One of the leading blockchain platforms in China, NEO has been grappling with market volatility spurred by recent announcements on blockchain and crypto from the People's Republic.
The team is building an open source, "smart economy" by combining digital assets, digital identification, and smart contracts into a flexible blockchain framework. NEO's platform supports a dual-token economy, where NEO is a governance token used to effectively create blocks and determine service fees, and GAS is used to pay the service fees.
But the past four weeks have been a turbulent time for the crypto markets, driven by major developments in China. On Oct. 25, China's state premier Xi Jingping publicly came out in praise of blockchain technology, leading to a surge in performance across the crypto markets, particularly for China-based projects. The FCAS Tracker provides institutional and sophisticated retail investors a top-down approach to tracking 500+ cryptocurrencies fundamentals. FCAS Tracker is currently free to a select group of new users as we continue to develop the product. Visit us here to gain access to Flipside Analytics.
What was not immediately clear at the time, however, was that this shift in the CCP's sentiment toward blockchain technology would also lead to cleansing efforts targeting the industry. On Nov. 14, the People's Bank of China's (PBoC) in Shanghai issued a notice to districts across the city instructing them to investigate and clear out crypto trading businesses and related services in their respective areas by Nov. 22. The crackdown turned out to be a national effort.
The PBOC was quick to clarify that its support of blockchain was not tied directly to cryptos as a whole, noting that virtual currency speculation had spiked significantly in the country since the announcement at the end of October.Taking It, Bit by Bit
As Bitcoin's price tumbled below $7,000, China-based projects were hit with t...