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Token Analysis: Is NEO (Formerly Antshares) ‘China’s Ethereum’?

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NEO has been called “China’s Ethereum”. The Western market first collectively learned about Antshares, a smart contract and decentralized application (dApp) platform, just ahead of the company’s rebrand to ‘NEO’ – which is Greek for “newness”, novelty and youth. That merely one exchange offers bitcoin-NEO trades has led to a bottleneck in supply. Prices skyrocketed in the weeks ahead of the rebrand. Antshares’ ICO was in the fall of 2016.

NEO development began in 2014 and the blockchain-startup ONCHAIN is overseeing its enterprise version. Already the platform offers more languages than Ethereum supports. NEO’s partners include crowdfunding platform WINGS and multinational technology corporation Microsoft. Reports last year of a partnership between Alibaba and the former AntShares were false, though the companies have worked together.

NEO’s collaboration with Wings is for research and development purposes. With Ali Cloud and ONCHAIN, NEO is working on a proof of existence e-mail repository.

That NEO representatives seemingly have the okay from the government – having attended a government-sponsored industry conference – could bode well for the blockchain project. As ONCHAIN’s CEO, and Antshares founder, Da Hogfei, tweeted:

NEO Price History as Antcoin

The token price, still trading under its former ticker ‘ANC’ or ‘ANS’ across the web on this article’s publish date, and until the rebrand is complete in the third quarter of 2017, skyrocketed particularly from June 19-20. The platform increased from $1.65 on June 15 to $10 at the time of writing on June 20. It then corrected and currently sits at just shy of $7, according to CoinMarketCap. Antshares’ all-time high sits at $11.79.

The decentralized smart contract platform’s first price history, according to CoinMarket Cap, started this past fall. The project’s native token started trading at a price of 55 cents before settling between approximately 10 cents and 30 cents. ANC trended south until the end of October 2016, when it reached a nadir of 8 cents. The price then skyrocketed to 31 cents. After a quick price increase, the price drifted downwards until March 2017 when it, along with much of the crypto-asset complex, increased in value.

Per the rebrand, not only does Antshares become NEO, but Antcoin (ANC) becomes ‘GAS’. “So, it is no longer a ‘dividend interest’ sort of asset, but a utility sub-token for network functionalities,” a NEO community member told Hacked.com.

Under the Hood

NEO smart contracts are based on NEO’s Virtual Machine, which is similar to Ethereum’s Virtual Machine. NEO plans to soon release its “Smart Economy” platform, which has also been termed “Smart Contracts 2.0”.

NEO is designed to solve the same problems as Ethereum. NEO’s incorporation of sharding and concurrency in its computer science model solves scalability problems. Ethereum has yet to make such changes to better scale that smart contract and dApp platform.

NEO

Delegated Byzantine Fault Tolerance

By using Delegated Byzantine Fault Tolerance (dBFT) for its blockchain operations – a consensus method proponents claim offers better security for blockchains – NEO places itself in the company of the well-known blockchain project Hyperledger, and the lesser-known Stellar. “Specialized bookkeeping nodes” reach consensus via “delegated voting” per NEO’s dBFT model. It takes a two-thirds vote for approval of a current copy of a blockchain.

“After investigating and studying the crypto-industry and blockchain technologies for several years, we came to the conclusion that the delegated Byzantine Fault Tolerance alternative (or dBFT) is best suited for such a system,” Erik Iz, co-founder and core developer at Antshares, stated on BitcoinTalk. “It provides swift transaction verification times, de-incentivises most attack vectors and upholds a single blockchain version with no risk of forks or alternative blockchain records emerging – regardless of how much computing power, or coins an attacker possesses.”

Nest Smart Fund

With the rebrand in NEO’s past, the team is looking forward to expanding its western-focused marketing efforts, a NEO community member told Hacked.com. Moreover, it’s partnered on a “do over” for the cryptocurrency community.

“Nest is a whole new form of smart fund written in Antshares smart contracts,” writes NEO about its new ‘DAO’ style fund called Nest Fund, which uses NEO smart contract technology.

The DAO, or ‘decentralized autonomous organization’, had set out to become a decentralized venture capital fund based on Ethereum’s smart contract code. It failed.

