NEO

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Discover NEO's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is NEO?

NEO is a blockchain platform that allows users to build decentralized solutions, including smart contracts and decentralized applications (dApps). It is often referred to as the "Ethereum of China" due to its similarities with Ethereum, but it offers unique features such as NeoVM, Neo Contract, NeoX, and a dual token system. NEO is the primary token, providing voting rights, while GAS is used for smart contracts.

How is NEO used?

NEO (NEO) is the main cryptocurrency powering the Neo blockchain. It can be used for various purposes such as holding, sending, spending, and staking. The Neo network charges GAS for the operation and storage of tokens and smart contracts, preventing the abuse of node resources. System fees are burned, while GAS is used to incentivize node operators to maintain the network.

How do I store NEO?

To store NEO tokens, you can use a variety of wallets that support the NEO blockchain. Here are some options:

  1. Web Wallets:

    • NEO Wallet: A lightweight and intuitive web-based wallet developed by the NEO community. It is designed for ease of use and security, with features like automatic GAS token collection and multi-language support.
    • NEO Tracker Wallet: Another web-based wallet built on open-source code, allowing users to examine the code. It provides a simple and secure way to store NEO and GAS.
  2. Hardware Wallets:

    • Ledger Nano S: A multi-currency hardware wallet that supports NEO. It stores the private key securely in the hardware chip, focusing on security.
  3. Paper Wallets:

  • ANSY Wallet: A basic paper wallet that stores the public and private addresses. It is highly secure as the keys remain offline, but it does not support automatic GAS token collection.
  1. Multi-Currency Wallets:

    • CoinSpot: A web-based wallet that supports over 80 coins and 1,000 tokens, including NEO. It offers features like passphrase, PIN, and fingerprint security.
    • Magnum Wallet: A non-custodial wallet service that supports multiple coins and tokens, including NEO, with exchange capabilities and hardware wallet support.
    • O3 Wallet: A multi-chain wallet that supports mainstream blockchains, including NEO, and maintains a high update frequency.
  2. Other Options:

    • Neon Wallet: A desktop wallet that allows users to store and migrate NEO tokens to Neo3.
    • NeoLine Chrome Plugin-Wallet: An open-source, multi-functional wallet with dAPI provided for developers, supporting Neo N3 updates.

When choosing a wallet, consider factors such as security, ease of use, and compatibility with your specific needs. Always ensure the wallet you select supports both NEO and GAS tokens.

How to buy NEO?

To buy NEO (NEO) tokens, follow these steps:

  1. Choose an Exchange: Select a reputable cryptocurrency exchange that supports NEO, such as Uphold, KuCoin, or Binance. Ensure the exchange is available in your region and compliant with local regulations.

  2. Create an Account: Sign up for an account on the chosen exchange. This typically involves verifying your email address and providing identification documents.

  3. Make a Deposit: Fund your exchange account using a debit card, credit card, wire transfer, or Bitcoin. The deposit methods may vary depending on the exchange.

  1. Buy NEO: Use your deposited funds to purchase NEO tokens. You can place a market order or a limit order, depending on your trading preferences.

  2. Transfer to a Wallet: Once you have purchased NEO, transfer the tokens to a secure NEO-compatible wallet, such as a Ledger hardware wallet, to ensure the safe storage and management of your assets.

Remember to always follow security best practices and thoroughly research the exchanges and wallets you use to ensure the protection of your assets.

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History of NEO

The history of NEO (NEO) began in 2014 when it was founded by Da Hongfei and Erik Zhang under the name Antshares. Initially, the project aimed to establish a "smart economy" by leveraging blockchain technology. In 2015, the original source code was published on GitHub, and the MainNet was launched in October 2016. During this time, Antshares was rebranded to NEO, and it implemented Smart Contracts 2.0, marking a significant milestone in its development.

In 2016, NEO held an initial coin offering (ICO), raising 6119 BTC and creating 100 million NEO tokens. Half of these tokens were sold during the ICO, while the other half were distributed to the NEO Council. This event helped NEO climb into the top 20 cryptocurrencies by the end of 2017, achieving a market capitalization of over $5 billion.

