NEO (NEO) like most cryptocurrencies is down slightly today after seeing recent and dramatic gains. However, when you dig into what we’ve seen from the top 10 cryptos over the past week, it’s hard to ignore this one in particular. After all, NEO is the cryptocurrency that led the charge in the gains that we’ve seen recently in the sector. So, what is it about this particular digital coin that sets it apart from all of the rest? Today, We’ll talk about the key differences that are leading to a boost in demand for NEO.
NEO: The Chinese Ethereum
Neo is an interesting cryptocurrency in the sense that it is considered to be a dobbleganger to Ethereum. In fact, NEO is often called the Chinese Ethereum. Like all cryptocurrencies, NEO runs on a blockchain, which is a digital ledger of transactions. However, like very few, this blockchain has capabilities beyond simply hosting the cryptocurrency. You see, like Ethereum, NEO allows developers to create apps that live on the NEO blockchain. These are known as DApps or “decentralized applications.”
However, while NEO is considered to be the Chinese Ethereum, it has some distinct differences from Ethereum as well. You see, NEO is faster than Ethereum which makes it much easier to scale the system along with demand. On top of that NEO supports multiple languages, making it a much more developer-friendly option.
So, Why Is NEO Leading The Charge?
At the end of the day, it’s my opinion that NEO is leading the charge for a couple of reasons:
- NEO DevCon – The timing of the recovery in the cryptocurrency space couldn’t have been better for NEO. That’s because the cryptocurrency recently hosted its first DevCon, a developers’ convention designed to showcase the latest in NEO technology and apps. This likely helped to prop prices up through the crypto-recovery that we’ve seen.
- Banks And Ethereum – Ethereum has seemed to be embraced by many banks and corporations around the world. Considering this, many believe that NEO will follow along the same lines. If this is indeed the case, NEO has plenty more room to run as the acceptance of the crypto among the financial community picks up.
- China – NEO is China’s cryptocurrency, which gives it a distinct advantage over others. At the moment, China is in the process of banning the use of foreign exchanges to purchase cryptocurrency. At the end of the day, even Bitcoin can’t be purchased in the region. However, those in the region do have access to NEO, giving this crypto a much larger potential audience than others.
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