NEO adds about its attempt at a similar fund: “Nest aims to, with the power of blockchain, eliminate and neutralize problems like high threshold, high risk, low efficiency and moral risks. Participants invest, manage and exit with smart contracts instead of application to certain organizations. Antshares’ Blockchain enables everyone to join the Nest, with a 0 threshold and 100% transparency, with a safe and free exit option at any given time.”

For a cryptocurrency community that likes to be right – they told you so about Bitcoin, after all – Nest could garner serious interest for users looking to make a point, and prove the ideas behind crypto right.

Numerous Blockchain Products

Nest Fund isn’t the only blockchain-based service or product offered by NEO. Other than its parent, ONCHAIN, NEO leads projects including blockchain-based browsers,  a web-based crypto-asset wallet, as well as an online crowdfunding fund that is not the aforementioned Nest. The team also partnered with Microsoft Azure to bring blockchain technology to the server experience. This project is similar to partnerships pioneered by Azure in the west.

NEO, Microsoft Azure servers

The Verdict

Antshares is available on just five exchanges currently, and that limits the amount of buying demand for ANC. Just a single exchange buys and sells ANC for Bitcoin. Now, as many westerners learn of NEO for the first time, the demand will only increase.

But a lack of information available in English about NEO could slow demand. When NEO’s implementation of blockchain technology receives increasing press in the English-speaking world – and it likely will considering its corporate partners – there could be further price implications. The crypto-asset is currently the 23rd largest, according to Coin Market Cap. On CoinCap.io, it is the 21st largest.

Only time will tell with NEO, but there are lots of intriguing projects in the works at the blockchain company, including authentication work with Chinese authorities to map real-world assets with smart contracts. The company also has numerous patents, including ones for cross-chain interoperability. It’s partnered with numerous blockchain projects, like Bancor, Agrello, Coindash and Binance.

Due to NEO’s corporate partners –  among whom are included Microsoft, etc. –  and its under the radar Ethereum-esque functionality, we give the project a 7.75 out of 10. 

Token Details

In order to use the new version of the platform, NEO, Antshares users do not need to do anything other than download the new client/app when it is ready later this year. ‘ANC’ becomes ‘NEO’, and ‘ANC’ becomes ‘GAS’.

ANC – as it is still currently referred to throughout much of the digital asset realm until the rebrand to ‘GAS’ is completed – can be purchased on the western-facing digital asset exchange Bittrex. In the east, the asset can be found at exchanges Yunbi, Yuanbao, Jubi, and 19800.

Featured image from NEO company presentation

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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5 stars on average, based on 1 rated postsJustin O'Connell is the founder of financial technology focused CryptographicAsset.com. Justin organized the launch of the largest Bitcoin ATM hardware and software provider in the world at the historical Hotel del Coronado in southern California. His works appear in the U.S.'s third largest weekly, the San Diego Reader, VICE and elsewhere.




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11 Comments

11 Comments

  1. bitsurfer

    June 23, 2017 at 9:21 pm

    I don’t see ANC at Bittrex. Can you provide the direct link to the coin’s page on Bittrex?

    • bitsurfer

      June 23, 2017 at 9:22 pm

      Oh, and great article by the way. 🙂 Thanks for the analysis!

    • mvppvm_07

      June 24, 2017 at 2:18 am

      When you’ve logged in to Bittrex, go to their Bitcoin Markets link (upper left hand corner of the page). type in Antshares. Directly underneath it, you should see a light blue ‘ANS’ show up. click / go.

      • bitsurfer

        June 24, 2017 at 3:01 am

        I know about ANS, and certainly see it in Bittrex.. though the author also references a second coin, ANC, and says it is trading at Bittrex only, but I don’t see it.

        • RH2302

          June 24, 2017 at 10:45 am

          Same coin, different names.

          Like STR and XLM

          Both Stellar Lumen

          • Justin OConnell

            June 25, 2017 at 5:58 pm

            Hopefully this ‘ANS’/’ANC’ aspect gets taken care of with the rebrand, and as well with NEO’s advertising push into western markets. I used ‘ANC’ and ‘ANS’ interchangeably here because the official name is ‘ANC’ but it is traded as ‘ANS’ in the marketplace – an interesting phenomenon perhaps specific to crypto. I make note of this quickly at top of article.

