Cryptocurrency NEO blockchain NEO – www.oldyorkcellars.com

Just like Ethereum, it’s a blockchain-based platform supporting its own NEO cryptocurrency, along with backing the development of smart contracts and digital assets.

Holders of the NEO token can generate monetary interest on their holding, known as GAS. This is a utility token used to deploy smart contracts, fetch data from the NEO oracle, and upload or download data from NEO’s file sharing layer.

The circulation cap of both NEO and GAS is million tokens. There are currently 70 million NEO tokens in circulation, while there are only 10 million GAS. NEO is thought to be one of the scarcest public blockchain tokens, as it cannot be traded in fractional pieces.

This dual token mechanism is the first of its kind in the public blockchain. It separates the governance process from the network usage, while providing a means of acquiring the tokens needing to pay transaction fees. Therefore, this two token model lets users take part in the NEO ecosystem without reducing their stake in the network.

GAS is also used to operate and store tokens and smart contracts so that node resources are not squandered.

China’s influence

Governments globally are trying to figure out ways to regulate Bitcoin and the crypto landscape. On April 18, at a recent summit on this matter, Li Bo, the deputy governor of the Chinese central bank spoke. He clarified that cryptocurrencies should be playing an investment role or alternative asset but not acting as currencies.

Breaking: Li Bo, deputy governor of the Central Bank of China, said that crypto assets such as Bitcoin should be used as investment tools or alternative investments. This is the first time that the Chinese government has recognized the asset value of cryptocurrencies. www.oldyorkcellars.com

— Wu Blockchain (@WuBlockchain) April 18,

Wu Blockchain – Li Bo, deputy governor of the Central Bank of China said Bitcoin should investment

His words sent Chinese altcoins NEO and VeChain soaring. NEO rose over 55% in a day as this piece of news makes cryptocurrencies particularly attractive as a money-spinning way to generate future wealth.

China has a particularly heavy weighting on the world of crypto because over 65% of Bitcoin is mined there. It’s historically been averse to the modern asset as it does not consider cryptocurrencies legal tender.

In , China banned all initial coin offerings (ICO) calling them ‘illegal fundraising‘, and closed exchanges. But it took a U-turn in when it declared Bitcoin as virtual property with value.

More recently, China’s central bank, the People’s Bank of China, clarified Bitcoin ownership is now legal, as are mining operations.

The regulatory landscape is undoubtedly getting set for a major overhaul. Stablecoins such as Tetherare gaining a foothold as payment solutions. With investments in cryptocurrencies reaching record highs, governors are seeking ways to regulate, both to protect economies and to prevent a casino environment for retail investors.

Relaunching as NEO

NEO is gaining recognition and price action in recent weeks as it launches via a major rebrand as NEO

Long-time NEO fans are super-excited for this upgrade as it has so many promising features. In a nutshell it’s an open decentralized network for the future smart economy. Through this effort it aims to bring a smart economy vision to life, unveiling an ecosystem in a similar realm to Ethereum. This is a fast and fee-less network gaining huge traction throughout China and the West.

Flamingo Finance

In NEO , the full stack Decentralised Finance (DeFi) protocol implements several exciting new features. One of these is called Flamingo Finance. Within Flamingo, NEO users can swap, wrap, and stake their tokens while earning rewards. Simultaneously, they can interact with other crypto holders across chains including bitcoin, cosmos, ontology, and Ethereum. The benefits to this are three-fold, escaping network congestion, avoiding high fees and all the while, tapping into the awesome earning potential of DeFi.

NEP standard

This NEO DeFi setup also introduces a new asset standard for its tokens called NEP, replacing the original NEP NEP outlines a token standard for the NEO blockchain supporting systems with a generalized interaction mechanism for tokenized Smart Contracts.

Governance

Furthermore, it’s bringing in an enhanced governance protocol. NEO will launch a new dynamic and democratic governance on-chain mechanism. This brings essential roles into the system, including NEO holders and potential voters, candidates, council, consensus nodes, as well as oracle nodes and stateroot validators. They are to help guarantee the robustness and stability of the NEO blockchain.

NEO holders will vote on the candidates and the top 21 will be appointed. One NEO is equal to one vote. From the 21, seven will become consensus nodes on the network. The council is then refreshed every 21 blocks.

For every new block created 5 GAS tokens are made. These are split 80% to successful voters, 10% between all NEO holders and 10% among the 21 council members.

