When it comes to smart contract platforms, the two main contenders for market leadership are Ethereum and NEO. And if recent trends are anything to go by, then NEO will emerge as the king of smart contracts. One just needs to look at the massive success of THEKEY, a project that is built on the NEO platform. This project managed to ink a digital identity deal with the city of Guangzhou in 2016 and the project has been a success. Under this deal, THEKEY has managed to eliminate the use of multiple documents for user identification in hospitals. On top of that, it has announced that user data from Chinese social media site WeChat will now be used to identify people seeking healthcare in the city of Guangzhou.
This is huge, it’s the same as using Facebook data to verify the identity of people seeking healthcare services. But this success is not based on THEKEY per se, it is because of the revolutionary identity system of the NEO (NEO) smart contracts platform. NEO incorporates the global identity system known as the PKI X.509 standard into its systems, then secures those identities using blockchain technology. This is informed by the fact that even as blockchain allows for asset digitization and an increased level of anonymity, conforming to existing standards set by the state, are not going away any time soon.
This explains why a project like THEKEY has managed to work so well with the Chinese government, even as China continues to hold negative sentiment towards cryptos. This element of a digital identity system that conforms to existing identity standards will most likely see NEO projects get adopted in other regions of the world as well. A project like the Guardian circle, which seeks to decentralize emergency services data is also likely to be adopted by different governments across the world for the same reason – openness in handling digital identity data. But there is an even more interesting aspect to the Guardian circle.
This project recently announced that the reason why they were choosing NEO (NEO) over Ethereum is because of NEO’s superiority in terms of scalability. Many Dapp developers already know that Ethereum has a serious scalability issue, and the fact that a project as large as Guardian circle used this as a reason to choose NEO over Ethereum is a good indicator on the future of smart contracts, and that’s NEO.
This is definitely a good time for NEO holders. The platform is growing, and it is clearly in the good books of the Chinese government. This gives it space to rule one the largest markets in the world. You can expect the value of NEO to grow significantly as the NEO ecosystem grows with the success of projects like THEKEY and Guardian Circle.
For an investor looking to buy into NEO (NEO). This is definitely a great time to do so. The bearish mood in the market has pushed NEO below $100, which makes it highly undervalued when NEO based projects like THEKEY are flying high.