NEO is often thought of as the Chinese response to Ethereum. It aims to create a more intelligent economy by facilitating the public trade of digital assets using a smart contract enabled ledger. This page will break down everything you need to know about NEO, including its history, price predictions and wallets. Finally, useful information on how to start day trading with NEO coins will be outlined.
What is NEO?
Before getting into future cryptocurrency forecasts, what exactly is it? NEO is a blockchain platform and virtual currency that gives assets a digital identity and automates digital asset management. To do this it uses Ethereum’s smart contracts concept, which could lead to a world of ‘smart economy’.
NEO cryptocurrency tokens are used to stake and produce GAS tokens. These tokens then power the platform which pays for the implementation of smart contracts within the NEO ecosystem.
As discussions on cryptocurrency code forums and blogs have explained, NEO will support virtually all programming languages via a compiler, including:
This accessibility makes it easier for developers writing smart contracts, increasing the overall potential of the cryptocurrency.
For those still confused by the high value and expectations of this cryptocurrency, let’s break down what this digital currency could do.
Instead of offering a platform to address current consumer issues, like Ethereum, NEO is looking at the needs of the future.The company sees a future where vehicle ownership, real estate, electronics and even precious stones are digitalised.All of which would make a smart contract based economy extremely powerful.
NEO vs GAS
Head over to the cryptocurrency’s official website and homepage and you will likely come across the term GAS.The straightforward definition is:
- NEO tokens represent ownership of the actual NEO blockchain.These tokens can then be used to create blocks and manage the network.But when you hold NEO in your wallet, you will actually be rewarded with GAS tokens.
- GAS tokens afford you the right to utilise the blockchain.Similar to Ether with the Ethereum network, GAS powers the transactions within the NEO network.
Both help the NEO platform function effectively.It’s also worth noting both coins are capped at 100 million units each.If you have NEO coins you are entitled to vote on key decisions and receive dividends.
GAS coins, however, can be divided into percentages of coins and their purpose is geared more towards allowing users to run and implement smart contracts.
For more technical cryptocurrency descriptions of both, see the white paper.
It has been clear since the initial launch date of the cryptocurrency that there are certain functions which have attributed to its value.
Included in those key features is:
- NEOFS – This allows for decentralised storage, much like a peer-to-peer Dropbox.
- NEOX – This is the system that facilitates execution and operation across numerous blockchains.
- NEOQ – This is the lattice-based cryptographic process that formulates problems that quantum computers cannot answer.
- NEO Contract – This is the process whereby smart contracts are created in scalable environments, integrating codebases.
- Delegated Byzantine Fault Tolerance (DBFT) algorithm – This is a straightforward consensus mechanism that allows up to 10,000 transactions a second.
The cryptocurrency’s timeline starts in 2014. It was the brainchild of two Chinese developers, Da Hongfei and Erik Zhang. They aimed to build both a decentralised cryptocurrency and a platform where enterprises could leverage the blockchain for any number of processes.
Originally, these altcoins were to be known as ‘Antshares’. However, those in the cryptocurrency development team soon decided this wasn’t catchy enough. Instead, they went for NEO which means new and young in Greek. In addition, they hoped it would be like the protagonist in the film Matrix, also a ‘NEO’, who was ‘the one’ to change the system.
Since the release date, a total supply of 100 million coins has been issued, via the Genesis block.
The distribution process followed the structure laid out in its white paper.
Cryptocurrency news has been quick to detail information on NEO’s impressive price history. However, most of its growth didn’t follow its start date in 2014. Instead, 2017 was the first big year of growth, consistently creating new all-time highs for the cryptocurrency.
In fact, despite the coin’s starting price at the beginning of the year being a few cents, a sharp rise saw live prices hit $100. The cryptocurrency’s growth featured in news announcements and on numerous crypto-coin websites and exchanges. As a result, 2017 saw Neo become one of the largest digital currencies in the world by market capitalisation.
What cryptocurrency rates and live charts won’t necessarily show you, however, is why the rise. Rumours of a number of potential partners helped the currency to grow so quickly, including those with:
In addition, some of the company’s future price projections can be attributed to details of their association with Onchain. Onchain grew out of the digital currency and works with businesses to help them utilise blockchain technology in daily operations.
After careful analysis, it’s clear that this is one of the clear advantages of the cryptocurrency, as Onchain attracts numerous businesses to the platform.
NEO Live Chart
Many cryptocurrency trackers have realised NEO offers an attractive alternative to other digital currencies.
Ownership and Control
NEO offers more ownership and control than most other cryptocurrencies.Instead of simply being a currency, NEO also has a digital identity component.This means that users can register their assets on the NEO Blockchain and have control over them.
This feature is particularly useful for businesses looking to register their assets and have control over them on a Blockchain platform.
Overall, NEO offers unique advantages in the world of cryptocurrency, from indivisible units to creating GAS and ownership and control over assets.It is worth considering for those looking for an alternative to more traditional cryptocurrencies like Bitcoin.
More and more cryptocurrency founders are discovering the advantages of smart contracts. Essentially, smart contracts are the digital equivalent of holding funds in escrow with a third party. Once the contract is executed, the transfer of funds between wallets occurs automatically on the blockchain, with regulators witnessing and verifying the transaction.
It’s worth noting that the live price and quotes for deploying a smart contract on the NEO network can fluctuate.
Today’s cryptocurrency news is dominated by ICOs and dividends. However, the creators of this cryptocurrency seem more focused on building a useful product for its users than on profit calculators. This is a commonly held opinion in the crypto space, from Singapore and South Africa to the UK and US.
Additionally, as a proof-of-stake (POS) cryptocurrency, users can earn money simply by holding coins.
Before investing in this cryptocurrency, it’s important to consider both the pros and cons. Unfortunately, there are several drawbacks to be aware of, including:
- Competition – Everyone wants to be the root chain. While there can be more than one, it’s unlikely there will be dozens of root chains in the future. Individuals and businesses will choose one and use it, potentially leaving NEO behind if they choose not to build on it.
- Legislation – Cryptocurrency legislation in China is notoriously strict.
The Chinese government is resistant to anything that encroaches on their power. Therefore, severe legal restrictions could pose a danger to cryptocurrency prices, potentially causing a drop and even a crash. Even rumors of such legislation could lead to falling prices.
- Backing – Cryptocurrency outlooks are evolving as updates demonstrate that digital currencies can transition into almost anything. As a result, defining what NEO can offer over its competitors may prove challenging. Securing partnerships is essential if the company is to move forward.
How to Buy NEO
If you decide to purchase this cryptocurrency, the process is relatively straightforward. All you need to do is buy NEO and hold it in a compatible coin wallet. Binance and Bittrex offer a cryptocurrency exchange wallet that supports NEO. Wallet apps can then be downloaded to mobile devices to access your new coins with ease. Some cryptocurrency exchanges and platforms will allow you to buy it directly with fiat currency, such as USD and GBP. Some popular choices include:
Although you now know where to buy NEO, successful day trading requires careful technical analysis utilizing price graphs and a variety of resources.
What’s Next for NEO?
Cryptocurrency reviews often quickly recognize the potential in NEO.