Focus on NEO: Question Time
The crypto space is in a bear market at the moment. Some investors who bought into NEO seem to be hard hit like everyone else, questioning whether they got caught up by the hype. Undoubtedly, Bitcoin price fluctuation this year could have been a major setback for many crypto projects but the lack of a real use for the $2 bln-worth NEO network is also almost unsustainable.
Generally, adoption in the crypto space is still an issue. Not just for NEO. However, the basis for the backers’ questions lies in the way their belief in the prospect for NEO to thrive does not seem to correlate with what is obtainable now. The network is not ready, some would say. Or that the fundamentals are not there yet especially the best way to properly use gas which is supposed to be the real utility on the NEO blockchain. It could be either way or none.
Many questions have since popped up within the NEO community; questions that are at the core of the project’s existence like what the real world use case(s) of the NEO blockchain is and/or why NEO should be preferred over the likes of Ethereum or EOS. The latter is very crucial since competition with these other platforms is expected to be rife in coming years especially as they plan to upgrade their networks. Several NEO dApps have also been reportedly creating their own chains. This, too, begs the question of whether the NEO platform is no longer suitable to support these dApps after its token launch.
NEO’s vision to develop a global smart economy through smart contracts that would be used by many enterprises and individuals to gain mass adoption makes a lot of sense. The project has succeeded in building a strong community of backers as well as developers in the past year. However, how today’s plan will translate into actions that would lead to achieving the vision by tomorrow is what needs to be ironed out.
There are suggestions that say a monthly report would be released in coming days. Also, the NEO leadership – Da Hongfei and Erik Zhang – has collected several questions in a Reddit Ask Me Anything (AMA) session on Tuesday August 1. Hopefully, these questions and several others would be answered in the course of time to reassure the project’s supporters especially those whose patience is already thinning out.