Learn About the Neo Coins Crypto
Neo is a software network that seeks to serve as a platform on which anyone can transact and create decentralized products and services.
Neo is sometimes referred to as the “Ethereum of China” because it shares many similar characteristics with its more popular counterpart, such as the ability to write decentralized applications (dapps) for decentralized exchanges, prediction markets, and social media, among others.
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- What Is Neo (NEO)?
- Who Are the Founders of Neo?
- What Makes Neo Unique?
- How Many Neo (NEO) Coins Are There in Circulation?
- How Is the Neo Network Secured?
- Where Can You Buy Neo (NEO)?
- NEO Coins Price Live Data
What Is Neo (NEO)? Token
Neo bills itself as a “rapidly growing and developing” ecosystem that aims to become the foundation for the next generation of the Internet – a new economy where payments, identities and digitized assets come together.
Initially known as Antshares, this project was believed to be
In addition to creating a global community of developers creating new infrastructure for the network and lowering barriers to entry, the team behind this project operates an EcoBoost initiative that is designed to encourage people to build decentralized applications and smart contracts on their blockchain.
It is often compared to the Chinese version of the Ethereum network.
Who Are the Founders of Neo Coin?
The co-founders of Neo, and its predecessor Antshares, are Da Hongfei and Erik Zhang. They both serve as chairmen of the Neo Foundation, which aims to promote blockchain adoption.
Da Hongfei has said that although the Internet is a great invention, it has many flaws, and this means that everyday consumers do not always have control over their own data. The entrepreneur believes that blockchain applications will eventually go mainstream.
Erik Zhang was the author of the Delegated Byzantine Fault Tolerance algorithm, which aims to deter untrusted participants from participating in the blockchain operation. This technology went on to be used on the Neo blockchain. He also served as the lead developer of this network and is playing a critical role in the development of Neo 3.0, the next iteration of the project’s infrastructure.
What Makes Neo Crypto Unique?
One of the unique selling points of the Neo blockchain relates to its continued development, which helps to ensure that it is future-proof and capable of coping with surges in demand. As mentioned above, the project has developed Neo 3.0, which improves network security and allows a higher number of transactions to be processed per second.
Unlike many other blockchains, this network also has two native tokens: NEO and GAS. While NEO serves as an investment token and allows people to participate in voting related to blockchain improvements, GAS is used to pay fees for transactions that are completed on the network.
Few other blockchain projects also run a development fund to the extent that Neo does. EcoBoost was launched in 2019 and was announced as an initiative that provides “full lifecycle support for high potential projects,” including grants, technical support, and social media promotion.
How Many Neo (NEO) Coins Are There in Circulation?
At the time of writing, there are 70.5 million NEO in circulation and a total supply of 100 million. NEO tokens are not mined and in fact 100 million was generated when the blockchain was launched.
These tokens were distributed 50/50: half went to the participants in a token sale and the other half was divided between the developers and the NEO Council. At the time, it was confirmed that these funds would be used to invest in another blockchain protocol that the organization supports.
Meanwhile, the GAS is generated every 20 seconds or so, each time a new block is created. The number of tokens created is gradually reduced each year, and it is estimated that it will take 22 years for the total supply of 100 million to go into circulation.
How Is the Neo Network Secured?
As we mentioned earlier, Neo uses delegated Byzantine fault tolerance, and the blockchain is estimated to be capable of processing thousands of transactions per second.
According to Neo, the dBFT mechanism has been inspired by the Practical Byzantine Fault Tolerance algorithm.
There are a couple of similarities to the delegated proof-of-stake, given that both consensus mechanisms allow token holders to vote for the delegates who will process transactions.
Through dBFT, blocks are added to a blockchain as long as at least two-thirds of the delegates reach a consensus, and this is expected to help prevent bad actors from undermining the smooth running of the network.
Where Can You Buy Neo Crypto (NEO)? Token
NEO can be purchased on a number of exchanges — most people buy NEO on Binance, Poloniex and HitBTC. But it isn’t available universally and isn’t supported by some platforms, such as Coinbase.
NEO Coins Price Live Data
Neo’s price live today is $ 45.89 USD with a 24-hour trading volume of $ 1,620,897,971 USD. Neo is up 34.53% in the last 24 hours. CoinMarketCap’s current ranking is # 30, with a live market cap of $ 3,236,839,997 USD. It has a circulating quantity of 70,538,831 NEO coins and a max. supply of 100,000,000 NEO coins.
Source – CoinMarketCap, Live Price Data was taken on 31 July 2021
Learn About the Neo Coins | NEO Token | Crypto Coins Future
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