NEO Cryptocurrency- Everything you must know about this Coin
When you start exploring the number of cryptocurrency coins created in the market, you will find that there are 4000 of such coins. Each coin carries their importance and market size. Investors investing in the Bitcoin look for the coin that has a good market value and increases as the time passes. The total cryptocurrency market is presently around $415 billion and more than 70% of the market is dominated by top 10 cryptocurrencies. And among all these coins, NEO coin is considered as the best one and more valuable.
Often referred as the Chinese Ethereum, the coin is well-known for its valuable share and has a good price prediction. Let us go deep into this cryptocurrency-
What is NEO Coin?
NEO is a next generation smart economy platform (open network) launched in China. It is known as Ethereum's killer and has more crypto-token called as GAS. The main goal of introducing this crypto-coin is to be the vanguard in the effort of building a smart economy.
Smart Economy= Digital Assets+ Digital Identity+ Smart Contracts
Originally called as AntShares, it was founded by Da Hongfei in 2014 and was China's first digital coin being the direct competitor to Ethereum. It is much more than just being a digital currency.
This digital coin is designed and created helping developers to create smart contracts and decentralized applications. Smart Contracts are an important part of the digital currency market. According to Black's law dictionary- smart contract is an agreement upon sufficient consideration, to do or not to do a particular thing. Smart contracts are now being used in real businesses too. They are hardcoded to execute themselves when certain pre-set conditions are met.
What does NEO system include?
There are many things that are included in NEO system -
- Delegated Byzantine Fault Tolerance Algorithm- This is a consensus mechanism allowing the system to resist the Byzantine General problems and also maintains the consensus.
- NeoX- This system will create the ability to execute and operate across various Blockchains
- NEO Contracts- This is the mechanisms for creating smart contract seamlessly in scalable in high-performance environments.
- NEOFS- This system allows decentralized storage
In general, NEO coin is positioned as Public Cloud and is the part of a bigger strategy by China to establish its coin in Blockchain platform.
Some key features of NEO are-
There are some key features which you should know before investing over NEO-
- Unlike other crypto coins, NEO cannot be divided. So the user cannot make the transfer like 0.5 NEO or 0.11 NEO. It isn't similar to the stock of any company.
- There is another cryptocurrency that can be used by NEO community- GAS. The investor holding NEO coin in the wallet will earn GAS which is later used for transaction purpose. It is similar to Ether used on Ethereum network.
- NEO, unlike Ethereum, allows developers to code smart contracts using C++, C#, JAVA and others. Ethereum allows coders to code only in one language.
Know the NEO Team-
NEO is created by the community, including the founder- Da Hongfei, co-founder, and core developer – Zhang Zhengwen, Secretary General – Tao Rongqi, and other community developers, operators, and contributors. Each of these plays a major role in creating this crypto coin.
Used cases of NEO Coin-
NEO aims in converting traditional assets into digital through Smart Contracts. These assets are later decentralized and protected by law using digital certifications.
NEO enables to create identity information of organizations, individuals, and entities into electronic forms. These identities later used via multi-factor authenticating mechanisms like facial recognition and fingerprints.
Coined by cryptologist and computer scientist- Nick Szabo, it is a revolutionary platform. In NEO, the user doesn't have to specifically learn about the smart contract language. It has a Universal Lightweight Virtual Machine that gives the advantage of high certainty, high concurrency, and high scalability.
NEO supports the development of decentralized applications by supporting and developing more mature development tools and techniques.
Two Crypto Tokens-
NEO carries two different tokens-
- NEO Token- It acts as the investment token of Blockchain. It carries a hard cap of 100 million tokens which is later used in block creation and network management.
- The GAS Token- This token has 100 million hard caps and acts as the fuel of this cryptocoin. Moreover, the GAS is divisible by the factor of 1/10-8 and is not pre-mined. In future, GAS will be used for resource allocation and network charges for smart contracts.
The Price rise of NEO Coins-
In the past few years, there has been a good rise in the stake of NEO Coins which is a good sign for investors invested during its peak season. For instance, if you have invested in NEO during 2017, when the price was $6, of your $100 investment, then by 2018, the stake would have grown to $2700. This is certainly a great thing and its value started rising when it rebranded from AntShares.
The reason why the price of the NEO kept increasing-
NEO is the open source Blockchain platform developed by Chinese developers and is in among the good books of the Chinese government. This made NEO popular in China and is set to become a big market for cryptocurrencies.
NEO is now the most favourite among coin investors since it gives a good result at the end after investment.
Price Prediction based on Technology and Market Trend-
The price prediction based on the facts like-
- Rising interest of investors in NEO
- Technical advantages offered by the platform over the Ethereum
- Complete focus on digitization of assets.
Price prediction by Experts
Many cryptocurrency and Bitcoin experts believe that NEO has a good future. According to Mark Cageny, co-founder of Social Finance, the NEO had good potential to replace Bitcoin because of its innovative use of Blockchain technology.
Brian Evans, angel investor and Blockchain evangelist says,' The big move for NEO is creating an entire smart economy. It has incorporated digital assets, smart contracts and a digital identity that can be used for real-world applications and become integrated into the real economy. China could (and may) be a candidate for that first real-world application and integration". The prediction for 2020 is also quite positive.
According to longforecast.com, the NEO price will increase by the range of $284 during May 2020 and $438 December 2020. If considering the prediction of technology, the NEO market will touch $900 by 2020. The best thing to do is connect with the Blockchain and cryptocurrency expert who will provide complete details about the right investment and future prediction.
Opportunities for NEO-
NEO is backed by the sister company called as OnChain and is also currently working with Chinese and Japanese government and companies including Alibaba. The future of NEO coin is comparatively positive.
Caterina Zhang, the Head of Marketing and Community Operations at NEO explains that, " This NEO platform will provide higher transaction per second [TPS], atomized stability and make the NEO platform ready for the real enterprise use cases to be deployed on top it.” She further that, "As for the storage capacity we are also researching on the NEO FS, NEO’s decentralized file storage. We have NeoX protocol in our roadmap which will allow the cross chain interoperability.”
In the near future, NEO founder Eric Zhand also plans to make NEO divisible including developer community and turning into NEO 3.O. According to Caterina, there were few technical constraints, but times have changed. She said, " we have altogether 100 million NEO tokens and then we have the GAS combined with the token but is distributed gradually throughout the year. So one GAS can be divided into 100 million parts so we can divide gas into 100 million addresses without any remainder and in future, the GAS distribution will be in a different way.”
With the introduction of NEO 3.O, the company is planning to achieve more and is currently operating 1000 TPS.
Is NEO seriously a good investment-?
Till date, this cryptocurrency has given good ROI to the investor. However, there are certain factors like strong fundamentals and market size that decides the investment return. Moreover, technology and market acceptance also matter.
Since NEO is their own cryptocurrencies, there is a favourable support from the Chinese government. In fact, many Chinese companies too are investing over it. Moreover, with the market size of China is huge; this could be a huge boost to the currency.
Predicting the future of cryptocurrency like NEO will completely depend on the market work and how people will accept. The market price will either increase or decrease which will also affect the return on investment. Many consider NEO as the next generation smart economy, but this is yet to be determined. NEO founders are making some good and big moves that would further boost the investment purpose. With Asian countries is rapidly adopting the technology, the acceptance of NEO will be huge. Countries like China and Japan are becoming the next top countries to adopt the Blockchain and Cryptocurrency industry.