NEO Business Performance
I continue to review and rank NEO. Today I’m using “Execution” (Solution- Validity- Equity- Team) sub-scale.
Not much is known about the legal status and organizational form of NEO (former AntShares founded in China in 2014 and rebranded “NEO” in June 2017).
Surprisingly for the project of this notoriety, I haven’t been able to find any links leading me to company’s legal docs including charter or by-laws. Might it be because they do not exist and NEO is still run by its developers community, which includes CoZ and NEL (the first Chinese developers) as well as NeoResearch (the South American devs) and NSPCC (the St. Petersburg, Russia based devs), or I, simply, made a poor job of researching NEO’s legal status, I’m not sure. Please, let me know if you have more info on this subject, if you can.
Regardless, the company, which intends to dethrone ETH must be more forthcoming with its legal disclosures. Hence: “Validity”: “c”
I won’t be questioning Da Hongfei and Zhao Chen professional credentials but their overall performance since 2017 has not been stellar. On the one side, they’ve managed to keep their company (allegedly, 200 employees) live and kicking during the most severe bear market in the history of crypto-currencies. On the other, they’ve seen their company’s credibility to be undermined and allowed their competitors to stay ahead for far too long (“Team”: “b-”).
Seemingly, there’s still no viable business model for NEO (“Solution”: “c”) in existence except that which covers all devs and managerial costs from ICO proceeds and token sell.
Extract (Google): “The price of NEO at the time of the ICO was about $0.03, and at its peak, it traded at roughly $10.74. … 100 million NEO tokens were launched in the beginning, and that’s all that’ll ever be in existence. The circulating supply is currently 65 million tokens, which is 65% of the total maximum.”
10,000,000 NEO were supposed to be used “to motivate developers in the Neo ecosystem”. I have zero information on what price those 10% were (will be) realized but let’s assume that the medium price is (will be) about $15. That gives us $150 mio. Theoretically, it’s more than enough (without counting for any additional expenses) to support the team of 200 people (with an average wage of $50k) during the next 15 years.
At the same time, in an absence of reliable info about how those funds have been used and how much of them are left, I can’t make “Equity” above “c+”.
Result: Execution (Solution- Validity- Equity- Team): ccc+b-
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