NEO: Everything you need to know🙌💰

There are many myths around cryptocurrencies; that if these are a fraud, that if they are used by hackers, that if there are governments behind, etc. That is why here we will talk about NEO, one of the cryptocurrencies that has raised the most questions.

And, although NEO has good technology and a lot of security behind it, which makes its value relatively stable, there are also many questions. Is NEO reliable? Is it a currency controlled by the Chinese government? Does it have as much potential as it is said in the exchange houses? Here we will solve it.

▶ What is NEO?

NEO, as such, is a digital environment or ecosystem which is designed primarily to run smart contracts and decentralized applications, somewhat like what Ethereum does. Its main characteristic is that NEO operates two cryptocurrencies, each with its own functions, within its environment; NEO (ANS) and GAS (ANC).

In order to sustain operations, the execution of smart contracts and the development of applications, NEO works through a Blockchain. This unique blockchain has greater capacity which allows two cryptocurrencies to operate at the same time, each with its own purpose.

NEO

The reason why it is said that the Chinese government is the one that controls NEO is that this project was born in China, back in 2014. At the beginning, this project was called Antshare and was considered as an initiative to create the PEOPLE's money.

Actually, the goal of its created and community was to improve the cryptocurrency and Ethereum environment. For this, an ICO was launched with the aim of financing the project so that it became a reality thanks to the investors who believed in it.

▶ Main differences between NEO and Bitcoin

  1. Two coins or coins: Ethereum, Litecoin, Bitcoin and other cryptocurrencies operate with a single coin while NEO has two tokens, both ANS and ANC. This is achieved thanks to NEO's architecture which is built with two levels, unlike other cryptocurrencies.
  2. Negotiation: NEO coins can be traded, that is, they can be traded through a broker, they can be sold and they can be used on different exchanges. Instead, Gas cryptocurrencies cannot leave the NEO environment so they only serve as a kind of internal currency.
  3. Indivisible: Another characteristic that we must take into account is that NEOs are indivisible, this means that unlike other cryptocurrencies that can be divided, NEO cannot. Each of these coins is equivalent to one unit such as a barrel of oil, a gold bar or a share.
  4. Remuneration: Although it rewards you for taking some actions in favor of the Blockchain, this process is not done with its secondary currency, GAS. That is, you will receive the rewards only in the form of NEOS directly in your Wallet or electronic purse.
  5. Algorithm: Instead of using the well-known PoS algorithm, like the one used by Bitcoin, NEO uses the PoW (Proof of work) algorithm. This makes mining impossible, since it is not necessary to do so. This algorithm allows the automatic execution of smart contracts to validate transactions.
  6. Protection: Another point to take into account is the fact that the improved Blockchain that NEO uses to function, and that is based on Ethereum, offers a much higher level of security. This translates into less risk of hacking and also some kind of data breach.

NEO

▶ How is the technology behind?

Although it is inspired by Ethereum, this digital currency operates under its own blockchain. That's how it is, NEO is pioneering the market by creating the first 100% operational Blockchain based in China. This is taking the concept of Ethereum to the next level.

And it is that the developers realized how vulnerable the Ethereum blockchain could be after its hack and the theft of millions of Ether. That is why it was decided to develop a new Blockchain which would close the security gaps present in Ethereum.

For this, the creators developed a Blockchain under a two-level structure. In the first layer we find the applications and place where Gas operates, on the other hand, in the second is NEO. In addition, along the layers of this blockchain we find smart contracts operating.

Another feature is in its programming, since both NEO and GAS were made under multiple programming languages. That's right, here we find C #, Java and Go, languages ​​responsible for the creation of NEO, its architecture and its higher level of security.

▶ Can it be mined?

NEO cannot be mined because this coin has certainly different characteristics than other cryptocurrencies.. That is why it is usually used exclusively in the NEO environment, in addition, the fact of using smart contracts certainly restricts its mining.

Although you can generate benefits from having NEO Coins stored in your Wallet, this kind of returns is generated in GAS. Its generation is done while the blocks are solved. The value of GAS coins is half NEO so some may find this process of returns unattractive.

▶ Is it really good?

Although information about NEO is relatively scarce, since not much is known beyond what we tell you here. In addition to the fact that mining is not open and getting this virtual currency is limited to buying it in the few exchange houses where it is available.

It seems that the future of NEO will be good because if something is known in the markets it is the fact that China does not invest to invest in a project. And if the Asian giant is behind this cryptocurrency, then it is for something, at least that is said.


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About Pedro Martinez Gonzalez

I'll tell you a little about myself! I am a financial analyst and economist with a master's degree in finance.

About my studies: I studied at the University of Salamanca for a Degree in Economics and then did a Master's in Finance in Madrid.

Do you want more information? You can read more about me here in my biography.

2 comments on «NEO: Everything you need to know🙌💰»

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