In today’s world, cryptocurrencies and internet monetization have become very popular. In fact, due to the advancement of technology and the creation of new and advanced ways to make money from new methods, people’s tendency towards them has increased more than before. The cryptocurrency, the same as digital money, has a scientific basis. The prediction is that digital money will be entirely replaced by paper money and old methods in the next few years. In this article, we are going to introduce neo cryptocurrency.
Neo describes itself as a rapidly growing and ongoing ecosystem whose goal is to become the foundation for the next generation of the internet. New Economy that all payments identities and digital assets come together. One of the essential points of Neo blockchain is its continuous development. These features guarantee the future of Neo and secure it against the sudden increase in demand.
in this article, we will dive deep into Neo crypto to explain the following:
- what is the Neo?
- how is Neo’s network designed?
- what is the aim of Neo?
- features of Neo
- what is next for the platform?
WHAT IS THE NEO?
Neo is the open-source platform created in China. Its purpose is to create a suitable platform for a decentralized application developer. It’s the first blockchain project in China that received approval from legislators. The currency was formerly known as Antshares and NEOS cryptocurrency but later changed to Neo. There are similarities between Neo and Ethereum; sometimes, Neo is called the Chinese Ethereum. The platform uses two token models:
The neo coin is used for payments, and the gas token is used for transaction fees.
How Is NEO’S Network Designed?
The platform has to difference tokens and gas are the cryptographic currencies. Let’s drive the Neo network. Each of them has 100 million tokens used to create blocks, network management, and any consensus.
The gas token is designed to act as NEO blockchain fuel and acts as a form of security. GAS is not pre-extracted and is intended for resource allocation and day-to-day blockchain retention. It is also used to reward users of blockchain retention. It used in wireless and fiber optic network design, engineering, construction, and operations and nearly 20 years focusing on small cells and microcellular network architectures. Neo cannot be divided, so it is hard to pay commissions. But GAS is dividable and used as a payment method for using a smart contract and transaction.
The GAS token is the fuel of the Neo network, and its existence is mandatory for neo implementation. So far, more than 10 million gases have been supplied, and the maximum supply is 100 million units. Gas tokens have a dividend so that you get 0.0003 units of gas per token you store in your wallet daily. So that means you’ll have GAS by buying Neo and keeping it in your wallet.
WHAT IS THE AIM OF NEO?
The platform aims to create a smart economy by combining digital assets, identity, and smart contracts.
It has changed how digital assets are managed in conventional systems making them more secure, reliable, and transparent.
FEATURES OF NEO
Neo has a few attributes that distinguish this currency from other currencies and make it a good investment option. In this section, we will introduce these features.
- digitalizing real-world assets helps people by analyzing the digits how identification and consensus through a smart contract.
- high transaction is speed: the fastest blockchain that can carry a thousand transactions per second.
- consensus mechanism.
- smart contract: it provides the structure of the smart contracts and does not require knowledge of programming language.
- no fees charged.
WHAT’S NEXT FOR NEO?
No one knows precisely what will happen in the future. Many people guess its value will be high in 2018. Still, others are not so certain. one of the advantages of this platform is that the Chinese government has embraced the platform while at the same time distancing itself from other cryptocurrencies like Ethereum and Bitcoin. The cryptocurrency seems to be an attractive option for the Chinese government and other foreign governments. It can also gradually increase the acceptability of cryptocurrencies in China and replace traditional systems. Due to the increasing audience and their penchant for NEO, a bright future for this cryptocurrency can be predicted because it attracted the attention of many investors in a short time.