Neo is a cryptocurrency that makes use of blockchain technology to encourage more digital commerce and online smart contracts. By enabling access to more programming languages and international businesses, it seeks to outperform rivals like Ethereum.
In this post, we’re describing NEO’s role in the development of fresh, more secure DApps, the establishment of subsidiary Coins like GAS tokens, and where it may be purchased or utilized.
What Is NEO?
NEO is a Chinese blockchain technology that enables decentralized apps to scale up and down. It aims to give creators the ability to produce smart contract software that will be protected by the NEO blockchain. The GAS tokens created by NEO currencies are used to cover the transaction fees generated by NEO network applications.
The NEO developers want their network to function as a public cloud, giving third-party software and apps developed on it blockchain security. In order to build a successful business system with NEO as the underlying support, they want others to have access to the platform and the tools to build apps for it.
Neo Coin Details
The NEO coin was initially developed by the Onchain corporation under the name of Antshares with the symbol ANS. However, the name was later changed to NEO. The cryptocurrency is currently run by the Chinese-based company NEO and it is often referred to as an Asian alternative to Ethereum because of its enormous popularity in Chinese markets.
As of writing this post, the live Neo coin price is $9.44 with a 24-hour trading volume of $30,854,762. In its initial coin offering, NEO was sold at $0.20 per token. It hit an all-time high of $198.38 in January 2018. The total supply of NEO coins is 100,000,000, and there are 65,000,000 coins in current circulation.
NEO Use Cases
Read how to protect against theft and hacks? for enhance your knowledge on the topic. Let us now view the NEO use cases in detail below.
Digital Assets
NEO seeks to use smart contracts to transform conventional assets into digital ones. These digital assets will be decentralized and legally secured by blockchain-based digital certificates, which will ensure confidence.
Digital Identity
NEO makes it possible to create identification information for entities, people, and organizations in electronic form. Multi-factor authentication techniques including voice recognition, facial recognition, SMS, and fingerprints will be able to be used with these identities.
Smart Contracts
The platform for smart contracts that NEO has created is absolutely groundbreaking. You do not need to learn a new smart contract language to use NEO, in contrast to other smart contract platforms.
Decentralized Apps
DApps development will be supported by NEO by way of ongoing support and development of increasingly advanced development tools and methodologies. Smart money, AI-assisted legal smart contracts, and decentralized exchanges are a few examples of DApps.
How to Mine NEO
You cannot mine NEO currencies because they were all pre-mined. Instead, you can only mine NEO-related data by using your NEO coins to verify transactions, which grants you GAS tokens as payment.
The sole technique available for participating in blockchain verification is to use a NEO token since GAS mining occurs naturally as part of the approval of block formation.
How to Store NEO
Your NEO coins can be kept in a variety of ways. The most crucial thing to keep in mind is that you should only store your cryptocurrency in wallets that let you receive GAS rewards.
One of the better possibilities for investors looking to reap returns is the NEON wallet. Using a hardware wallet also allows you to collect GAS incentives. Direct connections to your NEON wallet are possible with either the Ledger Nano S or the more advanced Ledger Nano X.
Then, you may send and receive your rewards all from the same secure wallet platform. Notably, NEON is not the network’s primary wallet, but it enjoys unparalleled community support and the support of developers.
Final Thoughts
NEO, known as the “Ethereum of China,” has quickly emerged as one of the most talked-about and well-known cryptocurrencies in existence today. It is currently Ethereum’s rival and the most popular cryptocurrency in China. The Chinese government and some very significant corporations, including Alibaba, support it, considerably enhancing their chances of success.