Since then, NEO has continued to evolve, with significant upgrades such as the transition to version 3.0, known as N3, which aimed to bring a more comprehensive and modular blockchain development experience. This upgrade included features like distributed storage, oracles, and name services, along with an improved governance and economic model.

Today, NEO is considered a major player in the blockchain industry, known for its dual token model, which separates governance rights from network usage. The NEO token is used for governance, while GAS is required for transactions on the network. NEO's platform supports the creation of decentralized applications and offers features like decentralized storage, native oracles, and digital identity management.

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How NEO works

NEO, formerly known as AntShares (ANS), is a decentralized blockchain platform that allows developers to build smart contracts and decentralized applications (dApps) with minimal resources. Here's how it works:

Key Features
  1. NeoVM: A fast and versatile virtual machine that executes smart contracts and can transfer them to other platforms if needed.
  2. Neo Contract: Smoothly runs smart contracts using the call tree.
  3. NeoX: Connects Neo to other blockchain networks securely.
  4. Dual Token System: Uses two native tokens, NEO and GAS. NEO provides governance power to holders, while GAS is used for smart contracts.
  5. Neo QS: Protects the blockchain from external threats.
  6. NeoFS: Incorporates a distributed hash table (DHT) to store information about digital assets and digital identity.
  7. Digital Identity: Users can access digital assets by registering their digital identity, which is used to access global and contract assets.
Developer-Friendly

Developers can build smart contracts using standard programming languages like Java, C++, C#, and others, making it accessible to a wide range of developers. This is in contrast to Ethereum, which requires the use of Solidity.

Transaction Speed and Fees

Neo can process 1,000-5,000 transactions per second, significantly faster than Ethereum's 13-15 transactions per second. Additionally, Neo does not have transaction fees, unlike Ethereum, which increases fees based on the number of transactions queued.

Governance and Verification

Neo uses a Delegated Byzantine Fault Tolerance (dBFT) protocol for verifying transactions. NEO token holders vote to choose node operators who can verify transactions. Node operators must hold a significant amount of GAS tokens to be eligible. The network participants can disqualify a node operator if they are unhappy with their work. The blockchain randomly selects a node operator for verification, and if 66% of users agree, a new block is created.

History

Neo was launched by Da Hongfei and Erik Zhang in 2014 as AntShares (ANS) and was rebranded to NEO in June 2017. The team raised around 6,000 BTC during the Initial Coin Offering (ICO) in 2014 and another $8 million in 2016. NEO token holders were given voting rights in March 2018 to participate in the network's governance.

Comparison to Ethereum

Neo offers several advantages over Ethereum, including faster transaction speeds, no transaction fees, and the ability to use standard programming languages for smart contract development. However, it still has a long way to go to match the transaction capacity of traditional payment systems like Visa.

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NEO's strengths

NEO (NEO) has several strengths, including strong network effects, particularly through corporate partnerships in Asia. Additionally, it is capable of processing 1,000 transactions per second, which is significantly faster than Ethereum, which can handle around 15 transactions per second.

NEO's risks

NEO (NEO) is considered a relatively moderate risk investment. This assessment is based on a risk analysis, which suggests that NEO carries risks that may not be suitable for all investors. The specific risks associated with NEO are not detailed in the provided sources, but the general context implies that they are related to market volatility and investment suitability.

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Did NEO raise funds?

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NEO’s team

  • Da Hongfei: Founder of Neo, along with Erik Zhang, in 2014 under the name Antshares.
  • Erik Zhang: Co-founder of Neo with Da Hongfei, initially launched as Antshares in 2014.
  • Ali Partovi: CEO of Neo.
  • Suzanne Xie: Partner at Neo.
  • Emily Cohen: Principal Investor and Head of Accelerator at Neo.
  • Stephen Cornwell: Head of Product and Principal Investor at Neo.
  • Lauren: Team member at Neo (no specific role mentioned).

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