NEO Initially known as Antshares, NEO is a cryptocurrency platform spearheaded by Shanghai-based Onchain. It distinguishes itself as a 'Chinese Ethereum,' equipped with smart contract support and much more. Unlike Ethereum, which relies on its proprietary Solidity language, NEO allows development in diverse languages like JAVA, C/C#, and GO.
Besides the NEO currency, there's GAS, which fuels the apps on this platform, akin to Ethereum's Ether. By holding NEO, you are rewarded with GAS, which can also be acquired independently.
Historically, the Chinese government has clearly stated that Bitcoin isn't recognized as a formal currency. issued an official warning to its users.
Bitcoin, classified mainly as a virtual asset, lacks legal tender status. It shouldn't be treated as currency within market transactions, urging caution and responsibility among those investing in Bitcoin.
Contrastingly, NEO seems to have received favorable nods from the government. having attended Participation in government-endorsed industry conferences enhances prospects for the company, though it introduces the potential for future regulation.
NEO has recently exploded in price since its ICO Originating as Antshares just a year ago, we foresee immense potential in NEO for several reasons. Browse further to explore its promising aspects.
Who is Behind it?
As introduced, NEO was birthed by a company founded in 2014, focusing on designing, researching, and evolving blockchain distributed ledger systems. Onchain Led by Da Hongfei, alongside core mind Zhang Zhengwen and secretary general Tao Rongqi, the team thrives with support from developers, operators, and collaborators.
Speculation looms over the exact number of developers on board, with some hinting at merely two coding contributors for NEO. Recent site updates now list 4 developers, a front-end specialist, and an engineer, in line with their GitHub details.
There has been some discussion in the community NEO stands a strong chance of success based on Ethereum's blueprint for smart contracts and ICOs. NEO's multilingual coding approach significantly lowers entry barriers, thus widening the developer pool. lists 4 people .
Why Could this be Big?
Having secured prestigious collaborations, NEO gains both credibility and anticipation with brand giants such as Bancor, Coindash, and Agrello already on board. It also maintains ties with its parent company.
Alibaba, arguably China's, and potentially the world's, leading commerce organization. Onchain and Alibaba Onchain, along with Fadada and Microsoft, has embarked on a consortium Blockchain known as The Legal Chain. largest eCommerce company .
This initiative aims to provide digital evidence archiving services for digital contracts, IP rights, e-health records, etc. The surge of ICO enthusiasm has undeniably been a pivotal driver for platforms like Ethereum. NEO is following suit, with its distinct ICO events poised for launch. NEO's alignment with government interests is undeniably advantageous, even if its realm of success remains within the Asian market. Given its vastness, the opportunity is promising.
In its Antshares phase, it raised 6119.53 BTC, equating to $4.5 million over a 31-day ICO period from August 8 to September 7. Red Pulse , launching on September 10, 2017.
Out of NEO's 100 million tokens, 50 million were designated for ICO supporters, while the remaining 50 million fall under the NEO Council’s stewardship for sustained growth.
ICO Details
Boasting a meteoric rise this year, NEO moved from its ICO value of $0.03 to a peak beyond $50 by August 2017, settling around $35 as of late August. A phenomenal return if you joined the ICO or invested last year.
NEO bypasses the Proof of Work method utilized by Ethereum and Bitcoin, adopting instead the
Delegated Byzantine Fault Tolerance.
dbFT & GAS
dbFT facilitates agile transaction validation, mitigates most attacks, and maintains a singular blockchain iteration, negating the threat of forks or disparate blockchains, irrespective of any attacker's resources. Further technical details are available for exploration ( dbFT ).
but in simple terms, owning NEO translates to generating GAS.
GAS is birthed with every new block. Starting at zero, it will ultimately reach 100 million over approximately 22 years, pacing with the rate of block creation, which occurs every 15-20 seconds. Annually, about 2 million blocks manifest. in their Whitepaper Around 2 million blocks birth yearly, initially generating 8 GAS per block. An annual decrement of 1 GAS per block aligns with every 2 million blocks completed.
To channel GAS, store NEO within a personal wallet rather than an exchange. Options range from mobile and desktop solutions to web-based alternatives.
Though NEO's recent surge doesn't eclipse its historical peak, now might be a prime time for acquisition. While early-year returns may be elusive, projections suggest $100+ potential by year’s end, making NEO a prudent long-term strategy. Its proximity to Ethereum’s success could yield substantial rewards coupled with GAS accrual.
Editor-in-Chief at Blockonomi and visionary behind Kooc Media, a UK-based digital media firm. A staunch advocate for Open Source, Blockchain, and equitable internet access. on the official website here .
Conclusion
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2Who is Behind it?
dbFT & GAS
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