Neo is a platform created to support the development of blockchain-based digital assets as well as smart contracts. According to the company, it advertises itself as a “rapidly developing” platform with the grand goal of laying the foundation for the next generation of the internet. A community where economic products and payments for those products are digitized on a broad scale.
In addition to creating a global community of interconnected developers. The platform serves as an avenue for the creation of digital infrastructure for networks.
Neo shares a significant resemblance to the Ethereum network and is sometimes tagged the Ethereum of China. Some of the similar features shared by both platforms include; an avenue for the creation of decentralized apps, social networking, predictions, and several others.
Even though the platform happens to share some features with Ethereum, it still offers its participants some special features. In the list of special features offered are an oracle system for the provision of external information, an identity system, and a decentralized storage system.
Who are the Founders of Neo (NEO)?
Neo was formerly known as Antshares, a platform that is generally believed to have been the first public blockchain to come into existence in China after its launch in February 2014. Three years later, the project name was switched to Neo.
Antshare, and by extension, Neo was co-founded by Da Hongfei and Erik Zhang. Currently, the business duo is serving as chairmen in the Neo foundation, a collection created to promote Neo adoption.
According to Da Hongfei, the internet is a great invention, however, he believes it to be flawed on many levels. In his explanation, consumers do not have complete control over their data. This is the basis of his interest in blockchain technology going mainstream.
Author of the Byzantine Fault Tolerance algorithm, Erik Zhang created a system to help prevent fraudulent individuals from partaking in the blockchain operation and influencing network-wide changes. The innovation went on to be applied to the Neo ecosystem. Over the years, he has also served as an in-depth network developer for the Neo network. Currently, he is deeply involved in the design process and creation of 3.0, the next generation in the Neo ecosystem.
What is Neo (NEO) used for?
The Neo cryptocurrency and platform at large is useful for different things, one of which involves broad digitalization across the platform. The assets available or built on the Neo network are open, decentralized, and operate at low costs. Through the existence of this system, the network participants are able to buy, sell or circulate virtually every kind of digital asset.
This is achievable due to the Neo platform creating an avenue that allows linking physical assets with an avatar with an equal and unique composition on the network.
Currently, there have been cases where digital assets have been lost due to limited or no legal protection. Using Neo completely eradicates this problem by creating validated digital identities for the assets and providing them with legal protection.
What Is the Unique Point of Neo (NEO)?
Neo is a technological solution company and as such is In the business of providing blockchain-related solutions. One of these is its unique selling point of ensuring its continued development. Depending on what the future holds for the company, it has a future-proof mechanism in place which will handle future demand increases on the platform. The platform has developed a new generation of its system, Neo 3.0. The major addition provided to the existing version is an enhancement of the security of the network. It also allows an increased number of transactions to be processed over the shortest possible period.
The Neo ecosystem is different from many of its counterparts in many different ways. One of these is in it having two native cryptocurrency tokens as opposed to having one. The two tokens used on the Neo platform are Neo and Gas. Neo is generally the more popular token because it is used to facilitate investment engines through the platform. It also allows the participants on the network to decide the governance operations of the platform through voting which is only allowed for individuals with Neo tokens. The Gas token on the other hand is useful in paying fees required for the execution transactions on the network.
Although Neo is not the only platform that is currently running a major development fund. Other cryptocurrencies have also applied this change to their ecosystem. However, Neo appears to be the leading brand in that aspect of innovation.
How many Neo (NEO) coins are in circulation?
The Neo ecosystem has a total supply of 100 million. The existing tokens on the platform were not mined and are currently not being mined. All Neo tokens available were generated after the launch of the network.
The generated tokens were assigned to the involved parties on a 50/50 basis. Half of the total tokens available on the network were sold to the participants on the network. The other half was split among the Neo council members and the developers on the platform. At the time of announcing the network’s mode of token apportionment, it was stated by the network that the available funds on the network would be used to invest in other supported blockchain platforms.
The current circulating supply of the currency is 70.5 million tokens while the other token used on the platform is GAS which is continuously generated on the system in less than a minute. Annually, the number of GAS tokens is dwindling and is projected to take an average of 22 years for the entire supply of 100 million tokens to reach full circulation.
Is the Neo (NEO) Network secured?
As previously mentioned, the Neo ecosystem uses a security protocol known as the Delegated Byzantine Fault Tolerance and is capable of executing transactions running into thousands per second. Based on information from the platform, the dBFT security mechanism was coined out from the Practical Byzantine Fault Tolerance algorithm.
The consensus mechanism used by the Neo platform is similar to the operations of the proof of stake in that it allows token holders on the platform to vote and decide the parties responsible for processing transactions.
The block addition process on the Neo ecosystem follows a pattern that requires two-third of the token holders on the platform to reach a consensus before the implementation of any changes.
How do I buy Neo (NEO)?
The popularity of the Neo system has grown to the point where several exchanges offer trading pairs with ties linking the Neo tokens to Bitcoin. This makes for an increased adoption rate of the platform on a global scale. To buy NEO tokens, the steps below provide the right direction.
* Open an account with any crypto trading platform that offers NEO.
* Transfer the specific amount of your fiat currency to the trading platform account.
* Wait for your deposit to be confirmed and Buy NEO through the trading platform account.
Which Cryptocurrency Wallet Supports Neo (NEO)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as NEO tokens. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main NEO wallet as it offers a simple and interactive interface, making it easy to navigate its system.