What is Neo?
We are pretty sure that the first word that comes to your mind on hearing Cryptocurrency is Bitcoin. And it should be, bitcoin managed to take over the crypto world and many benefitted from it. We often talk amongst ourselves about how a person became wealthy simply because he invested in bitcoin and made an exit at the right time. Crypto trading is kind of like stock trading but very different in some aspects as well. The people who gained wealth in the Bitcoin boom were not simply lucky. Because for those of you who don’t know there are other cryptocurrencies out there. And it could have been any of those cryptocurrencies but the question is how did this selected group of people who were able to benefit from the bitcoin boom know about it? They simply did their research and studied trends properly. Read everything available to them and accounted all the factors they could think off. If you have not guessed it by now, Yes NEO is a cryptocurrency but it has much more useful in cases than digital transactions. What is unique about Neo? Why should you invest in Neo? All you need to know will be included in this article.
First of all, NEO is a cryptocurrency designed to build decentralised applications which are scalable. This entire project is based on the NEO token which further generates GAS tokens which can be used to pay for all the transaction fees being developed on the network by the applications. The NEO token is non-devisable which means you cannot transfer NEO in decimal figures unlike bitcoin and some other popular Cryptocurrencies. Note that the GAS is generated by holding NEO in your wallet and GAS is divisible up to 8 places of decimal (0.00000001). Another very important fact about NEO is that Neo is the First OPEN SOURCE blockchain project based in China. This project was developed in 2014 by the name of AntShares and its development resources were provided by the company Onchain, In June of 2017 AntShares was rebranded as NEO.
The really smart thing about NEO is that a total of 100 million exist and 50 million of those were distributed amongst early investors. The remaining were locked in a smart contract and 15 million of those NEO tokens are released every year. Wondering the reason behind this? Well, this enables the NEO development team to fund them in the long run. These smart contracts were first introduced by Ethereum. That is why NEO is often referred as the Chinese ethereum. To get a better idea NEO is kind of like ethereum as ether can be used on ethereum network, GAS can be used on NEO networks.
One huge advantage of NEO over Ethereum is that ethereum only allows one language but NEO supports all the common programming languages such as C++ and Java.
What do experts say about Neo price future?
Based on the trends till today experts believe that NEO is a very good investment if you are willing to wait a year or so. And there are high chances of seeing your money gets doubled. A major factor is rising interest of people in NEO.
Analyst’s take on investing in NEO.
Technically Neo is a better platform than Ethereum. A lot of smart investors have been spotted investing in this cryptocurrency. China is a vast country with the largest population on earth. And the Chinese government has never supported Crypto and ICOs but NEO is something of their own. In fact, it is already being used by major businesses around the nation. Alibaba and Microsoft China are some of those. Neo has managed to use the blockchain tech. It can do everything a cryptocurrency can do and much more.
Guide to buy Neo
Note – This is simply the analysis on the basis of current trends and factors. We do not take any responsibility for your Investments. Please consult your financial advisors before taking any decision.
If you have decided to buy NEO here is a simple guide which will help you throughout the process.
- Initially, you need to set up a wallet to store your NEO and you can choose any of the wallets available on the official website. Click here to view the list of wallets you can download.
- For setting up the wallet, download it and set up your account
- Then you will be prompted to download the keystore file. The keystore file is really important and makes sure you have a backup of the file. After the Keystore file, you will be given the key to your wallet. You will require this to access your wallet and funds so make sure you secure this information and don’t forget it.
- Now you have an address to receive NEO. Copy this address as we will need it to receive funds.
- The next step is going on an exchange and buy some
- Ethereum. We will exchange ethereum for NEO at a later stage. If you already have ethereum you can skip this.
- There are a lot of exchanges offering ethereum. Some of the best and most popular are coinbase and cex.io.
- Make an account on the exchange. Go through all the verification and set up security. After you have successfully set up your account go and buy some ethereum. After you have some ethereum in whichever cryptocurrency exchange you selected.
- Congratulations! You are one step away from owning some NEO. Once you have ETH in your exchange account. Go to https://www.binance.com Binance. We will use Binance to change ethereum to NEO. Create an account and get over with all the authentications. Search for ethereum in the search box and click on deposit. You will be provided with an ETH Deposit address. Transfer all your ETH to this address. Once ETH is available in your balance we can simply trade it for NEO using a Best Market price feature called as MARKET BUY.
- You have NEO in your Binance account and now you can transfer them to the wallet we set up in the first step.