NEO entered the market as Antshares (ANS) back in 2014. Co-founders Da Hongfei and Erik Zhang, who founded Antshares in 2014 and received seed funding from investors, expanded their vision by creating OnChain. A year later, she launched her open source platform project on Github. The aim of the project is to build a «smart economy». In 2016, NEO entered the market via an ICO. In 2017, Antshares rebranded to NEO officially. The crypto also received its first US-based support this year. Specifically, the coin saw a listing on Bittrex. The NEO cryptocurrency is the first Chinese counterpart to Ethereum. By comparison, Ethereum has its own Solidity language, available only to select developers. On the basis of the NEO blockchain, the Elastos operating system is being created, which claims to be the leader in the field of decentralized storage and processing of information. It is no coincidence that Microsoft’s attention is drawn to this development. Professionals believe that this cryptocurrency has great development potential. At the beginning of 2018, the capitalization of this cryptocurrency was more than $1 billion. Its capitalization today is about $8 billion. Like Ethereum, NEO can be used as a launching pad for ICOs. Traders can buy NEO on such exchanges as: Binance, Bitstamp, EXMO, WEX and others, as well as trade CFDs.
How NEO System Works
As the most developer friendly platform, Neo is supporting a global dApp ecosystem with its comprehensive suite of tools and resources to empower anyone from anywhere in the world to join Neo’s vision of a smart economy. Today, the NEO ecosystem is brighter than ever, thanks to the hard work of developers and participation of the community. The NEO network is also very flexible and, in turn, integrates various cryptocurrencies.
NEO uses a smart economy approach to implement its distributed network concept. It is an open source platform sometimes referred to as the Chinese version of Ethereum. The difference lies in the fact that Ethereum is written in the Solidity language, while NEO is a more flexible system and includes such languages as: Python and Java, Go, Kotlin, Micrisoft. In addition to the well-known Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus algorithms, NEO uses the delegated Byzantine Fault Tolerance (dBFT) consensus mechanism and can support up to 10,000 transactions per second. The consensus mechanism dBFT works tens of times faster than Bitcoin and Ethereum. OnChain has direct access to the transaction history and can quickly track any transaction. Developers control over 60% of all blockchain nodes NEO. The NEO platform uses two different tokens: NEO and NeoGas (GAS). GAS is to ensure the smooth execution of transactions on the network. In simple terms, GAS is used to pay subscription fees for using the NEO blockchain. Let’s take a look at all the key benefits of NEO system:
- Cooperation with Alibaba and Microsoft;
- Compatibility with other blockchains;
- NEO offers innovative technical solutions;
- Cross-platform (Windows, MacOS, Linux);
- The system supports a number of well-known languages;
- Platform for the development and execution of smart contracts.
Main Benefits of NEO CFDs
At the moment, NEO is in the TOP 20 among cryptocurrencies and demonstrates a positive price increase. The cryptocurrency has good prospects in the Asian region, especially in China. Developers are constantly expanding the capabilities of this cryptocurrency. To all of the above, it should be added that the NEO cryptocurrency has support from well-known corporations in the world like NASA, Alibaba, Microsoft China, Hyperledger, Fosun Group. Great prospects are opening up for NEO. Therefore, experts and IT companies believe that the Chinese cryptocurrency has prospects for the future. Do not miss out on a good option for trading this coin. Currently, NEO cryptocurrency is traded on many exchanges and has high liquidity, so you can trade using CFDs or on special platforms. To protect yourself from potential price jumps and reversals, it is recommended to set stop-loss and take-profit.
It is advisable to start trading on the hourly chart, in accordance with the trend movement of the market, while it is advisable to use support and resistance lines and various technical indicators that help establish the direction of the trend. You can trade breakout strategies, they are quite effective. For all beginners, it is recommended to start trading cryptocurrency on a demo account, since this asset is quite specific and has many different features.