NEO, formerly Antshares, is the first open source blockchain developed in China. NEO’s mission is to reinvent the way commerce is made by bringing the concept of smart economy in it. NEO has been published on github and its open source since 2015. NEO has been called “Ethereum of China” due to its potential and the fact that they have a lot in common with the Ethereum project, but their Smart Economy idea makes it even better as it can be used more easily in the real-world applications and integrate in the real economy.
Today, NEO received a powerful hit in the NEO price.An announcement from some hours ago mention that due to the regulations in China regarding ICOs, Red Pulse ICO cannot accept Chinese investors anymore.
This news, shared by two well-known crypto traders – WhalePanda and Romano, has created panic in the NEO investors – leading to a fast 15% decrease in a few hours. Basically, all the tweet says is that Red Pulse ICO doesn’t meet the requirement to be accepted in China. It’s not like NEO doesn’t still have a powerful idea behind it and a great team ready to work even harder on times like these.
I personally believe that this is a good thing for NEO. Instead of having a lot of ICOs with ideas that will be never used and will only make the founders rich – It’s better to have less but more trustworthy. After all, regulations on the crypto market are necessarily and its just a matter of time until they’ll be implemented worldwide.
Another idea pointed from the community: Why NEO? Why not Qtum/Waves/ETH? Maybe it’s because a crypto-whale wants to buy more NEO at a cheaper price right before reaching a new all-time high. As a proof, the Bitcoin volume on BTC-NEO from Bittrex grow since this news.
I personally tend to believe that NEO won’t be affected too much on the long run by these news and will probably benefit from the fact that only trustworthy companies will create their ICO using NEO blockchain.