Neo Coin Explained

Neo NEO

The Neo coin and Gas coin are two examples of the many digital currencies and other smart contract applications that are powered by the Neo software and cryptocurrency. Neo was the first blockchain platform headquartered in China, initially known as “Antshares,” and it had functionality to allow decentralised applications and smart contracts in addition to its own currency.

This page will provide crucial information on Neo coin, Gas coin, and the larger Neo ecosystem, including answers to crucial queries concerning Neo coin, how Neo works, unique Neo blockchain characteristics, and other related topics.

What Is Neo Coin?

A cryptocurrency called Neo uses the Neo blockchain. It was introduced in 2014 under the direction of a group of programmers who are still co-chairs of the Neo Foundation, the organisation that created Neo. 1

The Neo blockchain platform’s software also powers other cryptocurrencies, decentralised applications (dApps), and smart contracts in addition to the Neo coin.

1 Users of the Neo blockchain also use the Gas coin, which is used to pay transaction fees, in addition to the Neo coin.

Out of a fixed supply of 100 million coins, more over 70 million Neo coins with a market cap of $2 billion were in use as of August 2021. 2 Out of a total of 100 million coins, there are also approximately 10.1 million Gas in circulation. The value of the Gas coin market is $57 million.

Special Features of Neo

Neo, in contrast to some other currencies, is a component of a bigger ecosystem that includes distributed apps, smart contracts, and other features. Decentralized storage, data security, and cross-chain compatibility are just a few features of the Neo programme. Using the NEP-standard, any cryptocurrency can be launched on the Neo network.

Neo resembles Ethereum in some aspects because both platforms offer smart contracts and dApps in addition to their own cryptocurrency. However, in contrast to Ethereum, which uses the Ethereum cryptocurrency to cover transaction fees, Neo uses a different token called Gas.

How To Mine Neo Coin/Mining Neo Coin

Neo is not publicly mineable, in contrast to a lot of other cryptocurrencies. Only a few consensus nodes, which are responsible for the Neo network’s fast transactions, can mine. The Neo Foundation controls five out of the seven active nodes, which means that it receives the majority of mining revenue, according to Neo documentation.

Total Supply of Neo

There is a 100 million coin cap on Neo and Gas. A smart contract is gradually releasing the roughly half of Neo currencies that were kept in reserve to pay for Neo Foundation expansion.

How To Buy/Invest In Neo Coin

Neo is not as commonly used as some other, more powerful cryptocurrencies, and it is not traded on significant exchanges like Coinbase. Neo can be purchased, though, on some exchanges offering a wider range of fiat currencies, like Binance US.

Wallets

The official Neo wallet is a free, open-source download that may be used with Windows, macOS, or Linux. The Ledger hardware wallet is one of the several wallets that supports Neo.

Fees and Expenses

Users use Gas to fund transactions on the Neo blockchain. However, there is a built-in “system fee discount” of 10 Gas for each transaction, thus the majority of transactions are free. The fees are divided between system fees, which are returned to Neo holders through staking, and transaction fees, which are paid to the consensus nodes.

Notable Happenings

Since its debut, Neo has undergone a number of significant changes, including its name. Beginning in 2014 as AntShares, Neo changed its name to Neo in 2017. The platform’s 2.0 version was released at the same time as the 2017 makeover. Version 3.0, also referred to as N3, will happen in 2021.