What is NEO?
Formerly known as Antshares, NEO is a recent iteration on Ethereum’s smart contracts. NEO uses a unique blockchain algorithm that improves upon Ethereum’s model. While the basics still apply, it also supports decentralized commerce, identification and digitization of several assets. NEO also closes loopholes that have caused some Ether contracts to be vulnerable to hackers.
NEO is widely considered as “Chinse Ethereum” because it, like Ethereum, is aiming to build a platform on which other DApps or Decentralized Applications could be built by letting users execute smart contract code on their Blockchain. In fact, the first ICO on the NEO blockchain Red Pulse Token (RPX) was announced soon after the rebranding finished. NEO is often referred as “Ethereum’s Killer”
NEO is the the first decentralized, open-source cryptocurrency and Blockchain platform launched in China. NEO describes itself as a distributed network for the Smart Economy
NEO is mixing and using Blockchain technology and digital identity to “digitize assets”, use “self-maneged smart contracts for digital assets” and to achieve “smart economy” with a distributed network. NEO provides a framework for the digitalization of real world assets and is set on the goal of making it accessible to everyone.
NEO claims to be able to handle over 1,000 transactions per second, with a goal of optimizing to over 10,000 transactions per second.
Apart from the NEO cryptocurrency itself, the NEO platform has another crypto-token called “GAS” which was formerly called as “ANC-Antcoins”.
Trends in the NEO Market
After hovering between 0.002BTC and 0.003BTC ($6 – $8) for months, NEO has made some astounding progress in both value and market capitalization. For the trailing month, NEO has been one of the top five highest-volume cryptocurrencies, among Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), and others.
Since the beginning of August, NEO has gained more than 300%. There are a few reasons that the cryptocoin is experiencing such immense gains:
The Team and Their Idea: Founded by Da Hongfei, the NEO team is one of the most professional around. While many new ICOs (initial coin offerings) have teams that expound upon the pre-sale of the coin and its potential value, NEO takes the opposite strategy. Da’s team are relentlessly accessible to the public and speak on the technology’s real-world applications.
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