NEO: What is it and how does it work?


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

How does the NEO cryptocurrency work?

Launched in 2014 in China, under the name of Antshares, the project was then renewed (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 in Neo.

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

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

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

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

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

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

At the time of writing, the market capitalization of NEO cryptocurrency is less than $ 4 billion, with a 0.18% dominance of the entire cryptocurrency market.

Usually, NEO price has followed the market trend, reaching its all-time high of $ 176 around January 2018, a time when Bitcoin (BTC) itself had touched $ 20,000. The same happened with 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 did not exceed its previous ATH or All-Time High.

NEO is the native cryptocurrency on the Neo blockchain

NEO N3: version 3.0 is ready

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

Specifically, from September 1 to October 31, 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: Mass migration with token incentives will begin at 10:00 on September 1 (UTC). The bonuses will start at 1% and decrease over the two month period. Find the latest update below ”.

NEO and NFT: the Neoverse

NEO also introduces the NFT Neoverse N3 Collector's Editions, which are valuable collectibles and also provide various “VIP” privileges within the Neo ecosystem, further activating the growth of the N3 ecosystem.

“To celebrate the launch of N3 MainNet, we introduced Neoverse, an NFT gathering and mint 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 create a special N3 Collector’s Editions NFT by burning all nine NFT Element. Three world-renowned NFT artists have come together to create the Neoverse, presenting 3 series (3 works within each series) from prestigious NFT collections.

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