May 17, 2022
“Price Decline Brings Bitcoin to its Lowest Level in 2022”
What does this mean for NELO?
The past week has been brutal, as crypto adopters witnessed a significant BTC selloff on May 9, as well as the Terra LUNA and USDT crash. Following that, “the crypto market endured a sharp drop in valuation after Coinbase, a leading U.S exchange, reported a $430 million quarterly net loss and South Korea announcing plans to introduce a 20% tax on crypto gains.” (Pechman, 2022) This has sent many crypto investors into a great panic. With reports showing the total crypto capitalization down 19.8% in the last 7 days and the ‘Fear & Greed’ Index remains at ‘Extreme Fear’ as indicated on Alternative.me.
While we empathise with the strong concern in our community, we are adamant about the success of NELO’s future. Thus, we have decided to look ahead and to focus on putting our best foot forward, especially during this period of time.
What has NELO been up to these past few weeks?
Focusing on NELO’s First Ever Blockchain Game - Neloverse
Much progress has been made, in partnership with Ebizworld, since development began in February this year. Our Game Development Manager and 3D Artist Lead, Bryan, has been working alongside their team in conceptualising and producing a great number of assets and sceneries for the game.
Features such as behaviours, character customisation, and map development are only a few of the many things that have been in the works during this time. Much will be revealed soon! If you are interested in getting a sneak preview, be sure to follow us on Twitter.
NSC Testnet - Continues to see an increase in wallet address and early adopters of $NELO.
Moving forward, NELO Smart Contract (NSC) Testnet has been maintaining an average block time of 1.1 seconds and a total of 11,597,566 blocks (at the time of publication). As we carry on with our plans in the months ahead, firstly, the NSC Testnet Validator will be available shortly. On this page, you will be able to view all validator nodes connected to the NSC Testnet. Furthermore, the NSC Testnet User stake dApp (POS Mining) is scheduled to be released in June. When this feature is completed, users will be able to select their node and stake on the NELO Testnet. Lastly, the NELO Swap's testnet will also be ready for launch very soon!
Subsequently, in June, we will launch the Neloverse website with related content including the game's whitepaper and trailer, and then test the game on either the NSC or BSC testnet.
Despite the shift in the market, our team remains unwavering, and has chosen to focus its efforts and resources on offering the products which we have committed to delivering.
In accordance with our Roadmap 2022, we have submitted our application to Certik Audit for approval, in regards to both NELO and Neloverse. Certik Audit is a security audit, with a comprehensive security assessment for all smart contract and blockchain code to identify vulnerabilities and recommend ways to fix them. Our security is one of the three pillars of NELO, and we will continue to give priority to it, especially while the NELO Smart Chain is in test mode.
Preparation for our appearance at Crypto Expo Asia in June 2022
Last but not least, we have been making all the necessary preparations for our appearance at this year’s Crypto Expo Asia, Singapore. We are most enthusiastic about being surrounded by many crypto professionals and enthusiasts, and you can be one of them! Grab your tickets before it’s too late!
About NELO (NSC)
NELO is a protocol and framework for building and connecting Ethereum-compatible blockchain networks, eliminating the barriers of Ethereum blockchain networks. Speed, security, and the ability to scale are the priorities and principles of NELO.