Exchange rate NEO:
- What is NEO?
- How was NEO created?
- How does NEO ensure the privacy of its users?
- What is GAS?
- How to mine NEO cryptocurrency?
- Potential uses of the NEO cryptocurrency
- Advantages and disadvantages of NEO
- NEO and Bitcoin - basic differences
- How much is Neo? On which exchanges is it listed?
- Cryptocurrency wallets for NEO - which one to choose?
- Examples of cryptocurrency wallets for NEO
What is NEO?
Neo uses an open-source blockchain platform that was created by Hongfei Da and Erik Zhang. Its main goal is to create applications for the user, as well as to modernize smart contracts accordingly. The overwhelming concept of the NEO cryptocurrency is its intelligent economy, which accompanies the platform to create a fully decentralized ecosystem that thrives on virtual assets while having a virtual identity using smart contracts. Consequently, the most important element in the functioning of the NEO currency is the need to create a common ecosystem with the community. What's more, the basic element of the functioning of the NEO currency is the token - GAS, which is responsible for covering the commission for each transaction.
Fun fact: NEO is sometimes referred to as "Chinese Ethereum" because it is supported by the Chinese government, which assumes that China will be the number one developing blockchain. Moreover, some features are similar to this blockchain platform. An additional interesting fact is its name, which was previously: AntShares (ANS).
How was NEO created?
The origins of NEO can be considered the moment when Da Hongfei and Erik Zhang in 2014 created a project that at that time became known as AntShares (ANS). It was a publicly available information placed on the GitHub website, where detailed information was available, and so in 2015, many network users had the opportunity to fully familiarize themselves with the project. However, the network platform itself started only in 2016 and was the main network of the so-called mainnet. Accordingly, with the start of the network operation, 100,000,000 ANS units were issued. This project assumed an algorithm according to which the issued further units will be in circulation for 22 years until the maximum supply is obtained.
A year later, the name was changed to NEO, which is still in use today and the solution to this abbreviation is to be a number of the following words: New Economic Order. This change was also associated with the agreement of new standards in the field of smart contract.
How does NEO ensure the privacy of its users?
It is important to mention the mechanism used by NEO to ensure the privacy of its users. From the point of view of cryptocurrency users, it is an extremely important element due to the main feature of the entire blockchain, which should guarantee transaction security.
The NEO cryptocurrency provides its users in the blockchain with registration, trading or the ability to transmit a number of types of assets, which are encrypted to ensure adequate digital security for their owners. In this case, it divides its digital assets into two types:
global assets - as the name suggests, its area covers the entire system space, and their identification is based primarily on smart contracts and users.
contact assets - covers an individual (private) area and stores smart contracts that must be confirmed by the user. They have strictly defined conditions to recognize the compliance of a given customer identity.
However, it is worth noting that there is no specific information on the privacy of the cryptocurrency. The colloquial name "Chinese Ethereum" may raise some users' uncertainty due to the lack of a decentralized network.
What is GAS?
GAS is extremely important in the functioning of the NEO cryptocurrency, thanks to it, the control of the NEO cryptocurrency resources takes place. GAS is created with new currency blocks and covers transaction commissions and is a digital asset of the network. If the GAS characteristics are unequivocally defined, then it is a token. It is also responsible for the payment of transactions related to the token, smart contract or application. It is worth mentioning that GAS was implemented due to the fact that NEO is an indivisible cryptocurrency, and GAS is responsible for payments.
NEO has a unit limit and GAS as well, which corresponds to the same number as NEO cryptocurrencies in circulation - 100,000,000. To characterize the functioning of GAS, a short diagram will be presented: with NEO, the block creation time is approx. 20 seconds and units are generated during this time Eight of GAS, which are transported between users in terms of value.
It is worth noting that there are currently 10,000,000 GAS in circulation. It is estimated that all GAS units can be transmitted in 22 years.
How to mine NEO cryptocurrency?
Importantly, you do not need a cryptocurrency miner to get the NEO cryptocurrency. This is due to the created blocks are accepted by the PoS (Proof-of-Stake) method. Compared to the standard PoS method here, the codes generated by specific entities cannot be distinguished, and only verification or approval can be made by a specific Council. On the other hand, in terms of node diminutions that occur from time to time, this possibility is enabled by users by voting.
Potential uses of the NEO cryptocurrency
NEO primarily focuses on the proper functioning and expansion of its ecosystem. With the help of appropriate tools, it provides not only full and development-friendly system tools, but also helps in improving the configuration of documentation or organization of educational activities in this area. What's more, it is also great as a financial support. For example, to illustrate the potential use of the NEO cryptocurrency, you can distinguish several sections or subcategories.
