What is NEO?
NEO was called Antshares before 2017. Antshares appeared in 2014. In July 2017 there was a rebranding.
NEO is a large-scale blockchain project. NEO’s main goal is to create a new economic system.
Visit official website
NEO uses blockchain technology and digital identification for several purposes.
- Digitizing assets
- Automatization of digital asset management processes using smart contracts
- Implementation of a “smart economy” with a distributed network
NEO should become a “bridge” between the real and virtual economies, which operate on the basis of smart contracts. This cryptocurrency is often called "Chinese Ethereum."
In addition to rebranding, developers launched an ICO. It was from 2017/07/01 to 2017/07/09 A total of 100 million NEO tokens were issued. Half of all tokens were allocated to crowdfunding. The creators decided to leave the second half of NEO under their control. Neo coins were distributed like this:
- 40% - to investors of ICO NEO
- 15% - in case of emergency
- 15% - for the development of the NEO blockchain ecosystem
- 10% - for future developments
- 10% - to early investors
- 10% - to the development team
Create Web Wallet and Store NEO
Easily send, buy, store, stake and exchange crypto right in your browser!
How NEO Сryptocurrency Works?
NEO system includes:
- dBFT - Delegated Byzantine Fault Tolerant protocol
- NEO Contract - A mechanism for creating smart contracts using different programming languages
- NeoX - System which provides cross-chain compatibility
- NeoFS - A decentralized storage
- NeoQ - Cryptographic mechanism for protecting against quantum computers
The main difference between dBFT and Proof-of-Work or Proof-of-Stake is that it doesn’t allow creating parallel branches on the blockchain or canceling transactions after verification. It makes the network more secure.
The principle of the algorithm is that token holders delegate to “Bookkeeper’ their rights to confirm transactions and create blocks. The Bookkeeper is a group of nodes that is responsible for achieving consensus on the network. Voting is conducted in real-time.\ The Bookkeeper includes only token holders who have verified their identity (registered under their real name and provided documents). The ecosystem uses its own digital identification technology. This provides a high level of security and protection. But excludes anonymity.
At the moment, the transaction speed in the NEO blockchain is 1000 tps The developers claim that the potential is 10,000 tps after the protocol optimization.
Visit NEO Explorer https://neoexplorer.guarda.co/
The Neo cryptocurrency smart contract system is called NeoContract and runs on a NeoVM virtual machine. Unlike the Ethereum virtual machine, NeoContract is very “light”. In addition, it is very similar to the JVM (Java Virtual Machine). Due to its lightness, NeoVM can execute all instructions of smart contracts in real-time without delay. In the near future, its functionality can be expanded through the integration of some JVM options (perhaps the developers plan to achieve a network speed of 10,000 tps).
A huge plus of NeoVM - developers can create smart contracts in several languages, including popular languages: C#, VB.Net, F#, Java, Kotlin и Python. This is a significant advantage of Neo cryptocurrency.
NeoContracts can be made very functional due to the compatibility of NeoVM with digital identification service, cross-chain system, and distributed storage protocol. This allows developers to achieve unlimited opportunities and create very difficult dApps. New projects comply with the NEP-5 standard token.
NeoX protocol provides cross-chain compatibility. It consists of two parts:
1. An environment for the exchange of digital assets between different blockchains. Users can exchange any cryptocurrencies or digital assets without involving a third party. NeoX functionality also can be used to create smart contracts - the NeoX protocol is a kind of “bridge” between NeoVM and a specific blockchain.
2. A distribution protocol that allows you to increase the speed of smart contracts. A smart contract is divided into several parts. These parts are launched on different blockchains. Their consistency and integrity is fully preserved. The algorithm of this protocol is similar to “Shard” technology. https://en.wikipedia.org/wiki/Shard_(database_architecture)
NeoFS is a distributed storage that provides maximum security. Large files are divided into parts of a fixed size and sent for storage to different nodes.
However, NeoFS has a serious and unsolved issue. There is no balance between increased storage requirements and its necessity. Not all files require high storage security.
To solve this problem, it is planned to introduce additional support nodes that will coexist with the Masternodes. Additional nodes will be used to store regular files that do not require a high degree of security. Masternodes - for storing important files that require the highest level of protection and reliability.
NeoFS is compatible with the NeoContract system, which allows you to include large files in smart contracts and access them directly from NeoFS. In addition, it is also integrated with a digital identity service.
NeoQS (Quantum Safe)
NEO Developers take care of the future of the Neo ecosystem and have created a mechanism for protection against quantum computers called NeoQS (Quantum Safe). Today, the quantum “threat” is irrelevant for technologies based on the RSA and ECC open source algorithms. However, Neo developers are thinking not only about today but also about the future.
Take control of your crypto on the go!
Send, buy, store, stake and exchange crypto safely directly from your mobile device!
NEO Token and NEO Mining
Cryptocurrency Neo has a special token system.
The main token, which is the main asset is NEO. It’s indivisible, the minimum unit is 1 NEO. NEO is used to vote and is also required for mining the second type of token - NeoGas. NeoGas is used to launch smart contracts and pay commissions within the network.
As mentioned earlier, all NEO cryptocurrency coins were issued immediately, using the premine. The total emission is 100 million NEO. Emission of NeoGas occurs through PoS mining - a certain amount of GAS is “released” when each block is generated. A total of 100 million NeoGas will be created. The last NeoGas will be mined in 2039.
