Formerly known as AntShares, NEO (NEO) is a platform that supports a number of programming languages. The NEO Network makes use of NEO tokens. Here is more information about it works and the changes in prices of the token.
NEO is a cryptocurrency platform. It is similar to all other cryptocurrency blockchain platforms with regard to the decentralised applications that it allows. NEO has its own cryptocurrency called NEO token. The platform supports a number of programming languages like C++ and Javascript among others. In order to facilitate this, the network has a secure environment that allows the code to be compiled.
The cryptocurrency platform NEO was launched in the year 2014 with the name AntShares. AntShares was developed by a company known as Onchain. The company Onchain is a sister concern of NEO. Onchain had extensive experience with designing and building blockchains for businesses. The company has worked with Microsoft China among other big companies in order to develop blockchains for businesses. Da Hongfei, the owner of Onchain, was the founder of the NEO platform. The decision to rename AntShares to NEO was taken and implemented in June, 2017.
The cryptocurrency used by the platform was first called Antcoin that was derived from AntShare tokens. The company decided to convert AntShare tokens to NEO tokens. Also, the company decided to rename Antcoins to GAS tokens. Eventually, in March 2018, the company decided to exchange every 5 NEO tokens that users possesses in their wallets for one Ontology token (ONT). These were to be then used for voting on different issues regarding the network. Now, the base asset of the NEO network is the NEO token that is then converted to GAS tokens for actual use.
In the initial block, also called the Genesis block, 100 million NEO were created. 50 million NEO were sold to investors. The balance was locked using a smart contract. An annual release of 15 million NEO tokens takes place. The sale of these tokens funds the network and the projects associated with it. The people who buy these tokens can then generate GAS tokens that they can use for transactions on the network. GAS tokens have been locked in by a mechanism that will only allow the release of all the tokens over a period of two decades. The possession of NEO token allows a person to vote on network changes.
The company is planning to develop something called NeoX. This is supposed to allow people to perform cross-blockchain transactions, that is, other blockchains could be connected to the NEO blockchain in order to make use of the enhanced functionality.
There are several websites that allow a person to buy NEO. Examples of such sites include, Binance Cryptocurrency Exchange, CoinSpot Cryptocurrency Marketplace, Changelly Crypto-to-Crypto Exchange, Indacoin Cryptocurrency Exchange. All of these sites offer various methods to buy NEO through either the use of a debit or credit card or using a system of exchange in which one cryptocurrency can be exchanged for another. Thus, a person who has Bitcoin can exchange it for NEO tokens.
The NEO network makes use of a NEO Tracker Wallet. By making use of this wallet, the user can interact with the NEO blockchain remotely to discover transaction history and GAS available. The wallet does not require the creation of an account. Also, the user does not need to deposit funds with the wallet. The wallet achieves this by making use of Private Keys and encrypted Keystore files that are stored in the user's computer instead of being transmitted over the network. This reduces the possibility of having identities and funds stolen. In the event that the user loses access to their private keys, they cannot recover their account.
NEO cannot be mined. It can only be bought. Or else, a person can exchange other cryptocurrencies for NEO. GAS can be accumulated only if NEO is possessed in a private wallet.
At present, one NEO token can be bought for about $72 (USD). Given here is the price trend over the last year.
Date | Open | High | Low | Close | Volume | Market Cap |
5/30/2018 | 52.36 | 53.31 | 50.53 | 51.54 | 3403160000 | 82723100 |
5/29/2018 | 48.12 | 53.43 | 47.96 | 52.11 | 3127560000 | 106526000 |
5/28/2018 | 52.86 | 53.06 | 47.96 | 48.26 | 3436200000 | 92695200 |
5/27/2018 | 52.32 | 53.03 | 51.2 | 52.93 | 3400820000 | 76785500 |
5/26/2018 | 52.74 | 54.32 | 51.55 | 52.26 | 3428000000 | 84223300 |
5/25/2018 | 55.1 | 56.26 | 52.01 | 53.03 | 3581540000 | 93827500 |
5/24/2018 | 52.36 | 55.12 | 50.68 | 54.76 | 3403300000 | 107696000 |
As with all cryptocurrencies, NEO tokens are also subject to market change. From the historical price trends presented in the table, it is possible to see that the variation in price of the token has followed no predictable pattern. Also, fluctuations between different prices have been extremely high. This indicates a very high level of volatility making this an investment that could be risky. NEO does not actually help the person work on the network. Instead, the person has to wait for the accumulated NEO to generate GAS that can then be used to perform transactions on the network. All potential investors need to study this well before investing. Also, it would be better to invest in traditional investment avenues like mutual funds . This would help investors mitigate their risk.
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