What is NEO?
Ever wondered if there are other interesting cryptocurrencies apart from bitcoin? Well, we certainly will not blame you for not knowing, as the Satoshi’s invention took over the world by storm in recent months.
However, the answer to that question is very much positive and in this article, we will talk about one of the most attractive digital coins currently in the industry – NEO.
NEO – Brief Description & History
Putting it down in simple terms, NEO is a blockchain token that offers a decentralized network through its smart contracts, developed and released to the public in 2014. By these contracts, we mean codes that computers use when passing coins from one to another, though with a small twist – for transfer to take place there is no need for confirmations from the network, as it is the case with bitcoin.
The team behind the token created the blockchain technology as a non-profit project that is completely open-sourced (GitHub readily available). The motto of the coin is called Smart Economy, which uses smart contracts to connect digital users and assets.
The algorithm used to carry out these contracts is called Delegated Byzantine Fault Tolerance (DBFT). It uses GAS coin as an incentive for each created NEO block (8 of them in fact), which can be viewed as a token in its own right. Apart from DBFT, NEO is based on Proof of Stake (PoS) and the way to generate GAS coins is to confirm transactions within the network. In this way, you have inflation and security issues covered in one hit, which is more than what Ethereum can do for example.
Its total supply stands at 100 million coins, with circulating supply being 65 million NEO tokens, according to the CoinMarketCap. Apart from the general market supply, the “Chinese Ethereum” was distributed to several groups of people during its ICO phase, them being:
– 10% to Antshares’ early supporters
– 17% to ICO’s participants
– 23% to ICO II stage participants
The rest (50%) was held by the NEO team, with an idea to control the market and prevent overly large fluctuations in the price. The market supply thus rose over the years from 50 million to 65 million.
Where Can I Store NEO?
Since 2014, the platform developed several types of wallets that you should consider for stashing GAS and NEO tokens. You have all types of wallets available to you, them being:
– mobile wallets: good to keep small amounts of tokens and are more secure than web counterparts. Available platforms are O3 for iPhone and Android and NEO APP for Android users.
– desktop wallets: second in command when it comes to security, with only HD wallets being better due to the private key generation. They are also complex to setup process with issues remaining regarding viruses in your computer. Available platforms are NEO-GUI, NEO-CLI and Neon Wallet.
– web wallets: the least secure but easiest to use, thus we recommend only small transactions to be made with these storages. Available wallets are NEO Tracker, NEO WALLET, and OTCGO.
– hardware (HD) wallets: The most secure option right now in the industry but expensive to acquire. These are Ledger Blue, Ledger Nano S.
Where Can I Buy and Sell NEO Coins?
To hold NEO, you do need to get them from somewhere. The best place to do exactly that s form online exchange platforms, where you can engage in simple swapping activities or in complex trading investments if you are experienced enough.
There are many platforms out there that can suit your needs though be sure to check their trade indicators, which can vary greatly from exchange to an exchange.
Right now, you can buy or sell NEO coins from:
– Kucoin, Binance, Bittrex, Changelly, Bitfinex, Poloniex, Huobi, Upbit, Quione, and several other, smaller exchanges.