The first is a program in which the NEO functionality can be used with a PC program that creates a complete list of nodes. In addition, it is possible to extract an improved support of the computer program and at the same time eliminate blockchain synchronization with the web, Android or IOS.
What's more, the NEO cryptocurrency can be useful when handling Java, Typescript or Python. An indispensable element is also the possibility of compiling smart contracts with virtual currency and using them directly for decentralized applications (e.g. as a social network, smart fund, data exchange market, advertising market, market for intellectual property rights trading or a secured communication protocol).
Advantages and disadvantages of NEO
The advantages of cryptocurrency can be attributed to the fact that it is distinguished primarily by the activity of the society due to the need to export its digital identity. Moreover, NEO is considered to be one of the most developing ecosystem in blockchain technology, which operates on the basis of PoS (Proof-of-Stake) and is able to process a thousand transactions per second.
A particular disadvantage of cryptocurrency is the fact that it is not decentralized, which has been personally confirmed by the NEO group itself.
The disadvantages also include the characteristics and appropriate allocation of the NEO. The analysis shows that although public access to transactions is possible, it is still a private blockchain, not a public one. Therefore, only designated users have access to transactions. Moreover, it is said that the NEO Council has the ability to influence the data contained in the blockchain. He can make any changes at any time. Undoubtedly, this contradicts the previous observations on cryptocurrencies and blockchain, which gave full independence and did not allow for any changes. It should be noted that this was the main advantage of this network. Moreover, NEO is indivisible, which means that its entire value can be traded in the form of 1 NEO, and not part of it, as in the case of BTC. This is a difficulty due to the inability to pay for certain goods or goods.
NEO and Bitcoin - basic differences
NEO and Bitcoin - basic differences (data as of October 11, 2020)
Year of creation
100 000 000 NEO
21 000 000 BTC
Number of coins in circulation
65 000 000 NEO
18 475 731 BTC
1 249 183 692 USD
209 414 032 620 USD
How much is Neo? On which exchanges is it listed?
Examples of cryptocurrency exchanges for NEO
Trading on them takes place only through cryptocurrencies
They are traded both through cryptocurrencies and fiat currencies
Cryptocurrency wallets for NEO - which one to choose?
When choosing, one should be guided primarily by our needs. If we are novice cryptocurrency users, it is worth betting on the free version of the wallet at the beginning. As experience and willingness to continue investing, it is worth getting more secure hardware wallets that will allow us to store cryptocurrencies with full protection. At the same time, remember not to share our private key with anyone, which is the basis for us to view our transactions and values.
Examples of cryptocurrency wallets for NEO
Given the market opportunities, the example of cryptocurrency wallets for the NEO cryptocurrency is extensive. Depending on our needs and possibilities, NEO gives us a wide resource when it comes to choice. The most popular ones will be presented below.
Examples of cryptocurrency wallets for NEO
Cold cryptocurrency wallets
Hardware wallets for NEO
They come in physical form. They are not free, therefore they may not be suitable for a novice user due to the relatively high price. It is worth getting only the originals, it is worth buying them from the manufacturer himself - to make sure that they are free from malware.
Hot cryptocurrency wallets
Desktop wallets for NEO
The NEO-GUI wallet is only available on Windows. However, the most popular is Neon Wallet, which works on both Windows, MacOS and Linux. Hardware wallets are free.
Browser wallets for NEO
Browser wallets are free websites where you can register and then log in with a login and password.
Mobile wallets for NEO
As the name suggests - they are characterized by mobility, they are usually phone applications that allow you to browse our cryptocurrency resource wherever there is the Internet. They are usually free.
Include on your website a calculator NEO and chart NEOUSD using the widgets below.
To run a calculator or chart on your site, please:
- Copy the code of the selected widget and paste it into the right place on your website
- You can also configure widgets as needed by modifying the parameters:
- data-crypto="" - enter a list of cryptocurrencies that will be available in the cryptocurrency calculator. Enter the cryptocurrency shortname. You can add many cryptos, e.g. BTC, ETH, TEO. You will find a list of available cryptocurrencies here. To add all cryptocurrencies - leave the tag empty.
- data-fiat="" - enter the list of FIAT currencies that will be available in the cryptocurrency calculator, you can choose multiple currencies by entering e.g. PLN, USD, EUR, GBP. To add all FIAT currencies - leave the field blank.
- Parameters are configurable for the cryptocurrency calculator. In the case of the chart, it is not possible to add many parameters (crypto or fiat).
- To use widgets, you must include a link to your source. The link is included in the above widget codes. The link should not contain the parameter rel = "nofollow".