Neo Price & Charts
What Is Neo ?
NEO is an open source, peer-to-peer and decentralized network that enables instant payment anywhere around the globe.It has one of the best technologically advanced cryptocurrencies in the world. NEO built a platform in which smart contract and other applications could be executed. They are still improving on their blockchain to ensure all decentralized applications can use their platform.
NEO is collaborating with Chinese and Japanese governments in implementing some of their infrastructures/policies using NEO technologies. NEO is also partnering with large organizations in China an example of such organization is Alibaba. NEO also has a sister company called “one chain” which is into blockchain creation.
NEO produces GAS to users who want to user NEO network for their services. The more services you render, the more GAS in demand.
Cryptocurrency technology is becoming interesting on each passing day based on the fact that new cryptocurrencies are springing up and leveraging on existing platforms and correcting the mistakes of the cryptocurrency progenitors. A new one was launched in China in 2016, and the team told who cares to listen that, what Ethereum achieved is a child’s play of what they have set out to achieve. No wonder it is called “Ethereum Killer, ” and it’s officially called NEO.
Da Hongfei founds NEO, and his co-founder is Zhang Zhengwen. The General Secretary is Tao Rongqi and Zhao Cheng oversees community operations. We have another group of developers that constitute the team.
Practical Uses of NEO
- NEO converts traditional assets to digital assets using smart contract.
- NEO uses blockchain to create digital identity information for companies, entities, and individuals.
- NEO allows developers to use its’ platform for developing decentralized applications.
- NEO shares are being used for voting for the future use of blockchain.
- It keeps gas generated by new blocks for users of blockchain services.
- NEO generates e-contracts that can be used for crowdfunding.
Mining of NEO
Most of the NEO tokens are pre-mined, but that doesn’t stop anyone from mining NEO. NEO has provided an excellent platform to mine its’ tokens. All you need is hardware that meets the requirements for mining and technical expertise to mine because you are going to mine in a blockchain built with advanced technology. The reward is paid to your wallet, the moment you solve any computational problem and block is added to the blockchain.
NEO uses these specifications to mine, they are:
Proof-Of-Work (POW) + Proof-Of-Stake (POS): These two mining algorithms can be implemented in NEO blockchain.
Script Algorithm: For the fact that, NEO is built on advanced technology, it is expected to have faster transactions and addition of blocks to the blockchain. Script algorithms help to achieve this functionality.
100 seconds block time: Block delivery time is 100 seconds which is less than two minutes.
Energy-efficient cryptocurrency: Using PoS to mine give a high energy efficiency.
Average’ difficulty/reward adjustment: Reward can be adjusted to accommodate some changes that occur during mining.
Notes for Investors
Since the CEO of NEO announced their collaboration with Chinese and Japanese Governments early August 2017, their market capitalization has risen 300%.NEO recorded all-time high of $52 per token.
For this trading month, NEO has been among the top five with the highest volume increase, and there is every tendency that, it might go higher in the coming month based on its’ penetration to the Asian market.
I foresee a future in NEO because various Governments will not like to partner with unserious cryptocurrency network. NEO is worth investing.
You need to note that, cryptocurrency investment is speculative and unpredictable, and it involves risks. The market is full of uncertainty, susceptible to attack and capital loss. There are many parameters one needs to check before investing. Don’t invest only based on what you have read here, but invest based on the fact that, you have sought advice.
I wish you success!