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NEO Top 10 | NEO Decentralization Commences, Boosting Coin’s Ranking

NEO top 10: The decentralization of the NEO main network has commenced, and the cryptocurrency has catapulted to the top 10.

City of Zion

Neo’s decentralization began with the election of a City of Zion consensus node onto the main NEO network. The City of Zion is a global, independent group of open-sourced developers, translators, and designers. This group was formed to support the NEO core and ecosystem.

Originally, NEO’s platform has been very much centralized, but the team has taken a methodical approach to the decentralization of the ecosystem.

Da Hongdei, NEO Founder, commented on his platform’s decentralization transition at DevCon and said:

“We have to be very careful with decentralization of the consensus nodes, because the protocol of NEO is evolving very fast. We need those consensus nodes to act very quickly to upgrade, and if there is a bug or a security issue, we need them to respond very quickly. So we’re doing the decentralisation process slowly, gradually and very carefully.”

That news should make NEO investors happy, as a methodical, gradual approach is a safe approach in the crypto world. We’ve seen what launching a network too quickly can do – right EOS?

NEO Network Changes

Presently, there aren’t any economic incentives to run a NEO consensus node. At the moment, the only incentive is to ensure the integrity of the network, and many NEO enthusiasts are happy to oblige.

City of Zion explains its stance on NEO:

“In line with these ideas, NEO will begin its decentralization by allowing well known commercial projects and communities to run consensus nodes, forming an initial confederation of actors with a strong interest in guaranteeing the security and success of the network. While it might seem counterintuitive, this architecture will be less centralized than many other networks today. Through coopetition, we can ensure that all players are equal in the network by design. Their power won’t depend on how much money they have, or how cheap their electricity may be.”

NEO Top 10

At press time, NEO remains in the top 10 cryptocurrencies. It has passed Tron (TRX), which held the number 10 spot for a considerable amount of time until just recently dropping below the mark.

NEO is trading at $41.80 a coin, up 7.97%, in 24 hours. For the week, NEO is up nearly 40%.

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Cardano (ADA) and NEO Make a Comeback

The cryptocurrency market made a comeback this weekend, but it seems it has begun correcting itself this morning. Cardano (ADA) and NEO are some of the coins doing well today.

News broke that India’s Supreme Court denied the lifting of the Crypto Bank Ban. The ban will begin on July 5th but could be potentially revoked at a later date. There will be four different petitions that will be revisited by the Supreme Court on July 20th.

This could be the reason why the market has corrected itself, as any news negative towards crypto always causes some panic selling.

Let’s take a look at two coins on the market that have been doing fairly well today, in spite of the current fall.

Cardano (ADA)

Two days ago, Charles Hoskinson announced some big progress for Cardano and some of his thoughts on recent news surrounding his project.

Hoskinson states the Cardano 1.4 is estimated to be released late-Q3 or the first half of Q4 this year.

Hoskinson also announced some ‘housekeeping’ topics, hoping to clear the air on some things. The founder states that the media and individuals have twisted some of his latest tweets, and have twisted them into partnerships which he denies.

For example, Charles Hoskinson presented to Google nearly a month ago, and there is no partnership with the global tech giants. Lastly, he made a suggestion that Tron should switch from EthereumJ to Mantis. Hoskinson wants to clarify that there isn’t a partnership with Tron, it was just merely a suggestion.

At press time, ADA is trading at $0.153 a coin, up 2.80%, in 24 hours. For the week, the digital currency is up 19.3%.

NEO

NEO has been rather silent on the market lately, but yesterday, the project it just signed a partnership with went live. Ontology and NEO announced their joint collaboration at the end of May.

Ontology’s main net launched yesterday and this could very well be why NEO’s price took a sharp rise in price.

At press time, NEO is trading at $36.49 a coin, up 3.16%, in 24 hours. It remains the 12th largest cryptocurrency by its market cap and is up 17.74% this week.

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