NEO is the native cryptocurrency of the NEO protocol. It is a crypto coin that has already been several years in the market. Anyone with access to a crypto exchange can purchase, trade, and invest in NEO. Of course, the NEO project offers much more than just another cryptocurrency to buy, and in this article, we'll explore what makes the NEO blockchain exceptional.
Read What are Cryptocurrencies? A Complete Guide for 2023 for a complete explanation of cryptocurrencies.
The NEO project was founded in 2014 under the name Antshares in China. The two founders of the blockchain are Da HongFei and Erik Zhang. In 2017, the project renamed itself NEO and changed its cryptocurrency's name to NEO. So, the blockchain protocol and the crypto coin have the same name and ticker.
The NEO protocol itself is a blockchain-based Distributed Ledger Technology. The network uses the Proof of Stake (PoS) consensus algorithm, but with the caveat that only approved nodes can join the system. The nodes are not anonymous since anyone wanting to become one must send an application with personal information to the NEO Foundation.
These requisites are the name of the organization, its location, a web address, social media presence, and a list of names of the team members. A node must run on a 24/7 internet connection with the minimum requirements of 4 Core CPU, 8 GB RAM, 10M Bandwidth, and 100G Hard Drive free space. Additionally, the team has to provide a budget with a plan for future upgrades and expansion of the hardware they are using.
This lack of anonymity and openness of the network comes with potential benefits. The blockchain can handle 10,000 transactions per second and is one of the fastest networks currently operating all the blockchains in the world.
The NEO blockchain is fully capable of running smart contracts. There are over 200 smart contracts deployed on the network connected to various products developed for NEO. This can be written in high-level computer languages such as Java, C#, Python, and Go.
As we said before, NEO is the native cryptocurrency of the protocol. The NEO coin is an indivisible asset that is used in the PoS consensus algorithm to validate transactions in the network. In the genesis block of the project, 100 million NEO coins we minted, and that is the total supply of this asset.
Of these 100 million, half were sold in an Initial Coin Offering (ICO) in 2016. The team raised 4.65 million dollars with the sale of the cryptocurrency and used it to develop the project. The rest of the coins are locked in the network to be used as rewards for validators.
The second token of the NEO network is Gas. Gas is generated just by holding the NEO cryptocurrency in a wallet of the network. Unlike NEO, Gas is divisible and used to pay for transactions or the computations that intelligent contracts need. There is no limit to the Gas tokens, so these will be continuously created as long as the network keeps running.
Source: Coingecko
The all-time highest price was reached in 2018 at a value of 196.85 US dollars per coin. This was during the ICO boom caused by Ethereum, now the price hovers between 16 to 20 USD. It has been trending up until it corrected along with the entire market during the August/September market downturn.
The speed of the NEO blockchain has attracted many developers to its ecosystem. This in turn, fuels the price of the NEO cryptocurrency, making it more valuable because NEO is needed to become a validator in the consensus. Some of the most interesting projects are:
Source: switcheo.network
Switcheo is a decentralized exchange that operates on the NEO blockchain, but it also has compatibility with Ethereum and Eos, offering a flexible option for cross-chain trading. The platform enables users to perform atomic swaps efficiently and securely.
Due to its low fees, Switcheo has gained much popularity in India. The exchange features over 20 trading pairs for NEO, with more continually added. It is an all-in-one platform that supports instant swaps and Over-the-Counter (OTC) orders. Switcheo is also a significant contributor to the demand for the NEO cryptocurrency, as it is required for transactions to be validated.
Source: NEOwordlone.com
NEO World is a virtual reality game with asset ownership supported by the No blockchain. Its primary market of operation is in Asia, with multiple launches in several countries of the region. The game will have an integrated exchange where all the assets owned by the players can be traded for cryptocurrencies and, later, FIAT money.
Most of the game is already operational. The final touches of adding more assets and land will be done during 2020. After, the team will focus on maintenance and support for the community of players.
Source: blocklords.io
Blocklords is a grand strategy game connected to the NEO network. The game setting is medieval Europe, where players can buy, sell, and tax transactions in a territory controlled by them. The game aims to create an entirely player-driven economy that rewards with Gas to the most active users.
The game's asset exchange is already live. Here players can trade their in-game assets for cryptocurrency and earn based on their involvement with the world. The game has become very popular in the Indian subcontinent and Central Asia.
NEO blockchain is one of the most active platforms in the world of DLT. It has attracted many developers and projects, mainly from Asia. It has been around for a while, and the NEO cryptocurrency has proven its utility and value for those investors who purchase it. The future for the network seems bright, especially in the gaming world.
This is one of the main reasons any crypto-severe traders need to consider the NEO cryptocurrency a vital asset for a portfolio.
