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Neo is a blockchain-based project and a smart contract platform that aims to develop a smart economy. This is achieved by the project closing the gap that exists between traditional and digital assets.

Neo uses two different native tokens, namely NEO and GAS. Neo is used as a currency that can be used to make payments, while GAS is used to pay transaction fees on the network.

Neo was launched in 2014 as the first open-source blockchain-based platform in China. Neo is often referred to as the “Chinese Ethereum” because of the platform's function and use of GAS.

The main purpose of Neo is to become a digital, decentralised, and distributed platform that supports a wide range of digital assets by using smart contracts.

This allows for the daily economy to be integrated into the Neo blockchain, where it can perform a wide range of real-world applications.

Component Neo
Technology Poly Network, Oracles, Smart Contract, Dual Tokens, N3 Upgrade
Reliability Highly Reliable
Market Value $3.1 billion+
Open-Source – Yes/No? Yes
Consensus Method Proof of Stake Byzantine Fault Tolerant (dBFT)
DApp relation NEO has development mechanisms and tools to allow for DApps to be created
Founders Da Hongfei, Erik Zhang
Founding Date 2014

 

Neo is an open-source and decentralised blockchain-based platform with a market cap of over $3.1 billion and is associated with the following unique technology:

  • Smart Contracts or NeoContracts
  • Oracles
  • Decentralised Byzantine Fault Tolerance (dBFT 2.0)
  • NeoVM
  • API
  • Superconducting Transactions
  • NeoFS
  • NeoID
  • NeoNameService
  • Interoperability
  • N3 Upgrade

 

How does Neo Work?

In terms of transaction speed and transaction network, Neo supports up to 1,000 transactions per second. With different optimisations, the Neo network could support up to 10,000 transactions per second.

This is a significant upgrade from the capacity of other blockchains. Neo uses a Proof-of-Stake consensus mechanism which means that the transaction throughput is much simpler than high-energy and time-consuming processing such as that involved with Proof-of-Work consensus.

A transaction on Neo will only require a single confirmation by a single set of validating nodes. This is attributed to the unique dBFT consensus mechanism that NEO uses.

Validating nodes on the Neo network are strictly controlled, and when most nodes agree on the validity of a transaction, the Neo network considers the transaction valid, and it is added to the blockchain.

 In terms of advantages above other projects, Neo has the following:

  1. Smart Economy
  2. Digital Identity
  3. Smart Contracts
  4. DApps
  5. Gas

 

1. Smart Economy

A smart economy is one of the main features of Neo because it is different from what other blockchain projects offer, especially considering Ethereum, one of the closest competitors of Ethereum.

Neo can easily digitise a wide range of physical assets onto the blockchain using innovative smart economy technology, and once these assets have been digitised, they can enjoy many benefits, including decentralisation and transparency.

  

2. Digital Identity

The Digital Signature Act of China was implemented in 2005, and it allowed for digital signatures to become legally binding. The concept that surrounds digital identity is one of the most attractive points in the proposed smart economy of Neo.

By maintaining a trusted link between both digital and physical entities, it would be possible to trace any form of system abuse to the entity that was legally bound by this technology.

 

3. Smart Contracts

Neo can run smart contracts on its blockchain, and these are known as NeoContracts. Neo allows for smart contracts to be written in a variety of programming languages, including C#, VB.Net, F#, Java, Python, and many others.

Because developers can create smart contracts in mainstream high-level languages, the popularity of Neo is significantly boosted. Neo lowers the barrier of entry, and this means that most developers and organisations need not invest a lot of time or resources in learning a new language to build smart contracts.

 

4. DApps

The Neo platform features a wide range of developmental mechanisms and innovative tools that allow developers to build many decentralised applications (DApps).

 

5. Gas

This is another advantage, and it relates to how Neo can pair physical assets. Users who hold NEO can receive GAS in a dividend paid to the holders of NEO. 

The distribution is formula-based, and anyone who has NEO in their wallet can earn GAS daily.

 

What are the NEO-based Projects?

  1. NEX
  2. Adex
  3. Travala
  4. Apex
  5. Effect AI
  6. AlphaCat
  7. Senno
  8. Orbis
  9. GagaPay
  10. The Key

 

1. NEX

NEX is a cryptogenic trading platform that was developed on the Neo blockchain. NEX features an innovative payment service creation feature, and it is a decentralised app that uses off-chain matching engines.

This engine is used to ensure that complex trades across several blockchains can be carried out faster and more efficiently.

NEX has high interoperability between different blockchains, and the development team behind the project features many experts. NEX is currently in the Framework release, and key features of this project include:

  • The processing of high volumes of transactions using the off-chain engine
  • Simplification of complex trades across blockchains
  • Uses third-party smart contracts as a payment system
  • Ensures high levels of interoperability

 

2. Adex

Adex is an advertisement network project that was built on Neo. With Adex, markets can connect with their audience and ensure that the marketing budget that they have is used appropriately.

This platform is not only limited to professional use, and it is simple enough that average users can monetise their online influence. Adex's unique technology allows anyone to connect with advertisers and to get high-quality traffic.

Adex was initially developed on the Ethereum blockchain, but the developers found that Neo is a much better option, leading to the developers porting their project to Neo.

Features of Adex include:

  • Commission-free and fee-free operation on the network
  • Transparent reporting
  • Multi-device and serving supported
  • The chances of fraud are minimised because of the inherent transparency associated with blockchain.

 

3. Travala

Travala is a popular booking marketing-built project that was developed on the Neo blockchain. Travala solves the issues that are faced with travel booking.

The core of the ecosystem revolves around the AVA booking ledger, and the user is provided with peer-to-peer communication, which effectively eliminates the middleman and eliminates commissions.

The key features of Travala are:

  • Anyone can make a booking on Travala from anywhere in the world
  • There is perfect integration with the current marketplace
  • There is a strong and effective economy where the users receive a wide range of benefits
  • The Travala app offers a user-friendly user interface and an amazing overall experience

 

4. Apex

The idea surrounding Apex is to construct a network for everyday consumers, allowing them to interact directly with different enterprises.

Apex aims to improve the value in B2C engagement by using two different consensus mechanisms, ensuring that there is both performance and agility in different applications.

Apex works across the various lifecycles of consumers, and it ensures that assets can seamlessly be transferred between the main and the side networks.

The key features involved with Apex are as follows:

  • Apex is perfect for enterprise sidechains, and it can be used to optimise scalability.
  • Apex can also be used to allow for the app ecosystem to be scaled.
  • There are robust data connectors that are used that will offer seamless connectivity in real-time.
  • There is an agile multi-layered smart contract solution that operates a multi-system that allows for improved connectivity overall.

 

5. Effect AI

Effect AI is an innovative and decentralised network for artificial intelligence, as the name suggests. Effect AI can be used to find on-demand human intelligence workforces.

These can then be scaled without any limits of size and used for recurring tasks. This solution opens new frontiers for many organisations, and it allows for resources to be used more efficiently.

The key features of Effect AI are:

  • The ecosystem is powered by the EFX Token
  • Effect AI can be used to get all tasks done by using on-demand human intelligence workforces
  • Effect AI presents a scalable solution where recurring tasks can be carried out and where there is no size limit.

 

6. AlphaCat

AlphaCat is a Fintech-based solution that aims to provide a wide range of businesses with a competitive edge by giving them a forecast on certain elements.