Complete control

One of the most compelling aspects of NEO is NEOFS, which is its internal distributed storage network. This gives its users complete control with no external reliance on a service such as AmazonWeb Services (AWS).

NEO is often compared with VeChain (VET) because they each have a dual token system and are similar in design. Meanwhile, the crypto NEO is not to be confused with the Chinese EV company NIO (NYSE: NIO).

The Neo community offers a selection of wallets for different users and applications.

Analysts and crypto day traders vary in their outlook for the NEO price. It’s currently sitting around $ and some see further upside to around $, whereas others say it could just as easily crash to around $ Altcoins and alternative crypto projects can be exciting investments but they come with risk too.

Cryptocurrency

Neo (formerly Antshares) is an open-sourcedecentralizedblockchain decentralized application platform founded in by Da HongFei and Erik Zhang. Since its rebranding to Neo from Antshares in , the project's vision is to realize a "smart economy" by utilizing blockchain technology and smart contracts to issue and manage digitized assets.^[1]

The Neo network runs on a proof of stake decentralized Byzantine fault tolerant (dBFT) consensus mechanism between a number of centrally approved nodes,^[2] and can support up to 10, transactions per second.^[3][4] The base asset of the Neo blockchain is the non-divisible Neo token which generates GAS tokens. These GAS tokens, a separate asset on the network, can be used to pay for transaction fees, and are divisible with smallest unit The inflation rate of GAS is controlled with a decaying half life algorithm that will release million GAS over approximately 22 years.^[5]

A total of million Neo were created in the Genesis Block.^[5] 50 million Neo were sold to early investors through an initial coin offering in that raised US million,^[6] with the remaining 50 million Neo locked into a smart contract. Each year, a maximum of 15 million Neo tokens are unlocked which are used by the Neo development team to fund long-term development goals.^[5]

The core of the Neo feature set revolves around tools that allow developers to efficiently deploy and scale smart contract applications on the Neo blockchain. X Digital Identities allow developers to tie tokens to real world identities which aids in complying with KYC/AML and other regulatory requirements.^[5]

Neo update[edit]

Neo or N3 was first announced by Erik Zhang in as an upgrade to the current Neo protocol (also known as Neo legacy) N3 improves on previous versions, it has more powerful and complete features, a highly modulated design,

Due to the extent of improvements being implemented in the N3 update, certain features are not backwards compatible with the existing Neo legacy blockchain, therefore the N3 updates will be implemented through a new genesis block.^[7]

History[edit]

In , Antshares was founded by Da Hongfei and Erik Zhang. In the following year, it was open-sourced on GitHub and by September , the white paper was released. Neo was officially rebranded from Antshares in June , with the idea of combining the past and the future. The word “neo”, originates from the Greek word “νέο“, meaning ‘new’, ‘modern’, and ‘young’. The vision of building a “smart economy” was developed along with the rebranding.^{[citation needed]}

In March , Neo's parent company Onchain distributed 1 Ontology token (ONT) for every 5 NEO held in a user's cryptocurrency wallet. These tokens will be used to vote on system upgrades, identity verification mechanisms, and other governance issues on the Neo platform.^[8]

References[edit]

External links[edit]

The main objective of Jiuquan Chain is to expand NFTs adoption in China. The NFTs in the country will be renamed as Decentralized Digital Certificates (DDCs).

Yifan He, CEO of Red Date Technology and the Executive Director of BSN Development Association commented: 

“NFT/DDC technology is a digital certification and distributed database technology that can be applied in any scenario where digital proof is required.”

Neo also plans to integrate its domain name service as part of the Jiuquan chain. All of China’s BSNs chains including the Jiuquan Chain will use the Chinese yuan in all of the transactions including gas fees.

Neo and China’s BSN have been partners since July All the details of the BSN DDC’s and Jiuquan Chain will be announced at the BSN DDC’s official launch in Nanjing, China, in March

What is NEO?

Neo was founded in by Erik Zhang and Hongfei Da under the name of “Antshares” and then they changed the name to “Neo” in Neo is an open-source blockchain platform in order to build decentralized applications (dApps).

Nowadays, the platform is migrating to “Neo N3”, which brings new features such as interoperability with other blockchain such as Ethereum.

Neo was the first public smart contract platform founded in China. Back in , it was one of Ethereum’s main competitors. 

NEO is the native token of the Neo network and it is used for staking. GAS token is paid as a reward when you staked NEO.

