NEO Coin – The smart way to use smart contracts

China has always been eminent in creating disruptive and innovative technology, and manufacturing gadgets. Even the manufacturing of most of the Western electronic appliances, takes place in China. The premium quality work they do, and the cheap labor, makes everything cost effective. It is believable that Chinese tech-enthusiasts will delve into the world of cryptocurrency as well, and launch their own coin at some point of time. And they have done, exactly that with NEO.

One of the most popular cryptocurrencies of the world, and a product of Chinese manufacturing, is Neo. Chinese market is nowhere less than global companies in providing premium quality products and services. AliBaba is closing down on the market-cap of Amazon and WeChat has taken the Chinese world by storm. With that said, it is certain that even Neo coin should not be underestimated.

What is NEO and how does it work?

neo coin crypto - what is it and how does it work?
neo coin crypto – what is it and how does it work?

You might be wondering: but what is NEO? To simplify things, we’ll go ahead and quote the definition on their own website:

“NEO is a non-profit community-driven blockchain project. It utilizes blockchain technology and digital identity to digitize assets and automate the management of digital assets using smart contracts. Using a distributed network, it aims to create a ‘Smart Economy’.”

Basically, NEO is an ecosystem which provides the tools to develop digital assets, that will interact within the platform. To do so, NEO is based on blockchain, a descentralized solution used by crypto pioneer Bitcoin. Its platform is unique and it doens’t depend on any other mainnet. To maximize its capabilities, NEO Network adds the NEO Coin: a cryptocurreny that helps to power transactions and exchange of value on the ecosystem. Summing up, NEO in the perfect place for programming descentralised applications, which are becoming the next big thing on the digital world.

About Neo and its Inception

Back in 2014, two entrepreneurs Da Hongfei and Erik Zhang, started a blockchain platform named AntShares. With growing popularity and high demand of platforms to develop decentralized applications, AntShares became a popular name. In 2017, the founding members and company board decided to re-brand themselves, and changed their operations from AntShares to Neo. They also launched their own cryptocurrency – Neo Coin, to fuel the platform. Based in Shanghai, Neo garnered the attention of the world recently when it touched the mark of $170 per coin. Neo is more like an eco-system of smart contracts just like Ethereum, than a cryptocurrency. But when investors have to choose one, which one should they go for, and why?

NEO vs Ethereum
NEO vs Ethereum

Neo vs Ethereum

As of now, the cryptocurrency world is at a stage that there is no brand loyalty yet. Only Bitcoin is the oldest and the one having maximum trust-factor, rest all other cryptocurrencies are fairly new. That is one reason that investors cannot predict which crypto-coin is a player of long-term. Neo began in 2017, and at that time Neo Coin Price was one cent per coin, which is dirt-cheap. Neo and Ethereum, both are serving the same purpose. They both want to provide a platform for decentralized applications, Initial Coin Offerings (ICOs) and smart contracts. But when it comes to comparing Neo cryptocurrency with Ethereum, there are many factors worth considering, and some of them are –

  • Ethereum is aiming to provide a platform to create DApps (Decentralized Apps) while Neo is planning on creating a product for new smart economy. Hence, Ethereum (ETH) is responding to existing demands, while Neo is catering to possible future demands.
  • Neo focuses on Smart Economy, which is way different from what Ethereum plans to deliver. Smart economy features digitized physical assets, that means assets that you can sell, trade and leverage through smart contracts, and they will have proof of ownership in the blockchain.

The Battle Continues

  • As per Neo Coin News, Neo’s acceptance by OnChain is a great tool to determine solid and robust future functioning. OnChain is a company founded by founders of Neo, and they further have huge support from many companies, including Microsoft China. They also became the first Chinese company to join Hyperledger. Hyperledger is a collaboration of projects that work towards integrating blockchain with existing and established businesses). OnChain is huge in China, and this collaboration can help in a wide adaptation and acceptance of Neo.
  • Where Ethereum uses Proof of Work (PoW) algorithm, which is an outdated version, since Bitcoin (that started almost a decade ago) uses the same algorithm. Neo Coin uses dBFT (Delegated Byzantine Fault Tolerance), which is a modification of Proof of Stake (PoS) algorithm.
  • Where Ethereum can transact at 15tps with maximum of 30 tps. Neo can transact at 1000 tps, and can scale up to 10’000 tps at maximum, which is huge compared to the transaction speed of Ethereum.
  • While Ethereum is soaring above thousand dollars a piece, Neo Coin Price is somewhere around $170, and is catching up with Ethereum. Neo Coin Market cap as per January 2018 is somewhere around a billion dollars.

Buy Neo Coin

For Neo this is just the beginning, and with many feathers in its cap, Neo is here to stay for the future. If you spend some time on Neo Coin Reddit, you can know a lot about upcoming apps and ICOs on Neo Platform and how they plan to scale the platform to cater to the requirements of increasing number of transactions.