AlphaCat uses Robo-advisors to help users with their cryptocurrency investments. This allows investors to gain a competitive edge when they start trading in cryptocurrencies.

The key features of AlphaCat include:

  • It provides a decentralised platform that is based on trust
  • AlphaCat uses Big Data and AI to power its marketplace advisor
  • AlphaCat is scalable to different experience levels

 

7. Senno

Senno is a sentiment analysis platform that was built on the Neo blockchain. It uses AI algorithms as well as distributed sentiment analysis to offer business intelligence analytics.

This technology helps businesses with making decisions by collecting data, classifying the data, and carrying out a core analysis of the data.

Key features of Senno include:

  • The use of an Artificial Neural Network (ANN), which offers data collection as well as different analyses on live events
  • Senno is decentralised and open-source, with its economy based on Neo
  • Participants on the network are rewarded with SENNO tokens

 

8. Orbis

This is a unique Neo-based project that aims to uplift Bluetooth communities by providing global, open, secure, and decentralised networks to an overall community.

This makes it possible for developers to access Bluetooth mass development that can be applied across different platforms such as crowd-gathering data, Internet of Things (IoT), system management, logistics, and many others.

The key features that set Orbis apart include:

  • Using Orbis Token (OBT) to power the network
  • The ability to access the Internet from the local market, allowing developers to create apps that use the network and to integrate these apps into a wide range of verticals, including IoT
  • The provision of an Obistore that can be accessed by many developers

 

9. GagaPay

GagaPay is a marketing platform where marketers around the world can use the platform to create a wide range of marketing campaigns, including referral, network, and affiliate marketing.

GagaPay is also effective for bounty and referral rewards, with the entire process powered by Neo's smart contracts, or NeoContracts.

The key features of this project are:

  • The provision of a secure and smart Neo authorisation
  • The support for a third-party payment system which ensures a seamless user experience
  • Automation of tasks by using smart contracts
  • Real-time earning and the network structure can be viewed easily.

 

10. The Key

The Key is an innovative identity verification tool that uses blockchain and national Big Data. The Key works alongside blockchain technology to provide multi-dimensional identification and Personally Identifiable Information (PII).

These two technologies can be controlled by the government to ensure that all individuals are added to the blockchain and that these people have been verified.

Key features of The Key include the following:

  • The overall cost involved with identification is reduced because The Key removes duplicated data collections, authentication processes, and complex, tedious processing.
  • By using blockchain technology, the data collected is stored in the ecosystem, providing more accurate and reliable results.
  • The overall user experience is improved.

 

For what is Neo used?

Neo is a blockchain platform that is used to develop a wide range of smart contracts, decentralised applications, and digitise physical assets on a decentralised, open-source, transparent ecosystem.

Neo aims to become the main platform for a smart economy by building a world-class protocol and infrastructure for developers. 

Neo is a smart contract ecosystem, just like Ethereum, allowing users to automate the exchange and storing of digital assets, amongst several other functions.

 

Is understanding Neo hard?

No, understanding Neo is not hard.

Once users can understand the basic functionalities of Neo, they can understand how it all comes together to create a smart economy that is based on an open-source, decentralised, transparent blockchain.

Neo is a programmable blockchain that features the following functionalities:

  1. Digitisation of assets
  2. Smart Contracts
  3. Digital Identity
  4. DApps
  5. Consensus
  6. Programming language
  7. Transaction network and speed

 

1. Digitisation of assets

Neo uses smart contracts to convert physical and traditional assets into digital assets. These assets are centralised, and they are also protected by laws and regulations using digital certificates on the Neo blockchain, subsequently guaranteeing trust.

There are global assets that are recognised by the overall Neo system and contract assets, which are only recognised by specific contracts, and they cannot be used by any other contracts.

 

2. Smart Contracts

Smart contracts are digital contracts that can execute themselves once specific conditions have been met. Smart contracts are immutable, and they can run on different nodes without their integrity being affected.

The three key features relating to Neo smart contracts include terminable, deterministic, and isolated.

Another attractive feature of Neo is that developers need not learn a new programming language like they would have with Ethereum. This is because Neo supports a wide range of programming languages that are commonly used.

In addition, the Universal Lightweight Virtual Machine of Neo, or NeoVM, offers a wide range of advantages that include scalability, concurrency, and high certainty for all smart contracts that are developed on the Neo blockchain.

 

3. Digital Identity

Neo offers the perfect platform where identity information for individuals, organisations, and entities can be created digitally. The identity verification of Neo is done by using the following metrics:

  • Fingerprint
  • Facial recognition
  • SMS
  • Voice recognition

 

Neo uses X.509, which is a digital identity standard that is accepted by many certificate issuance models. This standard is based on the Public Key Infrastructure, and it works in collaboration with the Web of Trust.

 

4. DApps

The Neo blockchain features a wide range of mechanisms and tools that allow developers to create and launch different DApps.

 

5. Consensus

The consensus mechanism that Neo uses is the dBFT, where consensus nodes are chosen by NEO holders. These nodes generate blocks that are added to the blockchain, and they verify the transactions that are received.

These nodes are bound to definite performance requirements, and they are obligated to ensure that the threshold of NEO tokens is maintained.

 

6. Programming language

Ethereum requires that developers learn its native programming language so that they can use the platform to develop applications.

Neo, however, supports a wide range of languages that can be used, allowing developers to create smart contracts and DApps in a language that they are familiar with, such as C#, F#, Java, Python, and many others.

This minimises the barrier for entry and is one of the reasons why many developers choose Neo above Ethereum.

 

7. Transaction network and speed

The dBFT consensus mechanism that Neo uses ensures high throughput of transactions, with 1,000 transactions processed per second. This speed also ensures that the smart economy of Neo can be expanded.

 

What is Neo's Technology?

  1. Smart Contracts or NeoContracts
  2. Oracles
  3. Decentralised Byzantine Fault Tolerance (dBFT 2.0)
  4. NeoVM
  5. API
  6. Superconducting Transactions
  7. NeoFS
  8. NeoID
  9. NeoNameService
  10. Interoperability
  11. N3 Upgrade

 

1. Smart Contracts or NeoContracts

Neo is well-known for supporting different programming languages instead of offering a set language that developers must learn.

Developers can write, compile, and deploy different smart contracts and DApps using:

  • C#
  • F#
  • Python
  • Go
  • TypeScript
  • Java

 

Once the standard Neo Execution Format (NEF) has been done, the smart contracts are deployed within the Neo Virtual Machine. Neo has recently upgraded to an N3 network, and this means that NeoVM offers several improvements, including the set runtimes that have been increased 16 times.

The N3 Smart Contract system that Neo has introduced offers a wide range of improved functionality that ensures that the overall development experience has been improved.

There is also a significant reduction in the costs for deployment and execution of smart contracts, with the N3 upgrade offering competitive pricing for developments.

 

2. Oracles

Neo uses oracles to solve the challenges that blockchains face with an inability to gain information from external sources. Oracles open a new world by jointly verifying the data that they obtain from the network.

Smart contracts then work to query the result before it is verified. The N3 update on Neo includes an oracle service where users can request external data sources through smart contracts.

The oracle nodes on the Neo blockchain work to access the specified data source and to pass it onto the call-back function.