(Yicai Global) Sept. 26 -- Da Hongfei, the founder of blockchain group NEO and 'Chinese Ethereum' alt-coin Neo, claimed he was contacted by Chinese regulators to provide advice before the recent crackdowns on initial coin offerings and cryptocurrency exchanges. The claims were made in an interview last weekend by Het Financieele Dagblad, the Netherlands' leading financial newspaper, where he was also quoted as saying a mooted ban on bitcoin mining is "nonsense and never confirmed".

The original article was published in Dutch, however a machine translation uncovered the main beats of the interview. They are as follows: Chinese regulators have not specifically targeted blockchain group NEO during the recent crackdown on ICO's and Chinese exchanges. Da Hongfei claims he was contacted by Chinese regulators to provide information and "suggestions". The Chinese mining ban is nonsense, never confirmed.

While he was seemingly tapped for his counsel and expertise, Da is on the same page with Chinese authorities who instigated the ban to prevent scams. He does not expect collaboration with the Chinese government in the short term, but of the medium-term, he avers "why not?".

In the article, Da Hongfei is referred to throughout as the Chinese 'Crypto-Emperor', yet opens with the following 'I have not seen a regulator', presumably meaning there have been no face-to-face interactions.

Since financial regulators intervened in the domestic cryptocurrency market, the market has recovered from its initial dip. The price of Bitcoin fell precipitously after rumours were confirmed earlier this month. The authorities did not target him or NEO with recent legislation, Da said. "No, none of the supervisors have contacted me. But before they started cleaning up the market, I was asked for information and suggestions. "

Querulous reports on various alt coin and virtual currency news sites that China would also consider a ban on cryptocurrency mining are myths according to Da. "It's never (been) confirmed. I think the supervisors are particularly worried about the challenges that bitcoin and other cryptocurrencies entail. The status of fiduciary money came under pressure. '

Chinese financial regulators exert strict capital controls on yuan leaving the country for fear of sustained downward pressure on the Chinese currency. "It is feared that cryptocurrencies will take over existing ways of transacting and investment. One is afraid to lose control."

Despite being the first country to directly introduce legislation with an immediate bearing on the market, China is not alone. Concerns over capital outflow through an ICO have already been raised by US regulatory authorities, and also in Russia, the government is concerned about cryptocurrencies.

In the face of this Da believes digital coins still have a bright future. "You may own bitcoins or other crypto currencies in China. That's not illegal. It's just a matter of getting out of a trading platform. Different managers of trading platforms are reportedly not allowed to leave the country.

Da was at pains to distance blockchain, a method of tracking decentralized transactions with computers from digital currencies. "You should not mix up blockchain technology and trading in crypto currencies", Da said in the interview.

"This technology (blockchain) has already been introduced for many sectors, such as insurance or logistics. China is encouraging the development of blockchain technology. The People's Bank, China's central bank, would work on its own digital currency, Da believes.

"I think you can better check what's happening in South Korea and Japan. That applies to the bitcoin, and also to Neo." ' Neo, set up in to allow smart contracts through blockchain, has been busy for a long time. Last year, NEO had a CNY30 million (USD million) crypto IPO, that is an Initial Coin Offering (ICO). Prior to the offering, investors paid less than a cent for NEO. In mid-August of this year, Neo was valued at over USD52, denoting a market capitalization of USD billion.

Of the global market as a whole, Da had this to say: "The influence of Chinese traders has been decreasing for a long time", he said. "I think you can better check what's happening in South Korea and Japan. That applies to the bitcoin, and also to the Neo. China will continue to be an important factor in the short term, but I think most of the issued Neos are now in foreign hands. "

The value of the Neo has fallen sharply since mid-August, but that does not seem to keep Da awake at night. "The price moves on the basis of sentiment. The way the market looks at the product does not always align with the way that product is currently advancing. I'll keep an eye on the price, but I do not trade much with Neo."

As things stand, Bitcoin, Ethereum, Litecoin and other crypto currency trading platforms must close their doors by 30 September, the Chinese authorities announced earlier this month. This also puts the kibosh on transactions between individuals, so-called peer-to-peer transactions.

"What the Chinese are doing now is the right thing ' is Da's firm belief. In he unsuccessfully tried to set up a trading platform, but founded Neo shortly thereafter. "The vast majority of ICO projects then were fakes and fraud." Da puts it in the context of the dotcom bubble that burst in "When you started a business that ended with 'dot com', you could easily attract capital. The same is what you see with the ICO buzz."

