TL;DR: I want to bring a discussion to the sub regarding a project that is often overlooked but brings incredible things to the space. Check out NEO.
There are so many shit (scam) coins trending right now and it’s very enticing for newcomers to jump aboard. It can also be very intimidating to look at CMC and try to find a gem in the ~9,000 coins currently listed. This post is to share a project with you guys that is not really talked about in this sub all that much – NEO (formerly Antshares).
Before I move further – This is not a shill post. Buy NEO or not, that is not the purpose. The purpose is to try to counteract the Safeshit posts urging people to stay away from them. I feel like there are not enough informational posts for decent projects. We should be discussing good projects that bring something meaningful to this space. I believe NEO does just that.
**Little history:** NEO began as Antshares in Feb of 2014, the brainchild of Da Hongfei and Erik Zhang, which markets itself as a Smart Economy, or the next iteration of the internet (Internet 3.0). NEO is an all-in-one solution. More on this later, but NEO can be likened to Ethereum, Cosmos, Polkadot, Cardano, Solana, and a few other platforms. If you are not familiar with these types of platforms, read a little bit about Ethereum and what it seeks to do.
**Disclaimer**: Many platforms like this (or the sub community) tend to market themselves as “Ethereum Killers”. NEO does not. NEO just seeks to offer an alternative solution and garner a portion of the developing market. If you must know, I hold both ETH and NEO and are bullish on both of them, specifically in the longer term. I believe there will not be a winner take all situation in crypto, especially not within our lifetime. Yahoo and Google are both doing fine right now, even though one has significantly much more name recognition.
**What makes NEO unique and worth taking a look at?**
One of the most interesting characteristics of NEO (imo) is it’s unique dual-token system. I imagine anyone reading this will be familiar with Ethereum and the concept of gas required to use the network (transaction fees, fees to develop and use the network). Ethereum is a single-token platform, meaning it only uses *one* token – Ether. Let’s say you have 1 ETH that you want to send to someone. The fee (the gas) to send that 1 ETH will be deducted from that 1 ETH balance, very similar to Bitcoin transactions.
I’m not going to discuss the rising gas fees in Ethereum here, I just wanted to illustrate this before moving forward.
NEO uses a dual-token system, NEO and NEO GAS (GAS). NEO is a governance token, meaning owning some will give you voting rights in proposals to update the system. Holding NEO also gives you the right to claim GAS passively. GAS is the fuel used to power transactions and incentivize nodes to act honestly and secure the system.
What makes this token seriously unique is that it is *indivisible,* meaning that it can only be transacted in whole numbers (1 NEO, 2 NEO, etc.). It can be purchased in literally any fractional amount in exchanges but can only be sent on the network as whole numbers. There are about 70,000,000 tokens in circulation currently with a max supply of 100,000,000 that will ever exist. One *could* speculate that NEO could very well be one of the scarcest tokens in the space thus far. Even Bitcoin can be transacted in satoshis.
Probably one of the most sought after properties of this token is the right to claim GAS passively. When a new block is added to the chain, GAS is generated and distributed proportionally to ALL NEO held in private wallets (even some exchanges will give you GAS for holding there, even for fractional NEO held).
**NEO GAS Token**
This is the token that will be used to power transactions on the NEO network. Everything from sending NEO, exchanging NEO, building and running dApps will consume GAS. GAS is highly divisible and transactions typically cost around 0.001 GAS.
**How is NEO Secured?**
NEO uses an updated form of Proof of Stake called Delegated Byzantine Fault Tolerance (dBFT). The technology of this protocol is expected to be able to handle thousands of transactions per second. I won’t get too into detail here about the mechanics, but will link some supplemental resources should you wish to research further. As always, do not take the word of some random guy on the internet; do your own research!
**Features of NEO**
The dBFT consensus mechanism guarantees fast and efficient transaction finality in a single block.
Some may be familiar with Chainlink, which markets itself as an oracle that gives access to off-chain data from the real-world. NEO blockchain does not require the use of external oracle solutions, as it has it’s own built in to the platform.
Built within the network is a distributed data storage that focuses on scalability and privacy. This is similar to the goals of Filecoin or Siacoin.
**Multi-language Smart Contracts**
This may be one of the most enticing features of NEO. NEO allows for smart contracts to be written in pretty much any open-source language, such as C#, Go, Python, Java, and Typescript. NEO also has it’s own migration tool to bring already coded dApps into the NEO ecosystem.
This contrasts starkly to Ethereum, which only allows smart contracts to be written in it’s native language, Solidity.
**NEO Name Services**
NEO has a decentralized .neo domain name service for the next generation of internet web apps.
The Poly Network allows for smooth cross-chain interoperability with other sovereign chains like Ethereum and Binance Smart chain.
A self-soverign and decentralized identity solution standard.
I’m only adding this portion for the sake of completion. I don’t want it to become a “OMG NEO IS SO UNDERVALUED BUY IT NOW AND RESERVE YOUR SPOT ON THE ROCKET”. No. NEO is currently trading in the ~$80-90 range and in my opinion still has room for growth. The main reason I am touching on this is because some people may say “If NEO can only be transacted in whole numbers, that means I can only buy 1 or 2 or 3 NEO at a time, and it’s too expensive for me”. This is **not** true. You can purchase NEO in pretty much any amount you like (barring any exchange restriction) and hold until you have enough to send on the network to a private wallet.
**Where Can I Purchase NEO? Or GAS?**
In the US, buying NEO is a little tricky, because Coinbase, Gemini, and Kraken do not list it. But Bittrex does and is a reasonably trustworthy exchange.
I personally use [Kucoin.com](https://Kucoin.com). I just send crypto (BTC, LTC, XLM, or whatever is easily purchased on other exchanges with better fiat on-ramps and low fees to send). I just DCA into NEO and send it to my wallet (with no fee) once I reach integer amounts of NEO.
You can also buy it on [binance.com](https://binance.com) (Use a VPN). If this sounds too technical for you, just avoid it and use kucoin.
Please be careful if you purchase it on Voyager. I have nothing good to say about Voyager, but that has nothing to do with this warning. This warning is because Voyager does not allow you to send the NEO out to a private wallet, and this is a HUGE red flag for me. There is no proof you are actually owning the coin rather than an IOU. Plus, one of the main rewards for owning NEO is the right to claim GAS, which Voyager does not allow.
**And Finally, NEO N3 Main Net Launch**
Currently N3 is in testnet and is scheduled to be released on it’s own mainnet this summer. All of these features will be readily available for developers. This release could be it’s own post, so I’ll leave that for another time. Suffice it to say these are exciting times for a very ambitious project!
If you’ve made it this far, hopefully you are now interested in what NEO can bring to the crypto space and will continue to seek more information. Linked below are a few external resources to help you out.
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