 

3. Decentralised Byzantine Fault Tolerance (dBFT 2.0)

Bitcoin and other blockchains have followed the conventional Proof-of-Work mechanism to achieve consensus with probabilistic finality.

However, transaction settlement is not always guaranteed with this type of consensus, and this is solved by the dBFT consensus mechanism.

The dBFT offers an evolutionary solution where there must be two-thirds of agreement between consensus nodes before any new blocks can be added to the blockchain.

This prevents the blockchain from facing a fork, and it also means that each transaction is permanently settled once the block has been confirmed.

This effectively eliminates the risk of transaction reversal and ensures that Neo users can be assured of fast, cost-effective transactions. Neo's proof of stake tools, as well as game theory, establish a robust and infinitely sustainable network.

Stakeholders use NEO for governance voting, and this ensures that all participants are aligned according to a shared interest that inevitably safeguards the Neo blockchain and its expanding ecosystem.

 

4. NeoVM

Virtual Machines can be defined as virtual computers where smart contracts are executed. NeoVM is unique because it is not only applicable to its native blockchain, but it can be used across other areas because of the unique architecture behind it.

There are three main elements contained in the NeoVM, and these are the execution engine, stacks, and interoperability services.

The execution engine of NeoVM consists of a complete set of instructions. These instructions consist of:

  • String instructions
  • Flow-control instructions
  • Logical instructions, and many more.

 

The stack structure of NeoVM includes three available stacks, namely the Call, Compute, and Standby Stack. The Call stack records the overall running state of the blockchain, while the compute stack can be accessed by the smart contract code. Lastly, the standby stack is used for data storage.

The interoperability services of Neo refers to the fact that NeoVM can be used in other compatible blockchains. NeoVM can also be applied across other scenarios, given that there is an interoperability service API.

 

5. API

Neo's APIs in the NeoContracts handle a wide range of tasks that differ in volume and complexity. The APIs of Neo consist of runtime data, ledger data, persistent storage, smart contract management, and digital assets.

 

6. Superconducting Transactions

In any conventional exchange, orders are placed and subsequently matched in a centralised marketplace. While this process is efficient, it entails that users relinquish control of their funds to the exchange for the transaction to take place.

When the placement and order matching is automated in a consensus network, orders are matched and processed fairly and transparently. This defines and establishes a decentralised exchange, but it can result in slower transactions because adjustments must be validated in the overall network.

Neo solves this issue by offering a system where exchange transactions can be settled on a decentralised, transparent blockchain, with order matching being handled off-chain by a central exchange.

These transactions are referred to as “Superconducting Transactions”, and this solution provides efficiency associated with a centralised exchange while ensuring the same level of security of a decentralised exchange.

 

7. NeoFS

NeoFS is an object storage network that is distributed and decentralised. NeoFS can host infrastructure for a new class of applications that are inherently decentralised.

In addition, this network has the benefits of conventional web applications, and it has been designed to serve as a drop-in replacement for more expensive data silos.

NeoFS grants developers control over where and how their application data can be stored and accessed. All data on NeoFS is encrypted, and it can be decryptable by secure, granular access lists.

 

8. NeoID

NeoID consists of a wide range of identity tools that offer effective solutions for user authentication. NeoID has an innovative identity framework that can support a wide range of applications, allowing developers to create and manage many decentralised identifiers and to perform other functions.

 

9. NeoNameService

Also known as NNS, NeoNameService is a native service that can be used to map human-readable domain names to different types of data. The user experience of public-key cryptography is one of the well-known barriers to entry into blockchain technology.

NNS has an innovative NFT-based approach where every domain is represented as an NFT. This allows users to transfer ownership of domain names easily.

 

10. Interoperability

Neo's development team is working tirelessly to ensure that the blockchain platform and project can become the best environment where decentralised applications can be created.

Neo uses an interoperability protocol alliance Poly Network which allows for easy and simplified cross-chain interaction.

The Poly Network also offers users an interoperability solution without the need for an additional token. To date, the Poly Network has transferred over $3 billion to Neo Legacy from different networks.

More than eight different networks are already supported in this network, including:

  • Bitcoin
  • Ethereum
  • Huobi Eco Chain
  • Binance Smart Chain, and many more.

 

11. N3 Upgrade

Neo 3.0, or N3, was announced in 2018 as an upgrade to the Neo blockchain. The upgrade included the following improvements and additions:

  • dBFT 2.0 consensus
  • NeoID
  • Improved pricing models associated with NEO and GAS
  • NeoVM
  • Neo Oracles
  • NeoFS

 

In terms of evolution, Neo experienced the following developments:

  • Da Hongfei and Erik Zhang founded Neo as Antshares in 2014.
  • In 2015, Antshares' white paper was released.
  • In 2015 the first crowd sale was held where 17.5 million NEO tokens were sold for $550,000, and during the second crowd sale, 22.5 million NEO tokens were sold for $4.5 million.
  • Antshares was rebranded to Neo in 2017, and the idea behind this was to combine the past and the future with the word “Neo”, derived from the Greek “νέο”, which translates to new, modern, or young.
  • Along with its rebranding, the development team established their vision towards building a smart economy.
  • In March 2018, the parent company of Neo, Onchain, distributed 1 Ontology token (ONT) for each 5 NEO that users held in their wallets. ONT could be used to vote on system updates, certain mechanisms involved with identity identification, and more.
  • In 2018, Neo 3.0 or N3 was announced as an upgrade to the existing Neo protocol. The upgrade aimed to improve several components on the current version.

 

In terms of the potential and future of Neo, the aim remains on building a complete smart economy. Neo has incorporated several components, including smart contracts, digital assets, and digital identity, into its framework to build a foundation for this implementation. 

While China could be a candidate for the first real-world application, many experts are concerned with China's ban on ICOs, which could be a massive problem for Neo.

 

What is Neo’s price?

Neo was launched in 2014, and its price averages and market capitalisation for the past five years is as follows:

  2017 2018 2019 2020 2021 To date
NEO Price High $77.22 $187.4 $19.49 $25.29 $122.68
NEO Price Low $0.14 $5.6 $6.9 $5.37 $14.44
Market  Cap $2.78B $12.18B $1.37B $1.78B $8.65B

 

Is Neo Open-source?

Yes, Neo is an open-source blockchain project.

Open-source means that software is collaboratively produced and that it can be shared freely. In addition to this, it also means that it is transparently published and that it is developed to be a community instead of being the property of a single entity or a group.

An open-source project is developed without a single chokepoint in the process, and that there is not a single company or one individual that can make, own, sell, or distribute it.

One of the main philosophies involved with open-source projects such as NEO is that several efficiencies can be gained. When developers allow for the input of others, they can boost the potential applications that are available and spread the technology.

Open-source projects mean that it is a public and transparent way for transactions to be recorded. This eliminates any sort of operator tampering and revisions.

The fact that Neo is open-source bodes well for investors because of the transparency involved, as it grants Neo a significant amount of credibility.

 

What is the best Neo wallet?

A Neo wallet is a piece of software where users store the necessary data to access their Neo (NEO) funds. This data consists of a private key, which is like a password. The data also includes a public wallet address, commonly known as a public key, which acts as an account number would.