Da prefers now to focus on the roll out of Neo's technology. "We want to be a widely applicable ecosystem with many developers on which many smart contracts can be built." These include contracts for the transfer of real estate or shares. "There we still have plenty of room to grow."

Of a future collaboration with the government, Da stressed "the government is not a business,". Previously, with his consulting company AntChain, Da agreed with the local government of Guiyang on a blockchain project in which citizens can judge each other on good behavior. "Even though strong companies are often encouraged by the government to compete internationally." The latter has happened to Baidu and Alibaba, says Da, referring to two successful Chinese internet giants. The question is whether China applies that model to blockchain, and Neo is given a role similar to Alibaba. "I do not expect the government to call me in the short term and say," Let's use Neo as the blockchain technology infrastructure in China. "But in the medium term? Why not? I think it's possible."

This guide focuses on Ethereum&#;s main technological rival &#; NEO, and explains how NEO&#;s blockchain is designed and why it&#;s is still considered a technological contender alongside other cryptocurrencies.

Interested buying or trading NEO? Here are brokers and exchanges available in that offer NEO and other cryptocurrencies:

Disclaimer: Availability subject to regulations.
Between % of retail investor accounts lose money when trading CFDs.

Read on to find out how NEO utilizes smart contracts and digital identities, and how it compares to Bitcoin as a cryptocurrency.

What Is NEO?

NEO is widely considered to be China’s answer to Ethereum.

Both cryptocurrencies use smart contracts but NEO takes advantage of its unique blockchain in order to improve on Ethereum’s network.

NEO has defined itself as the distributed network for the smart economy. By smart economy, we mean digital assets with a digital identity, supported by smart contracts.

Interesting Facts About NEO

• NEO made its first appearance in the West in under the name Antshares.
• NEO uses the delegated Byzantine Fault Tolerant (bDFT) for blockchain consensus &#; it is a modified proof-of-stake protocol.
• BTC was raised during NEO’s ICO, creating million NEO tokens.
• 50% of the NEO tokens were sold in the ICO, and the other 50% were distributed to the NEO Council.
• NEO climbed its way into the top 20 cryptocurrencies by achieving a $5 billion market capitalization by the end of

In short, NEO is a cryptocurrency that, uses easily programmable smart contracts in order to facilitate trust-less trades of real-world assets through the Blockchain.

How Is NEO&#;s Network Designed?

NEO’s network is built on two tokens. NEO and neoGAS (GAS).

NEO tokens were all pre-mined during the genesis event. They have a hard cap of million tokens which are used for block creation, network management, and any consensus requirements.

The GAS token is designed to act as fuel for the NEO blockchain and act as a form of security.

GAS was not pre-mined and it is designed to be used to allocate resources and maintain the day to day running of the blockchain. It will also be used to reward users maintaining the blockchain.

Smart Contracts: Building On Ethereum&#;s Design

NEO builds on Ethereum’s design to create the economy of the future. In the modern economy, one of the key problems is trust. After all, how can you do business with someone you don’t trust?

Both NEO and Ethereum have attempted to solve this problem through smart contracts. If users wish to make an exchange, the first digitize their assets, turning them into NEO.

Then they create a smart contract that is stored on the decentralized blockchain. Then, the trade is executed to the exact specifications of the contract.

This means that the entire trade is done without either party being directly involved. You don’t have to rely on someone else to hold up their end of the bargain because the blockchain will force them to do so.

What Is NEO&#;s Programming Advantage?

Both NEO and Ethereum smart contracts are built using programming languages. The difference is that Ethereum uses its own native language called Solidity.

NEO smart contracts can be written and compiled in C# and Java. In the future the developers also want users to be able to write smart contracts in Python and Go.

This allows NEO users to hire a developer for other projects and he will also be able to produce smart contracts. An Ethereum user needs to hire someone just to build smart contracts.

How Does NEO Use Digital Identities?

NEO also uses a digital identity to help protect its users.

Individuals and institutions can acquire their own digital identity and NEO users can choose only to trade with parties who have a verified digital identity.

This helps to protect users from scams and will make it easier for NEO to comply with international law.

NEO vs Bitcoin: How Do The Coins Compare?

How does NEO compare to Bitcoin? What are the key differences?

See below for our head-to-head comparison:

As you can see, there is no available network hash rate or mining mechanism for NEO, because NEO doesn&#;t come to exist through mining. There are a pre-set amount of NEO coins based on the raised ICO amount in

How Is NEO Made?

