The Best Crypto Exchanges to buy and hold Neo (NEO)

The Best Exchanges to buy and hold Neo (NEO)?

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Launched in 2014, NEO is a smart contract platform that integrates digital IDs into assets and processes transactions faster and cheaper than Ethereum (ETH). NEO is trading at $37.28 per token, with a 100 million token supply cap and a total market cap of $2.6 billion.

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What is NEO?

Neo is an open source blockchain platform made in China. Neo allows you to automate the trading of digital assets similar to the Ethereum (ETH) network.

Neo Blockchain

Neo Blockchain differentiates itself by integrating digitized assets and digital IDs. As a result, platforms and nodes only interact and validate entities and digital assets with digital IDs. In addition, Neo Blockchain supports programming languages ​​such as Python and Java, allowing developers to easily code smart contracts with low barriers to entry.

Neo utilizes a delegated Byzantine Fault Tolerance (dBFT) mechanism to maintain consensus. dBFT is lighter and cheaper than the proof-of-work ( PoW ) protocol used by Ethereum. dBFT also processes one block at a time while validators and nodes process transactions. dBFT enables immediate execution of transactions under the fast transaction finality of the consensus protocol. Moreover, since the nodes are centralized, transaction reversal is rare.

Simply put, transactions are confirmed accurately and quickly. However, the dBFT algorithm has some weaknesses. A recent paper analyzed security and recommended improvements. In 2019, Neo’s dBFT delayed block creation by two hours, demonstrating a potential flaw in the protocol design.

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Neo token

Neo Token uses a dual-token model consisting of NEO and neoGas (Gas). Before the N3 upgrade on August 2, 2021, NEO tokens could not be divided into a fixed supply of 100 million. After the upgrade, NEO tokens can now be divided into equal fixed supply. NEO tokens are mainly used for blockchain governance voting. It also facilitates functions related to consensus, network and block generation.

Compared to the NEO tokens that were all pre-mined in the Genesis event, 5 GAS tokens were mined after each block was created. After each block is created, these GAS tokens will be distributed to NEO token holders, NEO committees and voters. In order to receive GAS tokens by holding NEO tokens, users must ensure that their wallets support voting. Users can use GAS to trade other cryptocurrencies, pay fees, and use smart contracts efficiently. The platform also charges GAS as a system and network fee to maintain network security and keep the blockchain running smoothly.

Users can now move their NEO and GAS tokens from Neo Legacy to N3. The platform offers a fulfillment incentive program to reward users who perform token transfers. This incentive program runs until October 31, 2021. Users must pay network fees with GAS tokens to successfully move tokens.

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What does Neo Coin offer?

As mentioned earlier, Neo uses dBFT as its consensus mechanism. The consensus protocol is designed for selected validators to create blocks after a transaction has been verified. The protocol can be performed immediately without incurring high costs. High-speed performance, along with the platform’s record transaction rates exceeding 2,400 TPS ( transactions per second ), contributes positively to scalability efforts. For more information, Ethereum and Bitcoin (BTC) are both known to have a TPS of less than 25, while Neocoin is known to have a stable performance of 1,000 TPS.

In addition to the consensus protocol, Neocoin’s features include NeoVM, NeoQ, and NeoFS.

NeoVM:

NeoVM is a virtual machine that can run NEO smart contracts. You can use the transpiler NeoCompiler to compile code from various programming languages ​​into your own bytecode. This type of functionality does not exist in Ethereum, where developers often have to learn a new programming language to create smart contracts. NeoVM also has extensive capabilities to interact with other blockchains and services.

NeoQS:

NeoQS is a system that strengthens Neo’s security against advanced quantum computing attacks that threaten the privacy of blockchain transaction records.

NeoFS:

NeoFS is a distributed storage system that allows users to store Internet of Things (IoT) data in an unstructured format. Users can also get GAS to lend storage space.

Neocoin’s vision is to enable cross-chain interoperability between public and private blockchains. In the future of cryptocurrency mass adoption, assets with neo-digital identities will enable interconnections between decentralized, centralized or unregulated blockchains. As such, Neo’s technology could be one of the solutions capable of providing an acceptable level of compliance for both traditional regulators and cryptocurrency users.

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Who is behind Neo?

