This year has been a wild rollercoaster filled with ups and downs for the cryptocurrency market. While huge cryptocurrencies like Bitcoin and Ethereum didn’t have any problems making a comeback after dropping nearly 50% of their total value, we can’t say the same about all other 1541 cryptocurrencies which are listed on Coinmarketcap.
NEO Survives Market Downswings
Even though the year started on the wrong foot, there is one cryptocurrency which successfully survived the downswings of the market. The cryptocurrency we are talking about is called NEO. This cryptocurrency is ranked on the sixth spot right beneath Litecoin, but that might change during the upcoming months.
The “Chinese Ethereum”
NEO was developed in China and its blockchain platform is similar to the one used by Ethereum. Therefore, NEO is popularly known as the Chinese Ethereum. Nonetheless, NEO’s price went up in February 6th and it kept on going strong despite all the negativity surrounding the cryptocurrency market.
NEO was not affected by Bitcoin’s downfall which occurred a couple of weeks ago and this leads us to believe that NEO’s future looks bright. With that said, let’s go over the top reasons why NEO might be ranked as a top three cryptocurrency before 2018 comes to an end.
As previously mentioned, NEO is similar to Ethereum when it comes to the blockchain platform it uses. This platform allows NEO to offer Smart Contracts and the development of digital assets. In addition, NEO uses the Byzantine Fault Tolerance Consensus mechanisms which supports more than 10,000 transactions per second.
The folks who are in charge of NEO have made it their top priority to partner with financial institutions. This is quite important because these financial institutions are helping NEO expand its growth and value. NEO is partnered with 18 major banks at the moment, but the list of partners is expected to get bigger as time goes on.