NEO, the so called ‘Chinese Ethereum’ has skyrocketed 50% between June the 29 and July the 5th. Its price moved from $27 dollars to more than $42. In this way, the famous virtual currency and network reaches price levels from three weeks ago.
NEO Decentralization Begins
NEO lovers have seen their funds grow after the cryptocurrency increased substantially during the last days. But why did it happen? Apparently, this price movement is related to the fact that the network is making its first steps towards decentralization.
With the plans of decentralization of the network, the community will be able to keep growing and allowing everyone to participate in the development of NEO.
In a blog post, NEO wrote that it entered the ‘Era of Decentralization.’
The post reads 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.”
After it, the post starts explaining the different steps taken by NEO in order to start the decentralization process, which started in November 2015 with the TestNet launch.
In July 2018, a webpage of consensus node candidates was launched, and the NEO Foundation voted for new consensus node CoZ.
It is important to mention that the City of Zion consensus election is the beginning of the NEO decentralization. City of Zion is an independent group of open source developers, designers and translators that support the NEO core and ecosystem.
The process of decentralization has begun and it will not be reversed in the future. The market reacted very positively growing over 50% in less than a week, something that shows the support that the community gives to the network.
At the moment of writing this article, NEO is the 11th most important cryptocurrency in the market and each coin can be bought for $37.5 dollars and has a market capitalization of $2.44 billion dollars.
For the future, NEO could keep increasing its price. It is far from its all time high and has space to keep growing if the market shows signs of recovery for the medium and long term.