NEO moves to new blockchain

April 30, 2019   NEO

Major cryptocurrency assets continued to decline in price on Monday. Bitcoin fell to the level of 5240 dollars, Ethereum fell to around 155 dollars, and XRP reached the level of 0.2940 dollars. The overal cryptocurrency market  capitalization has amounted to the level of 169 billion dollars.

It has bеcome known, that the cryptocurrency NEO, which is in the top 20 of the capitalization rating, moves to a new blockchain. According to the developers of cryptocurrency, the need to launch the NEO 3.0 chain from a new genesis-block is due to the fact that some improvements in performance and scalability are not compatible with the existing blockchain. Owners of tokens will have to exchange them for coins of the new network. All data and transaction records will be transferred to the NEO 3.0 network. Work on the new network is to be fulfilled by the second quarter of 2020, the first tests are scheduled for June.

The main news remains the accusations of the US authorities to the second in terms of trading cryptocurrency exchange Bitfinex and the withdrawal of large funds from the site. The analysis of the situation shows that Bitfinex did have a shortage of $ 850 million last year, which was compensated by a stable Tether. Since then, the most popular steyblecoin has ceased to be fully supported by fiatnym means, as it was before. According to some reports, Tether tokens are currently backed up by 75% in cash and their equivalents, and by 25% backed by collateral for iFinex shares. Such a partial reservation option involves significant credit risk. Many analysts are convinced that problems with Bitfinex will have a negative impact on the market. The probable Bitfinex closure can result in not only a shortage of liquidity in the market, but also lead to a significant tightening of cryptocurrency industry regulation.

The largest car manufacturer in Britain announced yesterday the start of testing software that will reward drivers in cryptocurrency for providing access to data. Earlier, Reuters reported that Jaguar Land Rover is developing a “smart wallet” that will be installed in cars. Drivers will have the opportunity to earn IOTA tokens for providing data, including traffic conditions, or send data about road gouges using automatic sensors connected by navigation vendors or traffic control authorities.

In their forecast for tuesday, experts assume a further decrease in Bitcoin to levels of 5200, 5150 and 5100 dollars, Ethereum to marks 152, 150 and 148 dollars, and XRP to levels of 0.2900, 0.2850 and 0.2800 dollars.


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