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Why Did NEO Experience a Sharp Rise (When Was NEO Coin Launched)?

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Why did NEO experience a sharp rise? According to CoinMarketCap data as of 10:00

Why Did NEO Experience a Sharp Rise (When Was NEO Coin Launched)?

Why did NEO experience a sharp rise? According to CoinMarketCap data as of 10:00 AM today, the price of NEO was $0.002.

Looking at historical data, the price has already surpassed $10,000 in the past month. However, the recent major event was the vulnerability found in NEO’s smart contract code. This surprised developers and investors, leading to a significant sell-off behavior among traders. However, the project was not exploited. Some people believe it was a massive tech attack. But others think this uncertainty might be due to defects in NEO’s code, leading them to abandon it and create a new token issuance model (NEO) and consequently putting themselves in trouble. So why is NEO so popular now? First of all, we know that the ICO boom had already ended in early 2018. Then, with the booming blockchain industry and the decreasing popularity of the DeFi concept in 2017, some startups had to shut down their businesses and turn to investments for higher returns. Now, the value of these projects is also growing continuously.

Secondly, decentralized applications (Dapps) based on the EOS network are flourishing. According to duneanalytics statistics, Dapps have almost 3 million monthly active users as of now. According to CryptoDiffer’s data, their locked-in volume has increased by more than three times since 2018 and has reached $5 billion. In addition, the EOS-based app store has gained hundreds of users, many of which are acquired through smart contracts. Finally, due to the high demand for smart contracts, a large number of developers have emerged in the NEAR Protocol ecosystem.

Regarding what NEO is and its future development prospects, we can refer to the following three reasons:

1. The scalability and low cost of the NEOs network.

2. Support for multi-platform payment protocols.

3. Strong security mechanisms that allow anyone to participate in decentralized applications on the chain without the need for wallets or passwords.

When Was NEO Coin Launched?

According to official announcements, NEO coin was launched in 2017. It is one of the projects focused on the Bitcoin and Ethereum ecosystems, incubated by blockchain investment firm BlockVC. NEO coin converts tokenized assets into another token using smart contracts, enabling transaction and payment records to be immutable through blockchain technology (asymmetric encryption). This token operates on the network and has built-in security features. It can be considered as a security token used for anything of value, such as stocks, bonds, real estate, and other digital representations of similar financial products or services. (Blockchain Trend)

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