What is NEO ?
Neo is the largest cryptocurrency in China. NEO is a smart-contract platform comparable to Ethereum in its objectives. It utilises a consensus technique called delegated Byzantine fault tolerance, enabling 10,000 transactions per second, compared to Ethereum’s 15 transactions per second.
NEO is commonly regarded as China’s Ethereum. Both cryptocurrencies use smart contracts, while NEO leverages its own blockchain to enhance Ethereum’s network. NEO describes itself as the distributed network for the smart economy. Smart economy refers to digital assets that have a digital identity backed by smart contracts.
NEO was created in China in 2014 as AntShares by Da Hongfei and Erik Zhan and renamed as NEO in June 2017.
Primary features of NEO
- The Neo network is based on a decentralised Byzantine fault-tolerant (dBFT) consensus process amongst a few centrally sanctioned nodes.
- Supports transactions at a rate of up to 10,000 per second.
- NEO’s network is based on the use of two coins. NEO and neoGAS (GAS).
- The GAS token is intended to serve as both fuel and security for the NEO network.
Is NEO a promising cryptocurrency?
Experts are optimistic about the currency’s future, though some are concerned about its vulnerability to Chinese government regulation.
Investors may also consider adding NEO to their portfolios if they believe the market will eventually favour protocols that facilitate the creation of custom tokens and decentralised applications.
How to use NEO?
Form of ownership: Unlike Bitcoin, they reward users of NEO for their coin holdings rather than for using their computers to process transactions. Rather than that, each NEO token functions as a form of ownership on the blockchain.
Trading: Individuals can profit from trading and investing in NEO coins.
Exchange: We can exchange NEO coins for various other cryptocurrencies and fiat currencies via cryptocurrency exchanges.
Pros & Cons of NEO
- The smart economy comprises digital assets, digital identities, and smart contracts. It is one of NEO’s selling points.
- Developers can use smart contracts to ensure the operation of the entire infrastructure. Unlike Ethereum, NEO does not require you to learn a new programming language to create smart contracts.
- The ability to use any programming language is accomplished through the use of NEO’s Universal Lightweight Virtual Machine, or NeoVM.
- NEO has a close relationship with OnChain. They share a similar vision for a solution, and NEO serves as the foundation for DNA (Decentralized Network Architecture), OnChain’s system.
- Because of NEO’s lack of popularity among a Western audience, new competition regularly emerges, intensifying NEO’s struggle for survival.
- The Neo Cryptocurrency requires a significant amount of time for the blockchain to synchronise with the customer or client. Transferring the coins from the exchange can take an excessive amount of time to appear.
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NEO ICO summary
The Antshares team launched their cryptocurrency, ANS, in a 2014 token sale that raised over 6,100 bitcoin. In 2016, the team changed the ANS tokens to NEO, and the company had a second token sale, collecting almost $8 million and releasing the whole quantity of NEO currencies.
They distributed half of the NEO supply to token sale participants, with the remaining half reserved for Neo developers, a community fund, and other investments.
FAQ's on NEO
- What is NEO Coin?
NEO was founded in China in 2014 as AntShares by Da Hongfei and Erik Zhan and rebranded as NEO in June 2017. It is a blockchain-based platform that facilitates the creation of digital assets and smart contracts.
- What are the other benefits of NEO?
NEO provides decentralised storage, oracles, and domain name service, laying the groundwork for the Next-Generation Internet.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.