What is NEO
NEO is a decentralized application platform based in China and developed by the blockchain company Onchain. The project started in June 2014. The ICO held a year later allowed the project team to collect such important investments in the amount of $28,000,000.
Official website: https://neo.org/
NEO was originally called Antshares, but went through a massive rebranding campaign in 2022 that promoted it as the next “Ethereum Killer.” NEO has some significant differences from its predecessor, and its respected team has made efforts to promote the project and create a positive attitude towards cryptocurrencies and blockchain in the Chinese market.
The project team was very professional. Judge for yourself:
- Da Hongfei is the co-founder of NEO and the CEO of Onchain. Hongfei is considered a pioneer of cryptocurrency in Asia and one of the most respected cryptocurrency experts.
- Eric Zhang is the co-founder of NEO and Onchain. Zhang is credited as the originator of the Delegated Byzantine Fault Tolerance protocol.
Regulatory framework and relations with the law
Here we get to one of the main features of this cryptocurrency. Unlike traditional cryptocurrencies: Bitcoin, Dash or Monero, NEO does not strive for maximum secrecy and anonymity. On the contrary, the developers are trying to make it as transparent and convenient for government monitoring as possible. Simply put, the state cannot interfere in transactions with NEO, but it can clearly see where and where the money is coming from.
To suppress various frauds, NEO uses its “digital identification” system. As conceived by the developers, each user (individual or legal entity) working with the platform is assigned a unique digital identifier that verifies their identity and confirms transactions. To conclude a deal, all participants must “log in” with such a key. This makes the NEO network transparent and regulated.
What's the point? And the point is simple - swindlers and sellers of all sorts of illegal things pass by, and “white” businesses rejoice, taking advantage of all the benefits of cryptocurrencies (instant transactions, fair conversion, paying commissions without unnecessary charges), without the risk of giving money to criminals or getting into trouble with the law.
Neo technology
This platform is unique:
- This is a network for decentralized applications and ICOs.
- It can support more than 10,000 transactions per second.
- There is no transaction fee for the regular user.
- His vision is to revolutionize the new smart economy.
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It uses an optimized Delegated Proof of Stake system called the Delegated Byzantine Fault Tolerance protocol.
The Delegated Byzantine Fault Tolerance Protocol is a process in which stakeholders select nodes they want to validate transactions on the network, and then these selected nodes select “special nodes” that create the blockchain. This is necessary to ensure consensus in the network and avoid the need to fork the blockchain to update the network.
NEO has two native cryptocurrencies. NEO is a cryptocurrency used for share ownership of the platform. GAS is a cryptocurrency used to pay for services on the network. GAS is also generated and earned in exchange for staking tokens, similar to placing your money in a bank and earning interest.
History of creation
History of NEO
The history of this coin began several years earlier, before the crypto community first heard its name. This Chinese cryptocurrency was created as the Antshares project in 2014 by Chinese developers Da Hongfei and Erik Zhan.
Three years later - in July 2022 - the project was renamed Neo. In addition, the creators launched an ICO, which lasted from July 1 to July 9, 2022. A total of 100 million NEO tokens were issued. Half of all tokens were allocated for crowdfunding; the creators decided to keep the other half virtually under their control. In general, the coins were distributed as follows:
- 40% - to ICO NEO investors;
- 15% - in case of force majeure;
- 15% — for the development of the NEO blockchain ecosystem;
- 10% - for future developments;
- 10% - early investors;
- 10% - to the development team.
The ICO price was set at $0.036 for 1 NEO coin, and as a result, the project raised $1.8 million. The second 50 million, which are intended for “management by the platform council,” were initially frozen for 3.5 months from the start of the NEO ICO. On October 16, 2017, the freeze period ended and the funds were “released” to be used for the benefit of the platform and developers.
Advantages and disadvantages of the Neo project
It is worth highlighting a number of important benefits and positive aspects of the project:
- Energy efficiency and security with delegated Byzantine fault tolerance protocol.
- Token holders can stake their tokens and gain voting rights while receiving GAS as a reward.
- It is protected from quantum computer hacks using quantum cryptography.
- Its network is more flexible for developers as it accepts more programming languages than Ethereum.
- NEO and GAS have no transaction fees. Users can also pay a transaction fee to get priority in the transaction queue.
- It can support 10,000 transactions per second as it has enough scalability.
Are there any disadvantages? This is not entirely true.
There are a few significant drawbacks worth mentioning:
- Since the Chinese government has had a negative view of cryptocurrencies so far, NEO may have problems in the future due to its country's regulations, although the Chinese government has begun to develop a more positive relationship with cryptocurrencies and exchanges.
- Since NEO is newer than its main competitor Ethereum, it has far fewer resources for dApp developers.
- It is more expensive for dApp developers than Ethereum to run their smart contracts.
