Altcoins

NEO: what is it and how does the cryptocurrency work?

NEO is the open-source blockchain and cryptocurrency that is part of the Smart Economy and Decentralized Finance (DeFi) ecosystem.

Summary

  • How does NEO cryptocurrency work?
  • NEO and GAS: the two native tokens on the Neo blockchain
  • NEO N3: NEO version 3.0 is ready
  • NEO and NFTs: the Neoverse

How does NEO cryptocurrency work?

Launched in 2014 in China, under the name Antshares, the project then saw a revamp (Neo = new) in 2017, with the official launch of the new blockchain. Today, it is possible to perform peer-to-peer transactions, digitize new assets and create smart contracts on Neo

Precisely because of this, it has also been referred to as the “Chinese version of Ethereum”. In fact, in 2018, developers upgraded the degree of decentralization of the network with the NeoVM or Neo Virtual Machine.

Through smart contracts, the NeoVM allows for the creation of new tokens based on Neo standards, such as NEP-5 tokens. To give a practical example, the tokens of ONT, DBC and NEX are NEP-5

Decentralized applications or dApps and DeFi projects based on NEP-5 standards are now applied in various sectors such as exchanges, fintech, gaming, marketplaces, services, media, identity and infrastructure. 

NEO and GAS: the two native tokens on the Neo blockchain

Unlike many other blockchains, Neo’s network has two native tokens: NEO and GAS.

Thus, while NEO serves as an investment token and allows users to participate in votes regarding improvements to the blockchain, GAS is used to pay the fees of transactions that are completed on the network

At the time of writing, the market capitalization of the NEO crypto is under $4 billion, with a dominance of 0.18% on the entire crypto market. 

In general, NEO’s price has followed the market trend, seeing its all-time high of $176 around January 2018, a time when Bitcoin (BTC) itself had touched $20,000. The same happened to GAS which touched the price of $76. 

In 2021, the bull run that saw new all-time highs for BTC and ETH was not the same for NEO which followed the trend but without surpassing its previous ATH or All-Time High.

Neo is the native cryptocurrency on Neo blockchain

NEO N3: NEO version 3.0 is ready

Announced back in April 2020, NEO is now ready to welcome the launch of N3, the 3.0 version of Neo. 

Specifically, from 1 September until 31 October 2021, bonuses dedicated to all NEO users who activate the mass migration of their NEO and GAS tokens from Neo Legacy to Neo N3 are also available. 

📢Reminder: The mass migration with token incentives will start at 10:00 on Sep.1st (UTC). Bonuses will start at 1% and decrease over the two-month period.

Find the latest update below,https://t.co/7RZ4PCNIi5

— Neo Smart Economy (@Neo_Blockchain) September 1, 2021

“Reminder: The mass migration with token incentives will start at 10:00 on Sep.1st (UTC). Bonuses will start at 1% and decrease over the two-month period.Find the latest update below”.

NEO and NFTs: the Neoverse

NEO is also introducing the NFT Neoverse N3 Collector’s Editions which are valuable collector’s items and also bring various “VIP” privileges within the Neo ecosystem, further activating the growth of the N3 ecosystem.

📢To celebrate the launch of the N3 MainNet, we are introducing #Neoverse — an NFT mint and collection event together with multiple ecosystem partners. Users from all over the world are welcome to participate! 🙌@OKEx @NEOLine20 @coz_official @ghostmarketio @tothemoon_net https://t.co/WPD1IYYyIv

— Neo Smart Economy (@Neo_Blockchain) September 1, 2021

“To celebrate the launch of the N3 MainNet, we are introducing Neoverse — an NFT mint and collection event together with multiple ecosystem partners. Users from all over the world are welcome to participate!”

It consists of 9 different N3 Element NFT collectibles that allow users to mint a special N3 Collector’s Editions NFT by burning all nine Element NFTs. Three world-renowned NFT artists have joined forces to create the Neoverse, presenting 3 series (3 works within each series) of prestigious NFT collections.

   

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