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China’s Crypto Ban Impact on NEO

Neo was once thought of as China's Ethereum.

China’s Crypto Ban Impact on NEO iBase Trading.
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Neo was once thought of as China’s Ethereum. The price of its tokens has dropped a lot since China put a lot of restrictions on cryptocurrency operations last year. They told TBEN that the partners of Neo Global Development, or NGD, run a lot of projects outside of China so that they can help people all over the world. They said this in an interview with TBEN.

In addition, Neo is growing in China. The country’s blockchain-based services network, or BSN, uses one of seven open blockchains, all of which are open source. It is one of the group’s main goals to get more people in the country to use non-fungible tokens (NFTs).


Last year, Neo 3.0, commonly known as Neo N3, was released. There’s been a lot of decentralized finance, or DeFi, as well as decentralized projects and apps, or DApps, since then. An anime-style NFT metaverse game called Defina Finance is an example of a game-to-win game. The total amount of money traded on the Defina market at the time was more than $100 million. Defina began expanding to Neo N3 in 2021 with the help of NGD.

China’s Rentfuse Protocol

But the project team thinks Rentfuse is the coolest new thing. As our Neo sources told us, NFT rental agreements between landlords and tenants for gaming or other reasons are tracked using the Rentfuse protocol. To make rentfuse the rental standard for the neo ecosystem, Neo management is working with rentfuse to make it the norm.

There are a lot of people that are interested in Neo who work on it like that. For example, Michael Fabozzi, founder of Rentfuse, said that through Neo Socials, Rentfuse reached a lot of people. They also came up with the base contracts for Rentfuse. She added I’m glad I believe in them. I’m grateful for that.


TBEN spoke to GhostMarket, a multi-chain marketplace that recently raised $2 million in strategic funding and completed its first DEX offering on Flamingo Finance. GhostMarket sources told TBEN that Neo’s $10 million early adopter program for n3 [last year] was critical for neo to attract new projects and to grow the neo ecosystem exponentially.

In response to a question on what sets Neo apart from other blockchains that use smart contracts and proof-of-stake, they indicated that Neo 3.0 has an oracle built-in for HTTPS and NeoFS queries. On the NeoFS network, there is also a way to store data that is both scalable and private.

The Poly.Network protocol interoperability allowed Neo and Ethereum (ETH), Binance Chain (BNB), and other chains to communicate. Also, NeoID is a self-sovereign identification initiative that allows developers to pick how many traits to verify.

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Jane De Leon is a news writer covering all things related to DeFi and NFTs. In the past, she has worked for a well-known Business Newspaper. She originally began investing in Bitcoin after hearing about it from her brother and hasn’t looked back since.