NEO is a popular blockchain platform for the NEO and GAS cryptocurrencies, and if you’re debating on how to get involved, this guide is for you. We have another guide on the basics of cryptocurrency to check out if you’re new to industry as a whole. This guide is specifically geared toward NEO.
What Is NEO?
NEO is the first decentralized, open-source blockchain and cryptocurrency developed in China. It was created by Onchain with development resources from Da Hongfei. It was originally called Antshares, and rebranded in June 2017.
There are two cryptos involved in the NEO platform: NEO and GAS (formerly Antcoins). NEO represents the smart contracts side and NEO tokens act as an investment in the NEO blockchain, similar to a stock. Unlike other cryptocurrencies, NEO tokens are not divisible.
GAS tokens are divisible and act as the currency to pay transaction processing fees. While it acts similar to ethereum, this dual-token concept creates a much different ecosystem. Owners of NEO tokens are given GAS tokens periodically (although many exchanges will siphon your GAS, so be wary). Binance is known to support NEO and GAS and is the recommended exchange.
NEO supports dApps, and it’s likely to become a Chinese competitor to ethereum. It’s speculated to be more secure, resolving the hacking and DDoS attacks plaguing bitcoin and ethereum.
How Much Is NEO Worth?
NEO has a market cap of $4,496,368,500, as of March 23, 2018. This is based on a circulating supply of 65,000,000, with each NEO token being worth $69.17. Over $142 million in NEO is traded each day.
The peak price of NEO so far occurred on January 15, 2018, at a price of $192.26.
NEO can’t be mined, and the maximum supply is 100,000,000 NEO.
GAS has a market cap of $225,619,124, as of March 23, 2018. This is based on a circulating supply of 9,956,889, with each GAS token being worth $22.66. Over $4 million in GAS is traded each day.
The peak price of GAS so far occurred on January 15, 2018, at a price of $85.68.
GAS can be mined and you’ll gain airdropped GAS tokens by holding NEO tokens. The maximum supply is 100,000,000 GAS.
Who Supports NEO?
NEO is partnered with Microsoft China and helped spawn the DNA ecosystem. It also has strategic partnerships with e-King Technologies, China Clear, Fosun Group, and other Chinese companies.
Onchain is the first company to pass China’s National Blockchain Standard. The DNA blockchain is heralded as a solution that can help both enterprise and governments. Its modular design makes it one of the most flexible blockchains available.
Although there’s not much English information available, NEO is one of the most popular blockchains in China. It’s increasingly gaining support from developers and is a blockchain to watch over the next decade.
Where Can I Buy/Sell NEO?
If you want to buy NEO coins, it can be done on most popular crypto exchanges, although Binance is best, as it ensures you receive your GAS tokens. First, you’ll need to convert your fiat currency to bitcoin at CoinBase. Then transfer the bitcoin to Binance and purchase NEO.
If you have any other questions about NEO’s cryptocurrency, standards, or blockchain not covered above, please feel free to leave a comment below.