By storing NEO in your wallet, you can receive NeoGas tokens (please note: for storing NEO on the exchange wallet, you will not receive NEOGas). The minimum number of coins you need to have is 2000 NEO. They will bring you 1 GAS every 24 hours. If the balance of your wallet is 10,000 NEO, you can receive 5 GAS daily.
You can get free NeoGas (“Claim gas) in Guarda Wallet.
Difference between Ethereum and NEO
Neo is often compared to Ethereum. These two projects intersect, but they have different goals and objectives.
The idea of creating Ethereum in the implementation of a cheaper, affordable and secure Internet. The main goal of NEO is to implement a “smart economy” with a digital identification function.
Cross-chain transactions are a “natural” feature of Neo. On the Ethereum platform, the atomic swap function has not yet been developed.
However, Ethereum is a leader in the ranking of platforms for developing and launching dApps and conducting ICOs. NEO developers are working hard to improve NeoX. They want to catch up and overtake Ethereum.
An important aspect is decentralization. Neo was originally focused on governments. The creators openly declare that Neo is not a decentralized and anonymous platform, unlike Ethereum.
NEO and Ethereum, also have differences in technical implementation:
Ethereum runs on PoW, (will switch to PoS in the near future. It will make transactions cheaper and the network faster). Neo blockchain uses dBFT algorithm.
Neo cryptocurrency processes transactions at 1000 TPS, Ethereum - only 15 TPS
Create parallel branches.
The Ethereum protocol allows multiple parallel branches on the blockchain. In Neo, it’s impossible. Thanks to dBFT! NEO is more secure and reliable.
There are two tokens on the Neo network. NEO is the main asset, and NeoGas is used to pay fees for transactions. Ethereum has one single token - Ether (ETH). Some people think that Gas is a separate token to pay for “gas”. It is not true. “Gas” is simply fractional parts of ETH called Wei (like Bitcoin and satoshi).
Programming languages for creating smart contracts.
Neo supports six languages: C #, VB.Net, F #, Java, Kotlin, and Python. NEO Developers plans to expand this list in the future. In Ethereum, you can create smart contracts in only one language that was specifically developed for this. This language is called “Solidity”.
Speed of execution of smart contracts.
Neo optimizes the contract code before launching it, while Ethereum does not.
Ethereum smart contracts are faster than NEO smart contracts.
Best NEO Wallet
Easy, fast and secure wallet for NEO is Guarda Wallet!
Guarda Wallet is a Multi-Currency wallet. You can store your NEO and buy, sell and exchange it for
– Cryptocurrencies (Bitcoin, Bitcoin Cash, Bitcoin Gold, Dash, Ethereum, Ethereum Classic, Binance Coin, Cardano, EOS, Litecoin, Ripple, NEM, NEO, TRON, Tezos, Zcash, etc.),
– Tokens (Guarda Wallet supports all ERC-20 tokens, ERC-721, BEP-2, TRC10, TRC20, WAVES, OMNI, EOS etc.),
– Stablecoins (Tether (USDT), Binance (BUSD), Usd coin (USDC), True USD (TUSD) and others)
NEO Guarda Wallet has top-level of encryption and it is light (non-custodial). Cryptocurrency management in the Guarda Wallet belongs only to the owner. Guarda Wallet does not store your funds. We simply provide you fast and easy-to-use software, with a convenient user interface. Your wallet is protected by your Password and backup file stored on your device (PC or smartphone).Guarda Wallet doesn’t have access to it. To create your NEO wallet, you need to follow a few simple steps:
Web Wallet / Desktop Wallet
- Choose “Create a new wallet”
- Create an original password for access to your wallet. DON'T LOSE YOUR PASSWORD! It is better to create a password not shorter than 8 characters and use capital letters and numbers. Then click “I’ve written it down”
More details in Knowledgebase .
- Please wait for a few seconds! Your Guarda Wallet is creating now!
- Now, you need to save your backup file and keep it properly as well as password. It ensures access to your funds. Remember, that access to the wallet is possible only using both the password and the backup file. Guarda Wallet does not keep nor is able to restore your backup and password. Only you have access to your wallet.Now, Click on “Download backup”
- The backup file automatically saved to your hard drive in the TXT format.
That'it! Find NEO in the list at the left column, click and you will see the public address of your NEO wallet.
- Go to the Apple App Store or Google Play Store.
- Find Guarda Wallet and download it to your device. Click on the button "Create a wallet"
- Create a New Wallet.
- Choose a password, however, make it hard enough so that attackers cannot compromise it.
- Make sure to keep your passwords in a safe place, because if you lose them, then you will not have the opportunity to restore your wallet.
More details in Knowledgebase .
- Wait a couple of seconds while the program will render the wallets for you. Numeric keys, commonly known as private keys or master keys, take the form of hexadecimal codes. At first glance, it looks intimidating until you find that it is flexible enough to be recorded, printed on paper, printed on a document, converted to an image, or even remembered.
- Download backup to always be able to import your wallet.
- Go to the NEO Coins tab, and under the QR code (also you can scan it because QR is a wallet address itself), you will see your wallet where you can transfer funds from the Binance trading platform.
It is also important that the wallet does not have access to user information. All private keys are stored locally on the end-user device to let users have complete control over their funds. During the installation process, a backup copy of your wallet is created and all information is encrypted. Users can also add various biometric token authentication systems to the wallet, such as a Face or Touch ID. These features make Guarda one of the best coin wallets on the market.
Neat! Thank you for the download.
We love having you onboard Guarda Wallet – have a blast managing your coins and be sure to subscribe to our updates. Big news ahead!