Open-source community-driven blockchain platform Neo often referred to as the ‘Chinese Ethereum,’ made a big move after a long time. The rally was fuelled by a recent partnership with a state-backed entity in China, to promote the mainstream adoption of blockchain in the nation.
Blockchain-based Services Network (BSN), a global infrastructure working to develop the digital economy as a part of China’s efforts to be the global leader in this tech.
Neo is one of the first blockchain networks to be supported by BSN and will act as a ‘technological pillar’ alongside key players like the Chinese State Information Centre, UnionPay, and China Mobile.
BSN is looking to address the problems involved in developing and deploying blockchain solutions by creating a public blockchain resource environment for developers with reduced costs of development, deployment, operation, maintenance, connectivity, and supervision of blockchain applications.
As a part of this initiative, Neo will be supported in BSN’s public nodes and portals to enable enhanced accessibility to multiple blockchain networks, have significantly fewer costs compared to major cloud services and allow rapid deployment of high-performance blockchain solutions by integrating Neo’s MainNet and TestNet with select city nodes.
Besides Neo, BSN’s global version has also integrated with six major decentralized networks namely Ethereum, EOS, Tezos, Nervos, and Cosmos’ IRISnet.
However, it is expected that Neo being a local project will have precedence over the other platforms.
Neo’s services will be available to developers starting August 10, and BSN will also be supporting neo from a technical aspect in Node Deployments, City node Gateways, and Neo Middleware Service Integration.
This will also be a major boost for Neo’s adoption in China and around the globe. NEO founder, Da Hongfei, commented on the partnership stating:
“Blockchain adoption has accelerated dramatically within the past few years, and I’m excited to realize the smart economy of the future with the support from BSN. Hand-in-hand with our partners, I am confident that we will realize mass adoption of blockchain and build the smart economy of the future.”
Neo prices spike following the news
The news cashed in on the market pretty well, and the price of the 22nd largest digital asset shot up 6.9% from $10.57 to as high as $11.52, even though the numbers not even close to its all-time high of $198.38 back in January 2018.
Despite touching the highest level since June 11, Neo has retreated back to $11.29 at press time. The altcoin is still above the support $10.70 which indicates that the price might hold up for now. However, if the support fails, the sell-off may be extended to $10.00.
A break above the recent high is needed to fuel an upward rally, with the next major resistance at $12.00 followed by $13.82.