NEO sees itself as a "rapidly growing and developing" network that seeks to become the base for the digital economy in which digitized purchases, identities and properties come together.
It’s often referred to as China’s first-ever public blockchain when it was initially launched as Antshares in February 2014. Later in 2017, it was rebranded as NEO, an open-source platform, enabling smart contracts for its users. In addition to creating a worldwide group of developers who build innovative network technology and lower barriers to entry, the team behind this project is running an EcoBoost campaign to enable individuals on their blockchain to create autonomous applications and smart contracts.
What Is NEO?
NEO is the native token to the NEO Network. When it was originally known as Antshare back in 2014, the idea had come from Da Hongfei and Erik Zhang. Then, three years later, it was rebranded as NEO. The goal of NEO in their initial draft plan was to construct a ‘new economy,’ containing the harnessing of smart contracts to efficiently and accurately allocate digital properties.
The digital coin first reached its peak price back in January 2018, at a striking price of $196.85, following its rebranding to NEO. At the time, it ranked among the top 20 coins in terms of market capitalization.
One of the aspects that made NEO so unique in the beginning was its fascinating incorporating solution that makes programming and development of C# and other programming languages to be feasible. This function allows the ease to build applications and contracts, particularly for external developers.
Today, since it quickly became one of the most common cryptocurrencies in the world, it is sometimes referred to as the Ethereum of China. The development team of NEO is also based in Asia, which led to the formation of the prestige of NEO as the Ethereum of China.
Where Did It All Start?
NEO’s history initially started at the beginning of 2014, when a conference which took place at Microsoft’s China-based offices sparked the launch of what was first known as Antshares. Antshares was developed by the China-based Onchain, as the first open-source blockchain project in China. Onchain was already a well-known name in the blockchain industry at the time, as they provided the platform for blockchain technology in China’s private and governmental field.
Antshares and Onchain
As mentioned above, the network had been initially launched as Antshares. Almost suddenly, it expanded exponentially and became a direct Ethereum rival. It’s important to keep in mind that both Onchain and Antshares are owned by the same group of people, however, they are funded separately. Onchain is funded and supported by centralized and regulated capital, whereas Antshares is entirely community-funded, making them distinguished in this way.
The Antshare ICO
The way that Antshares began its funding is through an ICO or Initial Coin Offering. This was a crowd sale used to finance the project. Following this ICO, private funds began flowing into the development of Antshares in 2015, more specifically in the digital asset known as ANT. A year later, the public sector became involved and contributed with their own investments into Antshare. Having the benefit of both public and private funding is what drove the production of Antshare toward its further production levels.
During the development of Antshare, Onchain formed a collaboration with Hyperledger and Microsoft so that to accelerate the growth of NEO and push the project in the direction it needed. Antshares was formally rebranded to NEO in June 2017, with the enticing catchphrase “Wake up, NEO.”
NEO (NEO) Market Cap, Source: CoinMarketCap
Sceptics On NEO
There is minimal anguish when considering investing in NEO. However, they are important to note. Competition is one of them. Considering that it’s known as the Ethereum of China, there is no doubt that ETH becomes one of its biggest digital competitors. Taking on this powerful rival, with an already dedicated user base and years worth of experience over NEO sparks worry among NEO-enthusiasts. However, there is always rivalry every now and then and there is no doubt that the NEO network can make use of its benefits to overcome anyone in its way. Possibly, by getting a hand on blockchain smart contracts and dApps, the battle for survival will surely diminish.
On top of this, legislation has also turned many investors away in fear. All has to translate itself into the root chain. Although there may be many, more likely, there won't be any root chains going forward, as it may be. Individuals and firms can choose one and then use it. Sadly, this means that if firms choose not to capitalize on it, NEO could be ignored.
Read Also: What Will Drive the NEO Price In 2021?
Why Invest In NEO?
There are many advantages and upsides to investing in NEO. Here are a couple of them.
1. Smart contracts
The use of smart contracts allows the acceleration toward the use of digital contracts. Terms and agreement can be programmed into the contract in a far easier manner, and in far less time. Smart contracts promote reliability and efficiency. In multiple programming languages, smart contracts created on the NEO blockchain can be written, which allows space for a wider developer community and the overall advancement of the NEO network.
2. Digital Identity
NEO has the advantage of blocking digital identities on its platform. This is a great asset for enterprises and individual consumers who want to hide their identity while they process transactions.
This ability is enabled through protection mechanisms such as two-factor authentication, facial recognition, fingerprint, voice recognition, or SMS may be used to protect a business or personal information on the NEO network. Two-factor authentication, seen on many well-known applications nowadays, works in a way that allows users on more than one system to validate their logins.
This limits the abilities of hackers to obtain unauthorized access to their information. Typical biometrics that will increase the protection of data online are facial recognition, fingerprints, and speech recognition.
