Decentralized applications are some of the hottest things in all of cryptocurrency and blockchain right now. They transform the way people interact with products and services by decentralizing the core aspects of applications themselves. Most of these applications are now hosted on the Ethereum network, but it seems some of them are coming to NEO as well. There is a competitive market for dApps right now, which will hopefully yield some successful projects in the long run.
NEO dApps are Coming to Market
Most cryptocurrency enthusiasts have come across the NEO brand by now. This altcoin, formerly known as Antshares, has been pretty successful in its own regard over the past few months. Moreover, it seeks to become the Ethereum of China, even though the Chinese people still seem to prefer Ethereum itself.
At the same time, competing “versions” of Ethereum can only be considered a good thing right now, as they bring out the best in developers working on all projects. As one would expect, NEO offers a lot of similar functionality to Ethereum. It uses GAS – which is different from Ethereum’s gas – and employs smart contracts.
Moreover, there are plans to host initial coin offerings on top of NEO, although it remains to be seen if the Chinese government will have a say in this matter at some point. For now, there is no real reason to issue an ICO in China, regardless of the platform one uses to do so. Instead, we have been starting to see some dApps built on top of the NEO infrastructure come to market.
Those projects are all still in the early stages, but it is evident there is a genuine reason to be excited. It will be good to see developers put NEO’s infrastructure through its paces sooner or later, as that hasn’t happened in any official capacity just yet. The focus of dApp developers is divided right now, with some projects focusing on digital content, while others using decentralized trading solutions or even blockchain-based authentication services.
Whether or not any of these decentralized applications will succeed remains to be seen. This is not a worry unique to the NEO ecosystem, mind you, as Ethereum-based dApps may not succeed either, for all we know. There is a bright future ahead for this new class of applications, but it remains to be seen if people will actually see the added value they provide. Regardless, it’s good to see some dApps on NEO right now, as it brings some more competition to the entire blockchain ecosystem.
Things may finally start looking up again for NEO if this trend keeps up. Although the currency is still valued at around US$38, the altcoin has slid down the rankings and is now the 13th currency in terms of market capitalization. A few interesting changes have taken place in this regard, yet these are still the very early days of NEO and its dApps.