Are you into digital currency? Does the word cryptocurrency excite you every time you hear about it? If you are an investor, you should. That is because these coins will be the thing of the future. With that said, you need to know how you will take advantage of the coin.
For you to be a smart investor, there are things you should look at when it comes to the digital coin. These features make you decide whether it is wise to invest in a certain coin or not. Just what are they? Well, read along as you know more.
You need to look at what you are bound to gain in a certain coin. That is the return on your investment. You need to ask yourself what you will gain in terms of profit from the coin since profit is every investor’s motivation.
Ease of transaction. You need to invest in a coin that is quick, cheap and easy to transact in the exchange market. With that in mind, you need to look for a con that is well established and known for you to have the confidence and the trust to trade the coin.
What the coin has to offer that is extra from the rest of the coin. Sometimes it is not about the profit. You need to look at what more will you gain from a coin. A good coin should be more than a means of payment. That brings us to the NEO coin.
What is NEO coin?
If you are looking for an alternative to the Ethereum coin, then you will be excited to know about this digital coin. It is a coin that has heat the headlines with a bang due to the many functions it can perform as a single coin. Many are saying it could be the Ethereum killer due to its advantages.
The NEO coin is also known as the Chinese Ethereum. Formerly the ant shares, it is a coin that has given investors a reason to invest in it. That is because of the recent return on investment that saw the initial investors make a huge profit.
It is a decentralized open-source cryptocurrency and blockchain that was launched in China. A product of the NEO the company. A company that also owns the cryptocurrency known as the GAS or the ANC altcoins. What is the motive behind the coin?
As the word suggests, NEO coin which means newness, novelty and youthful in Greek was meant to improve what the Ethereum has failed to improve. Make it better and more functional in many aspects. It has gone a long way in solving all the loopholes in other altcoins.
Being a unique cryptocurrency, it is meant to build a scalable network of decentralized applications. The NEO blockchain is meant to generate non-divisible NEO token that generates a GAS token that is used as a transaction fee in the network.
Origin of the NEO coin
NEO as a company has been around for a while. It was first released in the year 2014 with the name and share. The founder Da Hongfei and Eric Zand where the original developers of the currency. Later they rebranded it from ant share to NEO with more improvements.
The co-founders are also involved in providing on-chain consulting services to provide blockchain solutions. In March 2018, they came up with a system of rewarding each NEO coin holder. They distributed 1 ontology to every 5 NEO held in a wallet for use in voting.
The ontology is meant to be used for future voting in the matters of how the NEO is to be governed, on system upgrade and identity identification among other issues in the company. This was welcomed well by other investors since it meant they have a say in matters of the company.
Being a new coin, it is doing well in the market. With so much to offer and a lot of changes being made to make it better, it has shown that it is a coin that has a lot to offer other than completing transactions.
Elements of NEO coin?
For you to understand the NEO coin, you must be able to know what more it has to offer. Like earlier mentioned, the coin is used for more than financial transactions. There are uses that involve the currency;
- Digital assets
That is a smart way of management of assets. This is through the conversion of the assets that you own into digital ones using the smart contract technology. It is a clever way in which you can store your assets in form of a contract in a secure way.
When the assets are converted, they are decentralized as smart assets and are protected by law using the digital certificate. You don’t have to worry about the safety of the assets since the blockchain promises you trust and safety of your assets.
- Digital identity
It is another smart way of attracting potential investors. They offer services of creating identities of its customers in institutions, on an individual level or entities in electronic form. With this, institutions can be able to identify people in their firms.
- Smart contract
With NEO coin, you don’t need to learn a new language of coding. All you must do is log in a and continue with your contract thanks to the knowledge of Mckszro. That is what NEO coin is all about. Drafting smart contract for their customers.
How Does NEO Coin work?
If you are familiar with the way Ethereum works, then it will be easier for you to understand the NEO. That is because they are similar in concept and how they work. Let have a look at what happens in the NEO.
