NEO Cryptocurrency – A Beginner’s Guide
NEO is a non-profit community-based blockchain project that utilizes blockchain technology and digital identity to digitize assets, to automate the management of digital assets using smart contracts, and to realize a “smart economy” with a distributed network.
Onchain is a company based in Shanghai which was earlier known as “Antshares” have developed the NEO which is a platform of the cryptocurrency. Recently this brand has transformed its name to NEO.
This platform is also known as “Chinese Ethereum “because it supports the transactions as well the ICOs and DAPPS similar to the ethereum cryptocurrency. But NEO is an advanced version of ethereum as the former can be coded through various languages namely C/C#, GO and JAVA but the latter can only be coded in its base language.
Alongside the NEO coins, there is another one “GAS, the currency which is used various apps on the periphery precisely identical to the ether of Ethereum. So if you are dealing with NEO, you will be receiving GAS in your wallets which can be bought separately as well.
While Bitcoin was fully announced to be null and void by the Chinese government, NEO has got the green signal by the government to be dealt.
There has been a drastic rise in the prices of NEO from last year which depicts that this currency has a great future ahead.
Inception of NEO & Team Members
NEO is formulated by the company named Onchain, which was incepted in the year 2014; this company is engrossed in the research, development, and design in the ledger format for the blockchain network.
Mr. Da Hongfei is the leader; Zhang Zhengwen is the core developer, and founder, Tao Rongqi is the secretary general and many other officials, developers, and operators.
In totality, there are only four people in the team which works on the coding part of the NEO.
Fundamental Analysis of Neo Coin
The following are the reasons which depict that NEO has a bright future:-
- With the up gradation of ethereum, it has been clear that there is an urgent requirement for the platform which permits the ICOs and the smart contracts. NEO is not fulfilling this clause, but through this platform, the user can deal with many technical languages and don’t have to learn any new programming language for dealing with the cryptocurrency. It creates a huge opportunity for developers
- NEO is already associated with famous companies naming- coindash, Agrello, and Bancor, which is self-explanatory that investing or trading in this cryptocurrency is not risky. Even Alibaba which is the most significant e-commerce enterprise in the world is connected to NEO.
- Ethereum earned lost of popularity and investment only because of ICOs and now NEO possess its personal ICO which is known as Red Pulse, now the success of NEO is unstoppable.
- Onchain has joined hands with Microsoft and Fadada to have a monopoly of blockchain which is known as the Legal chain. This new technology is entrusted to offer services regarding the digital storage which incorporates intellectual attributes, records of e-medical, digitalized contracts, etc.
- Lastly, As NEO have the full support from the Chinese Government, then there is cent percent surety of its success, as alone the east zone is so densely populated that if only this region is incorporated by the NEO, then they will capture the maximum market.
Technology and Features of NEO Coin – dbFT and GAS
While bitcoin and ethereum work on the basis of “Proof of Work”, NEO works on the guidelines of Delegated Byzantine Fault Tolerance ( dbFT ). This technology offers quick verification of the transactions relies on one blockchain, zero risks about the leaking of the blockchain transactions, the safety of forks and lessens the risk of any illegal actions.If you want to know more about the concept of GAS and dbFT just go through the whitepaper. In simple words, the information about the token or coin holder of NEO is that if you possess the token of NEO, then it will generate GAS.
GAS is incepted from every novice block, and the initial amount of the GAS is only zero. As there will be an increment in the generation of the new blocks the total number of the token, 100 million of GAS will be created in 22 years of time.
The interval calculated between each block will be around 20 seconds, so two million blocks will be generated almost in one year.
Two million blocks will be generated every year and eight GAS each block will be its elementary generation. One GAS from each block will be reduced each year annually to maintain the parity of passing for each two million blocks.
If you desire to get GAS, then you have to keep your NEO token in your wallet instead on the exchange panel. You can also put your NEO blocks on the website wallets which are available free of cost for holding these, such as Desktop and Mobile.
Details about NEO ICO
There have been rapidly increased in the prices of ICO in the last year which is continued still.100 million coins of NEO was segregated into two parts. The first part which is 50 million coins were distributed to the supporters of the NEO at the time of ICO, while the second fragment of 50 million NEO coins is incorporated by the council of NEO to assist NEO in upcoming years.
Investment in NEO
Once you know in and out about NEO, it’s your decision whether you would like to invest in it or not. There is rapid growth in the price of NEO but sometimes it also faces specific down rate as well, this is the trend of any sort of cryptocurrency.
You will be credited and be successful from investing in it if the rates of NEO increases just like there has been progressing at the rate of ethereum. So if you have patience and can hold your token for a prolonged period, then there is fair chance of earning money. So just sit back and collect GAS tokens as many as you can, and just do a deal when it is the best time.