NEO is an open-source, non-profit and community-based decentralized application and blockchain that aims to fulfill a "smart economy" by maximizing the reach of blockchain technology and smart contracts to manage and issue digitized assets.
Its native currency is also called NEO. It is a non-divisible token that generates the GAS tokens. These GAS tokens, which is a different asset on the NEO network, is used by users to pay transaction fees, and is divisible by the smallest unit of 0.00000001.
The circulation of NEO is currently maxed at 100 million, all created in the Genesis Block. 50 million of these NEO coins were sold to investors when it undergone an initial coin offering (ICO) in 2016, which raised the NEO blockchain network a total of $4.65 million. The other 50 million NEO were locked in a smart contract. Every year, 15 million NEO tokens are unlocked to be used by the development team or to fund future technology development.
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78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
History of NEO
NEO was originally known as AntShares and was founded by Erik Zhan and Da Hongfei in 2014 in China. It rebranded under the name NEO in 2017.
NEO is closely compared to the Ethereum blockchain network. In 2018, NEO's mother company Onchain started distributing 1 Ontology toke (ONT) for every 5 NEO stored in a holder's cryptocurrency wallet. These tokens are then used to cast a vote on the network upgrade and other technology and governance issues arising in the NEO network.
How NEO Works
The NEO blockchain network accommodates several digital assets. The network provides support for digital identity, smart contracts and blockchain assets. The NEO platform also offers full support on decentralized apps (dApp) of all kinds, initial coin offerings and tokenization of real-world assets.
The NEO token or coin makes it a whole lot easier to digitize assets while smart contracts allow users to purchase products without an intermediary such as banking institutions.
For example, a user wants to buy a property. Said user will need to spend on third party intermediaries such as banks and real estate agents. By using the NEO network, the property which is valued in NEO coin, is made available for immediate purchase via intelligent contract when the buyer and seller agrees on the selling conditions.
How Do GAS Tokens Work?
Holders of NEO coins also allow them to earn GAS tokens. For every block created in the network, it produces a total of 5 GAS tokens, to be divided among holders following these partition:
10% is divided among NEO holders
80% is shared equally among successful voters
10% is evenly distributed among NEO community or council members
NEO’s Difference from Ethereum
NEO is often compared to Ethereum—even earning the moniker "The Ethereum of the East". To distinguish between the two, here are some NEO vs Ethereum comparisons.
NEO is easier to create smart contracts by letting users choose from using a variety of programming languages such as Java, C++ and Python just to name a few.
NEO is more resistant to powerful computers that can hack into blockchain networks.
NEO is seen as a "greener" version of Ethereum because it relies on proof-of-stake in creating additional blocks using lesser energy.
Is Investing on NEO a Good Idea?
Compared to Ethereum, NEO is valued at a lot lower price. It has a market cap of more than $3.86 billion—compared to ETH’s more than $280 billion market cap. While Ethereum and other cryptos are more popular and performs well than NEO, investors are taking a close look at NEO because of its promising features that may lead it to being used widely in the decentralized finance sector. NEO is more ideal for a long-time investment since most analysts forecast doesn't see the NEO breaking the $1,000 price in the next ten years.
How to Buy NEO?
The simplest way to buy NEO is to sign up for an account with a cryptocurrency or trading broker that supports the direct BUY and SELL of NEO. One such cryptocurrency and trading broker is eToro.
The eToro is a great place to start since it offers a straightforward interface that allows for a seamless trading by clicking of a few buttons.
How to Trade NEO on eToro?
On your eToro dashboard, click "Trade Markets".
Scroll down to look for "NEO".
Click "Buy" and set the amount you want to invest.
Click "Open Trade".
Thinking of Trading NEO with eToro?
If you're planning on investing or trading NEO, then it would be simpler to click the button below. This will take you to the eToro NEO trading page where you can easily check the current price of NEO and buy NEO of any value you plan to invest.
Before trading NEO on eToro, just simply open an account with them. Don't worry, the whole process will only take a few minutes.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
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