What is Neo and how to trade in its token?by
[Lena Burkut](/user/lenaburkut)Writer
Neo is a cryptocurrency driven by Blockchain platform and it was founded in 2014 in China.Neo was developed to compete with the 2nd largest cryptocurrency which is Ethereum (next to Bitcoin).It is widely termed as the China’s Ethereum.
Neo’s Structure
NEO’s network is developed on two tokens.NEO and neo GAS (GAS).At the time of its genesis launch event in 2014, NEO tokens were all pre-mined.They have a fixed supply cap of 100 million tokens which are being used to facilitate block creation, network management, and any consensus requirements.The GAS token is developed to act as fuel for the NEO blockchain and act as a form of security.
It is important to note that GAS was not pre – mined and it is developed to be used for allocation of resources and maintaining the day to day running of the blockchain.
It is also used to reward users maintaining the blockchain.
It
is also possible to swap from
NEO to GAS or vice a versa.
How it Works?
Neo’s whole operation is driven by three basic component which are Digital Assets, Digital Identity and Smart Contract.
Digital Assets
Digital Assets are programmable assets that exist in the form of electronic data.With blockchain technology, the digitization of assets can be decentralized, trustful, traceable, highly transparent, and free of intermediaries.On the NEO blockchain, users are able to register, trade, and circulate multiple types of assets.Proving the connection between digital and physical assets is possible through digital identity.Assets registered through a validated digital identity are protected by law.
Digital Identity
Digital identity refers to the identity information of individuals, organizations, and other entities that exist in electronic form.The more mature digital identity system is based on the PKI (Public Key Infrastructure) X.509 standard.In NEO, we will implement a set of X.509 compatible digital identity standards.This set of digital identity standards, in addition to a compatible X.509 level certificate issuance model, will also support the Web Of Trust point-to-point certificate issuance model.
Smart Contract
The NeoContract smart contract system is the principal feature of the unified integration of the prevailing developer ecosystem.
Using this network, developers do not need to study a new programming language, but can use C#, Java and other mainstream programming languages in their familiar IDE environments (Visual Studio, Eclipse, etc.) for smart contract development, debugging and compilation.Its Universal Lightweight Virtual Machine, NeoVM, has the rewards of high certainty, high concurrency, and high scalability.
The NeoContract smart contract system allows millions of developers around the world to swiftly carry out the development of smart contracts.
Consensus
NEO uses a delegated Byzantine Fault Tolerance (dBFT) consensus mechanism and can support up to 10,000 transactions per second.To achieve the consensus, book keeping nodes are randomly selected to validate transactions on the network based overlapping networks of trust in a manner most similar to Hyperledger Fabric and Stellar which employ refined diverse applications to solve for the Byzantine General’s problem.Systems employing dBFT for consensus cannot hard fork into two separate chains as the mechanism relies on 2/3 majority rule to operate.It means that the fear of future split of token does not exist with this cryptocurrency.
How to trade in its Token?
Neo’s price is driven the market forces just like any other cryptocurrency.Its major user base is in Chinese markets.Which implies that its price is majorly influenced by any news coming out of that country.
Now
the trading in its token is as easy as buying any other famous crypto like
Bitcoin.
You can
buy Neo with credit card or any fiat currency through any of the
operating best crypto exchange and keep it in your crypto wallet.
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