In terms of the types of Neo wallets, users can distinguish between the following:

  • Cold Wallets – which are offline wallets that store funds in an application that is not connected to the internet.
  • Hot Wallets, which are online applications that require an internet connection.
  • Physical wallets are unique pieces of hardware like USB devices that keep crypto funds offline.
  • Web wallets are web browser ad-on wallets.
  • Desktop wallets – which are applications that allow users to manage their finds on macOS, Microsoft Windows, or Linux.
  • Paper wallets which is a piece of paper with a code or QR code on them. To access the assets, the user enters the key or scan the code to access their account.

 

The functions and importance of a Neo wallet are the same as owning and using a physical wallet where fiat currencies are stored. Neo wallets can be used to store, transfer, receive and manage Neo in one central place.

When crypto coins are stored in a wallet, it does not mean that the actual coins are there, but the wallet instead generates a private key, also known as a hexadecimal code, that is used alongside another hexadecimal code, or a public key, which is linked to a certain amount of currency.

When users search for the best Neo wallet in which to store their NEO, they must consider these factors:

  • Customer Support
  • Positive Reviews
  • User-friendly
  • Development and technology
  • Backup and Restore Options
  • Security
  • NEO and GAS compatibility

 

The best Neo wallets are:

  1. Ledger Nano S – Hardware Wallet
  2. NEON Wallet – Desktop Application Wallet
  3. Binance – Web-based Wallet
  4. NEO GUI – Desktop Wallet
  5. NEO Tracker – Web-based Wallet
  6. Ansy – Paper Wallet

 

1. Ledger Nano S – Hardware Wallet

A hardware wallet is always the best option for users who want to ensure that their funds are safe under any conditions unless they lose the hardware wallet, in which case their funds will be inaccessible. Therefore, even with a hardware wallet, users must ensure that they back their wallet and account up to an additional safe file.

Ledger Nano S is one of the best wallets that support a wide range of coins, including GAS and NEO. Ledger Nano S is compatible with the NEON wallet software.

One of the benefits of using Ledger Nano S in combination with the NEON wallet is that the user does not need to enter their private key or keep it stored on their computer.

This reduces the chance that users will be hacked by extremely talented malicious entities.

 

2. NEON Wallet – Desktop Application Wallet

The NEON wallet is one of the best wallets where users can store both NEO and GAS tokens. From this wallet, users can also receive and send these tokens, and one of the main benefits is that the user can claim the GAS, which is automatically generated when there is NEO in the wallet.

Security is not an issue with the NEON Wallet because the private keys of the user are not stored on NEON Wallet's servers. The wallet is a native Neo wallet that was created by Neo's developers, and it is compatible with computers that run Windows, macOS, and Linux.

 

3. Binance – Web-based Wallet

Binance is one of the largest cryptocurrency exchange trading platforms in the world that allows for the buying/selling of cryptocurrencies. Binance offers a built-in wallet where users can “HODL” a wide range of cryptocurrencies.

Binance's NEO wallet provides users access to NeoGAS tokens every second day of the month, and Binance is thus far from the only exchange that offers this function.

 

4. NEO GUI – Desktop Wallet

This is the official native desktop wallet that was developed by Neo's development team. The wallet synchronises with the entire Neo blockchain, and once complete, the user can make a wallet or use their existing wallet.

The wallet has extremely robust password protection, and there is a backup made of the wallet which imports the user's private key either in a WIF or a HEX format.

The NEO GUI allows users to store their NEO and GAS, and GAS rewards are automatically calculated and added to the user's NEO holdings.

 

5. NEO Tracker – Web-based Wallet

The NEO Tracker is a web-based wallet that was initially written in JavaScript. It is an open-source project and one of the most user-friendly applications that allow users to store, send and receive both GAS and NEO.

With this wallet, the NEO holdings of the user will automatically generate and receive GAS rewards. Ana added advantage of the wallet is that it is completely offline, which means that the user's computer browser is used to generate data and that no information or data is ever stored on the servers of the wallet.

 

6. Ansy – Paper Wallet

A NEO paper wallet is a piece of paper that contains the public address as well as the private address that is printed. The user can use the public address to send NEO to the specific wallet, and they can use the private key to access their wallet.

The main advantage of the paper wallet is that the private key is offline, printed, and safeguarded. The Ansy wallet can be used to send, receive, and store NEO and GAS. 

All NEO holdings kept in the Ansy wallet will automatically generate GAS rewards. The Ansy wallet is available as an extension on Google Chrome and Microsoft Edge.

 

What is Neo’s Burn rate?

Neo does not burn coins in the same way that other blockchain projects burn coins.

Coin burns can simply be defined as the process where coins are sent to a public address where they cannot be spent because the private keys of these addresses are unobtainable.

Coins are burnt for various reasons, including:

  • To create new coins
  • To reward token holders
  • To destroy any coins that were not sold after an Initial Coin Offering (ICO) or a token sale.

 

The system fees charged by Neo refer to the costs of resources that are consumed by the transaction execution in the Neo Virtual Machine (NeoVM), where smart contracts are executed.

The system fees of Neo include the following:

  • Instruction Fee
  • SysCall Fee
  • CPU Processing Fee for native contracts
  • Storage Fee

 

When system fees are received, and a transaction or action has been completed, these fees are burned while the network fees that are received will be distributed to the consensus nodes as a reward for their services.

Binance burns coins a few times a year, with its 7th coin burn having destroyed 830,000 BNB ($16 million), with VeChain and TRON using the same model.

EOS is another coin with frequent burns, with a burn that took place in 2019 where 34 million EOS was destroyed, worth more than $150 million. There are cryptocurrencies such as VeChain and Ripple that burn tokens during every transaction.

 

What can you do with Neo?

Neo has two native tokens, namely NEO and GAS. Neo is one of the first public blockchain projects that adopted a dual token mechanism that separates the rights of governance from that of using the network.

Neo also has the perfect framework in which users can obtain tokens that they need to pay the transaction fees on the network and platform.

 

1. NEO

There is a total of 100 million NEO tokens, and it serves two main purposes on the Neo platform:

  • NEO can be used as a right to vote in the elections which are held to select the Council Members of Neo.
  • NEO gives users the right to claim GAS, which is the token that they need to perform transactions over the Neo network.

 

Users who hold NEO can participate in the election and the governance to vote for members of the Neo Committee. The committee consists of several members as well as consensus nodes that govern the network.

There are several services provided by the Committee, including maintaining the network and adjusting the parameters of the blockchain. NEO has a minimum of 1, which means that the tokens are indivisible.

When users withdraw from their wallets, it means that they can only do so in whole numbers. This also makes NEO an extremely scarce public chain token because it cannot be broken down into smaller parts.

At genesis, there were 100 million NEO coins created, and 50 million was sold to early investors in an initial coin offering (ICO), while the remaining 50 million was locked into a smart contract.

Every year, 15 million NEO is unlocked and used for long-term development goals.

 

2. GAS

GAS fees are charged by the Neo network for operations, token storage, and the running of smart contracts. This ensures that all node resources operate fairly and transparently.

Neo charges system fees for actions that are carried out on the network and while the system fees are burned, network fees are distributed to Neo's consensus nodes for the work that they perform.

For every block, there are 5 GAS tokens generated, and these are distributed as follows:

  • 10% of the GAS is split between all NEO holders
  • 80% of the GAS is divided between the successful voters
  • 10% of the GAS is divided evenly amongst the 21 members that serve on the Neo Committee

 

One unit of GAS is equal to 0.00 000001, and Neo does not require users to stake NEO to claim GAS. Cryptocurrency wallets that support NEO typically have an automatic claim function that collects GAS on behalf of the user.

