Neo (NEO) distributed ledger ecosystem has grown a great deal in the recent past with a high rate of development and deployment of dApps on the platform. Decentralized apps are an important element in the blockchain as they facilitate businesses and organizations to move and run some of their operations on the smart economy enabled through the ecosystem. Some of the dApps already deployed include NEX, Red Pulse, Phantasma and QLink.
NEO just announced the signing of a memorandum of understanding with Ontology, a network aimed at developing technologies that enhance trust in the blockchain ecosystem through digital identity, data exchange among others. The collaboration aims at focusing on strategy and integration of technology to further enhance the pace of adoption of smart economy.
The two teams also plan to work together in researching cross-chain technologies with the aim of developing its main net that can be integrated further enhancing connectivity in the blockchain ecosystem.
NEX provides a platform for increased efficiency in trade and payments involving complex transactions. While there are other decentralized platforms created to play a similar role, the NEO blockchain has enabled NEX handle such transactions faster and more efficiently by leveraging off-chain matching capabilities and the ability to transact across multiple blockchains. This has enabled NEX grow to handle larger trade volumes and transfer of value between this party participants on the platform.
The Moonlight is also deployed on the NEO ecosystem bringing blockchain application into the human resource industry. The platform’s goal is to facilitate recruitment of talent and scaling of a business’s workforce through matching of talents to organizations and projects where they are needed. To operate a fully smart economy, NEO requires not only dApps that link products to clients but also a system that enables acquisition of skills that would facilitate businesses to further enhance their product offerings in order to win more clients and grow their operations.
The Neo (NEO) blockchain was created to enable for the deployment of different types of dApps designed for different purposes. For NEO’s smart economy to be functional, high levels of security are required to increase the market’s confidence in the ecosystem. The NeoAuth dApp was created specifically for this purpose. The decentralized application replaces the need for an email and password in accessing services on the NEO blockchain. Instead, users get a NEO address which they can use to log onto the platform. This reduces the risk associated with unauthorized access that would result from hackers having access to a user’s email and password. This feature has potential applications in improving security in other blockchain applications besides those on the NEO blockchain.
Other applications currently powered by NEO include NEO smart IoT which allows users to create smart contracts to help them control Internet of things devices. Imulsify, a decentralized digital content platform and chain line, a blockchain based courier service are other platforms that have used NEO’s dApp functionality to create value on the smart economy.
The platform is growing fast with more applications being developed on its blockchain, bringing more functionality on to the smart economy. Despite the platform’s success evidenced by the smart products and applications already on the platform, NEO’s price has remained quite stable in the recent past. The market is still proving bullish on NEO due to the potential of the platform as seen with the daily trade volumes which have been increasing in the past few months to over $100 million. Neo (NEO) has also remained competitive among its peers currently ranking 11th on Coinmarketcap by market capitalization despite having registered only a 5% gain in price for the past 24 hours to trade at $67.69 USD