Neo Coin: The Cryptocurrency That Isn’t Resisting Regulation
Since bitcoin was first created in 2009, privacy and decentralization have been at the center of cryptocurrencies. It’s hard to believe that a crypto project could ever be founded with the goal of working hand-in-hand with regulators, yet here we are. Introducing the neo coin.
Cryptocurrencies and their networks are often seen as the bad boys of finance, with their ambitions to break free from regulation and decentralize finance. However, neo coin is breaking apart from that trend, with features that enable traceability and identity verification. It’s even got the go-ahead to operate in one of the most tightly regulated markets in the world: China.
The combination of decentralization and tracking might sound like a contradiction, but it’s all part of Neo’s vision. We’ll run through what neo is, how neo coin’s price has performed so far, and what makes Neo network unique. This is certainly something worth sticking around for.
Neo coin review
So, let’s start at the beginning. What is neo exactly?
Essentially, the Neo protocol is aiming to be part of the next stage of the internet and economy by providing a new kind of open-source blockchain and cryptocurrency platform.
It doesn’t have anything to do with the Matrix, but its name isn’t a coincidence—“neo” means new and young in Greek, and Neo’s goal is to become a newer, younger version of Ethereum. How? By being more flexible and taking more control over who its users are and what they’re doing.
Like Ethereum, Neo supports smart contracts, allows developers to create apps, and has its own cryptocurrency. Also like Ethereum, it hopes its system will become the basis for a new kind of economy. Yet Neo’s founders believe the internet and blockchain technology have made us lose control of our data and open ourselves up for abuse by those who engage in “foul play” on the blockchain.
That’s why Neo is trying to create a protocol that can exclude anyone who abuses the system and limit its level of decentralization when necessary. It’s not a DeFi crypto, but it’s certainly making waves.
The project initially began in 2014, when it became the first public blockchain project in China—in fact, the Chinese government seems to like the cryptocurrency so much that it’s one of the only coins allowed to operate in the country.
Neo coin price history
In the early days, Neo was known as Antshares, and it didn’t rebrand until 2016. Neo coin was launched in September 2016 at NEO price of just $0.39, and it failed to gain much traction for the first few months of its existence. However, almost a year later, its fate began to change.
The first small spike came in June 2017, when its value rose to $10.15. The next spike came in August that year, when it increased to $47.49. But the ultimate peak was still to come—in January 2018, neo coin reached $187.4. That’s a 294% increase in less than six months, and to this day, neo coin hasn’t been able to top it. But never say never!
Following this peak, the value of neo continued to drop, eventually reaching a price of around $7 in early 2019. There were a few mini peaks and troughs along the way, a significant rise wouldn’t come again until the crypto boom in April 2021. At the tallest peak, neo coin’s price increased to $122.68, but that’s still way below its all-time high.
And once again, it wasn’t to last. Neo coin did a bit better job of maintaining its value this time around, making an initial fall to $25.86 before recovering a little to the $50 mark. Then, it declined again to around $20, where it remains now.
What is neo coin used for? Neo staking and more
The Neo protocol contains two coins: NEO and GAS. While GAS is simply used to pay gas fees and transactions (like the name suggests), neo coin is an investment coin that’s also used for governance. This means you can use it to vote on the future of Neo and which policies and projects go through.
You can also use the coin for neo staking on some external sites, such as Atomic Wallet.
Interested? You can buy neo coin on most major exchanges, including Binance and Kucoin. However, it’s currently not available on Coinbase.
But what makes neo coin really special is the Neo network, which has captured the attention of regulators and the Chinese government. Speaking of which…
How Neo beats the regulators by joining them
They say that “if you can’t beat them, join them”—and neo coin is the perfect example of how to achieve exactly that. Ever since its inception, cryptocurrencies have been plagued by regulators who are concerned their decentralization and anonymity means criminals can use them for illicit activities without suffering the consequences.
While most blockchain protocols are committed to decentralized finance regardless, neo created a system that means it can take a more centralized or decentralized approach on a case-by-case basis. If you had to describe it in a single word, you could say it’s regulator-friendly.
On one level, the Neo network is decentralized, because it doesn’t require third parties to oversee anything—smart contracts can automate all processes. Yet Neo also makes it possible to trace all assets and achieve full transparency. Each user has their own digital identity and avatar, which they must verify. This is linked with everything they do as they trade or own digital assets on the system.
Even nodes on the network can’t verify the transactions of others unless they’ve verified their own identity.
Is Neo the future of the blockchain?
Like it or love it, some believe Neo could be poised to take dominance in the crypto investment world due to its appeal for governments and private businesses. Governments would be able to track what people are doing on the system if they had a reason for suspicion. Businesses would also feel reassured knowing that their customers were verified.
Given the success in China, other countries may begin to catch on.
However, this is likely to be controversial within the crypto community, and it certainly goes in the opposite direction to privacy coins like monero, which are trying to be more private than the average crypto and not less. However, each time crypto hits the news for being involved with “funny business,” we arguably get one step closer to a less decentralized vision for crypto.
Who will win this race is anyone’s guess.
Take an alternative path with MyConstant
Whether you think the future of regulated cryptocurrencies is a dark one or a bright one, it’s not the only vision for the future.
On MyConstant, we’ve recently launched our own crypto, and it’s totally decentralized. MCT token allows you to perform all kinds of financial transactions with one convenient token, from trading to borrowing to switching between cryptocurrencies. Plus, you can earn free MCT on MyConstant Airdrop.
Other benefits of our platform include:
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Sound interesting? Sign up for a free account today and start investing in neo coin.
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