If you are unfamiliar with NEO, it is one of the largest and most significant coins in the cryptocurrency industry. This guide can help you learn many of the key things that are good to know about NEO.
Market Cap – As of February 12th, 2018, the market cap of NEO is $7,283,445,000. This market cap makes NEO the seventh largest cryptocurrency by overall market capitalization. It stands behind Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, and Litecoin in this regard.
Price – On February 12th, 2018, the price of NEO was $112.05 per coin. This price made NEO a relatively average priced cryptocurrency. This is because there are coins that cost thousands of dollars such as bitcoin, and then there are those that cost less than a dollar, such as Dogecoin and Loopring. So, NEO falls somewhere in the middle of the price range for cryptocurrencies.
Origination – NEO was created by Chinese developers, Da Hongfei and Erik Zhang in 2014. It was designed to create a so-called “smart economy.” NEO aims to do this by enabling smart contracts and decentralized apps, or “DApps,” to be facilitated on its blockchain. So, essentially, the goal of NEO is not just to be a decentralized cryptocurrency, but also a platform for businesses to leverage the blockchain for various processes.
When NEO was created, it was originally called “Antshares.” However, people behind NEO, soon changed the name, because they felt that Antshares was not catchy enough. They renamed their coin NEO, because in Greek, NEO means new and young, and because NEO is the name of the protagonist hero in The Matrix. Like NEO in The Matrix, many people believe that NEO coin is “the one” that will truly change the system.
Similarities to Ethereum – NEO is often referred to as the “Chinese Ethereum.” This is because Ethereum is also both a cryptocurrency and a platform for facilitating smart contracts and DApps. Ethereum and NEO are very similar. However, they have several key differences, such as the fact that they support different programming languages for development.
NEO and Gas – The NEO platform has two different tokens, which are used for two different purposes. Both of these tokens help the NEO network to function properly. Also, both of these tokens are capped at 100 million units each. NEO coins hold the purpose of representing shares in the NEO market. People who possess NEO coins have privileges, such as being able to vote on key decisions in the NEO ecosystem. People who own NEO coins are also entitled to receive dividends in the form of GAS coins. NEO tokens cannot be divided. They can only be bought and sold as complete tokens.
GAS tokens, on the other hand, can be divided and broken down into percentages of coins, such as 25%, 50%, etc. The purpose of GAS tokens on the NEO platform is to allow users to run and deploy smart contracts. Both currencies have their function, and they are both integral to the NEO ecosystem.
Growth – NEO has seen exponential and incredible growth since it was created in 2014. Most of this growth occurred in the year 2017. During this year, the price of NEO coins went from being worth just a few cents to be worth well over $100. The growth that NEO has seen has propelled it to being one of the most important and largest cryptocurrencies in the world.
One important reason why NEO continues to grow so quickly is due to a number of key partnerships. These partnerships include deals with Bancor, Coindash, and Agrello. NEO is also said to be partnered with both Microsoft and Alibaba, two extremely large companies. The full significance of these partnerships could soon come to light. This could help to boost NEO’s growth even further.
Conclusion
NEO is a cryptocurrency that has very exciting potential and which has seen a dramatic rise in price since its inception in 2014. Unlike many other cryptocurrencies, it is specifically designed to help provide a platform for smart contracts and DApps. This could make NEO extremely beneficial to e-commerce businesses. This utility value gives NEO a strong potential for more growth in the future.
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