Neblio announcement sees a 681% increase in its price
Plans for a new standard token are followed by a price surge.
The Neblio native token NEBL, as it is known on exchanges, began trading on 12 September 2017 and considerable market interest has seen this cryptocurrency show good strength since.
By 1 January 2018 NEBL was trading at US$8.01 and gained heavily over the next week to an all-time high of US$61.36, according to CoinMarketCap. NEBL has since hit a low of US$15.68 on 16 January, reflecting the volatility in the market.
24-hour trading volume for NEBL over that same period has been patchy. Prior to the new year, 24-hour trading volume had usually been around US$2 million before jumping to peak at US$510.4 million. Over the last day, NEBL's 24-hour trading volume has settled to a new plateau around US$160 million
As at the time of writing, NEBL has rebounded to trade somewhere in the middle ground, posting US$24.74.
What caused NEBL to jump so suddenly?
On 4 January, the Neblio management team released a statement announcing the completion of the Neblio blockchain token protocol. What this means is that Neblio has released its standard for tokens to be traded across its network.
The protocol is called the Neblio Token Protocol or the NTP1. The Ethereum blockchain standard is called the ERC20 token. Where the Neblio blockchain differs from Ethereum is that NTP1 tokens will have on-blockchain convertibility.
This means that any enterprise operating on the Neblio blockchain will be able to exchange their tokens with different tokens issued by other enterprises on the Neblio blockchain.
The NTP1 standard is a major factor giving Neblio its name as a next generation blockchain.
What does the Neblio blockchain do?
The Neblio development team has ambitious plans to build a framework that will allow enterprises to distribute information, publicly or privately operating as part of its network.
The mechanism for that information distribution is through decentralised applications, shortened to dapps. The dapps are used by enterprises to conduct their business operations.
As per its white paper, Neblio claims to be useful in the areas of secure records management and regulatory oversight. In addition to that, Neblio also says its features could be helpful for Internet of Things connectivity and big data management.
In theory, the Neblio blockchain allows enterprises to have a deeper level of connectivity. With the NTP1 standard, this will mean enterprises will be able to exchange tokens and transfer value. However, Neblio is still yet to attract any major users.