Neo is a software network that aims to act as a platform for decentralized product and service creation and commerce.
Because Neo and its more well-known cousin have many characteristics in common, including the capacity to create decentralized applications (dapps) for social networks, prediction markets, and decentralized exchanges, Neo is frequently referred to as the “Ethereum of China.”
In addition, the Neo network provides its users with a plethora of additional capabilities, such as a decentralized file storage system, an identity system, and an oracle system for ingesting external data (such as pricing data).
For the machines running its software, Neo uses a novel governance system called Delegated Byzantine Fault Tolerant (dBFT) as its consensus mechanism.
Two native cryptocurrencies—NEO, which is used to vote on protocol modifications, and GAS, which is used to pay for network computation—are essential to the operation of the blockchain.
For the most recent information, users who want to remain informed about Neo’s development status should subscribe to its official blog.
Neo coin price
About Neo
NEO is a platform for smart contracts and cryptocurrencies that works with apps developed in many different programming languages. Smart contract deployment and operation fees are covered by GAS, an additional token.
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What Is Neo (NEO)?
Neo is a distributed network that digitalizes assets using blockchain technology. The platform creates a self-managed smart economy of the future by fusing digital assets, digital identities, and unique smart contracts. For the past four years, the Neo Legacy has operated on a stable mainnet; nevertheless, according to the website, Neo has moved to N3, the most potent and feature-rich version of the Neo blockchain to date. Smart contracts are similar to standard contracts, except they operate as blockchain protocols rather than being written on paper.
The goal of Neo’s N3 version is to introduce cutting-edge and novel features to the platform:
Multi-Language Support: Neo N3 aims to break down language barriers by enabling users to communicate in a language that they are comfortable and familiar with. To enhance the user experience, the most popular languages and tools have been incorporated by the platform developers.
Decentralised Storage: Neo N3 aims to present a dependable and efficient decentralised storage solution to network users, one that is independent of centralised infrastructure. Furthermore, the user data is intended to remain accessible and securely protected for the best possible user experience.
Native Oracle: Smart contracts are a ground-breaking data access mechanism, but they do have certain inherent restrictions. The inbuilt oracle functionality of Neo N3 gives developers access to off-chain data sources. As a result, new avenues for the development of large-scale decentralised services become available.
Self-Sovereign Identity: Verifiable credentials are intended to be used by Neo N3 as an extra security measure for user apps. In order to guarantee that the contract functions correctly, users can tailor the exact degree of attribute verification that is required. Simultaneously, this customisable verification may also guarantee regulatory compliance and bot filtration.
Advanced Interoperability: Neo N3 can interact with other blockchains just as easily as it does with native platform transactions because it is connected to a large number of blockchains.
Subsequently, Neo N3 is developing a dual-token approach that enables network users to participate in the ecosystem without having to lower their stake size. The initial token, NEO, stands for the authority to run the network. Voting on order bookkeeping, network parameter modifications, and other issues is available to NEO holders. Since the NEO token is indivisible, it cannot be divided into smaller portions upon withdrawal. The N3 ecosystem’s fuel token is the second token, GAS. For the storage and use of tokens and smart contracts, the network levies a GAS fee.
History of Neo (NEO)
The creator of Neo, Erik Zhang, had stated in July 2018 that he intended to construct Neo 3.0. On August 2, 2021, the Neo ecosystem released its N3 version. It is necessary for NEO and GAS token holders to switch to the new mainnet. On August 9, 2021, the platform arranged the early migration of birds, and on September 1, 2021, the mass migration.There is a 100 million token maximum supply for both the GAS and Neo coins.
How does Neo work?
Neo’s platform enables programmers to create new apps (dapps) that mimic real-world goods and services and execute smart contracts, or NeoContracts.
NeoContracts are different from other smart contract-based protocols in that instead of requiring developers to learn a new language, they may create apps using a range of widely used current languages (such as C# and Java).
Because NeoContract is compatible with a wide range of programming languages, a greater number of developers may find it appealing to work on new dapps or maintain ones that already exist.
Delegated Byzantine Fault Tolerant
Neo uses a consensus mechanism known as delegated byzantine Fault Tolerant (dBFT) to safeguard its blockchain and maintain synchronization across its dispersed network of computers.
Similar to delegated proof of stake (DPoS), distributed ledger technology (dBFT) uses a real-time voting mechanism to determine which machines executing the program are authorized to produce the next block on the Neo blockchain. Therefore, anybody who has NEO is able to assist in running the network.
Every NEO token, also known as a Neo coin, has the ability to be locked, or “staked,” in order to represent a vote. The more NEO that is staked, the more voting power it has. The consensus nodes, who are in charge of generating blocks, are chosen by a vote cast by all owners who have staked NEO.
Consensus nodes on the Neo blockchain get network transaction fees in exchange for recommending and appending new blocks (paid in GAS cryptocurrency).
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How much is 1 NEO?
Neo is on the rise this week.
Neo’s price has gone up by 0.19% over the last hour and down by 0.90% over the previous day. In the last week, Neo’s price has likewise increased by 0.37%. With a trading volume of £23.73 million in a day, the price per NEO is currently £8.70. Neo’s current value is 94.42% less than its £155.83 all-time high. Since Neo’s debut, this all-time high was the most that had been paid for it.
With 70,538,831 NEO in circulation at the moment, Neo has a 70,538,831 total market capitalization.
FAQs
What is the current price of Neo?
We instantly change our Neo to GBP money. Visit Coinbase to view the current Neo price.
What is the market cap of Neo?
Neo’s market value is at £613.68 million. A large market capitalization suggests that the market places a high value on the asset.
What is the all time high of Neo?
Neo is currently trading at £155.83. Since Neo’s debut, this all-time high represents the highest price ever paid.
What is the 24 hour trading volume of Neo?
Neo’s trading volume over the past day is £23.73 million.
What other assets are similar to Neo?
Neo’s market capitalization is comparable to that of numerous other assets, such as WEMIX, Flare, and Decentraland. See our similar market cap assets for a complete list.
How many Neo are there?
There are 71 million Neo units in circulation at the moment.
Can I buy Neo on Coinbase?
No, Coinbase does not presently offer Neo; however, you can register to receive updates on Neo’s status and to be informed when it is added to our exchange.
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