  2. ezra

    June 23, 2017 at 9:26 pm

    Do you think it’s worth scooping up a few hundred usd worth for long term investments ? I’m super interested in this

    • mvppvm_07

      June 24, 2017 at 2:22 am

      Trust what you read. If you agree with the 7.5 out of 10 stated in the summary, you already have your answer from the author. If YOU think it’s worth a risk, and are willing to take the chance that a couple hundred USD might be lost if it doesn’t go well, you are ready to invest in crypto.

    • Justin OConnell

      June 25, 2017 at 6:00 pm

      It really depends on your personal situation, philosophy, etc. This rating is based mostly on the fact that NEO is working on technology used by the consortium known as Hyperledger (so, major players in the space), the lack of awareness in the west, and that the company has worked with Microsoft much like Ethereum in the west.

  3. magicnipples

    July 9, 2017 at 9:23 pm

    With such an article about Neo, i m curious to know why you don’t add it in your stock of picks or recommendations.

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TRON Price Analysis: TRX/USD Cools After Reports Suggest of Potential Baidu Partnership, but Not Blockchain Focused

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  • Reports of TRON and Baidu partnership focused on cloud computing resources.
  • TRX/USD price has cooled over the past two sessions, but supported within an ascending channel.

Potential TRON and Baidu Partnership – Not Blockchain Related

The founder of TRON Justin Sun, had left the community very excited on Friday, after tweeting “Finally, First time to partner with tens of billions USD valuation industry giant. Guess the name.”

According to ODaily, a local Chinese newswire, the partnership will be focused on cloud computing resources, not blockchain. It covered that TRON would be buying cloud computing resources from China’s equivalent to Google, Baidu. This was cited and translated by CNLedger.

If this being the case, it could be somewhat disappointing for some of the TRON community. There would have been general expectation and hope, of this being related to the foundation’s blockchain network. As it states the partnership remains focused on the purchase and use of Baidu’s basic cloud computing resources, rather than being a connection “at the blockchain business level.”

The report covered that Tron and Baidu will be working to maximize inter-compatibility. In addition, “to build, operate and debug blockchain products” based on Baidu Cloud. Baidu and Tron have not yet formed any connection at the blockchain business level. Currently the cooperation mainly focuses on the purchase and use of (Baidu’s) basic cloud computing resources.” As covered by CNLedger’s translated report.

Despite the circulating details, there has not been an official confirmation from either TRON or Baidu.

TRON Launches TronGrid

Most recently, TRON launched a website known as TronGrid, which will toolbox for developers. As a result, it will assist them in being able to integrate DApps smoothly into the TRON ecosystem. The move somewhat similar to Ethereum’s Infura.

Technical Review – 4-hour Chart View

TRX/USD 4-hour chart

TRX/USD price has cooled over the past two days now. Following a large spike up to $0.027980 on 15th October, the price had headed deep into a known supply zone. This is seen tracking form around $0.02700 – 0.028500 range. As a result, sellers forced TRX/USD back down within an ascending channel pattern.  It has been grinding higher within this channel since the 12th October.

Given the cooling in price action, it is worth noting the support seen at the lower trend line of the mentioned pattern. Furthermore, comfort can be observed around $0.024850. A breach may see a very fast move back south, reversing the upside move from 12th October. This could see a drop down to $0.020670.

Looking to the upside, should this ascending channel continue supporting the price, as it has been. Then expect bulls to give the near-term supply zone another retest. However, this area has been respected since the back-end of September. It is evident that sellers remain camped within this territory, not an easy task for the bulls to break down. ­

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 31 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Stellar Price Analysis: XLM/USD Has the Potential for a Short-term Rally, Though Bearish Set-up Eyed

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  • Stellar’s XLM potentially has further room for upside, within the short-term view.
  • Danger still looms for XLM/USD, as the daily chart suggests of a bearish technical pattern set up.

Steller’s native token XLM, has failed to commit to any sustained trend. This has been the case since the start of July. Bull rallies that have been witnessed were quickly sold by the market bears. This led the market to trade within a generally long running form of consolidation. Price action is narrowing, given the unsustainable short-term trend runs that have been witnessed. It comes as somewhat of a surprise, as the Stellar foundation have certainly been busy.

