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.
What is NEO ?
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.
What is next?
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.
Where to buy NEO ?
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.
NEO price trends
At present, one NEO token can be bought for about $72 (USD). Given here is the price trend over the last year.
NEO Recent News and Development
- Most recently, Exodus - one of the most popular cryptocurrency wallets in the world, announced its support for the NEO platform. This means that users will be able to use Exodus wallet to store and send NEO tokens.
- Considering the performance of its price, NEO has had a rather peculiar run in 2018. Unlike other cryptocurrencies, the NEO token reached its highest level sometime in the second half of January. The token gained a little over 100% since the start of the year to cross the $160 mark.
- Needless to mention, the token failed to find stability and momentum at those levels. Right around the time of the cryptocurrency crash, the value of 1 NEO token plummeted dramatically. By February, it was being valued at close to $110 mark and the same by March had gone down to below the $50 mark.
- In May, NEO recovered some of its previous losses and went up to go beyond $80. However, this small bull run was followed by another bear run over the next few months. This fall was far more gradual in nature. By early July, the cryptocurrency was being traded at levels close to $30 and by September, it had gone below the $20 mark.
Risks associated with NEO
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.