Like most cryptocurrencies, NEO is created by its community. Unlike most other cryptocurrencies NEO is based on the delegated Byzantine Proof-Of-Stake concept, as opposed to traditional proof-of-stake or proof-of-work.

When bitcoins are created it is because “miners” ASICs to solve complex transactions that add more blocks to the blockchain. They are then rewarded with Bitcoin.

Unlike Bitcoin, NEO users are rewarded based on the number of coins they possess rather than by using their computers to solve transactions.

Instead, each NEO token acts as a sort of share on the blockchain.

What Is neoGAS And How Is It Used As A Reward?

Each time a new block is created, users are rewarded with neoGAS. This will continue happening until GAS reaches its market cap of million coins.

Then holders of NEO will be rewarded with a portion of the transaction fees.

How Quickly Are New Blocks Generated On The NEO Blockchain?

A new block is generated every seconds and 2 million blocks are generated in around a year. At this speed, the total limit of million GAS will be reached in around 22 years.

It should be noted that in order for traders to receive GAS their NEO has to be held in a personal wallet and not in an exchange.

Live NEO Price

Here&#;s a live NEO price chart with current and historical prices:

What Drives The Price Of NEO?

Like all cryptocurrencies, NEO will tend to follow the rest of the market.

If you see a fall in the price of Bitcoin then you should expect to see NEO and other altcoins take a hit as traders panic and attempt to sell off their assets before they make a loss.

Like most cryptocurrencies, NEO is fairly volatile. You should expect to see some dramatic ups and downs.

Media Attention On NEO Prices

NEO is also heavily driven by media attention. When NEO (then known as Antshares) first hit Western headlines there was only a single broker, Bittrex, to purchase the altcoin from.

This led to a rush to buy it and the price was driven through the roof. Any price rise driven by headlines tend to go through a period of correction as traders engage in profit-taking and the value of the token slips.

Where Is NEO&#;s Primary User Base?

NEO’s primary user base is in China. This means that the currency is more strongly influenced by news from that region.

If you are interested in trading in NEO you will need to keep an eye on developments in China and any incoming regulations from the Chinese government.

If NEO does ever partner with the Chinese authorities you should expect to see a large spike in value. That said, the rapidly developing Chinese Bank Digital Currency (CBDC) is more likely to rival NEO.

Is NEO Likely To Be Regulated?

Like Monero and Dash, NEO will likely prove to be fairly resistant to any regulations. In Monero and Dash’s cases, this is because the currencies themselves encourage anonymity, which theoretically protects users.

In the case of NEO, it is because they have openly stated their willingness to work with the authorities. This may make the Chinese government look more sympathetically at their cause.

The key drivers for NEO will be the state of the market in China and any regulations in that region. Particularly whether Chinese businesses start adopting NEO as their standard blockchain solution.

What Is The Price Outlook For NEO?

The price outlook for NEO is a little uncertain.

In the short-term, you should expect to see volatility as speculators take advantage of the uncertainty surrounding the cryptocurrency’s future.

In the medium to long-term, there is the unlikely outcome, that the Chinese government will begin a full crackdown on cryptocurrencies, in which case you should expect to see NEO’s value collapse.

What Do Experts Say About NEO?

Generally, experts take a positive view of the currency’s future, although there are some concerns about its vulnerability to regulation from the Chinese authorities.

An Angel Investor&#;s Verdict On NEO&#;s Future

&#;The big move for NEO is creating an entire smart economy. It has incorporated digital assets, smart contracts, and a digital identity that can be used for real-world applications and become integrated into the real economy. China could (and may) be a candidate for that first real-world application and integration.&#;

Brian Evans, Angel Investor, Adviser, & Blockchain Evangelist

Other experts have been concerned by China’s ban of ICOs. Brian Evans has suggested that NEO’s future relies on takeup by Chinese ICOs.

The recent ban has been considered by many to be a huge problem going forward for NEO and other cryptocurrencies.

That being said NEO has openly taken steps to state that it wants to work with the Chinese government and in the long term their interest is in the creation of a smart economy.

What Does The CEO Of NEO Say?

The CEO of Neo, Da Hongfei also unsurprisingly sees a bright future for the cryptocurrency.

In a recent interview with Sarah Tran of www.oldyorkcellars.com, Da Hongfei said:

&#;The most anticipated milestone is definitely Neo3. We are launching the Neo3 testnet before the end of this year, and target to release the mainnet in the first quarter of As a total revamp of the current Neo blockchain, Neo3 is a robust implementation towards a digital asset platform that will provide high throughput, enhanced stability and security, an optimized smart contract system, and a feature-packed infrastructure set to empower developer adoption and to accelerate enterprise-grade blockchain innovations.&#;

Da Hongfei, CEO Of NEO

Where Can I Trade NEO?

