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The NEO History

The NEO initiative took place in June 2014, and was released on October 17, 2016. The coin has undergone a rebranding because its release took place under the name Antshares (ANS). And only after a while, the name was changed to NEO. The developer company NEO is a Chinese company OnChain, specializing in the development of solutions in the field of Blockchain. The founder of NEO, Da Hongfei, led a team of 15 people. Seven of them work with the community, and six more are engineers and developers. Most likely, this indicates a large marketing component in the work of this team.

By capitalization, NEO is among the top ten cryptocurrencies. Its capitalization is slightly less than 1.5 billion US dollars. Together with rebranding, this currency experienced a jump in price growth.

Until June 2017, the NEO cryptocurrency rate was slightly more than zero, but in June-July, it began to grow, and already in August, its schedule became 8 times - from 6 to 48 dollars. Of course, he did not last long at such marks, but the price of about $ 30 is an excellent achievement for an asset that, at the beginning of the year, cost almost nothing.

Announced the release of 100 million NEO coin tokens. Currently, more than 50 million of them have been issued, and 15 million coins are expected to be issued each year. But this does not mean that it is possible to earn on mining. All NEO network nodes are located within OnChain, although the Blockchain itself is publicly available. In general, the distribution of coins is as follows: 10% received investors who joined the project at an early stage, 17% of the coins were distributed during the first ICO, during the second ICO - 23% of the coins. The remaining 50% of the developers left to themselves. These funds can be used only after a year.

Both tokens have specific applications on the NEO platform, as we will see in this guide:

  • Initial release, August 2014;
  • Industry decentralized network;
  • Famous team teaming Da Hongfei, Eric Zhang;
  • Key partnerships AdEx, Onchain, Coinfirm, and QRC;
  • Maximum stock 100,000,000.

How does NEO work?

The NEO platform, with its NEO and GAS token system, is different from bitcoins and many other cryptocurrencies. Three of the unique differences that make it stand out:

Fractions of coins on exchanges. How do they do it?

From a technical point of view, Chinese cryptocurrency is very similar to Ethereum (Ether). The basis of the platform is the construction of smart contracts and their subsequent payment with tokens. Also, an important part of the project is the opportunity to create new technologies based on the platform, as well as easy integration with other services.

We will examine in more detail how everything works. Transactions within the system are possible when paying a commission. The system currency pays the commission. That is, for the transaction, you must throw additional "fuel" into the system. OnChain developers decided to create another intra-system currency, called GAS, as fuel (what means of paying commissions).

Mining NEO is not possible. There is a final value of coins equal to 100 million. 50 million are thrown to the market during the ICO. The developers keep the second half. However, GAZ mining is possible. However, it happens while holding coins in a wallet. That is, the more tokens you have, the more you can get GAZ coins to pay commissions. Today, 2,000 coins in the wallet accumulate 1 GAZ coin every twenty-four hours. Such mining is associated with the operation of the network on the Proof-Of-Stake algorithm. Coins generate themselves. Without the use of trusses from video cards and megawatts of electricity.

GAS generation

The biggest difference is the two-level NEO and GAS system. Although GAS can be bought and sold on several exchanges, users usually buy NEO tokens, which represent their share in the future platform. The advantage of a two-tier system comes into effect from the moment NEO is transferred to your NEO-compatible wallet.

NEO has undeniable advantages over other cryptocurrencies, but do not forget about its disadvantages.

  • NEO's partners are Microsoft Azure, Alibaba, and, more importantly, Chinese authorities. This is even more important given the policy of the Chinese government regarding the regulation of cryptocurrencies. It is known that before banning the activities of crypto exchanges and conducting ICOs, the Chinese authorities consulted with NEO founder Da Hongway.
  • Development team. Since the launch of NEO, very serious developers have been involved. And the leadership has already stated that if the current team does not cope, then new specialists will be involved. But the highlight of this approach is that the main work will be done to simplify the work for end-users, while usually in the blockchain sphere, there is an emphasis on technology as the basis of the system. This once again confirms the great marketing component in the work of neo.
  • The release of this cryptocurrency is limited. This gives reason to believe that inflation will not affect it, rather, on the contrary, gradual deflation awaits the currency. But on the other hand, half of the volume of currency output is in the hands of developers. In this regard, there is a danger of manipulating the Blockchain and the price of a cryptocurrency, and the risks increase, given that this Blockchain is mostly private, not public.
  • Advanced smart contracts. The developers claim that their contracts support digital identification, digitalization of various assets, decentralized commerce. There is also a wider range of programming languages ​​for contracts.
  • Decentralization and scalability. These principles are laid down in NEO, because it should process a thousand transactions per second, and in the future with appropriate optimization - 10,000. But at the moment, the blockchain is vice versa centralized, because completely in the hands of developers.
  • The mechanism of coordination. NEO uses the latest dBFT (Delegated Byzantine Fault Tolerant - "delegated Byzantine fault tolerant") matching algorithm. Holders of NEO tokens select participants by voting. The selected group of participants, according to the BFT algorithm, reaches consensus and generates new blocks. Online voting takes place in real-time. dBFT has functional completeness, which means that once the confirmations are final, the block cannot be forked, and the transaction will not be canceled. But this algorithm has not been completed, it has not undergone a public audit and cannot be applied on a public blockchain. This algorithm assumes that all nodes of the network are trusted, and this can only be in the private Blockchain, which NEO is now.
  • Chinese origin NEO. NEO coin is most prevalent in China, and local investors actively support the domestic cryptocurrency. But outside the Middle Kingdom, it is not so famous - not all exchanges have the opportunity to buy it. Accordingly, the amount of information about this coin is minimal. Even the whitepaper contains only general information and no technical details. And as you know - the more information, the higher the transparency and the greater the investment attractiveness.
  • Compatibility with other blockchains. NeoX is used - a protocol that implements cross-chain compatibility.
  • Quantum NeoQS algorithm. With the advent of full-fledged quantum computers, a big threat will appear for the algorithms on which blockchain systems are based. NEO is protected from this by using NeoQS (Quantum Safe), which is a lattice-based cryptographic mechanism.
  • The operation of the NEO blockchain is based on the Proof-Of-Stake algorithm, which allows you not to waste huge computational and energy resources on maintaining the network.

What is NEO?

The NEO cryptocurrency is an analog of the more common Ethereum currency, which coincides with many technical characteristics. The platform uses two different tokens (similar to Ethereum): the first is also called NEO, the second is GAS.

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