Cryptocurrency NEO: Beginners’ guide to NEO

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It is interesting how everyone wants to hear, read and write about major cryptocurrencies. Bitcoin, litecoin, ethereum, and others have dominated the internet as everyone seems so interested in investing in them. But have we realized the potential of NEO? Have we even paid any attention to its existence at least? Knowing about NEO is the surest way one can understand what it has to offer. Read on to find out more.

So what is NEO?

This coin is a not-for-profit community-based cryptocurrency. To digitize assets and automate management of assets, this coin utilizes blockchain technology. The primary goal of this coin is to create a smart economy with a distributed network.

Built in 2014, the interest in NEO has been growing over the time. The developers of this coin had long-term ideas for this project. Just like ethereum, NEO allows transmission and storage of data across blockchain with the help of smart contracts. It is for this reason that this coin is also referred to as the Chinese Ethereum.

The NEO tokens

NEO platform uses two kinds of tokens to achieve its main goal. These tokens are NEO and GAS. Both of these two tokens have their unique uses on the NEO platform. In this article, however, we shall not delve into details of these tokens. It shall be covered in another report to be released soon.

Unique features of NEO

Indivisible units

As you know, any other cryptocurrency can be divided multiple times. This is an area where the NEO coin sets itself apart from others. With NEO, the smallest unit will always remain 1 unit. This is to show that NEO cannot be divided into fractions. This is, however, a problem in waiting. As NEO’s value increases, the indivisibility of NEO will pose a challenge.

GAS generation

The two-tier system of NEO and gas is also one of the unique features of the NEO platform. One can choose to either buy GAS or NEO. It is, however, interesting to note that most users buy NEO tokens.

Smart contracts

To differentiate itself from other currencies such as bitcoin, NEO is specifically meant for smart contracts. This is perhaps the only point that makes this coin similar to ethereum.

How to get NEO

In the market capitalization, NEO is the 8th most important coin. You can buy each NEO at a price of $143. The price has, however, been evolving, always increasing from time to time.

Unlike other coins’ prices that have been skyrocketing, that of NEO has been stable. It is also noteworthy at this point to mention that the price of NEO does not increase hundreds of times like other alt-coins.

Statistics

Ticker symbol NEO, GAS
Initial release August 2014
Maximum supply 100 billion NEO/GAS
Algorithm type delegated Byzantine Fault Tolerance (dBFT)
Founder Onchain

 

In conclusion, there are many things you can get by trading on NEO platform. It is important to understand what this coin has to offer, and then strategize your investment plans to get maximum benefits.

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