2018 Will be NEO’s Breakthrough Year: Here’s Why

There has been much talk regarding NEO in the cryptocurrency community, as the company is being described as a “Smart Economy” rather than just a cryptocurrency. NEO has always stressed one user-convenience, as it is one of the very few cryptocurrencies that support Javascript and C++.

Even though NEO was originally modeled heavily after Ethereum’s technology, it has since evolved to bridge the gap between the real economy and the digital economy, something which Ethereum has also failed to fully achieve. Hence, crypto-enthusiasts, as well as industry experts, are predicting big things for NEO this year, citing a mix of technological upgrades and other developments as the main reason.

Forecast for NEO

NEO, also known as the Chinese Ethereum has been making headlines since its rebranding in 2017. Originally launched under the name “AntShares”, the project was founded by DA Hongfei through his development company called Onchain.

NEO is characterized by its delegated Byzantine Fault Tolerance Consensus Mechanism, functioning similar to other projects like Stellar and Hyperledger, while being radically different than Ethereum and Bitcoin’s technology.

There are a number of reasons why 2018 is considered to be the breakthrough year for NEO. Despite the criticism it faces for not being very scalable, NEO has overtaken its competitors by the myriad of developments in recent times.

1. Promised Speed: NEO’s transaction speed was the one feature that stood out from the start, currently completing transactions at a rate of 1,000 transactions per second. However, if sources close to the NEO core team are to be believed, the NEO team is working on increasing that speed, allowing almost 10,000 transactions to be processed per second. The target is expected to be reached by 2020, marking an unparalleled breakthrough for the crypto community at large.
2. NEO Contract: NEOContract refers to a smart contract system built on the NEO blockchain. Its main purpose is to assist transaction validation, decentralized app development as well as during token sales. The NEO Contract consists of three major elements, namely NEO Contract APIs, SDK, and NeoVM, which we will discuss in detail below.
3. NeoVM: The NeoVM forms a part of the aforementioned Neo smart contract technology. It is a decentralized VM for smart contract execution. Due to its low-coupling architecture, it can be applied to both blockchains as well as other scenarios.
4. NeoContract Future Plans for Version 2.0: Another piece of news that has massively raised people’s interest in NEO is their plans for smart contracts in the future. The project is tentatively known as NeoContract 2.0. The NEO team aims to introduce the power of serialization and deserialization for smart contracts with complex data structures in the near future. The new APIs can easily store and retrieve any form of data in the storage area, making it a concrete, efficient as well as fast process.
5. Dynamic Sharding Ideas: NEO also aims to begin an expansion plan to accommodate the growing number of apps being built on its blockchain. Hence, the team has announced plans for “sharding” to isolate irrelevant contracts in different shards. This system will improve concurrent execution by applying sharding rules to maintain optimal efficiency.
6. NeoX: Another idea which is reportedly in the works is the NeoX cross chain. It is designed to be a cross-chain asset exchange protocol as well as distributed business logic. The main aim for the introduction of NeoX is to solve consistency issues across different chains. However, in order to be implemented, the aforementioned NeoVM has to be improved.

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Final Thoughts

The cryptocurrency market is filled with blockchain projects which appear to be legitimate but lack any real use-case, or technological improvements to make them a viable investment. In an age where cryptocurrency ICO and exit scams are recurrent issues, NEO stands out from the crowd.

Even though NEO has been criticized because of its scalability in the past, there is no denying that the project is backed up by a well-informed and technically sound Dev team, regular partnerships as well as technological advancements. It is already challenging the position of Ethereum in the crypto space. As more and more people become aware of NEO and its potential, the value of NEO will only increase exponentially in the years to come.

This article was written by Global Coin Report.