DaHong Fei is the co-founder of Neo. He is also the CEO of Onchain, a blockchain-based company that primarily provides services to private organizations. Da Hongfei has worked in the consulting field for 9 years in the past. He maintains close ties with the Chinese government and local regulators have consulted with him regarding the regulation of blockchain technology. In addition, Da Hongfei has a degree in English and Technology from a major public research university in China.

Erik Zhang is the co-founder of Neo. He is the Chief Technology Officer (CTO) of Onchain. At Neo, he worked as a major developer. Erik is the creator of the dBFT consensus mechanism that Neo currently uses as its consensus algorithm. He also developed a distributed network architecture (DNA) platform that facilitates blockchain services for on-chain. He is a Certified Information Systems Auditor (CISA) and is responsible for the ongoing N3 development project since 2018. He studied computer science at Shanghai University.

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All History of Neo Coin Price

Before 2021, Neo Coins traded under $20. The price of Neocoin rose until it peaked at $118 in April 2021 following the strength of the entire cryptocurrency market. However, due to news of the ban on cryptocurrencies in the Turkish market, the price of Neo Coin fell to $79 in a short period of time. The price recovered in a matter of days, and in May 2021, the price of Neocoin continued its bullish trend and soared to $123. Nevertheless, the news of the ban on Chinese cryptocurrency exchanges caused the price of NeoCoin to plummet to $44 at the end of May 2021. The price of Neo Coin has continued to drop to $26 since then. Currently, Neo Coin is trading between $56 and $60 as the entire virtual currency market recovers.

Neo Coin is ranked 51st by market cap. The circulation of tokens is approximately 70.5 million. It has a market cap of approximately $2.64 billion and a fully diluted market capitalization of $3.74 billion. Additionally, Neo tokens were pre-mined with a maximum supply of 100 million. In addition, half of the tokens will be on the Neo Council and the other half will be sold upon initial coin offering (ICO).

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What is the future of Neo Coin?

Neocoin recently upgraded its protocol. This upgrade is called N3. N3 aims to provide a full-fledged blockchain experience with features like Oracle and native distributed storage. Flexibility provided by the new capabilities includes access to external data, which allows for the development of newer, more decentralized services. In addition to native assets and smart contracts, NeoCoin now provides cross-chain interoperability, allowing resources to be shared across other blockchains.

Not only that, N3 made the Neo Token split, enabling an improved economic and governance model. Moreover, after the launch of the Neo N3 mainnet, the network fee was immediately reduced by 80%. The reduction in network fees will attract new users to the platform and allow them to participate in the ecosystem. The price difference between the previous version of Neo and N3 is shown in the figure below.

One significant risk to Neo is that China recently announced another ban on cryptocurrency trading. The reason for this new ban is that the excessive power required to operate the virtual currency undermines China’s environmental efforts. The Chinese government is also wary of excessive speculation due to the impact of the virtual currency collapse on the Chinese economy. However, Neo is more likely to survive in the Chinese virtual currency industry. This is because Neo developed in a more compliant and developer-friendly way, making the platform less vulnerable to global changes in the cryptocurrency industry. Nevertheless, Neo is still vulnerable to political manipulation by the Chinese government, potentially affecting the direction of the technology.

Another problem is that the governance of Neo is fairly centralized and half of the tokens are issued among members of the Neo Council. The Neo Council also controls the nodes and selects validators for the network. This centralized approach plays a huge role in contributing to the platform’s transaction confirmation speed. This fast performance on volume trading is attractive to most institutional investors. However, users looking for a more decentralized solution will not find Neo suitable.

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Conclusion

Neo supports many programming languages, making it easy for beginners and experienced developers to develop smart contracts on their platform. Neo has designed most of its features to provide more benefits to users such as NeoVM, NeoQS and NeoFS. Neo also created a low-cost dBFT mechanism with fast execution speed. However, the Neo ecosystem is not centralized enough to truly guarantee the safety of the protocol, which may prevent users from using the platform.

Nevertheless, Neo recently released a Neo 3 upgrade. This means that the NEO token is now divisible. As a result, more users can participate in governance and more users can earn NEO tokens. Network fees are also reduced, which can encourage new users to join the ecosystem. Neo has several challenges, such as developer adoption and future compatibility. Neo also needs to find ways to mitigate the risks of Chinese regulations as China bans virtual currencies.

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