Coinhako Basics: What is NEO?

This article covers the following:

1. What is NEO?
2. How is NEO different from other Smart Contract Blockchains?
3. How does NEO work?
4. What’s in store for NEO?

What is NEO?

Founded in 2014 by the prominent cryptocurrency figure Da Hong Fei, NEO is a blockchain platform with the aim of becoming a smart economy through digital assets, digital identity as well as smart contracts.

One of NEO’s biggest traits is its smart economy system through the use of smart contracts, which enables development on it’s famous NEO Decentralized Applications (DApps) ecosystem and digitize assets in a traceable and transparent manner.

NEO was first launched as Antshares in 2014 and was rebranded as “NEO” later in 2017. NEO also supports the protection of assets by having a validated digital identity.

How is NEO different from other Smart Contract blockchains?

Like Ethereum, NEO is renowned for its robust DApps ecosystem, which is enabled through the use of Smart Contracts – a self-executing computer protocol that allows the performance of transactions that are written into code, without assistance from third-parties. 

The difference between NEO and other Smart Contract blockchains is in the programming language that developers can use. NEO supports programming in a variety of languages on its chain, while other more renowned blockchains like Ethereum allow coding in a language called “Solidity”. This makes NEO an easier option for developers to build their apps.

How does NEO work?

NEO’s network is built on two tokens - NEO and neoGAS. The GAS token takes on the role of both security and as a form of fuel for the NEO blockchain. This goes to say that before the exchange takes place, users would have to digitize their assets into NEO for security reasons. 

A smart contract is then created and officially recorded on the blockchain as a completed transaction without the involvement of any external parties.

DID YOU KNOW: NEO has a transaction speed of 10,000 transactions per second while Ethereum supports only 15 transactions per second.

Trade NEO at Coinhako!

At Coinhako, NEO is supported by our trading services. This means that you can buy, sell, and swap NEO with Coinhako! 

What’s in store for NEO

As NEO is the only blockchain that can support an entirely smart economy, adding on that it is one that allows easy developer adoption, this would lead to an increase in exposure and opportunities to grow. To add on, as NEO is a fairly new coin, it might also hold a higher earning power in the years to come. 

You can view NEO's Whitepaper to learn more about the digital currency

View NEO's price!

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