See our full guide to trading NEO, or start your research with reviews of these regulated crypto brokers available in .

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. <b>Between 74%% of retail investor accounts lose money when trading CFDs.</b> You should consider whether you can afford to take the high risk of losing your money.

Further Reading

Learn about why Ethereum is considered one of NEO&#;s greatest technological rivals by reading out Ethereum Cryptocurrency Guide.

If you&#;re interested in purchasing in trading or owning NEO, you can find regulated brokers and exchanges to do so in our NEO Trading Guide.

NEO is no longer near the top ten cryptocurrencies, but if you&#;re interested in who&#;s leading the pack, see our articles on Bitcoin, Ripple, Bitcoin Cash, and Litecoin.

Ethereum is making waves recently as it is quickly becoming the cryptocurrency of choice. But there’s a similar Chinese cryptocurrency that’s making a name for itself, and it’s called “NEO”.

Are you up to date with the latest global cryptocurrency trends? There so much going on around the globe that it can be an uphill battle to stay updated with exciting news. And one country never seems to disappoint: China. China is always making big financial moves and keep the global market on its toes. 

In this article, we will cover the basic similarities and differences between China’s NEO, and the trite and true Ethereum (ETH). 

What is Ethereum? 

Created by Vitalik Buterin. Ethereum is the 2nd most popular cryptocurrency behind bitcoin. It’s a blockchain platform with its very own cryptocurrency. Ethereum’s native is called Ether (ETH) or Ethereum. The platform even has its own programming language, called Solidity.

Ethereum is a blockchain network and a decentralized public ledger that’s used to verify and record the transactions that take place on it. Users on Ethereum’s network can use applications on the platform, monetize, create, publish, and use its Ether cryptocurrency as payment. Ethereum is second in line in market value only to Bitcoin.

The creators of Ethereum wanted to use its technology to take the place of third-party apps or entities that store people’s data and keep track of complex financial happenings.

What is NEO?

Founded in China by Da Hongfei and Erik Zhan in , NEO is a cryptocurrency that many people have dubbed, “the Chinese Ethereum.” When it first appeared on the scene, it was called “AntShares” but the name later changed to NEO. 

It’s a blockchain-based platform that is capable of supporting its own currency and even can handle the development of digital assets and smart contracts &#; just like Ethereum. 

Neo’s network has tons of unique features. Features like an oracle system which is used for feeding external information to the decentralized file storage system, an identity system, and a one of a kind governance system called Delegated Byzantine Fault Tolerant (dBFT).

How does NEO differ from Ethereum?

Although they may be similar in many ways, Ethereum and NEO do have their fair share of differences. The first being that Neo is backed by the Chinese Government, whereas Ethereum’s developers and supports form a democratic foundation. 

The fact that the Chinese government has made statements in NEO’s favor, has helped the altcoin soar in popularity in recent years.

The second major difference between NEO and ETH, their relative mechanisms. Neo is known for its energy-efficient consensus mechanism that’s called dBFT, which stands for decentralized Byzantium Fault Tolerant, which allows it to function at a much faster rate of 10, transactions per second.

And lastly, the “Chinese Ethereum” supports more computer languages such as Java and C#. Ethereum on the other hand uses Solidity.

How are NEO and Ethereum similar?

As you can see, the two cryptocurrency giants do have many differences, but on their core, they are quite similar. They are both blockchain-based platforms. They both have their own native currencies and are capable of executing complex smart contracts. Both NEO and Ethereum allow for the use of decentralized applications (dApps) and ICOs.

And finally, both cryptocurrencies are very popular and are thought to be the crypto platforms of the future. Although they are smaller and less valuable than Bitcoin, both NEO and ETH have tons of potential.

Want to get started with buying ETH? 

If you’re ready to get started in investing in cryptocurrency, it’s important to find the right market for you. Bitvavo is one of Europe’s leading exchanges. It’s a great place to get caught up on the ETH and BTC changes in value, so you can always make a well-informed decision, for pros and amateurs alike. 

Bitvavo allows users to “exchange more than 50 digital assets directly with euros. Create an account and trade a wide range of digital assets.” Choosing the right market for buying, exchanging, and selling cryptocurrencies can make a world of a difference. 

