If you’re into cryptocurrency trading, you probably noticed that a lot of people are talking about “NEO Cryptocurrency” lately, and it has come a long way ever since the launch of Bitcoin way back in 2009. Now, there are hundreds of new coins being released in different niches, and NEO has garnered the interest of traders because of its purpose– to improve the foundations made by Ethereum. This Chinese-developed token aspired to come up with a more effective and smarter contract, while being able to dominate the Asian market at the same time. To make that happen, cryptocurrency finally secured a partnership with the Chinese certificating authorities with the aim of developing smart contracts.
Overview
A lot of traders consider NEO as the answer to Ethereum. Basically, even though both of which uses smart contracts, what makes NEO different is that it utilizes a unique blockchain to improve the Ethereum network. As a matter of fact, NEO managed to define themselves as the distributed network for the smart economy.
Being Built in Two Tokens
Since NEO is built on two tokens– neoGAS and NEO, it has the ability of being able to pre-mine during the genesis event with a hard cap of 100 million tokens reserved for block creation, consensus requirements, and network management. Wherein, the GAS token has a purpose of being the fuel for the NEO blockchain and secure everything.
How Is It Made?
Just like any other cryptocurrencies, NEO was made by its community. However, what made it different is the fact that it’s based on a proof of service concept, instead of the usual proof of work. It’s also worth noting that unlike Bitcoin, NEO users get rewarded according to the number of coins they have, and they don’t have to solve transactions to get these. Instead, the NEO token serves as a part of the blockchain. That means every time a new block is created, users could acquire neoGAS. This would go on until it reaches the cap of 100 million coins. After that, the holders would get a portion of the transaction fees. Every 15 to 20 seconds, a new block is created, which means there are more than 2 million blocks each year.
Why You Should Consider Investing in NEO
There are a number of reasons to invest in NEO, considering that the Chinese economy is dominant and is continually growing every year. Aside from that, users also have the ability to issue and trade assets on the NEO platform, wherein the tokens are distributed to show ownership of an asset, instead of the asset itself. This only proves that it’s very straightforward, especially when it comes to transferring shares, assets, and equity.
As you invest in NEO, you’ll be able to expand and balance your cryptocurrency portfolio as it’s considered as a platform that behaves in a unique way while in the market unlike other cryptocurrencies. Furthermore, it would also exhibit a belief in the real-world appliances of blockchain technology where a lot considers this as something very exciting yet challenging.
Pros
- User-friendly, straightforward, and trustworthy.
- You’ll be able to enjoy instant execution of trades.
- There’s a huge cryptocurrency market that shares knowledge with one another.
- Regulated company.
- Copy Trader can be used, together with other useful tools.
Where to Buy NEO
The good thing about NEO is you can buy it in most cryptocurrency exchanges, such as Bittrex, Bitfinex, and Binance. All of these have a good reputation, but most traders prefer Binance because they offer daily rewards for holding NEO, making them feel that this one is really a good investment. For most, they are hesitant in buying their NEO coins even when the price would dip, because they are worried that they’ll eventually lose the passive income stream you can get from NEO.
Final Thoughts
Overall, NEO is worth a shot since it’s a highly advanced cryptocurrency that offers a network for identification of smart contracts, digital assets, and many more. In fact, you can even compare it Ethereum, and it’s like the second generation of it. Likewise, NEO is a Chinese cryptocurrency, which can be an advantage in such a case the Chinese government decided to limit cryptocurrencies.
It’s true that investing in NEO can be a risk, however, it can also be quite lucrative at the same time.
