The NEO digital asset platform was formerly called Antshares. But recently, a complete rebranding has been completed. In addition to changing the name, the startup updated blockchain nodes and technical documentation, as well as a stock ticker. In addition, the official website and social media were redesigned. A transition was made to a new version of the smart contract system, called NEO-2.0.
The NEO cryptocurrency for a long time has shown stable and non-stop growth. Very quickly, the Chinese creation took seventh place in the Coinmarketcap top. This, without a doubt, is a serious application for prospects, given the high competition in the cryptocurrency market. And Ether confidently holds the second line after the famous Bitcoin. So the NEO cryptocurrency clearly has every chance to rise much higher than the seventh line.
Currently, the price is around $ 45. The cost for three months has increased 20 times.
The volumes of NEO cryptocurrency reserves are clearly defined and limited to 100 million tokens. So far, only half of the available potential is available on the market – 50 million tokens. According to recent estimates, NEO’s capitalization is more than two billion US dollars.
The project is actively developing. OnChain also collaborates with other players in the field of cryptocurrencies and blockchain technologies. At the moment, relations with blockchain startups Coindash, Bancor, Agrello, and others have been established. The Chinese project Red Pulse announced the creation of a platform for financial research, based on the smart contract system NEO 2.0. Also, in cooperation with NEO, the Elastos OS is being developed intensively, based on blockchain technologies.
The history of the emergence and development of cryptocurrency NEO
The date of origin of the project can be considered the year 2014. NEO founder Da Hongfei is the director of Shanghai-based OnChain. In 2014, OnChain, on the idea of Da Hongfei, launches the AntShares blockchain project. The cryptocurrency of the same name was also created on the basis of this platform.
Hongfei set the company a simple but global task. His goal was to build a fundamentally new system of financial interaction. This system should combine the sectors of the real and virtual economy into a single whole with the help of high-tech contracts. And cryptocurrency from OnChain should become the unit of payment for these contracts.
Soon, OnChain enters into a partnership agreement with the Wings blockchain project, as well as contracts with economic giants Microsoft and Alibaba.
In August 2017, the history of NEO begins in its current form with the current name. Da Hongfei conducted a complete rebranding and technical modernization of the project. The rebranding was a huge success, and the price of cryptocurrency from OnChain soared 40 times.
But it was not without problems. On September 4, Chinese authorities pass a package of sanctions laws against cryptocurrencies and ICOs. It was a heavy blow, which at the time almost 2 times brought down the course of the offspring of Hongfei. However, soon the NEO cryptocurrency moved away from the blow and began to confidently regain lost positions. At the moment, OnChain is actively modernizing the product and at the same time trying to find a compromise with the Chinese authorities for the legalization and quiet work of their offspring.
Features and operating principle of NEO
From a technical point of view, Chinese cryptocurrency is very similar to Ethereum (Ether). The basis of the platform is the construction of smart contracts and their subsequent payment with tokens. Also, an important part of the project is the opportunity to create new technologies based on the platform, as well as easy integration with other services.
Despite the fact that NEO is often called the “Chinese Air” and the fact that the Air still holds higher positions in the ratings, the OnChain product has advantages that Air does not have. NEO is much more practical and functional. This, without a doubt, opens up the potential to move Ether in the ratings in the near future.
We will examine in more detail how everything works. Transactions within the system are possible when paying a commission. The commission is paid by the system currency. That is, for the transaction, you must throw additional “fuel” into the system. OnChain developers decided to create an additional intra-system currency, called GAS, as fuel (a means of paying commissions).
Mining NEO is not possible. There is a final value of coins equal to 100 million. 50 million are thrown to the market during the ICO. The developers keep the second half. However, GAZ mining is possible. However, it happens while holding coins in a wallet. That is, the more tokens you have, the more you can get GAZ coins to pay commissions. Today, 2,000 coins in the wallet accumulate 1 GAZ coin every twenty-four hours. Such mining is associated with the operation of the network on the Proof-Of-Stake algorithm. Coins generate themselves. Without the use of trusses from video cards and megawatts of electricity.
Like any cryptocurrency, NEO has advantages and disadvantages.
- company publicity and experienced development team;
- contracts and collaboration with corporate giants;
- wide functionality, much superior to the functionality of Ether (it is difficult for an ordinary person to understand what the salt is, but NEO opens up the broadest horizons for development and operations for a specialist);
- activity in holding meetings and seminars;
- OnChain’s active struggle for legalization (although there are some problems in China now, nevertheless, there is a high probability that soon all issues with the government will be settled, which will attract large investors and significantly increase NEO’s considerable capitalization).
- all GAS accumulation nodes belong to OnChain, that is, NEO is a centralized structure, although it is presented as decentralized, this means that blockchains are in the hands of a narrow circle;
- OnChain has the technical ability to monitor the transactions of coin owners, transfer information to the authorities, and also personally block funds in user accounts and adjust the rate.
Nevertheless, there are great economic and technical prospects for the development and increase in the price of a coin.
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