The largest portion of GAS that is generated per block is distributed to the voters on the platform for their participation in the network governance.

 

What are the criticisms against NEO?

  • In 2018, Neo was criticised for its technical architecture and the fact that it falls short on the inherent characteristic of blockchains surrounding decentralisation.
  • Validator nodes on the network are controlled by NEO, and these nodes are legally obligated to stay up.
  • In 2018, one of Neo's nodes crashed with an unhandled exception, and this resulted in the Neo network being crippled. However, the Research and Development manager provided a high-level overview of the issue to clear it up and restore credibility in the network.

 

What is the biggest competitor of Neo?

The biggest competitor of Neo is EOS.

Neo and EOS are two of the strongest blockchain projects that are being explored by engineers to host smart contracts and to build and execute DApps.

Both these platforms are powerful competitors of Ethereum, which remains as the largest, most successful platform of its kind that introduced the fundamentals of smart contracts and DApps to the world when it was launched in 2013.

EOS is a decentralised and open-sourced blockchain project that aims to improve the versatility associated with DApps and blockchain. EOS claims to be one of the most powerful frameworks that encourage the development, facilitation, and execution of both smart contracts and DApps.

EOS uses a delegated Proof-of-Stake (DPoS) consensus mechanism, which is an improvement on the Proof-of-Work consensus mechanism of Ethereum.

By using DPoS, EOS can ensure cost-effectiveness, and it also increases the network capacity of 15 transactions per second, which Ethereum can do to 3,996 per second, which leaves Ethereum far behind.

Neo aims to fulfil the same functionalities as Ethereum but in a vastly superior way. Neo uses a decentralised Byzantine Fault Tolerance (dBFT) consensus mechanism instead of the DPoS that EOS uses. Neo also upgraded its consensus mechanism to dBFT 2.0, which offers even more functionality and the potential to handle 10,000 transactions per second, besting both EOS and Ethereum.

Neo has two native tokens, namely NEO and GAS, with NEO being the governance token and utility token that can be used for payments, while GAS pays transaction fees on the network.

At launch, 100 million NEO coins were made in the genesis block, and 50 million was sold to early investors in an initial coin offering (ICO), while the remaining 50 million was locked into a smart contract.

Every year, 15 million NEO is unlocked and used for long-term development goals.

EOS is the native token that powers the EOS.IO blockchain and platform. Engineers on the platform must hold EOS coins instead of spending them, and it allows for developers to use the organisation asses and to build and launch DApps.

Transaction speed is one of many crucial components that sets blockchain projects and their networks apart. NEO has a high transaction throughput of 1,000 transactions per second, with the necessary infrastructure to reach 10,000 transactions per second.

EOS, on the other hand, can already handle 3,996 transactions per second, and the high versatility of the network means that EOS could be pushed to handle 1,000,000 transactions per second without losing any steam.

In addition, where Neo users must pay transaction fees, EOS does not subject its users when they perform assignments on the platform or send messages.

EOS.IO relies on DPoS in addition to a role-based consensus to carry out tasks. Adaptability is considered by the protocol in terms of immediate settlements relating to rollbacks, freezing, and repairs on applications that have bugs.

NEO uses the dBFT consensus, which is an improvement on DPoS, and is geared towards building a smart economy. EOS, on the other hand, aims to build DApps for a digital world.

Both Neo and EOS show great potential to expand in a new era where blockchain technology is gaining traction in being used for real-world applications.

In terms of market cap, EOS ranks much higher with a market cap of $4.75 billion, while Neo has achieved $3.1 billion. In terms of demand, EOS ranks higher at #41 on the Altcoin list, while NEO is on #53.

In terms of price stability, both EOS and NEO show significant price fluctuation over the past three months, with extreme highs and lows showing drastic, rapid changes in value.

 

Is Neo better than Bitcoin?

No, Neo is not better than Bitcoin.

Neo is the answer that China has in answer to Ethereum, and while both projects use smart contracts, Neo has several advantages.

The technology that Neo uses is vastly different to that of Bitcoin, and in no way does Neo try to dethrone Bitcoin as a currency and store of value.

Neo is a cryptocurrency that is programmable, and that can run smart contracts to facilitate trustless deals of real-world assets using innovative blockchain technologies.

Bitcoin was launched in 2009 and initially introduced a novel idea that was conceptualised by the mysterious Satoshi Nakamoto. Bitcoin offered the promise of an online currency that is free of central authority, unlike currencies issued by governments.

There would not be any physical Bitcoins, only balances that are associated with a cryptographically secured public ledger.

While Bitcoin may not have been the first attempt at this type of online currency, it was the most successful in initial efforts, becoming known as a predecessor to all cryptocurrencies developed in the past 12 years.

The concept associated with a virtual and decentralized currency took some time to get used to, and through the years, it gained acceptance among government bodies, regulators, traders, and investors.

While it is still not formally recognized as a medium for payment or a store of value, cryptocurrency has managed to create a niche through Bitcoin, coexisting with the financial system regardless of the debates, criticism, and scrutiny it faces consistently.

Key differences between Bitcoin and Neo are:

  • Market capitalisation – Bitcoin has a market cap of more than $1.1 trillion, while Neo has a market cap of $3.1 billion.
  • Consensus mechanism – Bitcoin uses a Proof-of-Work consensus mechanism while Neo uses a decentralised Byzantine fault-tolerant (dBFT).
  • Purpose/use application – Bitcoin aims to become a global currency and alternative payment in addition to a store of value, while Neo aims to become a smart economy based on blockchain technology.
  • Transaction speed – Bitcoin can process up to 7 transactions per second, while Neo can process 1,000 transactions per second with the potential of reaching 10,000 transactions per second.
  • Supply cap – Bitcoin has a maximum supply of 21 million BTC while Neo is capped at 100 million NEO.
  • Initial distribution – Neo held an initial coin offering (ICO) while the initial distribution of BTC was through mining.
  • Mining Method – Bitcoin is mined by specialised ASIC mining rigs, while Neo cannot be mined.

 

Can Neo and Bitcoin Coexist?

Yes, both Neo and Bitcoin can coexist in the cryptocurrency space because they both serve different purposes, and they are not in competition with one another.

 Bitcoin is better as a digital currency and alternative medium for exchange, while Neo is better as a flexible and versatile blockchain project where smart contracts, DApps, and DeFi projects can be created and executed using NEO and GAS as the native tokens on the ecosystem.

How does Neo make revenue?

The Neo platform makes revenue from GAS fees that are charged on the platform.

According to the audited financial report for 2020 that ended in the first half of the year, Neo received 850 GAS for the period, which brought the overall amount to 4,151,770 GAS.

 

How long does it take to mine NEO?

Neo cannot be mined.

Only blockchain projects that have a Proof-of-Work (PoW) consensus mechanism, like Bitcoin, Litecoin, Dogecoin, Ethereum, and others, can be mined to allow for coins to enter the circulating supply.

For these blockchains, miners must verify transactions before they are added to the blockchain. Mining is a crucial function that ensures that the blockchain becomes more secure with every transaction.

The Neo blockchain uses an advanced, innovative consensus framework that is like Proof-of-Stake (PoS), called the decentralised or delegated Byzantine Fault Tolerance (dBFT).

