The NEO is a cryptocurrency which is based on a blockchain platform. It was designed to create a network of the decentralized applications which is scalable.
The NEO token is considered the base asset for the NEO blockchain. It generates the GAS tokens which is normally used to pay for the transaction fees which are generated by the applications on the NEO network.
In this Article
At a Glance
Initial release: February 2014; AntShares and rebranded as Neo in June 2017
Code repository: NEO Github
Written in: C#
Block time: 15-25 seconds
Block explorer: neotracker.io neoscan.io
Circulating supply: 65,000,000 NEO
Supply limit: 100 Milion
The NEO network can support a huge range of the programming languages which are commonly used. The GAS which was formerly known as the ANG-Antcoins is another crypto-token of the NEO other than the NEO cryptocurrency.
The NEO project was initially launched in the year 2014 as the AntShares in which the development resources were made available by the founder Erik Zhang and Da Hongfei. They later also launched the Onchain which offers the blockchain consulting services.
The NEO is the first blockchain, open-source and decentralized platform launched in China. The AntShares was rebranded to the NEO in June 2017. The NEO hit the peak value in January 2018. As much as 100 million NEO tokens were developed in the genesis block from which almost 50 million NEO tokens were sold to the early investors. Whereas the other 50 million NEO token were locked into the smart contract.
The NEO vs the GAS
- The two tokens which are native to the NEO platform were designed to serve different purposes:
- The ownership of the new blockchain is represented by the NEO tokens. The NEO tokens can be used to manage the NEO network and create the blocks. When a user holds an NEO token in their wallet, they are rewarded with the GAS tokens.
- The right to use the NEO blockchain is given by the GAS tokens. The GAS token is used as fuels in order to power the transactions in the NEO network. It serves the same purpose as the ether serves to the ethereum network.
What sets the NEO apart from the other Cryptocurrencies?
- The indivisible units of the NEO and the smallest unit of the NEO are always 1 share. These shares are not capable for a division like the other coins such as the bitcoin. The NEO cannot be divided into a fraction. This might serve as a problem when the value of the NEO increases. However, the exchanges have made their own methods for the division of the NEO coins.
- Despite the fact that the GAS tokens can be bought and sold on various exchanges, the users are more likely to buy the NEO coins. This is because this will represent the stake of the user in the future of the NEO platform. While the user is holding the NEO coins in their wallet, they start generating the GAS coins automatically. This is quite similar to the ethereum but it very different from the mining process in the bitcoin.
- The use of smart contracts is an important feature which sets the NEO platform apart from the bitcoin.
The Difference between the NEO and the Onchain
These two are entirely separate entities and are in existence independently. No one owns the other one.The NEO focuses on the B2C segment while the Onchain targets the B2B services of an enterprise. They both are funded separately.
The NEO is funded by the public community. Whereas the Onchain community is funded by fosun.
What are the features of the NEO Coins?
- The NEO cryptocurrency has high certainty, high scalability, and compatibility across various application platforms.
- It supports the fast development and the deployment of the smart contracts and the projects because there is no need for the developers to learn a new programming language.
- The digital identity is a great feature of the NEO cryptocurrency which is highly beneficial in order to increase the integrity of the transactions.
- The development environment of the NEO is quite flexible.
The Pros of the NEO Cryptocurrency
- The NEO platform for is quite suitable for the ICO by letting the projects to launch the NEO coins on its platform.
- Having a quantum secure feature which is computer proof makes the NEO platform ready for future technology. The NEO is also ready for the cryptography which is quantum resistant.
- The NEO has a notable transaction speed and is able to handle as much as 10000 transactions every second. It can also handle mainstream applications.
The cons of the NEO
- It takes a lot of time for the blockchain to synchronize with the customer or the client.
- While transferring the coins from the exchange can take a lot of time to appear.
The future of the NEO
The NEO has been ranked among the top ten best cryptocurrencies in the market. The NEO is expected to rise above 75 dollars in the future.
It is a great project with potential possibly equal or even more than the ethereum. It is a strong competition to the ethereum because the NEO allows the developers to use any programming language rather than learning a new one.
The price of the NEO went from $6 to $52 in just a night which made it reach the top 5 market cap. At present, it is ranked among the top 15 cryptocurrencies in the market.