To buy Neo Coin, you can register yourself with any local Neo cryptocurrency exchange, or a global exchange like Coinbase, Bitfinex, Binance etc. They all support Neo coin and you can use your debit or credit card to buy it. You can buy Neo coin either with your traditional currency like dollars or pounds, or you can also convert one cryptocurrency into another, for instance – you can purchase Neo using Ethereum.

There is also now brokers that allow you to buy NEO, eToro being a good one to look at first. They’re regulated and were one of the first brokers to offer the coin, meaning they have the most experience and can offer better rates.

Storing Neo Cryptocurrency

You can store Neo coin either in online exchanges, where you have purchased it (provided you only want to store it for a short period of time). If you plan on storing it for years to come, you must invest in offline Neo cryptocurrency wallets, or paper wallets. Some of the popular ones are -Trezor, Nano S Ledger etc. They work like a pen-drive. Their easy to follow instructions will help you transfer your Neo coins from exchange to your Neo cryptocurrency offline wallet within no time. Some offline or desktop wallets that support Neo are – NEON wallet and Neo Wallet. The most popular paper wallet for Neo is ANSY. A Paper Wallet provides you with a private key, that stays only with you. Using that private key you can transfer your Neo coins to another address any time.

Some Noteworthy Points in Neo

Neo is quantum computer resistant, which means if quantum computers of the world develop to a level where blockchains become vulnerable, Neo can still sustain itself. While other smart contract platforms like Ethereum have no emergency plan for such situations. Neo Coin does not only directly compete with Ethereum. But it is the most popular and anticipated smart contract platform of the East. With so many features that no other cryptocurrency covers, Neo is sure to grow in future. Simultaneously, it may also provide its investors huge profits and returns on small investments. The world of cryptocurrency is being called at its infancy right now, and there is a lot to come. Neo is certainly not something that will fade out. It is here to stay, and perform well in future.

What altcoins are built on top of the NEO Blockchain?

Yes, now you understand that NEO’s ecosystem es quite useful in the cryptosphere, but what are the actual altcoins that rely on NEO?  Not only Ethereum holds the title of the mother of cryptos, NEO is becoming the new go-to platform for top-tier ICOs. Just like Ethereum created its own standard for token development, aka ERC20, NEO gave birth to NEP 5. Starting last year, NEO’s NEP5 token standard has grown into an impressive array of coins, tokens, and platforms. You’ll get an overview below.

NEO
NEO

NEO’s Altcoins Selection

NEO altcoins are called “NEP5” tokens. “NEP” stands for “NEO Enhancement Proposal”. Since transitioning from Antshares last year, NEO has slowly added a high-quality array of NEP5 tokens to its ecosystem. These tokens are associated with Dapps (decentralized applications) powered by the NEO blockchain. Users must buy GAS or NEO to trade for these tokens.

NEO holds its Dapps to a higher standard than most other smart contract platforms. While Ethereum makes it possible for just about anybody to create an ERC20 token, NEO is more selective. Would be NEO Dapps have to pay entry fees, and are selected according to their quality. This means that the NEO Smart Economy doesn’t have the redundancy and overall scamminess of certain competitor chains.

Without further ado, here are some of NEO’s NEP5 standouts:

Red Pulse (RPX)

Red Pulse is a research aggregation application for Chinese financial markets. Users provide research and data related to various financial topics. This information is evaluated and added to the collective pool. Users who provide good research are rewarded in RPX.

Qlink

Qlink is a decentralized internet service provider platform. With hardware and blockchain technology working in tandem, Qlink offers P2P internet and telecommunication services. Qlink wishes to upend the way the internet is transmitted, giving consumers options not found today in the modern monopolistic ISP industry.

Imusify

This decentralized digital music platform allows anyone to contribute audio, video, blogging, etc. Content creators are rewarded with $IMU. imusify wishes to use the blockchain user incentive model to create a platform built organically by its users.

Asura: Decentralized eSports Betting Platform

This new eSports platform is quickly expanding on the NEO blockchain. Asura is built for eSports activities of many kinds, including betting, streaming, discussion, learning, and more. Users who contribute to the system will be rewarded in ASA tokens.

Asura already facilitates activities related to DOTA 2, Fortnite, League of Legends, and CS:GO. These competitive classic games are already industries unto themselves. Integration with Asura makes it much easier for users to bring all of their eSports activity into a single platform.

The Asura ICO concluded at the end of July 2018. Since then, the global crypto markets have been in a sad state. Asura has been transparent with its investors and users from the start. Despite global crypto devaluation, Asura development is right on schedule. The beta version goes public in Q4 2018, right on schedule.

Asura ASA coins will soon be tradeable on the LAToken exchange. This will be the only ASA exchange until the platform is better established. This way, issues like liquidity will be more easily managed than they would if ASA was traded on numerous exchanges.

NEO continues to demonstrate what a first-class smart contract platform looks like, even as the global cryptocurrency bear market slogs on. Many of NEOs Dapps are already useable, steadily adding users. NEO holders await further NEP5 expansion and the eventual release of NEO 3.0 in the not-too-distant future.

More about Neo

Featured image source: Flickr

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