Unless you’ve been hiding under a rock the past few months, you’re aware cryptocurrencies are growing in popularity each day.
Maybe you’re ready to invest in crypto but find the whole thing overwhelming. With so many to choose from, how can you possibly know which one is best for you and your portfolio?
Luckily, we’re here to help with this review…
Today, we’ll be discussing the NEO coin to give you an idea of what it is, what its benefits are, and how it works so you’ll be fully armed with information before setting out on this increasingly popular investment trend.
Cryptocurrency is a type of currency that does not exist in a physical sense. Instead, it’s a digital form of currency that can be traded used for transactions.
Instead of using a middle man like a bank or a broker, these coins are exchanged in a peer-to-peer system. The transactions are recorded in a nearly impenetrable digital ledger maintained globally. Let's quickly review how it works...
There are a lot of crypto currencies to choose from and all have their strengths as well as their downsides.
In this article, we’ll be doubling down on this particular altcoin to help you judge its potential value to your financial holdings.
NEO is a cryptocurrency that comes from China. It was previously referred to as AntShares, and it’s the first decentralized crypto developed in China.
The developers used the Ethereum blockchain and expanded on it, reconstructing the platform to create something that improved what was already there.
This digital currency has several elements that set it apart from other cryptocurrencies available today. Here are the key differences.
Indivisibility – While some crypto currency coins can be divided into extremely small shares, this altcoin cannot. When using and trading with this virtual cash, you can only make use of whole shares.
Fees - There are generally no transaction fees when using this altcoin. Should a fee be required in the future, it will have to be agreed on by consensus.
Support of Multiple Assets – Instead of using it only in select instances, this cryptohas the ability to support several asset types.
Mechanism of Trading – Transactions and trades will be done peer-to-peer with no need for any third-party involvement.
In today’s digital world, it’s vital to be able to carry out your financial dealings in an online space. There are a range of services available to the user courtesy of the platform.
Due to the implementation of forming digital identities using the platform, you can harness NEO in the real economy.
The use of a digital identity is important because it prevents the problems that some other crypto currency and blockchain platforms experience. This system allows you to remain anonymous, but guarantees the authenticity of all transactions made.
Integrating digital assets and an identity alongside Smart Contracts creates a virtual footprint that gives the user a wealth of power in today’s online economy.
Now you’ve seen what this crypto is, let’s move on and take a glance at the inner workings of this system…
Most cryptos operate in the same manner. These new financial tools are assets in the digital realm, and assets are protected by cryptography.
The crypto currency we are discussing today is no different. NEO is a digital currency, or some form of asset that is stored away, traded, or used by anyone who owns it.
Every transaction made with this currency has been recorded in a digital record book (or ledger) that is nearly impossible to hack.
What sets this virtual currency apart are a few things, and have helped it to rise above the Ethereum blockchain it was based on.
The former blockchain had a few security holes but the developers worked hard to find and fix those holes so they aren’t an issue with the new platform.
One way this works is by using mechanisms to guard the blockchain from quantum computers that can easily wreak havoc. Some of the other things NEO brings to the table are:
Contracts – Since this cryptocurrency is built on Ethereum, it has the ability to produce and protect smart contracts. Gone are the days of sending papers back and forth.
All you need to do is digitally sign your important documents with this currency’s Smart Contracts, which are highly customizable. They’re also Turing-complete, meaning they grant certainty and finality when done.
Languages – Generally, cryptocurrencies use their own developmental languages, and people who want to work with these currencies must also pick up these languages. With this virtual currency, it’s not an issue.
This altcoin operates with the most common programming languages including .NET, JAVA, Python, JS, Go and C#. This feature makes these Smart Contracts usable for just about anyone without demanding additional specialist knowledge.
Algorithm – Setting itself apart once again, NEO uses a consensus mechanism instead of the traditional stake or proof of work algorithms. This helps the blockchain to maintain integrity and a consensus even if some of the nodes along the chain begin to cause problems.
NEOfs – This is a unique offering from NEO that allows for decentralized storage.
NEOx – It is important to be able to operate across multiple platforms when using a cryptocurrency, and NEOx offers just that – the ability to operate on several different blockchains instead of being locked into one.
There are many benefits to using NEO cryptocurrency, but how do you keep something that doesn’t have a physical form? Let’s find out.
