Hey steemit. Real happy because my account got approved today. Decided to write my heart out. Please read and let me know your views. I'd love the feedback!
After the Chinese government's decision to temporarily ban ICOs and impose regulations on them, we witnessed the market crash heavily in the past two days. During this time, I decided to invest more money in two cryptocurrencies- NEO and OMISEGO keeping in mind the following -
NEO is based on solid technology. They are working in China with Chinese firms under full compliance. Cryptocurrencies have always been viewed as operating in a regulatory gray area in China. When I first invested in Antshares, I realized the Chinese market potential and understood the difficulties involved. What differentiates NEO from Ether is the business plan to implement it in the real world economies. According to the Red Pulse white paper and Da Hongfei's words:
"Developers of Bitcoin and Ethereum have highlighted anonymity as one of their platforms’ main features. However, this comes with an inherent disadvantage, which is the integrity of transactions. NEO addresses this by adding digital identity to its capabilities. NEO aims to integrate itself better with the real economy. Only with the introduction of digital identity can we map offchain assets in a complaint manner".
This definitely shows integrity and responsibility on NEO's part unlike the recklessness displayed by some ICOs on Ethereum. The main purpose of NEO was never to generate ICOs. ICOs are a use case but it was always about Asset Digitizatization, Smart Contracts, Creation of Applications & Building an ecosystem. None of those fundamentals have changed.
OMISEGO, which became the first Ethereum based coin to hit the $1 billion market cap has always been one of my favorites. As it is not Chinese, it was not affected much by the ICO ban. The official statement from the developers afterward put my mind at ease once again. OMISEGO is a public financial technology for use in mainstream digital wallets, that enables real-time, peer-to-peer value exchange and payment services agnostically across jurisdictions and organizational silos, and across both fiat money and decentralized currencies. Designed to enable financial inclusion and disrupt existing institutions, access will be made available to everyone via the OMISEGO network and digital wallet framework, starting in Q4 2017. The project is part of an already existing and successful company OMISE that was founded in 2013 and is serving Thailand, Japan, Indonesia and Singapore. The following points are also to be noted-
a. An Airdrop event has been planned to increase distribution.
b. They have made an informal announcement that they are already working with McDonald's in Thailand and have plans for expansion.
c. OMISEGO is the first plasma.io project which is an Ethereum based project that dramatically increases the scalability.
d. Last, but not the least, Vitalik Buterin and a very loyal user base who genuinely believe in the project.
In the end all I would like to emphasize is, do not invest money just for making profits, rather, understand the underlying technology and hold on to what you believe in.