NEO Review-Things you must Know
NEO has recently experienced an explosive growth. It is the next generation smart economy platform. Most people know NEO to be the China’s ethereum killer, some sees it as antshares. In Greek language Neo means new and young. It is a blockchain platform that gives provision for trustless smart contracts. There are no much difference in terms of functionality between Neo and ethereum.
NEO was founded in 2014 by Da Hongfei and Zhang as Antshares, it was popularly know as Antshares before the name was changed to NEO in 2017.
What is Smart Contract?
It’s simply a digital pattern with no borders but trust-less modification for two or more parties to interface. Contracts sets a pre-define rules between two or more individuals. Let’s take a programming language into consideration, if, then, or else could be used in carrying out decisions. That’s just how the contract law works. In a situation whereby the predetermined circumstance is not met there ought to be a redundant rule to keep things moving.
Digital Signatures and keys are the new digital contract mechanism. This type of contracts are what platforms like NEO use in revolutionizing the digital age.
One of the major targets of NEO is to ascertain digital identity via Multi-factor authentication principles which encapsulates; voice recognition, fingerprints, SMS and Facial recognitions.
Features of NEO System
- NeoFS – This service allows a decentralized storage such as the peer to peer dropbox
- NeoQ – Is a lattice based cryptographic mechanism capable of generating problems. These problems cannot be resolved by quantum computers, hence making it quantum-resistant.
- Neo Contact- in addition to what I explained above about contracts. Neo contract is a process of initiating smart contracts that integrates pre-existing codebases ( such as JAVA, Kotlin, C#, VB.Net. F#). Scalable and High performance environment are necessary while initiating this contract.
- NeoX – makes it possible for the system to execute and operate across various Blockchains.
Why is Neo called the Ethereum of China?
This is because it is built as a public cloud with the intentions of establishing a Blockchain Platform industry. The Chinese governments wants developers to use their platform and tools to develop the ecosystem.
What are the NEO currencies?
It is been categorized into two types of cryptocurrencies viz:
- NEO token
- NEO Gas
It has a total of 100 million tokens. Tokens are not mined, basically the 100 million token were all created from the inception of the NEO blockchain. About 50 million of these tokens are currently in supply, they were circulated via Initial coin offering (ICO). The remaining 50 million token is for NEO development.
NEO GAS (Antcoin)
Antcoins were the initial name for NEO gas. You could earn Gas as a bonus for holding the token in the NEO official wallet. Some exchanges do not have the ability to credit your account with Gas, although Binance could give you some GAS.
The Gas token is not unlimited like the Dogecoin. It has a fixed quantity, which is 100 million. It is speculated that in 22 years to come the 100 million GAS token must have been released. This is sequel to the ideology that the number of GAS generated per block is reduced by 1 every year.
Note that the NEO token is not divisible. it has a minimum of 1. GAS can be divided into micro fractions with a minimum of 0.00000001.
What are the Difference between NEO and Ethereum
The table below shows the relationship between the cryptos mentioned above
There is a major similarity between Ethereum and NEO which could create competition between them. Both created platform for developer where they could build decentralized applications(DAP).
Where can I store NEO and GAS
These cryptocurrencies should be stored in a wallet. It could be a normal hardware wallet, Desktop wallet, web or mobile wallet. The official wallet where you can store NEO and reap the benefit of Gas is the GUI desktop wallet. This desktop wallet only supports users of windows OS. Those with Mac, Linux or other OS could try the NEOM wallet.
Where can I Buy NEO?
Neo could simply be bought or exchanged form online exchange platforms. Some of which are changelly, CEX, NGexchanger, Litebit, Binance etc.
NEO is a coin with high potentials and among the top 20 coins in the market. It has a limited quantity which is one of the factors that could promote its value. The limitation on further fragmentation of the NEO token beyond 1 is quite a discouraging factor.
Nevertheless Neo and its team are really waxing stronger in the Asian market and beyond. Asia is seriously becoming a power house in the blockchain industry and with NEO coming from that region they have a good tendency of hitting the sky.