According to their website, Bitvavo “aims to make digital assets available for everyone through low and transparent fees, a wide range of assets and a simple and easy to use interface”. 

Final thoughts 

Ethereum has its competition cut out for it, but even today, with top competitors like NEO and Ethereum Classic, and Cardano, Ethereum still has the upper hand. Only time will tell, but judging by ETH’s track record, they are doing things right. 

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NEO is one of the top cryptocurrencies in the world. This coin managed to capture the imagination of the Asian markets, even during times of regulatory uncertainty. Today, the NEO ecosystem is more vibrant than ever thanks to the hard work of developers and participation from the community.

What is NEO?

NEO is a non-profit community-based blockchain project that entered the market to provide Dapp developers with an easy-to-utilize platform. Specifically, NEO is an open-source blockchain and cryptocurrency. According to the company&#;s whitepaper, NEO functions as a &#;distributed network for the smart economy.&#; Notably, NEO translates to new and young in Greek. The name is appropriate when you consider that the platform is seen by many as a newer and younger version of Ethereum.

Chinese Support

NEO was China’s first blockchain project to receive a nod of approval from regulators. Interestingly, the Chinese government has embraced the project, even after shuttering exchanges in the country. The firm is one of only a select few cryptocurrencies allowed to operate in China at this time. This support and the nationalistic feeling behind the project have led many to call the project &#;Chinese Ethereum.&#;

What Problems Does NEO Correct

NEO seeks to tackle a multitude of issues facing the market. Primarily, NEO is meant to act as a more flexible alternative to Ethereum. The company utilizes a philosophy that evaluates design choices on a multivariate spectrum. In this way, Neo can adjust its market approach accordingly.

For example, NEO developers can decide based on each particular use case what level of decentralization/centralization is most appropriate for a project. They can also make similar judgments on other important issues such as the level of on-chain/off-chain governance. These options provide NEO with more use case scenarios for large scale adoption in both the commercial and governmental sectors

How NEO Works

The NEO blockchain can accommodate a wide variety of digital assets. For example, the network features full support for blockchain assets, digital identity, and smart contracts. The platform can support decentralized apps (dApp) of all types, tokenization of real-world assets, and initial coin offerings.

Two Heads

NEO is a public platform that also leverages the Onchain network to create an optimal governance scenario. The interoperability of the networks extends the platform&#;s reach to new heights. It also combines these project&#;s communities to leverage developments across the network.

Onchain

Onchain was founded in in China. This private blockchain company is best known for its focus on government and large enterprises. The platform is well-known for its Decentralized Network Architecture (DNA) tech. This protocol simplifies the creation of public and private blockchains.

Two-Tokens

NEO utilizes a two-tiered system to provide the network with more flexibility for users and developers. The ecosystem relies on both NEO and GAS tokens. In total, the firm will issue million of each token. There are currently 70,, NEO in circulation.

NEO Tokens

NEO is the cryptocurrency of the NEO blockchain. This crypto represents a share of ownership in the NEO blockchain. This crypto also plays a role in governance. It allows the community to create blocks and manage the network. Interestingly, NEO has indivisible units and cannot be divided like other coins such as Ethereum. The reasoning behind this decision is that each coin is meant to act as a single share in the NEO blockchain. Just like stocks, these coins cannot break down into smaller units.

NEO &#; CoinMarketCap

Gas Tokens

GAS is the utility token for the NEO network. This token was formerly known as ANC- Antcoins. In the ecosystem, GAS functions like Ether in the Ethereum network. Developers use GAS for transactions in the network. Additionally, users receive rewards in GAS tokens.

GAS generates at a rate of eight GAS per block. The network automatically reduces the number of rewards per block after two million confirmed blocks. Users have options with GAS. You can trade GAS for other cryptocurrencies such as Bitcoin, Litecoin, or Ethereum. You can also convert your GAS to NEO directly. In this way, GAS  pricing remains decoupled.

Coding Smart Contracts

NEO provides developers access to a powerful virtual machine that simplifies the most critical components of smart contract programming. For example, developers don&#;t need to learn a new coding language to use the platform. The network allows smart contracts in C#, Java, Python, plus a wide variety of other coding languages. In this way, the network can accommodate developers from across the industry.

Consensus

NEO introduces the world to the Delegated Byzantine Fault Tolerance (dBFT) consensus mechanism. In this mechanism, there are certain nodes known as Bookkeepers. These digital accountants do the actual block verifications. The data is broadcast on the blockchain. Only when two-thirds of the nodes on the network agree with a bookkeeper’s version of the blockchain is consensus achieved.

