The world of cryptocurrency has seen advances of the previous versions and emergence of new cryptocurrencies since the introduction of bitcoin into the market. This made most investors envy the profit bitcoin was making and in turn focus of creating their own cryptocurrency. If you have had the chance to search about the various cryptocurrencies in the internet, I’m sure you had a long evening since there are quite a variety of new and theoretical cryptocurrencies out there.
In this article therefore, we are going to discuss about one specific cryptocurrency; NEO. This article will entail a detailed breakdown of the NEO Smart Economy. I hope by the end of this article, you will have a better understanding of it.
History of NEO
This is a new cryptocurrency that is based in Shanghai and was previously known as Antshare. It is a non-profitable blockchain crypto that allows its users to transmit and store data across using smart contracts across the blockchain. It operates through a tolerance protocol known as Delegated Byzantine. Since the invention of this cryptocurrency, it has made up to 150% profit and still continues to grow as a new project.
The founder of this project is known as Da Hongfei who was able to develop the currency through his company Onchain. The cryptocurrency changed its name from Antshare in 2017. Hongfei has earned a huge name in the blockchain and cryptocurrency business through Neo in Asia. He is now currently one of the best experts in the cryptocurrency business especially when it comes to enterprise application, user adoption and government regulation.
Hongfei began his idea of Antshare in 2014 which was a software designed to build decentralized applications. This was one of the first in China and it paved way for future blockchain developers with similar projects in the country. The cryptocurrency runs a virtual machine that allows developers to code their applications in Python, Java and C+ among other popular programming languages. In his quest, Hongefei and Erick Zhang also founded another company Onchain. This is a company that uses a different approach to block chain use. They provide technical support and development services to any company interested in adopting the blockchain systems.
The NEO contracts (commonly known as smart contracts) are ways through which developers use to automate transactions and payments through the blockchain. This new invention paved way for the NEO Gas system.
NEO Gas system is a coin that runs in the system which is different from the NEO since it is divisible hence it is used as a form of payment in smart transactions and contracts. Afterwards, the fees are then awarded to the respective delegates who are like the miners in the other cryptocurrencies since they validate the transactions in the blockchain. The NEO stakeholders are awarded Gas as dividends for staking and holding their NEO.
Well the journey to NEO’s success hasn’t been an easy one considering the country it originates from. China as we all know has banned certain social media platforms in their country such as twitter and Facebook. The government has even gone to the length of banning VPNs hence making these platforms completely inaccessible to the citizens. Moreover, the government has created a similar ban on ICO making the citizens sort for a totally different platform. The NEO offers ICO participation to the citizens. The fact that this platform has not yet been banned, it means that they have followed the specific regulations presented to them by their government.
Fortunately, NEO has gained from the various bans since several ICO have been launched on its platform hence increasing its popularity. The NEO cryptocurrency has been ranked among the top 10 cryptocurrencies hence it is available in a number of platforms.
NEO Smart Economy Wallets
Neon Wallet – It is obvious for you to purchase a given cryptocurrency you will need the respective wallet. The Neon wallet is a desktop application that will allow you to transact both NEO and NEO Gas. To be able to access and use this platform, you will need a specific key that you enter every time you log in. The key is completely safe since it is not stored by the creators of the wallet. Additionally, the application is an open source hence increasing its security.
This is one of the safest wallets since it is listed among the UI upgrade on the NEO website hence making it worth your trust.
Ledger Nano S – This is one of the few cryptocurrency wallets that are capable of storing different cryptocurrencies for example Ethereum, bitcoin, ZCash and NEO. The Ledger is completely secure if safety was one of your major concerns when looking for a wallet.
Official NEO Wallet – It is the official wallet for the Neo cryptocurrency hence can be considered as an option since it is offered in the official NEO website. However, it may be complicated to use as compared to the Neon Wallet but still an option to be considered.
There is a stiff competition in the cryptocurrency world. However, the competition is healthy for any business to thrive and provide the best qualities to their consumers. There is still space for more improvements in this business but sooner or later one of the coins will emerge as the top player. The NEO cryptocurrency emerged from such competitions and we still expect more from the developers. NEO is a cryptocurrency that runs on a specific proof of stake protocol that has been said to be one of the best in the POS mechanism. The platform is also secure from Quantum computer hence making it one of the few in the blockchain business.
In conclusion, the additional advantage NEO has on its other contenders which are providing a platform for DApps and smart contracts gives the company a step ahead over the rest. This leverage attracts more investors and developers to the currency hence the NEO platform may witness a huge surge of new users. More users mean more usage of the currency hence it may lead to an increase it is market prices.