NEO

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NEO cryptocurrency – coin

NEO (formerly known as Antshares) is a smart economy platform and the first Chinese blockchain project. The project was founded in 2014 and was real time open source on GitHub in June 2015. NEO coin and the platform aims to develop a "smart economy" with a distributed network by utilizing blockchain technology and digital identity to digitize assets, and automating the management of digital assets using smart contracts. NEO coin is currently traded on Bittrex, Cryptopia and Binance among other exchanges.

It is also worth noting that the project is actively developing and has already established cooperation with well-known blockchain startups, including Bancor, Coindash and Agrello. Chinese blockchain startup Red Pulse has announced the creation of a platform for financial research, which will be built on the system of smart contracts NEO 2.0. Also, in cooperation with the NEO project, an operating system on the blockchain called Elastos is being developed. According to the developers, it is intended to “study the technological value of the use of blockchain applications in new Internet operating systems and further development of Smart Economy”.

NEO Cryptocurrency and Platform Review[edit]

Ripple Explained Simply (XRP)

Having gone through the path of rebranding and numerous software improvements, previously almost unknown cryptocurrency Antshares received a new name – "NEO" and very quickly climbed into the top ten ranking in terms of capitalization.

So, the blockchain system cryptocurrency NEO was launched in the fall of 2016 Chinese programmer Yes, Junpei. Like the vast majority of digital coins, cryptocurrency NEO has such qualities as:

  • Limited in number-total coins NEO can be extracted 100 million. (at the moment miners managed to get half of the specified number)
  • Decentralization of the system-there is no single control center (blockchain system works as a peer-to-peer network)
  • Cryptographic methods of network encryption

• Lack of control by the state.

All these features are already familiar to all and are applicable to the vast majority of coins in the digital money market. Therefore, in the top ten ranking on the size of the capitalization of the cryptocurrency NEO climbed thanks to its competitive advantages, which include:

  1. Limited mining in the amount of NEO coins within one year can be mined no more than 15 million. This helps to contain possible manifestations of inflation.
  2. The basis of the system cryptocurrency NEO is The POS algorithm, which reduces energy costs while ensuring the operation of the platform and mining.
  3. The Commission, in the NEO system are significantly lower than in the same blockchain systems.
  4. The NEO system uses smart contracts technology, which processes information much better and faster than other existing blockchain platforms.
  5. Among the partners-investors of the NEO platform are such companies as Microsoft and Alibaba. That is, progressive companies with a worldwide reputation that support AND promote the neo brand.
  6. On the basis of THE neo platform, a global investment Fund NEST FOUND is created, which increases the investment advantages of the cryptocurrency.
  7. The NEO platform supports the majority of popular programming languages, which expands the prospects for its commercial use and promotes faster progress in the market.
  8. NEO founders are on the way of cooperation with the authorities of the PRC, which will allow the NEO platform to get the lion's share of the market in the process of legalization of digital money in China, and this is one of the largest markets in the world.
  9. On the basis of the NEO system, A decentralized elastos operating system is being created, promising to become global in the world of information processing and storage.

Technical characteristics[edit]

NEO blockchain combines digital assets, digital identities, and smart contracts.The technology underlying NEO supports multiple types of digital assets. Users can register, transfer, and trade at will on NEO.

NEO nodes use Byzantine Fault Tolerance Algorithm (dBFT) to reach consensus and ensure the finality of transactions. It also ensures that the system keeps its finality and availability as long as Byzantine fault occurs on less than 1/3 of the nodes. With the use of dBFT protocol, NEO's practical transaction speed is 1,000 TPS and theoretically can reach 10,000 TPS in the future[1].

NeoContract, the NEO smart contract system, supports multiple programming languages such as C#, Java, and Python. Developers can rapidly develop smart contracts based on the NEO platform without learning a new language.

NEON is currently the most used NEO wallet and is available for Mac OS, Windows and Linux.

More information in the project whitepaper: http://docs.neo.org/en-us/index.html

NEO Price[edit]

There is a relevant price of NEO coin on Bitcoin Wiki:

NEO Coin Wallet[edit]

NEO cryptocurrency supports all types of crypto wallets: desktop, mobile wallet, cold, hot and paper wallets. Before purchasing the NEO tokens, you should create a wallet for NEO, it can be Ledger Nano S, some official wallets NEON Wallet, NEO — GUI, NEO — CLI, NEO Wallet and etc.

NEO Coin Exchanges[edit]

The NEO coins can be bought on most popular cryptocurrency exchanges, including Bitfinex, Bittrex, HitBTC, Cryptopia.

NEO to GAS[edit]

How to stake Neo for Gas on the Binance exchange

The platform includes 2 different tokens – NEO and GAS. NEO represents the right to manage the network, including voting for consensus nodes and making decisions for the blockchain. GAS is used to pay for all the service fees on the blockchain, e.g. creation and launching of smart contracts[2].

In the genesis block of the NEO network, 100 million NEO tokens were created. 50 million of them are on the account and over time, they will be used for the development of the Neo ecosystem. Other 50 million are distributed among the ICO participants according to the pre-developed mechanism. The total amount of NEO tokens is 100 million and cannot be increased. The smallest NEO unit is 1 NEO and cannot be divided. Every NEO represents an ownership of the chain.

NEO GAS is initially generated with the speed of 8 tokens for each new block in the blockchain. The production speed decreases for 1 token per every 2 million generated blocks untill it is down to 1 GAS per block. Approximately in 22 years, the volume of GAS will reach 100 million and its generation will stop. These GAS will be distributed proportionally in accordance with the NEO holding ratio and recorded in the corresponding addresses. NEO holders can initiate a claim transaction at any time and claim these GAS tokens at their holding addresses. Unlike NEO, GAS can be divided. The minimum unit of GAS is 0.00000001.

GAS Price[edit]

ICO on NEO[edit]

NEO coin history: Early 2018 several projects started performing ICO's on the NEO blockchain, such as Red Pulse, Qlink, Zeepin, TheKey, Trinity and Deep Brain Chain. Upcoming ICO's include NEX and Effect AI.

Perspectives[edit]

Despite the prohibition of Chinese authorities to carry out the ICO, the owners of Neo coins are sure that they will be able to establish fruitful relations with the government of China. In particular, Chinese authorities held consultations with the founder of NEO, Da Hongfei, before making their prohibitive decision[3].

As of March 2018, the NEO cryptocurrency costs $130 and belongs to the tenth of the biggest cryptocurrencies by the market capitalization, with the value over $8 billion. One NEO GAS token costs $39 at the same moment, while its capitalization makes out a little under $400 million.

See also[edit]

External links[edit]

References[edit]

  1. NEO Co-Founder Banks On Blockchain To Build A Smart Economy
  2. What is NEO, and what is GAS?
  3. NEO Completes Rebranding; Announces Blockchain Partnerships


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