As the crypto market faced an unexpected and drastic downfall last night, NEO and Cardano coins were no exception to it. Albeit the slide, NEO managed to race past Cardano leaving it behind in the 7th position. NEO is currently priced at $100 while Cardano [ADA] stays at $0.247 as seen at press time.
A Twitter user says:
“#cardano $ADA is an example of a coin where there was a large increase in volume on #binance (1000+ BTC overnight), yet price did not change.”
NEO is based on the Bitcoin peer-to-peer cryptocurrency technology which aims to provide a unique and instant payment system across the globe. NEO is an altcoin patterned on Bitcoin with few distinctive features making it more accessible and convenient to miners and traders.
Since it is a decentralized coin, no central authority can control this currency. NEC is a cumulative effort of everybody willing to take part in its network.
Binance, Bitfinex, and Upbit are the top exchanges out of many to trade this coin which is worth $6.5 billion of market capitalization.
The NEO smart contract, one of the most important features of NEO, is one of the core characteristics of blockchain technology. NEO uses the lightweight NeoVM, a Virtual Machine which is an emulation of a computer system, which in this case, is ‘NEO computer’. This provides an environment for contract executions to take place fastly. It also takes up a very small amount of resources. This is why it is most sought after for short procedures.
Jim Paul, a speculator commented on a blog:
“ONT was supposed to be the company equivalent of NEO.. So there’s that. We all bet on linux but the big money is still in MS and Apple.”
Cherry, a trader of cryptocoins stated:
“FML – I’am not able to trade atm (wan’t to unload) – but who knows, maybe in seven hours the price will be even higher again.”
Monana, another trader also commented:
“Price is a lot higher than I expected. I think I’ll wait this one out. I have a deja vu of someone saying that, lol. The opposite happened and FOMO set in on the peak.”
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Tron’s Justin Sun claims stablecoins will be key to cryptocurrency development
The Justin Sun-led Tron has been in the news multiple times recently, thanks to its regular updates and noticeable price hikes. The CEO has also played a very active role in promoting the cryptocurrency, as exhibited by his recent AMA on Periscope.
Sun focused on how the initial success with protocol governance in the Tron ecosystem paved the way for future developments in the blockchain. The CEO stated,
“Tron had 27 Super Representatives passing 17 new protocols out of which 10 were voted in and accepted. Tron is also the third blockchain after Ethereum to be associated with the stablecoin Tether.”
Justin Sun further opined that 2019 was the year of the stablecoins and that inked assets will be a key focal point when it comes to future developments. He believes that the stablecoin system is the ecosystem in which centralized finance will be taking off. Sun added,
“We will be collaborating with more parties to boost Tether USDT use cases in the TRX ecosystem.”
The Tron Foundation had launched Tether on the TRX blockchain in April to much fanfare, with Tron tweeting,
“Today #USDT is launched on TRON’s blockchain. $USDT is issued by @Tether_to on the #TRON network based on #TRC20 protocol. There will also be a total reward of 20 million $USDT for 100 days. $USDT will be fast, free and smart! #TRX #BTT”
This program was later postponed due to certain discrepancies that came to light post the Tether-Bitfinex episode. Another topic touched on by the Tron CEO was the much-celebrated BitTorrent, which has come a long way since its acquisition by Tron in 2018. Sun admitted that BitTorrent was ‘integral’ to the overall growth of Tron’s development cycle. BTT recently completed its fifth airdrop on June 11, right after the Tron blockchain had breached the 10 million mark in terms of block height. The BTT airdrop involved the transfer of close to a billion tokens which were sent as a reward to TRX holders.
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