NEO (NEO) has taken its first steps towards a decentralized ecosystem yesterday, and this long-awaited move was announced on Twitter by NEO team.
The move to a decentralized ecosystem is a significant step for NEO (NEO) which wants to become one of the most used coins in the cryptocurrencies market.
What the decentralized ecosystem means for NEO (NEO)?
The details of the project, unfortunately, caused more confusion because of the lack of a clear disclosure on the topic. A summary of the declarations made by the NEO team is as follows:
On July 4, 2018 at 21:00 (GMT+8), NEO Foundation initiated the election of new consensus nodes, starting the era of decentralization of NEO. The candidate node run by City of Zion, after running smoothly on TestNet for over six months, got elected as the new consensus node. City of Zion (CoZ) is an independent, international group of open source developers working on NEO blockchain.
NEO (NEO) team
There are also rumors of the possibility of releasing nodes for the NEO network, which controls the transactions, but these rumors are not yet confirmed officially.
The decentralized ecosystem announcement has triggered a boost in NEO (NEO) price
The vague message made by the NEO Foundation did not prevent the community from supporting the NEO (NEO) and its blockchain, also dubbed as China’s Ethereum (ETH). Regarding market value, the NEO (NEO), which is at the moment the 10th largest cryptocurrency in circulation by market cap began to rise immediately after the announcement was made.
Accordingly, today, at the time of this writing, NEO (NEO) records a gain of about 8 percent in the last 24 hours and is trading at $42.30. NEO project is at the beginning of the development journey, and it seems apparent that we will have a lot of improvements in this cryptocurrency down the road.
Ian Kennedy is the newest contributor to Crypto Daily Gazette. He enjoys running, practicing minimalism and cooking. Ian is a graduate of Wesleyan University in Connecticut where he studied journalism, Arabic and international affairs. Ian mostly covers stories concerning emerging blockchain technology.