NEO Key Facts
NEO plans to transition today’s traditional economies into Smart Economies using a combination of smart contracts, digital assets, and digital identifying features. The coin is commonly referred to as “The Ethereum of China” among cryptocurrency investors and enthusiasts as a result of its unique platform features including the ability to create decentralized apps (dapps) and ICO’s, the aforementioned smart contract support, and ease of use for coding & development purposes.
The digital currency’s Proof of Stake rewards investors with “GAS” (the fuel of the network) for simply holding onto NEO in an approved wallet. The earned GAS can be traded on supported exchanges as any other cryptocurrency would. See below for additional information on the Chinese-based digital currency.
Purchase & Storage of NEO
With respect to the features explained above, NEO is one of the more popular cryptocurrencies among investors and traders and can be found at a large quantity of digital currency exchanges worldwide. At the moment, there are few NEO-FIAT pairings, meaning users will first have to purchase Bitcoin or Ethereum as an intermediary to then trade for NEO. As both centralized and decentralized exchanges continue to grow and expand their capabilities, additional fiat pairings are to be expected for the high marketcap coin.
Investors are able to store their NEO in hardware, desktop and web wallets. When storing NEO, users are strongly suggested to select a wallet that allows GAS to be claimed as an added incentive and bonus. The NEO developer community, known as the “City of Zion” have created the desktop based NEON wallet which allows users to trade both NEO and GAS and is often given praise for its’ features, continued development, and ease of use.
Future Outlook
Simply put, the future of NEO is as bright as any other cryptocurrency out at the moment. NEO’s Shanghai-based sister company, Onchain are globally renowned for their work in Research & Development of blockchain solutions for businesses. In 2016 and 2017, Onchain was recognized on KPMG’s list of the top Fintech companies in China. Da Hongfei and Erik Zhang are founders of both NEO and Onchain and continue to play pivotal roles in the progression of both companies.
NEO’s open source developer community, City of Zion are a group of independent individuals who have created exemplary projects for NEO including the NEON wallet, NEOScan, and important documentation to assist with NEO’s continued worldwide growth. In some instances, the NEO team will donate funds to the City of Zion team as a reward for their collective efforts. Both the NEO and City of Zion communities maintain communication among a number of social media outlets including Facebook, Twitter, Reddit, Slack, and Medium.
The coin’s competitors in the crypto-community include Ethereum, EOS, Icon and Tron, which all have a similar concept and whitepaper to that of NEO. Outside of the digital currency world, one potentially major threat to NEO includes the Chinese government. Over the past couple of years, China’s volatile stance on cryptocurrency has left many puzzled and questioning the future. China has recently tightened regulations on outside exchanges and overseas transactions as the government believes they are of very high risk.
The facts should speak for themselves with NEO. It is a well-developed coin with an impressive team, an overwhelming amount of community support and a roadmap for success. Since NEO’s inception, there has been a number of outside user groups that have launched their own coins on the NEO blockchain citing ease of use with development. It’s time for NEO to “Enter the Matrix”.