By using this consensus, Neo can achieve consensus through proxy voting using a specialised node delegation process. By using this system, the blocks on the Neo blockchain are validated by NEO coin stakers, who are either consensus nodes or validator nodes. These participants then receive GAS as a reward for their service.

 

Does Neo have Smart Contracts?

Yes, Neo has smart contracts.

A smart contract can simply be defined as a program that runs on a certain platform and ecosystem. Smart contracts are not controlled by the user. They are deployed to the network and subsequently run as they were programmed.

Smart contracts can define certain rules, like any typical contract, and these rules are automatically enforced through the code. Smart contracts cannot be deleted, and the interactions with them are irreversible.

In terms of necessity, smart contracts are important because they help to solve the issue associated with mistrust between different parties as well as business partners.

Smart contracts have several advantages for many industries, and they can reduce unnecessary costs as well as time expenditure while simultaneously enhancing transparency.

Smart Contracts have a wide range of uses across industries and sectors, including:

  • Insurance
  • Supply Chain Management
  • Protection of Copyright content
  • Digital Identity
  • Financial Data Recording
  • Mortgage contracts

 

Neo allows users to create and run smart contracts by using different programming languages such as C#, F#, VB.Net, JavaScript, and many more.

The fact that Neo allows developers to use a wide range of programming languages instead of having a native language to which developers must comply is a large benefit.

By using this, Neo effectively lowers the barrier of entry for developers, and it is one of the reasons why more developers are using Neo. The smart contracts that Neo supports are run through the Neo Virtual Machine or NeoVM.

This NeoVM has innovative properties such as:

  • Just-in-time compilation, also known as JIT
  • Static compilation
  • Hotspot identification, and more.

 

The code on NeoVM is compressed into bytecode that resembles Java and .Net runtimes, with the benefit that high-level languages can easily be compiled into the NeoVM bytecode.

Neo claims that there is efficient support provided for debugging. Neo also offers comprehensive API functions, and the smart contract creation fees have been reduced significantly during the latest N3 update.

Neo features a comprehensive and transparent fee schedule on its official website, giving developers a complete breakdown of the fees that they can expect.

 

Can NEO reach $100k?

No, NEO cannot reach $100,000.

The price of NEO is driven by correlations with the prices of larger market players such as Bitcoin, Ethereum, Cardano, and other larger cryptocurrencies.

If the price of these cryptocurrencies increase, NEO's price is likely to see an increase as well, albeit not as drastically.

The rise and widespread adoption of smart contracts across industries, especially in DeFi is making projects such as Neo extremely valuable.

The price predictions on NEO are as follows:

  • 2021 year-end – $478
  • 2022 – $555
  • 2023 – $950
  • 2025 – $2,200
  • 2028 – $4,400
  • 2030 – $7,000

 

Can NEO be used as currency?

Yes, NEO can be used as currency.

However, NEO is not intended to be used as currency or an alternative payment outside of the Neo blockchain and blockchain technology in general. NEO is used for governance and staking to earn GAS, while GAS is used in the Neo network to pay for fees.

 

Can Neo transactions be tracked?

No, Neo users cannot be tracked to discover their identity or information. However, all Neo transactions are visible on the Neo blockchain, and users can see the public address, the amount transferred, the balance of the address, and more.

However, the public address does not link to an individual's identity, which means that the user is safe. There is no way to “trace” a Neo address to a person that uses it.

 

Can NEO be hacked?

No, Neo's blockchain cannot be hacked. The dBFT consensus mechanism requires that at least two-thirds of nodes agree so that consensus is reached.

To be hacked, a malicious entity would have to obtain the private keys of two-thirds of nodes to hack the blockchain. This would not be possible as it would require massive amounts of computational power.

However, according to trusted sources, there was a vulnerability in 2018, and the Security Joint Labs of Tencent alerted Neo and cryptocurrency users that there was a bug that created a vulnerability in the blockchain, allowing for hackers to remotely steal GAS tokens.

In addition, in 2021, the cross-chain DeFi site, Poly Network, which was built on the Neo platform, was hacked and allowed for $610 million in crypto to be stolen.

While it is extremely difficult to hack blockchains with robust security such as Ethereum, Neo, and others, smart contracts, DApps, and DeFi projects can be vulnerable to attacks.

 

Can Neo make you rich?

No, Neo will not make you rich.

Neo, unlike cryptocurrencies such as Ethereum, Litecoin, Bitcoin, and many others, does not aim to be a store of value or to be an alternative method of payment for goods and services.

NEO and GAS, the native tokens in the Neo ecosystem, are intended for governance and transaction fees, respectively. The value of NEO is set to increase to $400 by 2030, and while this can give investors a decent return on investment, it will not make them as rich as Bitcoin investors.

 

Is it worth buying NEO?

No, it is not worth buying NEO unless it will be used on the Neo platform to earn GAS.

NEO is a unique cryptocurrency, and the Neo platform and project will see significant expansion and growth in the years to come as DeFi continues to change the face of the financial industry, amongst others, as we know it, but NEO is not a store of value like Bitcoin.

 

Is NEO a good investment?

NEO can be a good investment, especially as a hedge against inflation and to get an improved return than conventional investments, but most price predictions do not see the price of NEO rise above $1,000 in the next ten years.

However, everything depends on the NEO 3.0 upgrade and its success. If it is successful, Neo is set to draw more investors, especially if it can compete against more popular projects such as Solana, Cardano, and Ethereum.

 

Is NEO Legit?

NEO is legitimate.

According to “isthiscoinascam”, NEO has a project safety score of 7.63/10 with a “Very Good” overall rating. NEO's rating has the following metrics:

  • Development – 8.1/10
  • Sentiment – 7.2/10
  • Community – 10/10
  • Awareness – 6.07/10
  • Credibility – 8/10
  • Volume – 7.2/10

 

Neo has an overall community trust score of 5/5, and there is an active Reddit community that is extremely active. Neo is ranked at #53 on the altcoin list that currently has more than 13,000 altcoins at a market cap of $3.1 billion.

While there have been many challenges over the past few years, Neo is a feasible project.

 

Is NEO Supply limited?

Yes, Neo has a limited supply of 100,000,000 NEO coins.

Once all 100 million NEO tokens have entered circulation, there will not be any newer tokens minted. These coins were created in the Genesis block, and 50 million was sold to early investors in an initial coin offering (ICO), while the remaining 50 million was locked into a smart contract.

Every year, 15 million NEO is unlocked and used for long-term development goals.

There is a very strong relationship that exists between the value of a coin and its circulating supply. When investors buy a cryptocurrency, such as Neo, with a fixed supply, they can potentially benefit from future values.

When the supply of a cryptocurrency is low, and there is a high demand, the price of a cryptocurrency will inevitably rise over time. Neo is set to appreciate in time with the widespread acceptance and use of smart contracts, DApps, and DeFi.

In terms of other cryptocurrencies, the following cryptos also have limited supplies:

  • Bitcoin (BTC) – 21,000,000 BTC
  • Cardano (ADA) – 45,000,000,000 ADA
  • Binance Coin (BNB) – 168,137,036 BNB

 

Does NEO have a fixed supply?

Yes, Neo has a fixed supply of 100,000,000 NEO.

Fixed or maximum supply can be defined as the total number of coins that can ever be in circulation.

