NEO (NEO) Live Price

What Is Neo (NEO)?

NEO was initially launched as Antshares and was China’s first public blockchain when it launched in 2014. It was eventually renamed NEO after three years.

NEO is usually compared to the Ethereum blockchain and is considered by some to be the Chinese version of the popular network.  NEO is self-described as a growing and evolving ecosystem designed to support the next generation of Web 3.0 users. NEO aims to support a digitized and decentralized economy. It supports digital assets, payment systems and identities.

NEO currently has a global network of developers that design new applications. This helps to ensure that the network has low barriers to entry to attract new users. The NEO team also runs an EcoBoost plan that supports developers to design more dApps and smart contract system applications for the blockchain. 

Neo Price

 Neo runs two native tokens, GAS and NEO, on its ecosystem. GAS is for usage rights for the blockchain, while NEO is for management rights on the chain. Users with NEO can vote on- and off-chain governance while they earn GAS tokens as rewards for participating.

 For instance, if you hold NEO tokens, you can vote on network and protocol update plans (blockchain issues), and you will get GAS tokens as a reward. Similarly, the governance council handles all off-chain issues and opinions. This council takes all the strategic and technology-related decisions for the blockchain.

This was during the name rebrand to NEO and the announcement of its NEP-5 token standard.

2018 to 2020 showed minimal price movements, with prices remaining around $25 for most of 2020. During the bullish phase of crypto in 2021, NEO prices touched $140, which was a three-year high for it.

How does Neo work?

Neo operates through a distributed network that applies blockchain technology. NEO uses smart contracts to manage digital assets on its blockchain. The chain’s objective is to offer secure and private access to digital assets for people and computer programs with the least of troubles and maximum security.  The asset could be either digital or physical.

The Neo blockchain applies its “Delegated Byzantine Fault Tolerant” (dBFT) algorithm. This algorithm can build a crypto block in 15 to 20 seconds. The chain is fast and can support 1,000 transactions per second.

Neo’s customized NeoContract smart contract process has three offerings. These are a universal blockchain virtual machine (NeoVM), interchain operable services (InteropService) and a developer pack (DevPack). This means developers can write and deploy contracts in multiple programming languages, like C#, Java, Go and Python.

A prominent feature of NEO is its decentralized tool NeoID. This identification tool is used for on-chain authentication of users’ credentials without exchanging private data. This feature is handy for many decentralized applications for blockchains. It can be applied in many verifications and identity-based services without compromising user privacy.

What Makes Neo Unique?

NEO is unique amongst the many blockchains around due to its team’s focus on sustained and ongoing development to improve the blockchain offering for its users and developers. This has made the chain relevant, and it is still in demand by many developers. The project always has some new offerings to attract new and retain its existing developers.

Recently the blockchain has launched NEO 3.0, which offers better network security and faster transaction processing times. Its two separate purpose token also help users manage their on-chain activities better

Its EcoBoost program for new developers is much more comprehensive and offers eligible users access to grants and technical and marketing support.

How Is the Neo Network Secured?

 Neo applies a dBFT protocol inspired by the Practical Byzantine Fault Tolerance algorithm. This is similar to the delegated PoS algorithm and requires 66 per cent of its delegates' support. This helps to eliminate bad actors from gaining significance on the network and keeps the network clean for its users.

Where Can You Buy Neo (NEO)?

NEO can be bought from some exchanges, but the coin isn’t generally accessible, and most mainstream platforms do not support it. Most exchanges offer it in trading pairs with other mainstream coins.