Dynamics of the NEO cryptocurrency rate
After the transition from ANS to NEO, the rate increased from 1 dollar to 7, after which the price no longer became lower than 30-40 dollars. The popularity of the token began to grow when users became convinced of the serious intentions of the developers.
By August 2022, NEO's capitalization level was $2 billion. In September, Chinese authorities banned the company from conducting an ICO and ordered it to return funds already invested. This was an unpleasant blow for the cryptocurrency - due to capital outflow, its value dropped to $7.
But this did not become an insurmountable obstacle for the company. The developers created a new platform for the execution of smart contracts NEO 2.0, adaptable to various services, launched the NEO cryptocurrency on the Bitfinex exchange and aimed at cooperation with the government.
At the end of September, the GAS cryptocurrency appeared on trading on the American exchange Poloniex; NEO holders began to earn money on GAS coins, which they received automatically. Now the price for GAS is approaching $50. In November, the NEO rate reached $100, and now the token price is $130.
At the beginning of 2022, NEO is in 7th place in the world ranking of cryptocurrencies with a capitalization of almost $8 billion.
Project partners
- NEO Global Capital (NGC) is an investment arm that invests in inspiring blockchain projects.
- The parent company of NEO Onchain maintains a close relationship with leading Chinese e-commerce company Alibaba.
- Microsoft and NEO have teamed up to digitize real-world assets such as evidence, intellectual property, and medical records.
- AGRELLO partners with the project to create legally binding smart contracts based on artificial intelligence that eliminate lawyers
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Features, technical implementation
Key components and characteristics of the NEO network:
- Digital assets. The underlying infrastructure supports several types of digital assets. The participant can register and transfer them. And also trade at your own discretion.
- Digital certificates. Needed to build a trusted public network. Provide full legal protection of assets digitized through the platform.
- Transaction mechanism. Trusted P2P exchange of digital assets. Buyers and sellers of assets are of the same rank. There is no need to resort to third parties for exchange.
- Turing-complete smart contracts that have a high level of certainty. Support parallel operation, sharding and unlimited scalability when running in a NEO virtual machine.
- Development in many programming languages. Supported. Java and Python. Developers can quickly create smart contracts based on the NEO platform. Without learning a new language.
- NEO VM. The lightweight virtual machine provides faster startup times and increased runtime efficiency. In theory, allows NEO to achieve unlimited scalability.
- Consensus nodes use a Byzantine fault tolerance algorithm to ensure transaction completion. The system remains complete and accessible. Until at least a third of the nodes fail.
- Exchange of assets between chains. The protocol guarantees the consistency of smart contract operations performed on different chains.
- Lattice cryptography based on signature and encryption. Helping avoid the quantum crisis through Turing encryption and decryption.
Neo price forecast for 2022
NEO could officially bring the Chinese government into blockchain and capture a large portion of the Asian market by 2022, which will not only increase the adoption rate but also the use cases.
The project plans to work on its trading features and support cross-chain trading on its exchange platform. The project's founders are working to bring NEO to developers with NEO 3.0, optimize its fundamental architecture, and ensure that NEO's ongoing development does not slow down.
They are even planning to implement NeoFS, which will give NEO the ability to store huge amounts of data. It will help in developing a stable and powerful smart contract system by providing a complete development environment and tools that include financial and technical support for projects in the ecosystem. By the end of 2022, NEO could become one of the top ten, or rather top five, cryptocurrencies in the world. It is predicted that by the end of 2022, the price of NEO will reach $200-$300.
Summing up
The modern cryptocurrency NEO was recently presented to the general attention, but despite this, it has won the favor of numerous users and investors. The popularity is growing more and more rapidly, despite the fact that it is not so easy to buy, and also the wallet is not so easy to use. Few people care about such difficulties, since the coin has almost doubled in price in just two months.
NEO currency is a fairly promising profitable investment. If you include it in your investment portfolio, you can quickly make a decent profit. Whether to buy it or not at the moment is a difficult question, despite its ever-growing popularity. NEO is a unique modern cryptocurrency, the forecast of which is quite difficult to make on your own. There is no need to be afraid of this, since every modern cryptocurrency is characterized by similar uncertain prospects. Many people take risks when deciding to purchase a currency of this category, but they do not lose anything, but only make a profit.
Price forecast for 2025
According to the NEO price forecast for 2025, NEO could reach $533, which could be one of the biggest milestones for NEO. NEO may even rise in the rankings, secure lucrative deals, and form partnerships with the world's largest organizations. NEO has always proven to be unique, which has kept NEO fans hanging on even when things weren't going well for him. This proves that NEO can be a game changer in the coming days. Neo could reach $1,000 by 2025.
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Where to store?
Currently, currency can be stored exclusively in the official client created by the NEO developers, as well as in an online wallet, protecting it from fraudulent activities. Chinese developers took care of the comfort level of their users, so they released their wallet for NEO in different versions:
- Client for smartphones.
