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Best Crytpo Trading PlatformChoose your quick section of our NEO review below.
A Quick Overview of our NEO Review:
NEO works in collaboration with a handful of institutions to fulfil legal obligations which relate directly to its operations and activity.
NEO Live Price
What is NEO?
NEO was launched a year after Ethereum and used to be known as AntShares (ANS), known as the first Chinese public blockchain that was renamed to NEO in 2017. NEO offers an ecosystem for the development of decentralised applications (DApps) and an overall intelligent economy, allowing everyone access to the digitisation of physical assets.
Key Features and Takeaways of NEO
NEO is a popular and reputable project that was launched in 2014 and which has the following features and takeaways:
NEO aims to bring blockchain technology to all the sectors in the global economy.
NEO works in collaboration with a handful of institutions to fulfil legal obligations which relate directly to its operations and activity.
The NEO blockchain offers the ability to verify the identity of users which is an essential criterion, allowing for the integration of real-world assets onto the blockchain.
NEO makes interoperability possible through atomic swaps.
With the help of City of Zion (CoZ), which is an independent developer community, NEO’s ecosystem is being improved constantly. These developers are granted with funding from the NEO Council to develop new products such as the NEON wallet, the NEO block scanner, and the NEX platform.
NEO does not use a Proof-of-Work (PoW) or a Proof-of-Stake (PoS) consensus mechanism but a Delegated Byzantine Fault Tolerance (BFT) which distinguishes simple users on the blockchain from bookkeepers. These are participants who contribute to the NEO blockchain and network’s function as well as the management of various accounts. Bookkeepers are the validators who are elected by the NEO community.
It is impossible for NEO to fork as the network makes use of two different tokens namely NEO which is used to obtain shares in the network, the right to vote and to be elected as a bookkeeper, and GAS (formerly known as ANC), which is also fuel and allows for use of the blockchain.
Bookkeepers receive incentive for every block GAS validation, with a new block being validated every 15 seconds. The NEO network has the capacity to support more than 10 000 transactions every second.
NEO has simple programming and supports 5 different programming languages, with plans to increase this to 10 different languages namely C, C++, Python, C#, GO, JavaScript, Java, .Net, Visual Basic, and JSON RPC.
NEO Mining
NEO itself, as result of the consensus mechanism that it uses, cannot be mined. NEO is a digital and decentralised ledging network that uses smart contracts and a platform for developing DApps. IN using the NEO blockchain, developers can convert physical assets to digital ones by tokenising them through smart contracts. DApps can be developed, and users can also stake NEO coins for a passive income which is generated in GAS, which is another cryptocurrency distributed as a block reward in the NEO blockchain.
Blocks are generated every 15 seconds, and the up limit for the emission of GAS constitutes to 100 million coins. Each year, the block reward decreased so that an upkeep can be provided for the price of GAS and to ensure that the reward process lasts longer.
Both GAS and NEO are different cryptos that go together, with GAS being a cryptocurrency which is granted to NEO owners as a reward for their stake in NEO.
To receive a passive income, users must obtain NEO and keep it in a wallet that is compatible with NEO in addition to the wallet allowing for staking. Most users can use the proprietary NEON wallet which can be used by PCs that run Windows, Linux, or Mac OS.
The more NEO users hold, the more GAS they will receive which can be used for payment fees on the blockchain, as deposits, or to pay for any additional fees.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| NEO offers a complete ecosystem that can be used to establish a smart economy | NEO is centralised and displeases true libertarians as it is a “poster child” for identity control and governance in the hands of only a few Bookkeepers |
| NEO’s speed is higher than that of Ethereum and it also approaches that of Visa | The stance of the Chinese government regarding crypto changes frequently, affecting NEO’s future |
| There is a completely active NEO developer community | |
| The programming of NEO is simpler than other projects and it can be done in 5 different programming languages with plans to increase this to up to 10 languages |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Transaction fees | From 0.1 GAS |
Should you buy NEO?
The cryptocurrency space can be compared to a grocery store that features a large variety of products and brands. Each of these stand out according to their purpose and uses. When considering NEO, it is an investment which deserves consideration as the blockchain platform stands out as result of its uniqueness associated with the ability to create a smart economy.
NEO should be considered for some of the following reasons:
It is a community-based project that has gained in popularity in recent years.
The currency is one of the top 100 cryptocurrencies in the industry and in the market being exchanged and traded on major exchange trading platforms.
NEO uses a trio-combination to establish platform functions namely digital assets, digital identity, and smart contracts, all of which establishes a smart economy.
NEO is expected to increase in price long-term as the popularity of the blockchain, network, and platform increases as result of DApps being developed. In addition to this, holders of NEO can generate a passive income in GAS which can be exchanged or used to pay fees.
How to buy NEO (NEO)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase NEO/NEO and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
NEO can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading NEO.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading NEO, select the option from the “Trade” Menu. Enter “NEO” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select NEO_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair NEO/USDT.
Here, you will see that you have the option to buy or sell NEO either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy NEO through via Limit Order
To buy NEO and create a limit order for it, you can enter the amount of NEO you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell NEO through via Limit Order
To sell NEO, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, NEO that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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Frequently Asked Questions
When was NEO first launched?
NEO was launched in 2014 as AntShares.
Who founded NEO?
Mr. DA HongFei and Erik Zhang established NEO.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was NEO’s ICO and how much did it raise?
NEO’s ICO ended in September 2016 and it raised 71 million ZAR.
Is NEO legit?
Yes, NEO is legit.
What is NEO’s total supply?
There is a maximum supply of 100,000,000 NEO.
What is the purpose of NEO?
NEO aims to facilitate trustless trades of real-world assets and to establish a smart economy.
On which blockchain is NEO based?
NEO is based on its own blockchain.
Does NEO work with smart contracts?
Yes, NEO uses smart contracts.
Does NEO have potential to become more valuable?
Yes, the price of NEO is set to increase gradually long-term.
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