3. Mechanism for energy-efficient consensus
NEO uses a unique type of consensus protocol known as the Delegated Byzantine Fault Tolerance System or otherwise referred to as dBFT. This is recognized as an improved version of the Ethereum Proof of Work Consensus Protocol, based on its inspiration. One of the key features of dBFT is its energy efficiency. It's far more energy-preserving than any other older consensus structures, and NEO seems to be given an advantage by this aspect.
4. Easier for developers
The platform has proved exceptional with its features of including various programming languages. Not only does this attract developers, but with Python and Go support soon on the cards, NEO can be written using languages such as C+ and Java. This makes it more simple for more and more blockchain developers to hop on the bandwagon. This allows easier access to forming smart contracts on NEO, for both users and developers, compared to Ethereum.
At the moment of writing NEO’s price stands at $22.30. Its current market cap is at $1.57 billion.
According to CoinSwitch, NEO may be one of the most widely used cryptocurrencies and might reach a price of $437 by the end of 2023, and $533 in 2025.
How To Invest In NEO?
Investing in NEO nowadays is not difficult at all, considering that NEO is listed in most of the crypto exchanges. To invest, you would first have to set up an account in order to gain access to these sites.
The registration requires identification for verification purposes, so have this in mind. Once you complete your registration, you may finance it with fiat currency, then buy your selected NEO amount.
So where do we begin? You can invest in NEO with crypto exchanges. eToro is the best place where you can buy NEO. The platform offers an inexpensive and friendly system to enhance your crypto experience.
Tips Before Investing In NEO
1. Use a safe crypto wallet
Cryptocurrency is normally kept in wallets. The wallet is basically a software application that holds the private and public keys that connect you to the blockchain where your cryptocurrency lives, or occasionally a micro hardware unit. They allow the blockchain to access your public key (which functions as an address) and private key (known only to you). eToro has launched its authentic wallet eToroX where you can keep your coins safely.
2. Don’t give it your all, at first
After many weeks of profound study, you can feel like you know almost everything about crypto trading. Yeah, maybe you know a lot, but that doesn't mean you should waste it blindly. Vagueness is tacit, like all savings, and with NEO investing, it is the same. The digital currency keeps shifting, and you need to tread very carefully. There are extremely high risks involved, ensuring that you are either going to win big or lose your entire investment. In order to see how things turn out, first spend small amounts before you increase your spending.
3. Keep a long-term perspective
It's smart to look at concealing your NEO points unless you're someone who is pulled into day trading and is tempted by the adrenaline of swift exchanges. This alternative is more risk-averse, so you'll want to get used to the market, especially for beginners. It makes it much easier for you to assume high growth in price. With the optimistic projections being made for NEO, it could be worthwhile possessing some patience and persistence with any higher rates.
4. Stay up-to-date
It’s a mistake to place all your intuition on coin prices. Currently, the price of a cryptocurrency is only valid if you have taken into consideration the current circulating capital. If you're considering buying NEO note the amount of total market cap you are buying, try to not only focus on the price. Stay updated with the latest news, especially in the financial field. Although cryptocurrencies are independent, various events in the world can affect their price.
5. Tax laws may apply to your NEO
In 2014, the IRS issued a notice claiming that cryptocurrencies are property, not capital for tax purposes. You would owe taxes whether you discarded or bought NEO by cashing it on an exchange or purchasing goods and services, then the discovered with (for example, the NEO selling price) is higher than the price at which you bought the cryptocurrency. For certain short-term or long-term rates, you may get a taxable capital gain. To ensure that you stay on the right side of the rules, keep close control of your cryptocurrency activities.
To sum up, NEO provides the kind of features that prove productive in building smart contracts and developing purchases. The groundbreaking technologies and strategy of NEO to smart contracts aims to advance a smart economy that lays the groundwork for potential advances in the cryptocurrency community.
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Virtual currencies are highly volatile. Your capital is at risk.
- NEO sees itself as a "rapidly growing and developing" network that seeks to become the base for the internet's next decade.
- NEO was originally known as Antshares and was developed by Da Hongfei and Erik Zhang in 2014.
- NEO has a fascinating implementation solution that makes programming and development of C # and other programming languages to be feasible.
- A collaboration with Hyperledger and Microsoft was initiated by Onchain, to form the initial whitepaper in 2016.
- Smart contracts, digital identity, support from the Chinese government, are some of many advantages of NEO.
- Forecasts pose that NEO could reach a price of $437 USD by the end of 2023, and a price of $533 by 2025.
- Stay up to date with market trends and don’t let loose of tax regulations and legal obligations when investing in NEO.
If you're thinking about investing in NEO, remember, there is an incredibly high degree of risk involved.