In the NEO company, for the coin to operate efficiently, they usually operate in form of two crypto tokens, these are;
- NEO Token
When it is said that you have some NE0 token, it is like you own some shares in the NEO company. That is because they are like security or shares in the company. With the Neo, you can take part in block creation, network change and management.
- GAS token
They are used as a source of energy to energize the whole process. When you have the NEO coin, you are awarded a GAS token for every 5 NEO coin you own. With the GAS, you can use it for resource allocation and for running of the smart contracts.
Mining of the NEO coin
Mining of cryptocurrency is one way in which you can earn a lot of profit. It is intensive since it requires a lot of input in terms of time, energy and infrastructure and can be expensive but in the long run, it can give you a lot in return.
When it comes to the NEO coin, you will be disappointed if you are intending to make a profit through mining, that is because there is no mining of the NOE coin. Yes, all the coin in the system are pre-mined and so there is no mining that usually takes place.
That should not discourage you from investing in the NEO. Like you have read earlier, you have a lot to gain with the coin. With that said, you should make sure that you own a lot of coins for you to gain more. The more NEO you own, the more GAS you accumulate and the better your returns will be.
Special features found in the NEO coin
NEO has come to prove other cryptocurrencies that it is the best of them all. You can agree with the developers because it is designed with different features that are not available in the other cryptocurrencies. They include;
- Proof of work
For a transaction to be approved in every cryptocurrency, there must be a proof of work that needs to be performed before a transaction is complete. In the other cryptocurrencies, they use the proof of work algorithm. This mode expensive since it requires a lot of energy input.
When it comes to the NEO coin, it uses a special Byzantine fault consensus. That ensures that every transaction is complete and fast. With the method of transaction verification, NEO gets to confirm a lot of transaction per second, unlike other cryptocurrencies.
This is how far a digital coin can be divided. That usually happens when buying, selling or mining. In other cryptocurrencies, we have seen them being divided into smaller than one portions but in NEO, the smallest part of NEO in existence is one. It is not divisible to a lesser number than one.
It is the coding language available in a certain coin. When it comes to the Ethereum, it has only one language which is the solidity language. With the NEO coin, its available in many languages including the Java, Python, C# which is convenient as it gives investors choices to choose from.
How to buy NEO coin
For you to efficiently trade the NEO coin, you must own one. That means you must have a platform where you can get the NEO. Having the vital information that you need before you go and get the coin is important as this will prevent you from being conned.
One thing you should know when it comes to buying the NEO Coin is that you cannot buy the coin directly from the traditional currency. You must use another digital currency like the bitcoin or the Ethereum for you to buy the coin.
The second thing you need is a digit wallet. The wallet will be used to store the NEO coin. Just like the way we have a bank account where you safely store your fait money, using a digital wallet will safely store your currency for future use.
For you to get a wallet, you have so many options to choose from. You can use either of the following;
- A hardware wallet- ledger, and Nano S
- Get a desktop wallet by downloading neon wallet, NEO GUI, NEO CLI and the 03 wallets.
- You can get a web wallet from NEO tracker, NEO wallet.
- Through paper wallet from
Once you have the wallet that suits your need, you need to go ahead and buy the NEO coin. To do this, you need to visit one of the following sites and using your bitcoin or Ethereum, you can go ahead and buy your NEO currency in the following markets;
- Coin sutra cryptocurrency exchange.
- Coin witch.
- Gate io.
- Bit fine x.
Future of the NEO coin
Can you predict the future of any crypto coin? The answer is no. The field of digital currency is very uncertain. You will wake up to surprises every morning. Some surprises are as investors want while others are contrary to their expectations.
One predicts the future depending on how the coin is performing in the market. The currency is better and many investors are reacting positively to the coin. They are putting their money in the currency and hoping to reap the most out of it, should you do the same?
You need to look at what the coin has to offer. If you are going to benefit from the coin, you need to buy and hold the coin and hope that in the future, it will bring a big return of what you invested.
NEO is a coin that was intended to kill the Ethereum coin. It has unique features and more to offer than the other digital currencies. If you have invested in the Ethereum and want more than what you get from the currency, NEO is the coin to put your money in. you never know until you try.