canceling a rising scenario. Drawdown below the 0.005 level will put a big question mark on the further bullish scenario. The last support after 0.005 level would be a Global Bullish Trend Line (around 0.004 level at the current time). A breakthrough above the 0.006 level could be a sign of a bullish movement beginning, a further breakthrough of the 0.0067 – 0.007 zone and Bearish Trend Line afterward will confirm the beginning of the next growth cycle.