There are two coins associated with this cryptocurrency, NEO and GAS.
As with any currency, you need a place to safely store Antshares. However, because cryptocurrency is digital, you can’t physically stash it on your person or pop it directly into the bank.
Luckily, there are many available wallets for you to choose from, and once you choose one you can store your virtual currency there without any fuss.
Some of the available wallets are Ledger Nano S, Binance, NEON Wallet, and Ansy.
If you want a safer option, you can opt for hardware storage like a USB drive or portable hard drive. Now that you know some of the basics of this cryptocurrency, let’s learn how you can get some.
When using most cryptocurrency coins, you can purchase them from the creator or trade for them with other people who have them.
Several cryptocurrency platforms allow you to mine for the coins, and then store them away. But with NEO, this is not an option.
You cannot mine this coin using traditional methods as you would with other available cryptocurrencies so you are limited to trading or purchasing the coin only.
Since you can’t put in the work to mine for it, you might be wondering how you go about getting this virtual currency. Here’s how you can buy it.
At this point in time, the process of purchasing NEO tokens is drawn out. Because this coin is still an “altcoin” when compared to others like Bitcoin that have been around the block, it’s still relatively complicated to purchase the coins.
The simplest way to purchase this cryptocurrency is to first get a better known coin like Bitcoin. You can do this either through mining or by purchasing.
Get Bitcoins the easy way using PayPal, cash, or linking your bank account. Once you’ve purchased Bitcoins or another popular cryptocurrency, you can exchange it for NEO tokens using assorted online platforms.
When you finally have your tokens, store them in your digital wallet. Never leave them on an exchange, as these are not protected by cryptography like the cryptocurrency wallets are.
Before we wrap this up, let’s take a look at some key information that you should consider before adding this cryptocurrency to your financial portfolio.
Currently, the cryptocurrency market can seem volatile. It is still a fairly new idea and experiencing some growing pains. In other words, investing in cryptocurrency might be riskier than traditional investments.
But as the world becomes more and more digital, there is a bright future ahead for cryptocurrencies.
The developers of NEO have worked hard to create a platform where technology will facilitate progress that fuels the future. Their goal is a platform to keep user’s digital assets.
Someday, digital identity and Smart Contracts will combine to form a smart economy. The people behind this virtual currency want it to have practical uses in the real world rather than just digital applications.To help achieve these goals, the developers are collaborating with research companies and other bodies like financial institutions and businesses interested in cryptocurrencies.
The collaborations have resulted in new ideas and methods of making this crypto platform accessible to all people, and for it to have more value in our daily lives.
Throughout 2017, NEO outperformed several of the larger cryptocurrencies that are presently available, and it is likely to continue doing so.
World regulatory agencies are trying to figure out what to do about virtual currency, and the developers have worked hard to make a platform that will function in both the decentralized digital world and the regulated real world.
Only time will tell how this altcoin will perform compared to larger cryptocurrencies. If regulations and bans are lifted, we will see how this crypto handles the real-world economy. The question remains, is investing in this digital cash right for you? Here’s what we think.
Cryptocurrencies look to be the way of the future, even if the world’s banks and governments don’t have it all figured out just yet.
The blockchains that power certain cryptocurrencies can be extremely potent tools. This specific crypto brings far more to the table than just a new financial diversification method.
Because NEO offers tangible tools that can be used right now instead of 10 years down the line, it’s far more likely to gain traction than some other cryptos.
It has real world applications and can be used in the hard economy. As discussed earlier, the blockchain allows for smart contracts. Other crypto currency platforms offer these as well, but this digital currency is different for a very important reason.
You won’t have to learn an entirely new programming language to interact with the platform, as this platform is compatible with many different programs.
This virtual altcoin called "NEO" is also a public blockchain rather than privately held. This means if you own some, you have some degree of input in terms of how things operate.
While there has been a temporary ban on ICOs in China, this platform still has a good relationship with the government of China, and enjoys solid brand recognition. NEO cryptocurrency will only continue to work its way around the world as it becomes increasingly popular.
Speculators believe NEO will continue to rise in value, and come out as a top contender in 2018. It’s probably a good idea to keep a close eye on this virtual currency.
The content of this post is for educational purposes only. Please do your own research and consult a financial professional before making any investment decisions.