NEO’s Upcoming ICOs Are Disappointing
Regarded as the “Ethereum killer,” NEO has attempted to position itself as Ethereum’s main competitor. The name is somewhat appropriate since both platforms have a lot in common—particularly in the shared vision of utilizing smart contracts.
NEO was the first open source public blockchain from China when it first appeared in 2015 (under the name of Antshares, later rebranded to NEO). Despite China’s bans on ICOs and cryptocurrencies the platform is still garnering attention and investment. Whether new ICOs will continue to adopt the NEO blockchain is of the utmost importance for the platform’s future success, though.
According to NEO’s official website, the platform has a strong collection of completed and successful ICOs, and more still pending. Coming up, there are a few ICOs of note: The Effect Network (EFX), THOR, Verzz, YouPayGo, Veris Foundation, VDT Network (VDT), and Senno (SEN).
While there are impressive features to each of these, the overall quality is disappointing if and as NEO tries to compete with Ethereum and ERC-20 token ICOs.
The Effect Network
The Effect Network aims to provide services in the ever-growing artificial intelligence market. The rise of AI has been accelerated by groundbreaking advances made in the fields of machine learning and cloud computing. The Effect Network is specifically designed to work on the NEO blockchain and is fueled by a network NEP-5 token. More information can be found on Reddit, Telegram, Medium, LinkedIn, Facebook, Twitter, and GitHub channels.
While an impressive technology pairing, usability for this token is far out and it will compete with already-existing AI-based blockchain projects. In its early stages, it doesn’t boast anything particularly new about entering the AI space.
Another NEO ICO is Thor, a blockchain-powered gig economy solution that aims to help contractors earn via efficient payments. More information about the upcoming ICO, as well as the project itself can be found by on Medium, Twitter, Telegram, and Facebook media channels.
Thor will enter a crowded space of gig economy foundational tokens, and has a big project ahead of it to disrupt the diverse field of freelancing.
The list continues with Verzz, a decentralized app built on top of the NEO blockchain. Verzz helps bring people together by allowing its users to find sports partners around the globe. In short, it’s a smart contract-powered platform dedicated to matching competition organizers. There are links for the project like on Twitter, Telegram, and Discord.
But the website appears to be down right and offerings from the coin do not look professional or ready to enter adoption-stage.
YouPayGo allows its users to send and receive payments with no middlemen or financial institutions involved. The platform intends to streamline the process of sending and receiving funds without having to switch between multiple apps, platform, or wallets. you can follow the latest news on project’s official Twitter channel.
Obviously, the premise of an easy to use crypto money-transfer app is big; but YouPayGo will compete with billion dollar coins, many that are already years ahead of it.
Veris Foundation aims to implement blockchain technology in the American healthcare system. The project’s main goal is to reduce yearly healthcare expenses by up to $59 billion, making the system better for patients. In short, it allows stakeholders to share information in a secure, immutable fashion, as well as avoid the expense necessary for building duplicate systems.
Medical records and healthcare is an industry long believed to be benefitted by Blockchain. Veris Foundation will have competition and a big task on its hands; not the least of which is using the Chinese platform in an American healthcare system.
Finally, Senno is a NEO blockchain-based and decentralized platform that advertises itself as a decision-making network that uses distributed sentiment analysis to create a real-life crowd wisdom ecosystem. The project’s main focus is strategic planning, the enhancement of algo-trading systems, the elimination of surveys, and measuring marketing campaigns reach.
SEN or Senno Token is an open source cryptographic token based on the NEO blockchain, and it’s what drives the Senno platform. More details can be found on the project’s website or the LinkedIn channel.
There is plenty to be excited about in NEO’s technology, but judging by some upcoming ICOs, there may not be a compelling reason to jump on NEO investment right now.
While the ones listed have fairly legit ideas behind them, they’ll all face competition and must move quickly to be a dominating force in their sector. For a NEO coin that relies on innovation and disruption from its platform, this doesn’t seem to be a particularly optimistic time.