  • Total Supply refers to the number of coins that have been mined, including the missing coins that are no longer in circulation or that have been lost.
  • Circulating supply refers to the total number of coins that are in circulation.

 

Because Neo has a fixed supply, it means that the demand for the coin will increase as supply diminishes along with its value.

 

Is NEO the best Altcoin?

Yes, Neo is one of the best alternative coins in terms of:

  • Trackability – While all transactions on the blockchain can be viewed publically, these transactions cannot be traced to expose the individual.
  • Security – The consensus mechanism that Neo uses makes the blockchain extremely secure the more blocks are added to the chain.
  • Transaction throughput and speed – transactions are fast and efficient, and the network can handle 1,000 transactions per second with the potential for up to 10,000 per second.
  • Technology – Neo employs innovative technology, including Poly Network, Oracles, Smart Contract, Dual Tokens, N3 Upgrade, and more.
  • Price Change – Neo shows some fluctuations in its price stability, but it is not as volatile as other cryptocurrencies, with its value expected to increase steadily.

 

In terms of hacking, Neo experienced a vulnerability in 2018, which led to the theft of coins native to the blockchain. In addition, the Poly Network, which was built on the network, experienced a hacking event as well.

In terms of investment, Neo is not the best option because it is not a good store of value such as Bitcoin or other coins. Thus its value will not increase as exponentially.

 

What are the differences between Neo and Bitcoin?

Key differences between Bitcoin and Neo are:

  • Market capitalisation – Bitcoin has a market cap of more than $1.1 trillion, while Neo has a market cap of $3.1 billion.
  • Consensus mechanism – Bitcoin uses a Proof-of-Work consensus mechanism while Neo uses a decentralised Byzantine fault-tolerant (dBFT).
  • Purpose/use application – Bitcoin aims to become a global currency and alternative payment in addition to a store of value, while Neo aims to become a smart economy based on blockchain technology.
  • Transaction speed – Bitcoin can process up to 7 transactions per second, while Neo can process 1,000 transactions per second with the potential of reaching 10,000 transactions per second.
  • Supply cap – Bitcoin has a maximum supply of 21 million BTC while Neo is capped at 100 million NEO.
  • Initial distribution – Neo held an initial coin offering (ICO) while the initial distribution of BTC was through mining.
  • Mining Method – Bitcoin is mined by specialised ASIC mining rigs, while Neo cannot be mined.

 

Bitcoin is better used as an alternative payment and a store of value, while Neo is the ideal platform where smart contracts, DApps, and DeFi projects can be built and launched.

  Bitcoin Neo
Price change 20/21 +$400% +140%
Market Cap $1 Trillion+ $3.1 Billion+
Past Hacks None 2018 – software vulnerability reported by Tencent Security
Popularity Very High Medium
Altcoin Rank #1 – Original Crypto #53

What is the difference between Neo and Ethereum?

Ethereum and Neo both try to serve the same markets, but there are significant differences between them. These relate to the following components:

  • Developer Adoption – Neo received instantaneous support among developers because of the wide range of programming languages that the platform supports. Ethereum, on the other hand, only allows for coding in its proprietary language, namely Solidity. 
  • Transaction Speed – Ethereum can only process 15 transactions per second, while Neo can process between 1,000 and up to 10,000 transactions per second.
  • Market Capitalisation – Ethereum has a market cap of more than $480 billion, whereas Neo only has a market cap of over $3.1 billion.
  • Consensus – Ethereum currently uses a Proof-of-Work (PoW) consensus and will transition to a Proof-of-Stake in future. Neo already uses an innovative and robust decentralised or delegated Byzantine Fault Tolerance (dBFT).
  • Programming Language – Ethereum allows for coding in its native programming language, Solidity, while Neo supports several programming languages, allowing developers to work comfortably with coding that they are familiar with, speeding up the process of app development.
  • Blockchain Fuel – Neo has two native tokens, namely NEO and GAS, while Ethereum's native currency is called Ether, and smaller units of Ether are known as “gas”. For example, Ether can be considered as dollars while gas is the cents that make up the dollar.
  • Divisibility – Ethereum can be divided into smaller units, or gas, while Neo is not divisible and only exists in whole numbers that are transferable.
  • Support from Government – Neo is considered as China's solution to Ethereum, and it is the first and largest Chinese cryptocurrency that claims to have government support.

 

While both Ethereum and Neo serve the same markets, Neo has become better at facilitating developers who use programming languages other than Solidity, providing them with the perfect platform. However, Ethereum is still the most popular smart contract, DApp, and DeFi platform in the crypto space.

  Ethereum Neo
Price change 20/21 +880% +140%
Market Cap $480 Billion+ $3.1 Billion+
Past Hacks None 2018 – software vulnerability reported by Tencent Security
Popularity Very High Medium
Altcoin Rank #2 #53

 

What is the difference between Neo and Cortex?

Cortex is a decentralised and completely independent artificial intelligence system that is based on blockchain technology. The purpose behind Cortex is to offer a modern, innovative, and robust machine-learning model that can be used to power the smart contracts that are developed on the Cortex blockchain.

Cortex offers a machine learning platform where developers can post different tasks and develop AI-based DApps. Cortex is like Ethereum, Cardano, Solana, and Neo, but with AI and machine learning, thus it is seen as an upgrade on existing technologies by including automation of processes for even further transparency and trust.

Cortex allows for AI smart contracts in its blockchain, which can further expand the potential that smart contracts, DApps and DeFi have. Through this unique technology, smart contracts could respond autonomously respond to external signals without intervention.

Despite its potential, Cortex has not yet gained a lot of traction, with a significant amount of development still being done.

The difference between Neo and Cortex is that Cortex aims to improve on the same technologies that Neo offers by adding AI to smart contracts.

  Cortex Neo
Price change 20/21 +170% +140%
Market Cap $40 Million+ $3.1 Billion+
Past Hacks None 2018 – software vulnerability reported by Tencent Security
Popularity Low Medium
Altcoin Rank #627 #53

What is the difference between Neo and Tezos?

Tezos is a cryptocurrency in addition to being a decentralised blockchain platform. Tezos uses a Proof-of-Stake and formal verification mechanism as opposed to the dBFT that Neo uses.

Users on the Tezos platform can verify the correctness of their cone, and stakeholders on the platform can vote on the changes that must be made to the protocol.

With Neo, holders of NEO can be elected to form part of the committee that oversees governance over the network. The block creation of Tezos is called “baking”, and it refers to the staking process whereby Tezos holders who stake tokens can receive rewards when they create and verify the blocks added to the blockchain.

Neo rewards holders of NEO with GAS tokens, with consensus nodes and validators receiving an incentive for the service that they render in adding blocks to the blockchain.

Tezos was established to allow for smart contracts to be used, and it is far more popular than Neo in terms of market capitalisation and rank.

Tezos is an innovative blockchain platform that draws attention towards its “baking” governance, while Neo offers the best option for developers to use different programming languages to effectively create Smart Contracts, DApps, and DeFi projects.

  Tezos NEO
Price change 20/21 +190% +140%
Market Cap $5.5 Billion+ $3.1 Billion+
Past Hacks None 2018 – software vulnerability reported by Tencent Security
Popularity Medium Medium
Altcoin Rank #35 #53

 

What is the difference between NEO and Ripple?

