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NEO: Worth Buying?

avatar of @revisesociology
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Zebedee
@revisesociology
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Neo is one of the many coins I bought back in 2017 and I've just had kicking around since then, but is it worth buying more of in August 2021?

The Neo price is currently around $46, where it's more or less flatlined for the last three months, and all it's done in 2021 is just follow the other alts.

However, while there has been very little News from NEO recently, there new N3 mainnent is up for launch in September this year, which brings new functionalities to the ecosystem, such as file storage, digital identities and improved interoperability with other blockchains.

What is Neo? NEO.ORG

Neo is yet another BlockChain based ecosystem that claims the aim of becoming the 'future of the internet' - with the capacity for exchanges, digital identities and data to be stored on one blockchain.

There's not a lot to say about it really, it seems to do EVERYTHING the ETH network does, just with a limited amount of BASE tokens and a lot less interest from people ATW.

NEO claims the following functionalities (at least once N3 is up and running):

NEO is a Chinese enterprise, which is off-putting in my mind given the Chinese State's historical relationship with Bitcoin mining.

What's Built on NEO?

There's A LOT of Dapps with a lot of diversity, but (probably much like you could say with Hive) a lot of them have moved on or gone dead....

For example Travala is now on Binance, so it's difficult to make an assessment of how many people are actually developing or using Dapps on NEO.

At the very least I guess past successes shows it is possible to develop an array of diverse applications on the ecosystem, which is a plus.

Tokenonmics

There are 100 million NEO tokens already minted, they are non divisible and that is the total supply available.

You can stake your NEO tokens in various NEO wallets which give you governance rights on the network, and you receive NEO GAS as a reward for staking and voting:

So if you held 100 NEO you would receive 0.09 GAS per month for holding in a wallet and 3.5 GAS per month for staking.

Final Thoughts - NEO - Worth Buying?

Difficult one this.... it's a competitor to ETH with a fixed base-token supply determining governance, but no one seems to be paying the blindest bit of notice to it at the moment.

Maybe that means it's a good time to pick some up, especially with a major upgrade around the corner?

And if things go pear shaped for ETH due to US regulation, this might trigger something of a migration to NEO.

Then again, this company is based in China, a country which is probably more likely to clamp down on crypto-success stories than the USA.

Personally I think the later factor makes this too much of a risk to buy more - too many unknowns, but I'll probably keep what I've got - I do like a token with a limited supply, and you never know, China could always become a democracy in the next decade!?!

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