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The most obvious question is, “how can you trust this new member in the crypto universe?”
Neo! The new darling wooing the masses with a boat load of promises. Recently I was asking a friend here on Steemit about new currencies I could invest in, and the first name he mentioned was Neo. NEO is popular.
Fondly called the “Ethereum of China” or “China’s Public Blockchain,” Neo is currently in the news for reaching the top 10 crypto currencies, as you can see in the image below. Their token value surged ahead in a short time.
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You know it has to be something special, when Huffington post asks, “Can NEO Become the Biggest Crypto in the World?”
If you’ve heard about AntShares, then you’ve known NEO in its previous avatar! The Chinese company behind this new attraction on the block is popular for having built a smart contract technology comparable to Ethereum.
Is Neo On The Verge of Something Big?
What is happening with NEO? What is the reason behind the sudden transformation of the buggy currency to a superhero name and status - reaching the top 10 (at #8 as of this writing) in the crypto currency list?
The name change operation was performed amidst 200 keen observers at the Microsoft headquarters in Beijing, on June 22, 2017, Thursday. On that day, this open-source blockchain platform, a first from China, was rebranded with a new name that literally means “new” in Greek.
According to the developers, the advanced smart contract code will support digital identities, decentralized commerce, as well as the digitization of several different assets.
If you’re thinking that NEO is yet another crypto currency, you’re in for a surprise.
The Centralized Decentralized Blockchain
Whether you appreciate the company’s unique approach or not, their approach to blockchain is very different from all others. The coin on the exchanges is called the NEO, but it’s not like the other crypto coins. You may wonder why this is even trading on the exchanges, if it’s not crypto.
Let’s talk about Ethereum for a minute. Ethereum is a crypto coin that powers the Ethereum network. NEO is a coin that does not power their blockchain. See the difference? The creators of NEO want this to be a bridge to the old financial system.
Buying NEO is like buying shares in a company that runs the platform. In fact, the company even uses the traditional word, “shares.” They sold most of the NEO coins at an ICO a while ago. The company is in possession of the remaining coins. I may not have the exact number of shares held by the company, but it amounts to 50% or more.
NEO’s Smart Economy
The company is making every effort in the right direction, to be able to position itself as a leader in China’s smart economy.
NEO uses fiat as its Internal Currency. Yes fiat, which is the dollar or whatever physical currency that’s in use in your country.
NEO is all about making their tech ready for Smart Economy:
• Tokenizing Assets
• Creating Smart Contracts
• Certificates
• Building Digital Identities
• Legal Compliance
One of the most notable aspects of NEO is its support of a large number of programming languages, such as C#, Java, Go and Python. You will appreciate this aspect more when you learn that Ethereum can only use Solidity. This makes it easier for programmers to start working with NEO’s technology and writing smart contracts, without having to learn a new language. This should certainly attract a larger number of developers to NEO.
What Are Smart Contracts?
“Code as Law!”
This is a legal document turned into a code. Smart contracts make sure the system is not gamed. NEO is working on replacing all types of complex business contracts with smart contracts. Just imagine self-escrowed coins in the blockchain being released to your beneficiaries at pre-set intervals.
Smart contracts have the huge potential of making it easier to conduct business on the blockchain.
NEO says – Don’t use crypto. Just use fiat.
Neo GAS
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Antshares (ANS) are now NEO, which are the ‘shares’ in the company's blockchain system. Antcoins (ANC) are now NEO gas.With the rebranding, your ANS will convert to NEO. Once you are in possession of NEO, NEO gas will be generated automatically, which can be claimed as dividends.
Conclusion
NEO is not just a rebrand with a new name, it is a path to a new financial system. Since the rebranding, several new companies like Bancor, Agrello and CoinDash joined NEO and this list is growing.
Right now, NEO is certainly in focus, but only time will tell if the company succeeds in achieving what it set out to. If there’s one thing we are sure of – it is that we will be seeing a lot more action from this platform in the coming months.
Author: @knowledge1
Thanks for this informative post@adsactly. I bought some NEO recently, and it looks very promising:)
too many cryptos
as long as it have uses.. it's good..
I finally looked at the whitepaper. Wasn't impressed. Needlessly complicated version of ethereum, at best. At worst, it might never be used by anyone.
Look at the market cap on gas, which would actually power the network. It's anemic, which means little utilization.
I can't find any difference between Antshares' delegated Byzantine Fault Tolerance and Steem/Bitshares' Delegated Proof of Stake.
NEO is a knockoff ethereum with built in stakeholder incentives to drive up initial investment.
Maybe, but once it goes from 40 dollars to 100 and the gas price goes up you might eat those words.