XRP was created to be ultra-fast and significantly cheaper, and more scalable than traditional payment platforms such as SWIFT. The RippleNet ledger is maintained by the XRP community, and XRP Ledger can process transactions every 3 to 5 seconds.

XRP has a maximum supply of 100 billion XRP while NEO is capped at 100 million NEO. XRP uses a proof type of XRP LCP, while Neo uses a dBFT 2.0 consensus mechanism for transaction verification.

Neither NEO nor XRP can be mined, and XRP also has 55 billion coins that are locked in escrow, releasing a billion XRP per month, and any unused or unsold coins are subsequently returned to escrow through a smart contract.

XRP has a much higher market cap and altcoin rank than Neo, and it is a more popular choice in the crypto space, especially for its fast transaction speed and ultra-low transaction costs.

  Ripple NEO
Price change 20/21 +400% +140%
Market Cap $50 Billion+ $3.1 Billion+
Past Hacks Coincheck hack, Ledger software hack, SEC lawsuit 2018 – software vulnerability reported by Tencent Security
Popularity Very High Medium
Altcoin Rank #7 #53

What is the difference between Neo and NFT?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. Neo, on the other hand, is fungible, which means that one Neo has the same value and characteristics as another Neo.

NEO is used as a platform where smart contracts and decentralised applications can be built, executed, and run. The market cap for Neo is over $3.1 Billion, while the NFT market is expected to rise to over $1 billion by the end of 2021.

NFTs consist of any digital collectables such as art, games, video clips, and many other tokens that often sell for millions at auctions.

Neo uses NFT technology in its NeoNameService, where every domain on NNS is represented as an NFT. With the rollout of Neo N3 Mainnet, Neoverse was also launched, an NFT mint and collection event which involved developer communities from around the world.

The NFTs that could be collected include:

  • N3 Elements NFT
  • N3 Collector's Edition NFT
  • N-Series by Aleksandr Kuskov
  • E-Series by Chen Bin BHQS
  • O-Series by Reva

 

In addition, GhostMarket has successfully integrated dedicated support on the Neo N3 blockchain. GhostMarket is a DApp deployed on the Neo N3 Mainnet that supports the minting, selling, and exchange of different NFTs on the N3 blockchain of Neo.

Users can easily connect to the DApp using the NeoLine Chrome extension. Users can also use the O3 mobile and desktop wallet to mint NFTs through GhostMarket. Users can use their GAS tokens as payment on the DApp.

 

What is the difference between NEO and Cardano?

Both Neo and Cardano have the same goals, and they both serve the same audience. However, both platforms incorporate innovative features that make them unique.

Cardano employs two separate programming languages in which smart contracts can be written and in which the platform operates. While Haskell is used for the coding on the system, Plutus is used to develop and run smart contracts.

Neo, however, is entirely developer-friendly as it supports the use of several coding languages, including C#, Java, Go, Python, and many others. Neo offers a Neo Virtual Machine (NeoVM) through which these contracts can be executed.

The consensus mechanism of Cardano relates to Ouroboros. This is a Proof-of-Stake mechanism that allows users to stake their tokens, with the highest stake obtaining the right to verify transactions and add blocks to the change.

Neo, however, uses dBFT that features bookkeeping nodes, and only NEO holders can participate in the validation process where they vote for delegates to add blocks to the chains.

Cardano only has one native token, ADA, while Neo has two tokens, namely NEO and GAS, with each serving a purpose in the overall ecosystem.

  Cardano NEO
Price change 20/21 +2,100% +140%
Market Cap $73.7 Billion+ $3.1 Billion+
Past Hacks None 2018 – software vulnerability reported by Tencent Security
Popularity Very High Medium
Altcoin Rank #4 #53

What are the NEO-supported wallets?

While many cryptocurrencies will support NEO, the following wallets are specifically designed for the storage, sending, and receiving of NEO/GAS:

  1. NEON Wallet
  2. NEO GUI
  3. O3 Wallet
  4. NEO Wallet
  5. NEO Tracker

 

1. NEON Wallet

The NEON Wallet is a free wallet that allows users to control their NEO tokens and any NEO-based (NEP5) tokens. The one benefit of this wallet is that users will automatically receive GAS on any NEO that they keep in the wallet.

The NEON wallet is backed and endorsed by the NEO council, and it provides users full control of their private keys. NEON Wallet is user-friendly, and it also has a lightweight mode where it is not necessary to download the entire blockchain history to be functional or to access transactions.

PROS CONS
Lightweight mode There is no 2FA
Open-source program There is no support for Multi-signature
Private key control  

 

2. NEO GUI

The NEO GUI is an official Neo desktop wallet that provides users with access to their NEO holdings. The wallet is a synchronising wallet that requires that the user download the entire Neo blockchain onto their computer.

Once this is complete, the user can create a password-protected wallet, back up their wallet by encrypting the private key and start using the wallet. A benefit of this wallet is that users will automatically earn GAS on the NEO that they hold.

PROS CONS
Full transparency and open-source Only available on Windows and macOS
User-friendly interface Requires a large amount of storage
Safer than other desktop and web wallets Processing speed relies on server speed
Coins can be backed up offline  

 

3. O3 Wallet

Launched in 2015, O3 is a crypto wallet and a gateway to a smart economy. O3 allows users to manage, exchange, stake, and buy various cryptocurrencies, not just NEO.

O3 is a cross-platform wallet that offers users access to voting and staking functions. There are multiple payment methods, and the wallet also integrates a crypto marketplace where crypto coins can be exchanged.

PROS CONS
The wallet is highly intuitive and user-friendly Risk of losing private keys if the password is deactivated before the vault is backed up
O3 is versatile and available on mobile and desktop Hot wallet, which is not safe
Integrates a crypto exchange and allows for crypto purchases with credit cards It ignores security features such as 2FA
There is dedicated customer support offered  
Minimal transaction fees with discounts added  

4. NEO Wallet

The official native NEO wallet is an application where users can safely store and exchange their NEO tokens. It also allows users to send and receive funds from the wallet across several platforms, including Android mobile devices, desktops, and web extensions.

NEO Wallet allows users to store their assets safely, track their prices and balances, and make transfers and transactions from within the wallet. The wallet supports a wide range of cryptocurrencies, including Bitcoin, Ether, and others.

PROS CONS
Easy and seamless UI The mobile version is only available to Android OS
Allows access to a web-based version from any desktop or PC, despite the operating system There are daily limits applied that can reduce transaction flexibility
Users can track their balances in fiat  
There is multi-layer security  
Prompt and dedicated customer support  

 

5. NEO Tracker

The NEO Tracker is a light web wallet that allows users full control of their private keys. The private key of the user is never stored on the servers of NEO Tracker.

It also does not need to synchronise to download the entire blockchain but uses a remote server to fetch different data, including transaction history, amount of GAS available to claim, and so on.

PROS CONS
Open-source Hierarchical Deterministic
Lightweight There is no 2FA or Multi-sig
Private keys are not kept on the servers of the wallet  
24/7 dedicated support  

 

What is the safest wallet for NEO?

The safest wallet for NEO is Ledger Nano S in combination with the NEON Wallet.

Can you store other cryptocurrencies in a NEO wallet?

Yes, you can store other cryptocurrencies in a NEO wallet if the wallet is compatible with other cryptos, for example, the O3 and NEO Wallets.