Number 9 in the top 10 cryptocurrencies by market capitalization in March 2018 is NEO at $3.8 billion.
What is NEO?
Like IOTA, NEO is another non-profit based blockchain project and also incorporates smart contract technology like Ethereum. NEO started in 2014 with the first open source code posted on GitHub in 2015. Often referred to as “China’s Ethereum,” it started out as Antshares until it was rebranded in the summer of 2017.
One unique feature of the NEO token is that it’s not divisible into smaller units like the 1 million Satoshis that make up a bitcoin. NEO uses a delegated Byzantine Fault Tolerance (dBFT) consensus system with the selection of random bookkeeping nodes being delegated to confirm transactions. The network is capable of processing as many as 100,000 transactions per second, which is why some projects have chosen to deploy their smart contracts with NEO rather than the much slower Ethereum network.
NEO in depth
The founders of NEO were Da Hongfei and lead developer Eric Zhang. NEO has 65 million circulating tokens with a maximum supply of 100 million. Each year additional tokens will be unlocked and used for ongoing development of the project. In addition to the NEO token, there are GAS tokens which are used to deploy and run smart contracts. Unlike the NEO token, the GAS tokens can be subdivided. Eight GAS tokens are generated for each block added to the network, and by 2039 it’s expected to have reached the maximum available GAS tokens of 100 million.
The all-time high for NEO was in January 2018 at $162.11, and in late March 2018, it was trading at $57.79. The tokens can be traded on dozens of crypto exchanges, and the top six trading pairs and the associated exchanges are:
- Binance NEO/USDT
- Binance NEO/BTC
- CoinEgg NEO/BTC
- Bitfinex NEO/USD
- OKEx NEO/BTC
- Upbit NEO/KRW
During April 2018, NEO will be hosting their APAC tour in major international cities throughout Europe including Amsterdam, Madrid, Paris, Vienna, and Zurich. As NEO is used to deploy smart contracts, a lot of the media coverage revolves around new tokens being generated via the network rather than the underlying network itself. Latest news for developments in the NEO community can be found via their social media channels.
Financial analyst, smartphone app designer, technical writer, and crypto enthusiast. Blockchain verified graduate of MOOC 9, DFIN-511: Introduction to Digital Currencies, run by the University of Nicosia.