The price of NEO (NEO), a blockchain platform for smart contracts often referred to as the Ethereum of China, has outperformed an otherwise stagnant market this week after announcing the launch of its major decentralization initiative by adding its first external mainnet consensus node, City of Zion.
NEO entered the era of decentralization!https://t.co/JOA7UibNnU
— NEO Smart Economy (@NEO_Blockchain) July 4, 2018
City of Zion is an independent, international group of open source developers working on the NEO blockchain. According to the announcement, the group had been functioning smoothly on the NEO testnet for over 6 months before being elected to become the first mainnet node.
Moving forward, the NEO Foundation states that it plans to begin voting for new members to join as mainnet consensus nodes by the end of the year. However, there has been speculation about the overall decentralizing effect this approach might have, as a single entity is essentially selecting the consensus nodes.
NEO’s price has performed well this week, moving from around $28.00 to nearly $42.75 before settling around $40.00 — roughly a 40% gain. The project now boasts a market cap of $2.6 billion.
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.