NEO is a cryptocurrency and blockchain platform. It does, however, have many other applications which differentiate NEO from other digital currencies. It is aimed to allow web developers to build decentralized applications (dApps) and smart contracts. Additionally, NEO puts a focus on scalability. Its native token is the NEO coin, which is not divisible. Therefore, NEO generates GAS coin, which is used to pay transaction fees that stem from the NEO network. Several coding languages are supported by the NEO platform, which adds value to the vast array of developers who are using it.
In 2014, Da Hongfei and Erik Zhang founded NEO. It was the first Chinese digital currency. At the time of its launch, NEO was called AntShares. It wasn’t until after they founded blockchain consulting service, Onchain, in 2017 that they decided to rebrand AntShares as NEO. Onchain, however, remained as the parent company to NEO. This is notable due to NEO’s initial governance procedures.
Onchain is a blockchain research and development company based in Shanghai, China. Hongfei and Zhang founded the company after a positive response from Antshares. In 2016, Onchain began forging relationships with high profile corporations. Additionally, they joined Hyperledger, which focuses on practical blockchain technologies for businesses. Onchain’s hand in the architecture of NEO remains an essential part of the company in 2018.
Similar to company stocks, NEO cannot be divided. To solve this, NEO created a second cryptocurrency called GAS, which is divisible by up to 0.00000001. Users can earn GAS coin by keeping NEO in their coin wallets. Gas is can be used on the NEO network just as Ether is used on the Ethereum network. Roughly 100 million GAS tokens will be released over the next two decades (from 2018).
NEO uses a Byzantine Fault Tolerance consensus system to validate transactions on the NEO network. This mechanism allows NEO to engage in 10 thousand transactions per second.
NEO’s suite of tools assists developers in helping build smart contracts and decentralized applications in an efficient and scalable manner. For example, NEO uses the NEP5 Communications Standard, which provides a templated workflow for developers. X.509 enables developers to connect tokens to real-world identities. This helps to comply with regulatory requirements.
In September of 2018, NEO had a market cap of $1,193,762,606 and ranked in the top fifteen on the cryptocurrency market cap charts. Performing a price analysis on NEO shows us the extreme spikes it had during the first three months of 2018. The price of NEO coin peaked at an all-time high of $196.85 in January but had flopped back down to a mere $46.84 by the time April rolled around. Are these price fluctuations common nowadays among the cryptocurrency market? Absolutely. As of September 2018, though, NEO sat at approximately $18.35 in price. While investors need to analyze past coin trends and market data, it’s important to question the practicality of NEO and how it can be adopted in the future.
There are a few different ways to purchase NEO coin.
First, NEO can be bought directly with fiat currencies (USD, EUR, etc.). Another way to buy NEO is by trading other cryptocurrencies for it on an exchange, like Binance. Finally, a less user-friendly method is to purchase NEO with cash via peer-to-peer. Many do not recommend this method since there is no official peer-to-peer service for which NEO can be bought and sold. NEO’s GAS coin can also be traded on certain exchanges, including Binance, KuCoin, and Gate.io. Several NEO wallets are commonly used, including the Ledger Nano S and NEON wallet.
Reference coins.live for a live NEO price chart and helpful historical data.
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