- Special desktop version.
- Web version or online wallet.
Each user can go to and download the desired version of the proposed storage for themselves. This may be the wallet that seems more comfortable and reliable at the same time.
Here are some of the most popular wallet versions, each of which is worth a closer look.
GUI
It’s worth noting right away that this is a special mobile type of wallet that will only work on Windows OS devices. To work with this client, you will need to download the wallet to the device you are using and immediately synchronize it. You don't have to think that working with him is very comfortable. The reason is that the client is operated in Chinese and English only. A Russian version is not planned to be released. If a person does not speak English, he will have to intuitively.
CLI
The modern desktop version must also be downloaded from the main official website. After this, you will need to synchronize it with the network, which will take quite a bit of time. This client has an English interface and is available for Windows and Linux. A wallet of this type is characterized by a minimal set of functions. If you need a client with certain conveniences and an increased level of security, CLI is ideal.
NEON
This web wallet was created by third party developers. You can download it from the official website of the project, so you can rest assured of its safety and high level of comfort. To start working with it, you will need to download access from the official resource, after selecting the desired type of operating system. The service communicates with the client only in English, which makes many users very happy, since the developers are Chinese.
How to Buy and Sell Neo Coins
All exchanges are ready to assist you in buying or selling NEO, so you will not have any problems with this. It's easy with Binance.com, a renowned exchange and market leader.
If you need to do everything quickly and without mandatory verification, go to bestchange.ru. This monitoring is good because it presents the most popular and reliable exchangers. You will not need to compare the terms of their exchange; just select the direction you are interested in and one of the exchangers at the top of the list.
Recommended brokers for trading the NEOUSD pair
The Masterforex-V Academy has long had a list of trusted brokers that provide all the necessary tools for trading in one trading platform - Meta Trader 4. Among them, more than half of the traders of the pro-rebate.com system open real accounts with the NordFX broker. Why? Because the NordFX brokerage company has all the conditions for profitable trading:
- currency pairs – USD RUB, GBP USD, USD SEK, USD CHF, USD RUB, GBP JPY; AUD CHF, EUR CAD, EUR RUB, EUR USD, CHF BYN, GBP SEK, USD JPY, NOK CHF, GBP RUB, NZD USD, EUR GBP, EUR JPY, GBP NZD, AUD USD, USD CAD, NOK JPY, USD UAH , GBP CAD, GBP CHF, USD SGD, EUR CHF, EUR SEK, CHF RUB, EUR NOK, CAD CNY, USD CNY, EUR NZD, SEK RUB, AUD RUB, GBP BYN, GBP NZD, GBP NOK, EUR AUD, USD ZAR, USD NOK, CHF UAH, EUR BYN, GBP AUD;
- cryptocurrencies XTZ, XMR, DASH, EOS, ETC, BTC, OMG, USDT, LTC, NEM, IOT, ZEC, BSV, BTG, XRP, NEO, ETH, TRX, ADA, LINK;
- CFD on gold, silver, oil;
- Indices S&P 500, NIKKEI 225, Euro Stoxx 50, NASDAQ-100, FTSE 100 and others.
Also, other traders work with other companies from the top league of the rating - Dukascopy Bank, OANDA
FOREX.com, Interactive Brokers, Saxo Bank, FXCM, Alpari, Finam, Swissquote Bank, FIBO Group, FXPro.
Among the 2nd league of popular companies, but having a large number of complaints from Masterforex-V traders, one can highlight EXNESS (Exness, Forex Club, eToro, AlfaForex AMarkets, BCS Forex, InstaForex, Forex4you, MaxiMarkets (Maximarkets, RoboForex (RoboForex, FreshForex (Fresh Forex, Grand Capital), TeleTrade (Teletrade, NPBFX, DF Markets
Sincerely, wiki Masterforex-V, free (school) and professional training courses Masterforex-V.
Final Thoughts
In 2022, the value of the cryptocurrency peaked at $180, after which it began to decline. The success of this project will directly depend on two factors: the rights of the Chinese government and the overall recovery of the market. Once the cryptocurrency market begins to show signs of recovery, you can start buying NEO coins.
The price depends on expanding the circle of partners, as well as on listing on popular crypto exchanges. Neo coin seems to be a good long-term investment that can bring good returns in the future.
Disclaimer : this article is not a recommendation and does not encourage trading. The cryptocurrency market is highly volatile. While price analysis is a useful tool, it should not be considered a reliable forecast of the future performance of any investment vehicle.
We encourage everyone to explore different points of view and familiarize themselves with local legislation before investing in certain cryptocurrencies. Changelly staff, including the author of this article, may or may not own cryptocurrency, but refrain from making any recommendations or advice to the reader. DYOR!
