NEO 3.0 will focus on achieving higher scalability and stability: NEO price embraces $14.00 support

NEO recently announced NEO 3.0. In line with this, the head of Marketing and Community Operations, Caterina Zhang, spoke to AMBCrypto, a news website in the industry with regards to recent developments. The conversation also included the scalability of the NEO protocol and how they intend to increase the transactions per second (TPS) on the network.

Zhang said that NEO is currently working on the development of NEO 3.0, which will propel it towards achieving higher scalability in the future. The head of Marketing and Community Operations stated:

“This NEO platform will provide higher transaction per second [TPS], automized stability and make the NEO platform ready for the real enterprise use cases to be deployed on top it.”

The bigger goal for NEO is creating a smart economy in the ecosystem and NEO 3.0 will take it closer to this goal. Moreover, NEO founder, Eric Zhang has plans to make NEO divisible. And this means that the developer community will have opportunities to interact in discussions related to NEO 3.0. She expounded on the technical constraints experienced with NEO’s divisibility:

“We have altogether 100 million NEO tokens and then we have the GAS combined with the token but is distributed gradually throughout the year. So one GAS can be divided into 100 million parts so we can divide gas into 100 million addresses without any remainder and in future, the GAS distribution will be in a different way.”

She said that the GAS will in future be stored for a certain period of time, after which they will be distributed to the NEO tokens. She said in continuation:

“The result is immediate transaction and we are able to have NEO divisible. In this way, people can buy NEO with less than 1 unit.”

Developments on this are still underway, besides the community will have to evaluate the process. A whitepaper will also be published on the same in a few months. She also talked about the NEO 3.0 achieving 100,000 TPS from the current 100 TPS. Caterina explained:

“As for the storage capacity we are also researching on the NEO FS, NEO’s decentralized file storage. We have NeoX protocol in our roadmap which will allow the cross chain interoperability.”

NEO price analysis

NEO is currently trading slightly above $15.00. Declines continue yesterday in spite of the slight bullish recovery trend over the last weekend. The support formed at $18.50 during the Asian and European trading on Monday gave in to selling pressure. This triggered more declines that were unstoppable until they another support at $14.00.

At the moment, there is a bullish trend on the chart, and the price has broken above the trendline resistance. The stochastic is advancing upwards showing the buyers are seeking more entries at this level. The 50-day moving average is providing resistance at $15.182 while the 100-day moving average is presenting another key resistance line at $16.42. On the downside, $14.50 is a short-term weak support area. The recent support at $14.00 is still positioned to hold if declines progress.