Delegated Byzantine Fault Tolerance (dBFT) &#; vtce

Faster Throughput

The dBFT consensus mechanism is fast, really fast. It can handle more than 1, transactions per second. In comparison, Bitcoin handles around six transactions per second (tps). Ethereum can handle a whopping 12 tps. Impressively, NEO seeks to push its tps rate to new heights with their next upgraded. The goal of the update is to take the network to an insane 10, transactions per second.

Governance Upgrade

In May the developers behind NEO proposed a major upgrade to the network. The upgrade would introduce a new governance model. The new strategy enables coin holders to vote for a committee of 21 governing members. These members hold the responsibility of representing the community. They gain the ability to vote on various modifiable parameters of the blockchain and other changes to the network&#;s coding.

The proposal suggests that people that vote for these members receive extra GAS rewards. This reward is a means of thanking members for their participation in the governance process. The proposal states that out of the 21 chosen governing members, seven will also become consensus nodes.

As a consensus node, their responsibilities will extend to validating blocks. Additionally, these seven members gain veto powers. To make a veto decision, the consensus nodes must obtain two-thirds support from the community.

History of NEO

NEO entered the market as Antshares back in February This firm is the brainchild of two longtime blockchain enthusiasts, Erik Zhang and Da Hongfei. During this time, the actual cryptocurrency went under Antshares (ANS). In , the two developers expanded their vision with the creation of Onchain.

In April , NEO releases its whitepaper officially. The paper highlighted the benefits and technical aspects of the delegated Byzantine Fault Tolerance. At the time, this was the first Chinese born consensus mechanism. As such, it received heavy media coverage in the region.

In August , NEO entered the market via an ICO. The event was a major success with the project securing over $ million in funding. These funds went to the further expansion of NEO&#;s strategy in the region. In September of the same year, Onchain established a Technology Strategic Partnership with Microsoft. The agreement inked cooperation on multiple projects.

In June , Antshares rebranded to NEO officially. The crypto also received its first US-based support this year. Specifically, the coin saw a listing on Bittrex. The next year, the digital ID platform VALID announced a strategic partnership with the firm.

NEO3

This year saw the announcement of a major upgrade. The NEO3 upgrade is set to be the company&#;s largest to date. In addition to the introduction of the new governance models, the upgrade will bring more interoperability into the sector. Specifically, the platform will gain more cross-chain capabilities. Currently, developers are experimenting with these protocols. They have set up Testnets with Bitcoin, Ethereum, and Ontology.

Tokenization

The upgrade will also simplify the tokenization process. Specifically, developers want to make it easier to create and issue Non-fungible tokens. Non-fungible tokens are unique digital representations of an asset. Some examples of non-fungible tokens include the tokenization of:

How to Buy NEO

Neo (NEO) is currently available for purchase on the following exchanges.

Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.

Binance – Best for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from buying Neo (NEO). Use Discount Code: EE59L0QP for 10% cashback off all trading fees.

www.oldyorkcellars.com &#; This exchange was established in , and is one of the more popular & reputable exchanges. www.oldyorkcellars.com currently accepts USA residents (excluding New York & Washington State).

KuCoin &#; This exchange currently offers cryptocurrency trading of over other popular tokens.  It is often the first to offer buying opportunities for new tokens.  This exchange currently accepts International & United States residents.

WazirX – This exchange is part of the Binance Group, which ensures a high standard of quality.  It is the best exchange for residents of India.

Uphold Disclaimer: Assets available on Uphold are subject to region. All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.

How to Store NEO

There are a few ways to store your NEO. The important thing to remember is that you only want to store your crypto in a wallet that allows you to earn your GAS rewards. The NEON wallet is one of the best options for investors seeking to earn their rewards.

Impressively, you can also earn GAS rewards using a hardware wallet. The Ledger Nano S or the more advanced Ledger Nano X is able to connect to your NEON wallet directly. You can then send, receive, and get your rewards from one safe wallet platform Notably, NEON is not the core wallet for the network but it has received unmatched community support and has the blessings of the developers.

Summary

Given NEO&#;s unique stance in the Asian markets, it’s hard to imagine anything but success for this platform. These developers continually upgrade the network with NEO3 set to release in the coming months. For now, NEO shares a top spot in the crypto market as one of the premier Dapp development platforms available.

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