There has been a large amount of hype about the rise of the NEP5 tokens, While the majority of the cryptocurrency market has been on somewhat of a huge downtrend throughout 2018… A number of NEO projects have been heading in the opposite direction, and investors have seen some very nice returns already. We will explain what an NEP5 token is, which are the best NEO projects and more specifically our opinion on the top 3 upcoming NEP5 tokens.
What is an NEP5 token?
An NEP5 tokens are to the NEO platform what ERC20 tokens are to Ethereum. Simply put, NEP5 is the protocol (set of standards) used for smart contracts on the NEO blockchain.
NEP stands for NEO Enhancement Proposal, NEP5 is effectively a set of rules that developers will follow. It offers a structure/template that allows decentralised applications (DApps) to be built on the NEO blockchain
Top 3 upcoming NEP5 tokens/Best NEO projects
This section will look at the top 3 upcoming NEP tokens which are either currently in their ICO or have an upcoming ICO. These NEP5 tokens could potentially be amongst the best NEO projects, however, these ideas are simply based on opinion.
Disclaimer – This article in now way constitutes investment advice and anyone looking to invest should do so at their own risk and make sure to do your own research
Neon Exchange (NEX) will be a next generation Decentralized exchange (DEX) to run on the NEO blockchain. NEX will allow for complex trades across multiple blockchains including NEO and Ethereum which do not currently exist on other exchanges. Using an off-chain matching engine NEX will be able to handle huge amounts of trading volume.
NEX will also offer a payment service and they have already developed their own chrome web extension. The web extension allows users to coordinate between their NEO wallet, the NEX exchange and dApps seamlessly with a high level of security.
The registration for the NEX lottery has expired and token sale is still unconfirmed. IT has said ‘TBA’ on their website for some time now although no date has been mentioned yet.
Neon Exchange – Official site
NEO Name Service
Neo Name Service (NNS) is a decentralised domain name service which will run on the NEO blockchain. In short Neo Name Service will allow users to assign a .neo domain as an alias for their public key. So rather than having a long complicated public key users can send and receive funds to an easy to remember name such as bitguru.neo.
The domain name will not replace the public key but will rather point to it via a smart contract. In effect your domain name will have your public key associated to it. When the live version of Neo Name Service (NNS) is released, a bidding system will be deployed within the network meaning users will need to purchase domain names. On which NNC will be the native governance token on their platform.
The testnet is ongoing with the mainnet expected to launch on the 27th June. NNS did offer an initial airdrop of NNC tokens, which will be the native token on their platform. The initial airdrop was 50 NNC for anyone who registered a domain name on the testnet, during the dates of 17th May, 2018 – 24th May, 2018. Unfortunately that airdrop has passed… but there is still good news, there will be a second NNC airdrop for NEO holders.
Neo Name Service – website
Spotcoin is the third upcoming NEP5 token in our list. Spotcoin is focused on providing simple liquidity for everyone involved with digital currencies. Spotcoin began in 2016 as a clearing house for over-the-counter (OTC) trades between fiat and cryptocurrencies.
They began to grow at an alarming rate and eventually expanded into a the mining industry. Based in Georgia Spotcoin, plan to use the funding from their ICO to fund the launch of a digital currency exchange, as well as expanding their existing operations.
Spotcoin’s operations in the coming months will include:
- Over-The-Counter (OTC) marketplace – with the aim of becoming as global leader in OTC trades and aims to offer this service for all digital currencies. They have stated they will acquire all necessary licenses to continue to expand.
- Exchange – providing a user friendly experience, intending to provide global and regional fiat currency trading pairs with four core digital currencies: GAS, BTC, ETH and SIB.
- Mining – They have a partnership in place with a Georgian mining company to build a $3.25 million environmentally friendly mining facility.
- Spotpay – a payment system which will make their “simple liquidity” ethos achievable. Spotpay will offer a number of tools which will enable a point of sale for customers looking to use digital currencies to transact.
- Black Sea Blockchain Institute – “To help the region keep pace with the disruptive impacts of distributed ledger technologies, Spotcoin is establishing the Black Sea Blockchain Institute to fulfill three key functions – Education, Research and Innovation.”
One of the biggest selling points for Spotcoin aside from the fact they have been in the cryptocurrency industry since 2016, is the huge following they have gained throughout the last few weeks.
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