What is NEO (NEO)
NEO is the first Chinese blockchain platform, previously known as Antshares and rebranded in 2017, it was launched by Da Hongfei and Erik Zhang in 2014.
The project's vision is to realize a "smart economy" by utilizing blockchain technology and smart contracts to issue and manage digitized assets in the global financial market. On the NEO platform, companies and organizations can create their own private blockchains (their own tokens, working according to their own rules).
Nowadays NEO crypto is among the leading crypto coins by crypto market capitalization. NEO coin news keeps going on and updating every single day, as the popularity of NEO is rising with every passing day. It is a great project with strong potential.
Today NEO price is 36.76 USD.
Da Hongfei and Erik Zhang began developing NEO (NEO) in 2014. The project was released in 2016 and later was rebranded from Antshares in NEO. An Initial Coin Offering (ICO) was held in the period from August 8th to September 7th, 2016 and raised $97.517. As for today, NEO coin market cap is $726,419,588.
The developers didn’t enable the coins to be mined - this right only belongs to the company OnChain, although the cryptocurrency blockchain is publicly accessible. During its ICO the project created 100 million NEO tokens which were distributed in the network as follows: those who invested in the project ahead of the ICO got 10%, 17% were sold during the ICO, and 23% during the second ICO. The remaining 50% of the coins the developers left to themselves.
The NEO blockchain includes the DBFT algorithm (Delegated Byzantine Fault Tolerance) that is meant to maintain the currency’s consensus protocol. DBFT is the modified Proof of Stake (PoS) protocol; it makes NEO more secure and reliable than those cryptocurrencies performing with the standard PoS.
The NEO platform is ruled by 2 kinds of tokens – NEO and GAS. Transactions within the system are only possible when you pay the transaction fees, and GAS tokens were made to do so. GAS acts as fuel for the NEO blockchain to run DApps and smart contracts. To make a deal, you need to throw additional "fuel" into the system. It also is a kind of incentive to maintenance of the blockchain - the more coins you get, the more GAS tokens can be mined.
Where to keep and use?
NEO cryptocurrency can be used and spent like any other cryptocurrency; you can purchase any kinds of goods and services with it – food, clothes, vehicles, education, flights etc.
NEO crypto supports all kinds of cryptocurrency wallets - online, mobile, desktop, hardware and paper wallets for storing tokens. Official NEO wallets are Neon Wallet, NEO-GUI, NEO-CLI, Ledger, Guarda Wallet, Exodus Crypto Wallet and others.
The apogee of glory
In April 2017, NEO was trading at only $0.18 or even below, but soon it joined the cryptocurrency bull movement and later on Jan 15, 2018, the NEO crypto price reached its glory when it went to its highest point of $196.85.
After that, the cryptocurrency featured in numerous news announcements and on many crypto-coin websites and exchanges. As a result, in 2017 Neo became one of the most significant cryptocurrencies in the world by crypto market capitalization.
Pros and Cons
The NEO holds a list of advantages:
- Multilingualism. Unlike most cryptocurrencies, NEO supports many programming languages, like C#, Java, and Python.
- Professionally created. NEO was made by specialists who have done well in making the system very user-friendly. Due to that, now NEO has a formed community of friendly and professional users.
- Low inflation. As the number of coins that can be released is limited, it gives a chance for inflation not to affect NEO.
- Advanced smart contracts. According to the creators, NEO contracts support digital identification, digitalization of various assets, decentralized commerce.
- Speed. A SWIFT-like system processes thousands of transactions per second. The theoretical number of possible transactions per second is 10,000.
Nevertheless, regardless of all the positive features, NEO has a couple of downsides:
- Centralization. All the power over the tokens is in the hands of OnChain, meaning OnChain can manipulate the blockchain and the price of a cryptocurrency. Moreover, NEO is supported by the strict Chinese government. And this fact can make us, users, wonder whether the system is politically influenced or not.
- Mostly Asian usage. As NEO was “born and raised” in China, it ended up being prominent at homeland, lacking popularity among a Western audience.
"Considering the scalability of the platform and its potential, it is a good opportunity for the investors to invest in this cryptocurrency. Even Considering the fact that it is also starting to garner the attention of the institutional investors, the potential is sure to raise more and more. NEO might even move up the ranking order, gain good deals and partnerships with the biggest organizations in the world. NEO has always proved its uniqueness, which helped the NEO fans to stick by, even when it is not doing well. This proves that NEO might prove to be a game-changer in the days to come." — Coinswitch.
"Neo is positioned very nicely in the blockchain race and is poised to perform very nicely both from a fundamental and price standpoint. That being said, I would say Neo (NEO) is a really good investment right now." — Cryptoboomer.
ICOs of several different platforms were created on the NEO blockchain. They are called NEP-5.
The developers have chosen the name of NEO because it is an allusion to the protagonist in the film Matrix, where Neo, who was ‘the one’ who changed the system. Besides, NEO means “new” and “young” in the Greek language.
NEO coins are often called the "Chinese Ethereum" because of the origin.
How to get NEO?
You can exchange NEO coin at Stealthex with a low fee. Just follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example BTC to NEO.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins!