NEO Price (NEO)

About NEO

NEO, often known as the Ethereum of China, was launched back in 2014 by Da Hongfei and Erik Zhang. It was designed to build a smarter economy where smart contracts and digital assets and identities work together in a seamless manner. The crypto was originally introduced as AntShares and was rebranded as NEO in 2017. Soon after, it became one of the most prominent cryptocurrencies out of Asia. 

Two key factors that set NEO apart from other cryptocurrencies are its focus on regulatory compliance and its Delegated Byzantine Fault Tolerance (dBFT) mechanism. This consensus-based algorithm helps make sure that NEO can process thousands of transactions each second which is much faster than traditional proof-of-work (PoW) blockchains. 

Apart from that, NEO is also known for being compatible with multiple programming languages such as C#, Python, and even Java. Having such compatibility ensures that developers create decentralized applications (dApps) featuring NEO without having to learn new programming languages from scratch. In addition, NEO uses a dual-token system where NEO tokens represent ownership and GAS tokens are used for transactions. 

The NEO price has seen its fair share of ups and downs over the years. Some of the many different factors that contribute to the NEO price prediction include its strong developer community, strategic partnerships, and vision for a smarter economy. Today, NEO remains more of a utility-driven asset which makes it popular as more and more people now seek cryptocurrencies not only for investment, but for usability. 

What Is NEO?

NEO is a public blockchain platform that aims to be a digital foundation for a smarter economy. To do this, NEO shifts its focus from peer-to-peer transactions towards building an ecosystem where assets, identities, and contracts are digitized without the use of intermediaries. 

Unlike many other blockchain networks, NEO supports multiple programming languages through the NEO Virtual Machine (VM). Having such support means that developers can easily create apps, and the platform itself can attract more users. This ensures that NEO lives up to its commitment of creating a decentralised ecosystem. 

In addition, being compatible with multiple programming languages also facilitates real-life applications, common examples of which include decentralized exchanges, digital certifications, asset tokenization, and more. An interesting thing about NEO is its transparency and accessibility in governance. 

As a NEO holder, you can vote on network decisions and how protocols are upgraded, meaning you have a say in how the platform evolves. Any transactions or smart contract executions you make on the network are done using GAS, which is a separate token that you generate over time by holding NEO. 

Before we get into things like the NEO price, its network security, ecosystem, and more, let’s first look at the founder of NEO. 

Who Are The Founders Of NEO? 

NEO was founded by two individuals, Da Hongfei and Erik Zhang, and their shared vision is what laid the foundations of one of the most recognized blockchains in Asia. Da Hongfei is a South China University of Technology graduate majoring in Technology and English and was initially known for his work in blockchain consulting and enterprise solutions.

Before NEO, he was the co-founder of On-chain, a company that delivers blockchain systems for governments and other financial institutions. Throughout his career, he has lauded the idea of a smart economy where digital assets such as identities and contracts can function seamlessly on the blockchain. 

Erik Zhang, the co-founder of NEO, is also the core developer and architect behind the dBFT consensus algorithm. Eric has a background in Computer Sciences and Game Development, and when it comes to NEO, technical depth is what he brings to the table. Both of the founders met at a Bitcoin conference back in 2014 and launched NEO the same year. 

Today, Hongfei’s leadership and vision combined with Zhang’s technical expertise are what continue to drive the NEO price, development efforts, and the overall growth of the platform, pushing it toward becoming a complete decentralized smart contract ecosystem. 

What Makes NEO Unique? 

When it comes to understanding the NEO price and how it’s expected to move in the future, one must first know about the factors that differentiate NEO from all the other cryptocurrencies. In an industry where some cryptos live off hype created by people with influence and others off the meme popularity, NEO stands out because of its long-term vision. What makes the NEO price, and the crypto itself, different is a combination of factors that include: 

Vision Of A Smart Economy 

One of the first things that make NEO unique from others is its vision of a smart economy. This vision is mainly centered around three key pillars that include digital assets, digital identities, and smart contracts. Where many other blockchain projects focus on decentralization or trading, NEO’s aim is both compliance and real-world utility. 

Based on this vision, what NEO basically does is that it digitizes physical assets, verifies identities on the chain in a secure way, and makes sure that transactions get automated through smart contracts. Another interesting thing is that it does all of this within a framework that can be integrated with legal and regulatory systems. 

Dual Token Model

Unlike other cryptocurrencies, NEO uses a dual token model that’s designed to separate how it operates from how it’s governed. The first token, NEO, is designed for governance and users who own the token have the right to vote on key decisions regarding the protocols. 

Common examples of such decisions include node elections, system upgrades, and more. Having such an infrastructure in place makes the asset unique, impacts the NEO price, and gives users control over NEO’s future. The second token, GAS, is what you can use for paying for transactions and executing smart contracts and dApps on the blockchain.

Users acquire NEO tokens by purchasing them on cryptocurrency exchanges for the NEO price. Whereas, GAS tokens are generated over time as you hold on to NEO tokens in a crypto wallet. However, users can also buy these tokens on different exchanges as well. 

Delegated Byzantine Fault Tolerance (dBFT) Consensus Algorithm

The next thing that makes NEO different is its dBFT consensus algorithm. It varies from the traditional Proof of Work (PoW) and Proof of Stake (PoS) algorithms, given that it has elected nodes, which are called delegates. These delegates reach consensus on the next block, which allows the network to process transactions faster. 

Apart from that, the dBFT model also offers immediate finality. What this means is that it does not need multiple confirmations like Bitcoin. So once a block is created, it’s final! This not only streamlines verification but also makes the model energy efficient, as comparatively less computing power is required. 

Multi-Language Development

Today, most cryptocurrencies, and their development efforts, are solely focused on one programming language. However, NEO provides development support in multiple languages that include C#, Java, and Python. This lowers the barrier to entry for programmers, helps make dApps development easier, and broadens the user base. 

Regulatory Design 

Another key factor that affects the NEO price and makes the asset different from others is its focus on a regulatory-friendly design. This makes NEO an ideal choice for governments and firms that require compliance. For example, its built-in digital identity system facilitates commonly used security protocols like Know Your Customer (KYC) and Anti-Money Laundering (AML).

Ecosystem 

NEO’s diverse ecosystem is another factor that makes it different from others and affects the NEO price. It includes a growing support for DeFi apps, NFTs, and DAOs through the NeoFS decentralized storage. Apart from that, it also supports native oracle integration. This ensures that smart contracts have access to actual data which is necessary for real-world decentralized applications. 

How Many NEO Coins Are There In Circulation? 

NEO has a fixed supply of 100 million coins. As per recent market data, the current number of NEO coins in circulation is 70.53 million. It’s worth noting that there are no new NEO coins being created. This is something that differentiates NEO from other traditional cryptocurrencies operating based on a Proof-of-Work (PoW) algorithm. 

Where other blockchain platforms allow users to mint new tokens over time and reward miners, NEO does things a bit differently. It uses a unique model where GAS tokens are generated as a utility by holding on to NEO in a compatible wallet. All of these things factor into the NEO price, which reached an all-time high of $196.85 back in January 2018. 

How Is The NEO Network Secured?  

NEO secures itself using the dBFT consensus mechanism which is a system that has been designed for both speed and security. The system relies on a set of trusted validator nodes that are elected by those who hold NEO tokens. Each of these nodes reaches a consensus through a process that tolerates malicious actors as long as two-thirds of the nodes are honest. 

Once a transaction on NEO is confirmed, there’s no need for contrast verification that generally occurs on other algorithms. This increases the finality and transaction throughput of the entire system which makes it suitable and efficient for applications of a commercial scale. 

Neo Ecosystem 

Quite a lot of crypto tokens on the internet are meme-based and thrive on short-lived humor. NEO, on the other hand, offers a utility-driven ecosystem that’s designed for real use. The ecosystem is based on a vision of a smart economy where different digital assets can function in a seamless manner. NEO’s ecosystem is currently rich, expanding, and currently facilitates NFTs, DAOs, cross-chain tools like Poly Network, and more. 

Apart from that, the ecosystem is designed to facilitate inclusivity and adaptability as it supports multiple programming languages, meaning that the barrier to entry is low and the learning curve, if evident, shouldn’t pose any significant challenges. In addition, its built-in identity system ensures ease of regulatory compliance, making it a more feasible option in terms of real-world utility. 

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