Neo has developed into a far-reaching blockchain platform which was established by Da Hongfei and Erik Zhang in 2014 and then renamed in 2017. It is dedicated to being open-sourced for developers, digitizing assets through smart contracts, and providing infrastructure for Internet innovation.
What Is Neo?
Neo has grown into a worldwide open network building a platform for developers to create, deploy, and perfect decentralized applications (DApps). Moreover, Neo can provide a robust technology to store decentralized data, deploy contracts by native oracles, and identify domain names on the Neo blockchain.
How Do NEO Tokens Work?
Different from other platforms, Neo boldly issued two tokens to operate its project. The name of the governance token is NEO. It is used to vote on the Committee, modify network parameters, etc. Another token called NeoGas (GAS) is used to pay transaction fees when utilizing the Neo network. The maximum supply of NEO is 100 million, and 1 NEO token is indivisible. However, 1 GAS token can be divided into 100,000,000 parts. Furthermore, NeoGas is a reward for the contribution of developers and users, helping the project grow and develop.
Why Do Investors Choose Neo?
Deciding to invest in any project or token, the most important thing to keep in mind is whether it has a future, how it will develop, and what distinguishes it from other projects.
In terms of Neo, people usually compare it with another famous blockchain called Ethereum. Therefore, Neo is also called the “Ethereum of China” due to its origin. As an open blockchain ecosystem, Neo has similar features. It allows the creation of various DApps, like decentralization exchanges, storage protocols, and oracles. It also encourages developers to use multiple programming languages such as C#, Go, Python, Java, Typescript, etc.
In addition, the Neo team has established a unique consensus mechanism unrelated to Ethereum. It is the delegated Byzantine Fault Tolerance (dBFT 2.0) that guarantees transaction irreversibility. This ensures the safety of DApps deployed in Neo’s Layer 1 with low gas fees and high-speed transactions.
Furthermore, democracy and decentralization play an important role in the development of Neo. There are some difficulties in the development of Neo and they speak openly about it. As their founder said, “Pure pragmatism can’t imagine a bold future. Pure idealism can’t get anything done. It is the delicate blend of both that drives innovation.” The dual token mechanism encourages every participant to join the establishment of the Neo network, like a DAO. All participants contribute, share interests, and take risks together to build a fast and safe blockchain.
Now, Neo has attracted many users, developers, and community members, and launched new functions to embrace a new future.
The Future of Neo
It is believed that Neo is a long-term and high-quality network. Although the current market is not good, the Neo team has been upgrading its ecosystem and attracting more participants. Currently, the price of NEO is around $12 per token, the market cap is about $865.88M, the volume is near $66.82M, the circulation supply is $70.54M. However, we are willing to wait and see its growth and what surprises it can bring in the future.
