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What to make of NEO? The Chinese blockchain is, on paper, the most successful Asian cryptocurrency project to date. It’s listed on most major exchanges, boasts high trading volume, hosts numerous ICOs and has smart contract functionality. Not everyone is impressed though. Critics have called NEO a centralized, expensive, and unusable disaster. So which interpretation is true?
Success Lies in the Eye of the Beholder
NEO founder Da Hongfei is a man of few words. Despite having a Twitter following of 40,000, he’s tweeted just 71 times, averaging one message a month. On February 28, the CEO broke his silence to declare his satisfaction at having the first blockchain to be given an A-class rating by Weiss. The ratings agency has previously come in for criticism for awarding no cryptocurrencies an A and bitcoin a C. In a blog post, Mr Weiss himself – Martin D. Weiss PhD – hit back at the haters, writing:
I kind of expect it when we give a disappointing grade to a coin they love. Like Bitcoin’s C+, for example. But it seems the fury can be equally intense when we give a good grade to a coin they hate. In fact, that’s what we just saw happen this weekend with another explosion of buzz on the Internet about the Weiss Cryptocurrency Ratings. This time all about NEO.
Mr. Weiss naturally revels in the controversy – any publicity is good publicity for his company after all. Had Weiss Ratings previously awarded bitcoin and other blockchains an A, its decision to follow suit with NEO would have provoked little attention. But it didn’t. And so it has. Granting NEO an A confirms, in the eyes of critics, that Weiss – a company with no background in cryptocurrency – doesn’t understand the industry it is judging. What sort of skewed ratings system places one of the world’s most centralized cryptocurrencies leagues ahead of one of the most decentralized (bitcoin)?
“A Billion-Dollar Disaster”
Weiss Ratings make for an interesting talking point but they have little basis in reality. For those in the know – analysts with a proper grounding in cryptocurrency – NEO is a project that raises major red flags which no decorative award can mitigate. In general, Chinese cryptocurrency projects are more heavily centralized than those from the west, and NEO appears to be particularly guilty of this. This may change as more nodes are rolled out, but for now at least, NEO holds the keys to the castle.
One of the project’s more vocal critics is Store of Value blog, whose author has described NEO as “A Multi-Billion Dollar Disaster”. In a damning post, they outline their reasons for this pejorative, including the following:
- Blockchain slowdown during popular ICOs, questioning NEO’s claim to be able to support 1,000 tps. A post named The Story Behind the Worst ICO of 2018 outlines the problems that beset The Key’s crowdsale.
- Developer issues with getting smart contracts to work coupled with high deployment costs running into tens of thousands of dollars. Based on the current price of GAS, it would cost $ 15,000 to create a smart contract.
The other major issue affecting NEO is that its main use, at present, is as a springboard for ICOs. These projects need to prove themselves by adding real value and usability to the NEO ecosystem. If they can achieve that, and foster an interconnected framework of dapps, DEXes, protocols and off-chain solutions, NEO will prosper. If these projects fail to make an impact, however, or are constrained by issues affecting the blockchain, the entire ecosystem is at risk of failure.
Every blockchain has its technical problems to solve, and there is no reason why NEO can’t overcome its teething troubles and alleviate over-centralization concerns given time. Communication is not one of the team’s strong points, however, and while NEO muddles on in silence, the dissenting voices are getting louder.
Do you think criticism of NEO is unwarranted, or does the platform have major issues to address? Let us know in the comments section below.
Images courtesy of Shutterstock, and NEO.
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The post NEO Is Either a Raging Success or a Total Disaster appeared first on Bitcoin News.
With sale to Amazon, doorbell start-up Ring goes from ‘Shark Tank’ reject to L.A. tech scene’s latest successFebruary 28, 2018 | dailybusinessnews
If Amazon succeeds in turning Alexa into the brains of the modern smart home, then Ring will provide the eyes.
In a deal that expands Amazon’s network of internet-connected household gadgets — and with it, the e-commerce giant’s reach into customers’ homes — the Seattle company has agreed to buy…
A culture that disdained bad news contributed to overoptimistic forecasts and botched strategies. GE stock has almost halved since Mr. Immelt resigned as CEO and the company is considering whether to break itself up.
WSJ.com: US Business
With free birthday breakfast meals and all-you-can-eat riblets, the IHOP and Applebee’s restaurant chains became a traditional stop for millions of American families seeking a feast.
But casual dining restaurants began to lose their appeal for millennial-generation foodies, and in 2016, Applebee’s…
French Montana smells a chance to cash in on his name with all kinds of products … particularly perfume. French filed docs, obtained by TMZ, seeking to trademark his name for commerce in the health and beauty market. French says he wants to…
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After two preICOs that were a huge success for IQeon, the team is getting closer to the main token crowdsale. IQeon managed to raise the target sum during their first preICO ($ 1,165,000.00) and even closed it a couple of days before the official closing day. Many inquiries for investment brought to life the additional preICO, which was very flourishing as well.
That’s not a secret why the project is getting so much attention and is capable of getting the profound investment from institutions and individuals. IQeon is a revolutionary platform where players could earn on their gaming achievements and organize PvP bets on literally everything, starting from challenges on “I dare to..” and ending with bets on the results of any game existing on the Internet. This particular option is provided by the open API of IQeon gaming ecosystem.
The Blockchain technology backing up IQeon guarantees the protection and safety of the cryptowallet integrated into the personal account of each player. The IQN stored there could be used in any game hosted by the platform and exchanged into any other cryptocurrency via the inbuilt exchanger.
The Main Round of IQeon ICO starts on January 30 and lasts until March 13, 2018. The number of tokens issued for sale is 6.5M and the token exchange rate is 325 IQN for 1 ETH. IQN could be bought with ETH and BTC.
IQeon management team provides the flexible system of discount during the Main Round of ICO.
January 30, bonus is 30%
January 31-February 7, bonus is 25%
February 8-15, bonus is 20%
February 16-23, bonus is 15%
February 24-March 3, bonus is 10%
March 4-13, bonus is 5%
IQeon team is doing all that is humanly possible to make the functionality claimed in the roadmap be introduced as soon as possible. At the same time, IQeon project is actively promoted at conferences worldwide (Moscow, Great Britain, Thailand, etc.).
Everyone is welcomed to participate in the main token crowdsale! For more details, visit IQeon official website or stay connected through social network channels.
Tartu mnt 83-205, Tallinn,
Estonia, Harju maakond,
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
The post PR: Gaming Ecosystem IQeon Anticipates ICO Success as Pre ICO Raised Significant Sum appeared first on Bitcoin News.
Bruce Meyer was a Berkeley-educated hippie when he suggested that his family’s appliance business start selling candles in a boutique addition to their Geary’s retail outlet. That was the beginning of a Beverly Hills retail and real estate empire.
L.A. Times – Business
Steve Cameron, 57, is chief executive of Foremost Companies, a Newport Beach-based developer that owns more than 12,000 residential lots across the Golden State. The Chicago-area native and his team of 23 are currently building two large master planned communities.
L.A. Times – Business
North Korea detonated a thermonuclear device Sunday in its sixth and most powerful nuclear test to date, which it called a “perfect success” as its neighbors condemned it. Though the strength of the blast is undetermined, the artificial earthquake it caused was several times stronger than tremors generated by previous…