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NEO
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Neo
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The price Neo today is 37.37 USD, and the trading volume in 24 hours - 384,706,441 USD. The crypto asset has grown by -11.83% over the day. Currently, the coin’s market capitalization is 2,635,709,096 USD, and has 70,538,831 coins in circulation with the max supply of 100,000,000 coins NEO.

What is Neo (NEO)?

Neo describes itself as a "fast - growing and evolving" ecosystem that aims to become the foundation for the next generation of the Internet - a new economy that combines digitized payments, identity data and assets.

Originally known as Antshares, this project was considered the first public blockchain in China when it was launched in February 2014. The open source platform was subsequently renamed Neo three years later.

In addition to creating a worldwide community of developers creating new infrastructure for the network and reducing barriers to entry, the team behind this project is implementing the EcoBoost initiative, which aims to encourage people to create decentralized applications and smart contracts on its blockchain.

It is often compared to the Chinese version of the Ethereum network.

Who are the founders of Neo?

The co-founders of Neo and its Antshares predecessor are Da Hongfei and Eric Zhang. Both are CEOs of the Neo Foundation, which aims to promote blockchain adoption.

Da Hongfei said that while the Internet is a great invention, it has many flaws, meaning that ordinary consumers can't always control their own data. The entrepreneur believes that blockchain applications will eventually become mass-market.

Eric Zhang was the author of the Delegated Byzantine Fault Tolerance algorithm, which aims to keep unreliable participants from working on the blockchain. This technology was used in the Neo blockchain. He was also the main developer of this network, and plays an important role in the development of Neo 3.0, the next iteration of the project's infrastructure.

What makes Neo unique?

One of the unique advantages of the Neo blockchain is its continuous development, which helps to ensure its reliability in the future and the ability to cope with a sudden increase in demand. As mentioned earlier, the project developed Neo 3.0, which increases the security of the network and allows you to process more transactions per second.

Unlike many other blockchains, this network also has two own tokens: NEO and GAS. While NEO serves as an investment token and allows people to participate in voting regarding blockchain improvements, GAS is used to pay fees for transactions that are performed on the network.

Few other blockchain projects also manage the development fund to the same extent as Neo. EcoBoost was launched back in 2019 and was billed as an initiative that provides "full-life support for high-potential projects," including grants, technical support, and social media promotion.

How many Neo (NEO) coins are in circulation?

At the time of writing, there are 70.5 million NEO in circulation, and the total number is 100 million. NEO tokens are not mined, and indeed, all 100 million of them were generated when the blockchain was launched.

These tokens were distributed in a 50/50 ratio: half went to the participants of the token sale, and the other half was distributed between the developers and the NEO Board. At the time, it was confirmed that these funds would be used to invest in another blockchain protocol that the organization supports.

Meanwhile, GAS is generated every 20 seconds or so, whenever a new block is created. The number of tokens created gradually decreases every year, and it is estimated that it will take 22 years for the total number of 100 million tokens to enter circulation.

How is the Neo network protected?

As we mentioned earlier, Neo uses Delegated Byzantine Fault Tolerance, and it is estimated that the blockchain is capable of processing thousands of transactions per second.

The dBFT mechanism was inspired by the Practical Byzantine Fault Tolerance algorithm.

There are a few similarities with delegated Proof-of-Stake, given that both consensus mechanisms allow token holders to vote for delegates who will process transactions.

With dBFT, blocks are added to the block chain until at least two-thirds of the delegates reach consensus - and it is hoped that this will help prevent attackers from disrupting the smooth operation of the network.

Summary

  • To own your crypto assets, you need to manage your own private keys.
  • Ledger hardware wallets make private key management easy and secure.
  • Each unique 24-word recovery phrase creates a new set of private keys.
  • Make sure you secure your 24-word recovery phrase properly.
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