Another problem is it can't replace ethereum. With stakeholder dividends, the whole network becomes more expensive than the alternative.
hmmm. some eye openers here, thanks for the great info
Hi @adsactly, that was a very succinct explanation of NEO. I like your approach. My only worry is that if the main currency within NEO is fiat; and for the most part most crypto is to go away from fiat because of inherent manipulation, then how can NEO stand if FIAT falls? ever?
Thanks for the post, have just installed the wallet and am claiming gas now.
Thanks for sharing
all should remember china is a super communistic country where the government wants to keep control at all costs so about legal compliance. Yet if it is the most used next thing of china and it gets acces to be used on all kinds of platforms the chinese use like yy taobao yukou etc and thinking of the huge huge huge amount of people that live there then this is going to be the most valuable digital currency in the universsssseee but if it doesn't then probably an other will take over sooner than you can blink your eyes.. I have the feeling NEO is mostly traded abroad and by westerns
Btc-e like all the Bags are a pyramid scam.
Only Bitshares is the only Crypto that can be traded directly in your EXCHANGE for Fiat money
I think there will be more good coins like NEO coming from China according to Forbes China's economy will overtake the U.S. In 2018 and this will give all the crypto currencies from China a big boost. I am looking deep in the coins from China now after a tip from @acidyo yesterday I got me some Yoyow for the price of 0.7399 BITCNY per one Yoyow on open.ledger.
I have Yoyow too. I purchased it about 6 weeks ago after hearing it described as the Chinese Steemit or Facebook. It has since jumped up for a nice profit. I'm holding it for now until I know more what is going on with it.
Nice I have to look deeper into it did't know it is like Steemit or FB thanks for the info I just bought them because there are from China. To hold them I think is what we have to do and the future will tell if it was a good invest.
Many crypto is coming.. fighting will be longer
I wonder what percentage of "gas" you get per NEO owned??
https://neotogas.com/
meep
Highly recommend you to check upon Sia Cryptocurrency. Basically, the company is creating a huge platform for decentralised private storage clouds. Definitely worth of spending some time on research about it. Constantly growing... http://sia.tech/ Keep it up! Thanks for your post.
Yep, that is a coin that does something. It takes the entire business of servers and allows anyone to enter that space, like Uber did for rides but they don't take a big cut of your business.
I did check it before , this is decentralized cloud storage using ipfs
1gb costs $0.002 / month , $10 is their example at 5tb /5000gb
So amazing.
Yes, indeed Sia is pretty amazing. I haven't tried yet but it's on my list.
Their price and capacity of storage are very competitive. I look forward to trying.
I sold because the whitepaper didn't impress me. Bought storj instead.
Thanks for that piece of information. I am gonna check storj then.
Okay, its a China Ether, but what happend when the China Boys and Girls buy Neo. China have a lot of People :)
But with the bitboin price going high i doubt that there are many going to invest buying neo with btc
@adsactly Thank you for the information, I think this post is very useful but can add insight about crypto we can also choose the right crypto for our investment.
NEO smart contracts seem really interesting. I think that was the big pop out for me.... Maybe you will be able to have tokens automatically sent to your heirs, like a digital will.
There is still so much detail to dig out, on what this thing can actually do.
Looking really promising.
Sounds exciting. Other than using fiat, are there any other drawbacks?
Microsoft is involved and it is tied to the old dying economy.
I think so.
Because of the brightness that Neo has
Neo it rocking at the moment! Upvoted & resteemed!
NEO definitely went through some awesome rise in value the last days. I still remember that I was thinking about buying some antshares just a month ago... Unfortunately I didn´t...
IMO the biggest drive for NEO is that it´s made in China and therefore got a huge audience, who´s willing to invest into it. But with crypto you never know. Let´s see where it goes :)
But now NEO began to decline in price: (
That means it is a good buying opportunity....Great post @adsactly. How do you receive gas if you own NEO? Do you have to keep it in a certain wallet?
UPVOTED AND RESTEEMED.
Get the wallet from neo.org, hold your neo coins there. Gas generates every block, eventually if you want to claim you will have to send your neo coins to your own address, after that you can use the claim option to claim your gas.
Thank You so much @adsactly for this Wonderful Post. NEO looks Very Promising asset and getting momentum now. Do You think it will takeover IOTA Soon ?
I have been studying this also, and it is so hard to determine how it will play out. Thank you for your insight into the future of a world that only becomes more and more complex. I am so glad to make connection with you. I will be a good student -- I promise.
I don't trust HIM! Just buy few to keep for two or three years. Time will tell :) ...and thank you @adsactly
Wow ... amazing. I like your content about crypto and neo. I make sure I will receive lots of content from you. I will follow you friend. Please your other explanation
Sounds interesting. Am I the only one thinking that all decentralized crypto currency will get semi-centralized at some point? And NEO is a good example of the beginning?
If NEO is a company with potential, they'll listen to their end users. It'll prevent them from unnecessary waste of time and from losing the market's confidence.
