The NEO crypto platform was created in 2014 by two Chinese entrepreneurs: the Guangdong University of Technology graduate Da HongFei and Shanghai university alumnus and professional programmer Erik Zhang. The project was initially called Antshares, but it rebranded itself to NEO in 2017. The NEO crypto currency is an integral token and the network’s basic coin. Its integrity is what sets it apart from other digital assets. According to its creators, the crypto NEO is to play a similar role as shares in commercial companies. What else should you know about it?
What is NEO crypto? Predictions, characteristics and project history
In 2014, Da HongFei and Erik Zhang set up the Antshares organization with its own coin – ANS. In 2015, the project’s code was published for public access. In September of that same year, the platform’s white book was released. Antshares was China’s first ever decentralized, open source project. Because of the time when it was created and some other similarities, the network got the nickname of the second Ethereum. This was very good for NEO crypto’s reputation – a cryptocurrency previously unknown in the West.
NEO China crypto – a prospect for growth
In June 2017, Antshares changed its name to NEO – this was supposed to symbolize the transition from past to future. The term “neo” derives from the Greek “νέο”. In its original language, this means “the new” or “modernity”. Along with the name change, the developers also introduced a new company vision which they called “intelligent economy”. This new network was meant to work with smart contracts and peer-to-peer applications, while NEO crypto was supposed to allow its holders to withdraw dividends in the future.
NEO crypto price prediction and future prospects
NEO’s „intelligent economy” uses blockchain technology, peer-to-peer applications and smart contracts. These solutions can be used both to issue digital assets and to manage them by assigning them a digital identity. It quickly turned out that what the project creators had done largely influenced the platform’s popularity and NEO crypto price. The cryptocurrency created by Da HongFei and Erik Zhang is still experiencing rate rises today.
NEO crypto price in the first half of 2021
NEO crypto is doing quite well, thanks to the coin’s deflationary character. A limited supply causes better prices. Other reasons for growth include high market capitalization and favourable predictions from the fundamental analysis.
The maximum NEO crypto currency supply is 100 million units. As of July 2021, there were about 70.5 million NEO crypto coins in use. The coin’s rate ranged between 20 and 120 USD per 1 crypto NEO coin throughout the first half of 2021. The highest valuation point is, of course, the peak of the May cryptocurrency bubble.
The early days of crypto NEO – collecting funds for growth
On October 17th 2016, the platform’s creators launched the NEO crypto blockchain mainnet. During the premining process, the genesis block was excavated and along with it – 100 million coins which were then called ANS. Half of this sum was sold to ICO participants, resulting in an income of 4.65 million dollars which were later used for the project’s development. The other 50 million units were locked in a smart contract. Each year, no more than 15 million NEO crypto coins are withdrawn from it to support NEO’s strategic development plan. During ICO, the cryptocurrency was split in the following way:
- 17 million coins were sold at a public auction in 2015, the same year that 2,100 bitcoin were mined;
- 10 million coins were given to the sponsors and shareholders of Venture Capital and to technical advisors;
- 23 million NEO were sold during the second ICO stage of August 2016.
NEO crypto currency, smart contracts and decentralization problems
Comparing NEO to Ethereum is somewhat justified, but the latter has some drawbacks, making NEO crypto a slightly superior smart contracts platform. NEO allows you to create applications in many different programming languages. On Ethereum, the developer must use Solidity. However, on NEO, the programmer may use any of the following languages:
NEO crypto price prediction
This flexibility may have a positive impact on the platform’s popularity in the future and consequently – on NEO crypto price. Another aspect that sets NEO apart from Ethereum is the transaction validation and blockchain creation method – the consensus algorithm. Ethereum uses the Proof of Work algorithm, based on the work of many miners, while NEO uses the Proof of Stake algorithm.
The NEO crypto and council – decentralization
This means that NEO’s ability to support applications, its cryptocurrency and other system components depend on an agreement concluded between the two main nodes which are part of the NEO council. This may not be entirely consistent with the decentralization idea but it certainly ensures a high scalability and throughput.
Gas tokens in NEO – the network’s fuel
As its name suggests, the gas token is used to fuel certain mechanisms – such as the NEO platform. Gas tokens are used to pay the fees for all the system’s functions connected to its cryptocurrency. They can be used to regulate transaction fees and other activities related to smart contracts and peer-to-peer applications.
How many gas tokens are there on the NEO crypto platform and what are their limits?
The gas token is a deflationary coin, just like the NEO crypto currency. It has a limit of 100 million units. 8 gas coins appear with every new block; every 2 million blocks, their number gets decreased by one. Blocks on the NEO platform get validated every 15-25 seconds. In this way, the 100 million gas units will get distributed within 20 years.
Gas tokens as a reward for NEO crypto
The users who store NEO coins on their wallets receive a type of reward in gas tokens. This gratification only applies to personal wallets with a private key, and not to any resources kept on cryptocurrency exchanges. The reward amount also depends on how much cryptocurrency you have in your wallet.
We hope that this article successfully taught you about NEO crypto and allowed you to form your own opinion about investing in this coin. This cryptocurrency is certainly an interesting blockchain project. NEO crypto price prediction is currently looking quite good, especially with the popularity of smart contracts and peer-to-peer applications rising.