Stellar Developments

It was reported recently, blockchain security company BitGo, announced their support of Stellar Lumens (XLM). Being added to the BitGo’s list, Stellar now receives custody solutions. Their users will be able to generate wallets for Stellar Lumens. This is said to be starting at some point within the next couple of weeks. Elsewhere, as previously reported, the Stellar foundation at the start of this month released their heavily anticipated decentralized exchange, StellarX.

4-hour Chart Technical Review

XLM/USD 4-hour chart

Looking via the 4-hour chart, price action has formed a bullish pennant pattern. This comes after the surge higher between September 20-23. XLM/USD has since entered consolidation mode, trading within a range-bound nature. The price is coming very much towards the end of this technical pattern seen, raising the case for an imminent breakout. Near-term support can be observed around $0.2350 area. This is the lower tracking trend line of the mentioned pennant. A failure of the support could very likely see a fast fall to $0.2050. XLM/USD was last trading in this territory between September 12 – 20. The mentioned period was during a time of consolidation, prior to the mentioned breakout higher.

Resistance is seen just ahead of the current price. The above descending trend line of the pennant pattern is tracking around $0.2460-70. Enough bullish momentum to see the breach would likely force the price running to $0.2650. This is seen as an area of resistance on the 4-hour chart view. Looking further to the north, eyes would be on the supply heading into the $0.3000 mark.

Daily Chart Technical Review

XLM/USD daily chart

Taking into consideration the 4-hour chart view, there is still room for another squeeze higher. Despite this, danger appears to still be looming for XLM/USD. Risks on the daily chart point to the downside. The view of this is that a longer-term bearish pennant pattern is containing the price. XLM/USD support on the daily chart can be seen just sub of $0.2000. A long-running supporting trend line can be seen. The price having required assistance on June 29 and several occasions from September 8 – 12. To the upside, resistance can be seen around $0.2900. XLM/USD was rejected already on a few prior occasions, by the above descending trend line. July 25-2 and then most recently September 23, all saw respective bull runs halted.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 31 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Cardano Price Analysis: Imminent Breakout Anticipated, with Eyes on Another Bull Run

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  • The Cardano (ADA) price has been showing some promising signs, following the project’s 1-year anniversary.
  • ADA/USDT is near the end of a triangular pattern, which can also be perceived as a bullish pennant pattern.

Cardano a few days ago celebrated its one-year anniversary. It is still very much a new project to hit the industry. There are always new technologies and cryptocurrencies cropping up, so it is important to review what purpose do or are they going to serve. It does appear Cardano community members are looking forward to several upcoming developments from the foundation.

What Is Cardano?

Cardano is very much like Ethereum – a smart contract platform. The technology is much focused on scalability and security via a layered architecture. As such, it is the first blockchain platform to evolve out of a scientific philosophy and peer-reviewed academic research. A large innovation of Cardano is that it will balance the needs of users with those of regulators, and in doing so combine privacy with regulation. Its cryptocurrency is ADA, which is currently the ninth largest by market cap.

Recent Updates

The organisation behind Cardano, IOHK, has released a new project known as ‘Cardano Rust’. This will be a large helping hand to developers, who want to build products for its blockchain. The effort is essentially providing the toolbox for developers, with a library of functions that they can use to build their decentralised applications for Cardano and facilitate integration.

Technical Review

Looking at Cardano (ADA) technically vs. Tether (USDT), it is down a chunky 95% from the 1st January 2018. This move largely following suit of the general strong bearish trend, seen across the market. Since September, this price has shown some positive signs, and a willingness to make breakout from the bears paws. ADA/USDT produced a double bottom pattern on 18th September, which saw the take-off. It went on to gain over 50% up to $0.0939, from the low within $0.06 territory, moving into the $0.09 area. The price has since eased somewhat, but is still up over 30% from the mentioned low area.

ADA/USDT 4-hour chart

Current price behavior has formed a triangular pattern, as it narrows within this range-bound form. It is very much coming to the end of this, looking more and more likely to a breakout. This formation could also be perceived as a bullish pennant. The big bull run from the above-mentioned double bottom, provides the substance for the pennant view. Near-term resistance is seen just ahead at $0.0830, with support at $0.0797. Another test to the upper descending trend line, could see a fast breakout up towards the supply at the 23rd September high, $0.0939. Failure to see enough bullish momentum for a breach, could see a slip down to the below demand area, $0.0750-40.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 31 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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