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NEO unlocks 5,530,000 NEO tokens to invest in ecosystem growth

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NEO Foundation has issued a notice regarding newly unlocked NEO tokens, where it noted the movement of 5,538,832 NEO from the locked supply to its unlocked address. These funds, released in line with the distribution process outlined in the NEO whitepaper, are to be used for the long-term support of the NEO ecosystem.

The funds were moved on May 23rd, with a two-step process. The first transaction moved 5.5M tokens to the unlocked address and the remainder of locked funds to a secondary change address. The second transaction moved these funds back to the locked supply. This was done to “differentiate the transactions for the community’s reference.”

NF notes that it does not hold more than 15M tokens in the unlocked address, denoting the quantity available for use each year as is planned in the whitepaper. This ‘top-up’ process is why the initial 5.5M funds were moved, increasing the balance of the unlocked account to match the amount available for expenditure. As a result, 29,461,169 NEO are left in the locked address and are outside the circulating supply.

While these unlocked funds can now be considered part of circulating supply, NF has reaffirmed that they will not be sold on exchanges. Funds are reserved to support the development of the NEO ecosystem and the growth of the community, as is exemplified by its support of development communities such as COZ, NewEconoLabs, and O3 Labs over the last few years.

The unlocked funds will be distributed via the EcoBoost program, recently announced at Consensus 2019 by NEO co-founder Da Hongfei. According to the notice, more details on the usage of these funds under the EcoBoost program will be released in the near future.

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NEO follows in the footsteps of Bitcoin surging on the weekend

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  • NEO is trending up 5% on Saturday after opening the session at $13.48.
  • NEO is trading at $14.14 amid a building bullish momentum.

The biggest performers on the market today are Bitcoin and NEO. The latter is following in the footsteps of Bitcoin posting gains above the key hurdle at $14.00. NEO is trending up 5% on Saturday after opening the session at $13.48. The intraday live charts show NEO having added 5% to its value in less than 12 hours.

Bitcoin, on the other hand, cemented the momentum above $8,000 by first breaking above $8,400 on Friday and later extending the gains above $8,7000. Meanwhile, BTC/USD is changing hands at $8,680 after a slight correction from the highs at $8,772.

NEO is trading at $14.14 amid a building bullish momentum. Marginally above the current value, NEO is facing resistance at $14.50. Moreover, $15.00 is the critical level that will determine if NEO will continue with the rally towards $20.00 or lead to a correction. The first support is $12.50, the second is at $11 and at $11.00.

NEO/USD 2-h chart

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Why NEO is the Best Staking Coin in 2019

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NEO is a blockchain-based platform that supports the development of digital assets and smart contracts. Generally, the asset has some similarities to Ethereum. Dubbed the “Chinese Ethereum” NEO is a future-oriented cryptocurrency with a number of lined up projects.

NEO native token is called GAS. Note that GAS is more like the fuel that keeps the NEO network running by facilitating transactions. In 2019, NEO has been among the best performing cryptocurrencies.  By the time of writing this article, NEO was trading at $13.33 backed with a market capitalization of $926 million.

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NEO deploys a Proof of Stake blockchain. This means that when you hold NEO in an appropriate wallet, you get returns in GAS. This process is called cryptocurrency staking. NEO, therefore, is one of the cryptocurrencies that can allow you to earn passively. Staking on NEO can also occur on selected cryptocurrency exchanges like Binance and KuCoin.

Before staking NEO,  it is important to understand that it has no staking implemented in its protocol. This factor means that the incentive model is friendly compared to other assets in its category.

Earning a passive income with NEO is seamless because you don’t need to be constantly connected to a wallet to get paid. With NEO, you are guaranteed of a yearly return of 4-6%. To know your potential earnings, NEO has a staking calculator to guide interested users. By the time of writing, NEO the yearly ROI for holding NEO was about 5.3%. It varies on the price of GAS and the Block Reward.

To automatically receive your GAS rewards, you need a Neon wallet. This is the official NEO recommended wallet. Note that other compatible wallets are allowed but the private keys must be individually held.

Furthermore, Binance and KuCoin exchange usually distribute rewards on a regular basis. However, for security reasons, using an exchange is not a good idea after all.

Once you have staked your NEO, you can claim the GAS anytime you need it except for Binance and KuCoin which conduct the distribution on a monthly basis. Just like any other cryptocurrency investment, staking NEO is also risky. The cryptocurrency sector is known to be highly volatile and this can affect your returns.

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NEO Global Development Invests And Partners With Liquefy To Develop A Security Token Ecosystem

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NEO Global Development (NGD) announced today that it will invest in and partner with Liquefy, to develop a NEO based security token ecosystem and allow asset owners to issue security tokens based on NEO.

NEO is a leading protocol that utilizes blockchain technology and digital identities to tokenize assets and automate the management of tokenize assets using smart contracts. The recent update to NEO 3.0 allows it scale and build a fully-integrated tokenized economy.

“It is important to develop a security token standard while the industry is still in its infancy. What separates NEO apart from other public blockchain protocols is the integration of NeoID, which allows KYC, AML and accreditation status to be stored on-chain while maintaining privacy. This allows issuers to monitor and maintain records of all transactions in the secondary market to remain compliant in the multiple jurisdictions,” Adrian Lai, CEO of Liquefy. “We are excited to welcome NGD as an investor and a partner to develop a security token ecosystem together and bring innovation to the financial market.”

The Liquefy Platform will support NEO which will allow NEO stakeholders to gain access to the security token universe. The current process of transferring private securities is fragmented, cumbersome and expensive since KYC information of investors are siloed across multiple intermediaries and compliance is a manual process. Liquefy is solving a critical pain point in the market by providing an end to end solution from issuance, managing compliance across multiple jurisdiction to investor management services.

The investment and partnership with Liquefy have cemented NEO’s commitment to develop the security token industry. Earlier this year, NEO had formed the Digital Asset Alliance (DAA) to explore, develop and share insights about the security tokens sector with a consortium of industry leaders such as Republic, Globacap, DLx and Liquefy.

About Liquefy

Liquefy is an end-to-end technology solution that provides a seamless experience for asset owners to create security tokens. The core offerings include tokenization technology, digital register of members and corporate action management tools. Liquefy has also developed a comprehensive compliance protocol for over 50 jurisdictions. For more information, visit www.liquefy.com.

About Neo

NEO is an open source public blockchain project driven by community. It utilizes blockchain technology and digital identities to digitize assets and automate the management of digital assets using smart contracts. Usin

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