NEO, previously called AntShares, is a cryptocurrency created by the company Onchain. Just like Ethereum, this crypto uses smart contracts. This makes it possible to program and develop applications via the NEO network. NEO is already very popular in China and Korea, but this coin is also becoming increasingly popular in the Western world. Due to the similarities with Ethereum, NEO is also called the Chinese Ethereum.
What can I use NEO for?
As we have read above, NEO is a bit like Ethereum. Because NEO uses smart contracts, it is possible to create applications via the NEO software. These contracts allow transactions and other services to be automated. In addition, it may be possible in the future to make payments in China and other Asian countries with NEO.
As you may know, China is protective against products and services from the west. For example, the government of China has already indicated that they do not see Bitcoin and other Western cryptos as legal tender. However, there is a possibility for NEO to become one. This is because NEO was founded in China.
How is NEO different from the competition?
NEO is different from a lot of the competition but quite similar to Ethereum and Cardano. For example, NEO works with smart contracts, just like Ethereum and Cardano. This means that various applications can be developed on the NEO network. A difference with Ethereum is that NEO can process transactions many times faster than Ethereum. In addition, an important difference with Ethereum is that it is not possible to mine NEO.
Like other cryptos, the NEO price is quite volatile. It is possible that the NEO price can rise 30% from one day to the next, but also fall. The NEO rate is, just like any other crypto currency, dependent on a number of important factors, namely: The graph below shows the NEO rate (note the rate is in dollars). It can be seen here that NEO is a fairly new crypto. The NEO price only started to rise at the beginning of June 2017. The NEO rate has continued to rise to a peak of over $ 160 in early January to late January. After this, the price fell sharply.
Where can you buy NEO?
Are you planning to buy NEO? There are many exchanges where you can buy this crypto coin. However, it is not possible to buy NEO, unlike Bitcoin, Ethereum and Litecoin, from Coinbase. To give you advice on which crypto exchanges you can best use when buying NEO, we have listed the 4 largest and most reliable exchanges. Do you want to know more about the different exchanges? Then press the exchange you want to know more about.
Anycoin Direct Binance BTCDirect Coinbase Bitvavo
Who is the NEO founder?
The founder of NEO is a Chinese named Da Hongfei. In addition to being the founder of this cryptocurrency, Da Hongfei is also the boss of the company Onchain.
Together with his co-founder Erik Zhang, who also works at the company Onchain, he wants to change the world through blockchain technology and his cryptocurrency called NEO.
What are the benefits of NEO?
Do you want to know what the benefits are of NEO? Below you will find the main advantages of this crypto. 1. Use of smart contracts Just like Ethereum, NEO uses so-called smart contracts. This makes it easy for programmers all over the world to develop applications via the NEO network. 2. Founded in China Because NEO was founded in China, this could be an advantage for this crypto. China has already indicated that Bitcoin cannot be seen as a means of payment. If the crypto is developed in the home country, the chances are much greater that the government will accept the crypto currency. 3. The low transaction costs The transaction costs of NEO are much lower than many other cryptos such as Bitcoin, making it more attractive to use NEO as a means of payment. 4. Fast transactions The transaction speed is a big plus for NEO. The NEO network can process 10,000 transactions per second.
What are the disadvantages of NEO?
In addition to all the advantages, there are of course also disadvantages to this coin, namely: 1. The currency is relatively unknown Because NEO is fairly new to the crypto world, there is also little information available for developers on how to use the network. In addition, the large crowd (especially outside Asia) hardly knows what NEO is. This may cause the currency to be underestimated. 2. Not the first crypto with smart contracts NEO is not the first cryptocurrency to introduce smart contracts. Cardano and Ethereum also work with this. It is therefore not without reason that NEO is called the Chinese Ethereum. This can be a disadvantage, because many people prefer to opt for the original, which in this case is Ethereum. 3. The NEO course is very volatile NEO is certainly not as stable an investment as stocks on the stock exchange or real currency. Because the value of the NEO and GAS is not stable, it is very unlikely that it will be used by large groups as a means of payment in the short term. The currency is simply not stable enough for this.