My only reason to hold today, is the trust in the ability of China to demultiply the market cap of the start-up/companies they support. Also, exchanges are not implementing NEO yet, and fees on Bittrex are just a joke.
"HODL" and "MOON" comments are... weird. Even if it is fun, once in a while, to be excited about the overall dynamic of crypto, it seems a little... childish ? I mean, I have some money on the line. I can afford to lose it, but it's still a serious subject. I want some news, to read about some application ideas, debate about the last CTO statements, the future of ANC or the Byzantine system.
Please, ask yourself this question : do you seriously imagine two 35 year-old Wall Street brokers screaming "to the Moon" or "hodl" ?
Anyway, I hope that time will evacuate people that were only here for the adrealine and that do not have the patience to post something that has more than 5 useless words in it.
I mean, there's nothing wrong with trying to make a quick buck, but it's a high-risk idea. One should assume the consequences when it goes south.
You mean this
On the flipside, in ye olde days people did not take nerdy guys with glasses seriously until Bill Gates etc. made millions, and now the tech industry revolves around geeky people who do all kinds of immature stuff.
Maybe traditional investors are just... traditional, and perhaps the world is changing?
HODL may seem immature, but what it really represents is the attitude of 'Wanting crypto not dollars'. This is in essence what gives value to Bitcoin; the fact people want to hold it and not sell it. Because if the only point of crypto is to sell it for dollars it would quickly deflate. What then is the point of holding? Because you'll be able to do something (or more of something) in the future. What kind of things? Well, for starters, Bitcoin is what you want to hold so you can buy other crypto. What's that good for, you ask? Everything, I say. Webhosting, gaming, buying stuff, subscriptions, social media, etc. etc.
Those who HODL are in fact the ones trading in their fiat to their new currency of choice: internet money
In fact, an increasing number of people are not even HODLing long term to sell it anymore. With payment solutions like TenX coming out there will be no point in selling your crypto ever, especially not when it keeps earning dividends or rising in price whereas normal FIAT money is subject to yearly inflation. I know I put fiat in, and to be honest, I am not trading it back into fiat for the next 2 years at the very least and if things keep going well I may not ever. I'll just earn more digital assets, instead. So yes, I do HODL in projects that I believe have significantly more value in the future. It's pointless to sell for 5% gain when there's so much risk of losing out, and you're almost always better off just sticking to the long term plan.
Thank you for this useful information my friend
What do you think, how big thing will it be, anyone with some predictions?
Definitely one to look out. I would like further explanation on GAS
Happily, because of a recommendation from Palm Beach Confidential investment advisory, I invested in Antshares relatively early. It has been a windfall in my account. This article summarizes the potential of the Neo blockchain and outlines it's possibilities for widespread future acceptance. I thank the author for his post. Upvoted.
Thank you fot this info. What do you think about IOTA?
We have covered IOTA in our, Know Your Crypto series. You may want to take a look at that.
Wow neo is awesome! Maybe next bitcoin?
Thanks for the breakdown. I don't want anything to do with Microsoft, fiat, or the old financial system. I can't imagine why any crypto-anarchist would. May as well buy Ripple.
Good info. I hold some NEO and will likely grab more, but did not know about the NEO Gas part and the dividends. I gotta look into how to claim the dividends.
I bought Neo this morning with my very first Steemit earnings https://steemit.com/neo/@toria/buying-neo-with-my-steemit-earnings
Pump straight to the Moon you delicious chinese crypto!!!!
Thanks for the information !
Looks interesting new crypto !!
With so many cryptos, Neo is looking at the Chinese market, but with trying to do the new system and the old system won't something have to give?
I put money on Stock and now im starting to get involved with crypto.. Lovely world! and Neo seem to be good for the low knowledge i have till now.
I got some NEO at the beginning but now i dont know how to change it back in to BTC or Ether... can someone advise me how /where to sell it ??
Thanks for sharing, do you post any other comparisons?
Such as Dan Larimer's EOS vs NEO ??
Very well written!
Neo seems to be a good investment for the long run.
Very good article. I was about to post a similair post. The future is in blockchain. Cryptos are the new popular kid now, but the market will find it's way just like it did with the Internet boom. This is quite an interesting website I found: https://www.coincheckup.com They seem to give this complete indepth analysis of all cryptocoins. Sorted by team, product, company, advisors, previous investors, etc. See: https://www.coincheckup.com/coins/NEO#analysis For a complete NEO Research report.
Great post thanks for sharing @adsactly
Very good blog. I was about to post a similair thread. The popularity of the cryptos is currently determined by the biggest group of uneducated investors in man kind. It's an interesting world we live in. Personally I always use: https://www.coincheckup.com Complete Coin analysis about the team, product, communication transparency, advisors and investment statistics.
Wow, very nice NEO price jump:) http://neopricechart.com/
I really like your post, I will wait for the next posting