Neo is China’s first blockchain protocol, having been founded in 2013. The company has already redesigned its blockchain twice and is currently working on a third iteration. Neo N3 was released in late March and is being hailed as a watershed moment for the firm. It prides itself on being an Ethereum competitor, and with the Ethereum network experiencing difficulties, many may move to N3.
The NEO Status Prediction in 2021
Neo (CCC: NEO-USD) is one of the cryptocurrencies leveling up through 2021 that is not receiving its due. Since the start of the year, the coin quietly grew in popularity but disregards in favor of Bitcoin (CCC: BTC-USD) and Dogecoin (CCC: DOGE-USD). However, with the implementation of its new blockchain system, investors are turning toward Ethereum’s (CCC: ETH-USD) competition. As a result, some cheerful Neo (NEO) price predictions have been made.
The N3 rollout is generating a lot of excitement for the cryptocurrency. News outlets compare Neo to Ethereum and discover that a NEO investment is more profitable than ETH. According to Benzinga, a $1,000 investment in NEO in January is now worth more than $8,000, compared to a modest $2,000 profit on ETH.
Ethereum’s network has seen transaction costs soar due to the blockchain’s energy usage. N3 arrives at a good time, providing developers with a lower-cost option. N3 significantly accelerates transaction processing compared to its predecessor, processing 5,000 transactions per second. The dramatic increase in speed is accompanied by a reduction in gas fees, which will attract developers frustrated with the rising cost of using the Ethereum network.
Neo’s Third Version
N3 is a game-changer for one of China’s most promising and internationally known blockchain projects. For years, the crew has been working on the update. N3 appears to be the ideal candidate to become a widely utilized blockchain technology on paper. However, it will have to differentiate itself from an increasingly competitive crowd.
Neo’s third version initially scheduled to ship in 2020 but pushed back to Q1 2021 due to system readiness, Neo co-founder Da Hongfei told TechNode. Da explained that it’s difficult to anticipate a definite timeline for a community-driven project. As is the case with most public blockchains, a few core developers built the code in collaboration with a more extensive worldwide developer community.
The N3 launch is bolstering neo’s status, and analysts believe the firm has not yet reached the end of its growth phase. Indeed, many believe that the gains just started. Consider some Neo (NEO) price forecasts.
By May 2022, the Economy Forecast Agency projects that NEO will value at $203. According to InvestingCube, NEO will likely advance to the next resistance level of $150 shortly. By 2021, Being Crypto expects between $120 and $200. According to WalletInvestor, the NEO coin is likely to gain $138.56 next year.
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