What is Neo?
Neo is a decentralized and open-source blockchain platform that allows anyone to produce their own blockchain services or products while providing near-instant transactions.
The platform has often been compared to Ethereum, as both of the networks share several similarities.
A Brief History Of Neo
NEO was initially founded in 2014 and went by the name Antshares at the time. The rebranding was then finalized in 2017. The initial coin offering for the ANS token raised more than 6,000 BTC, but when the rebranding happened, users could exchange those tokens for the rebranded ones in 2016. As for the actual founders, they are Erik Zhang and Da Hongfei.
Understanding Its Vision and Mission
The overarching goal of Neo has always been to achieve a smart economy.
Theoretically speaking, digital identities and virtual assets within a smart economy have been seen as vital to enhancing everyone’s quality of life, and to that end, Neo provides just that.
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The Technology Behind Neo
Here, we’ll be discussing the technology underlying its operations, i.e., the blockchain and its own take on it.
Neo’s Blockchain Infrastructure
Besides dev tools, Neo’s blockchain provides additional features, allowing decentralized applications to be powered using external data.
Consequently, Neo hosts an Oracle system, decentralized file storage, and a system where digital identities are catered to, enabling users to generate their own tokenized identities that will be based on their real-life identities, which paves the way for KYC and AML compliance.
How Neo Differs From Other Blockchains
Neo maintains its distinction from its alternatives through its focus on complying with regulation while being a developmental platform centered around decentralized applications.
Its consensus mechanism also plays a role in setting it apart from the rest. Unlike Ethereum and Bitcoin, it uses dBFT (delegated Byzantine Fault Tolerance).
Unpacking the Smart Economy Concept
Earlier, we stated that Neo seeks to achieve a smart economy for its platform. But what is that exactly? Let’s find out.
What Is A Smart Economy?
A smart economy is one that emphasizes technological innovation, sustainability, resource efficiency, and high social welfare, among other things.
Digitization is often paraded as integral to achieving it, along with other things, all of which, when blended, may raise productivity and competitiveness. The overall goal here, again, is to improve the quality of life for everyone involved.
Neo’s Role In Building A Smart Economy
The role that Neo plays in the formation of a smart economy is that it believes that blockchain coupled with digitization is the answer for a successful iteration of the whole concept, and to that end, its distributed network is composed of three primary components, which are outlined below.
The Integration Of Digital Assets, Digital Identity, and Smart Contracts
The three major components, as mentioned earlier, include digital assets, digital identity, and smart contracts.
Digital assets are essentially real-world assets digitized and based on blockchain, and naturally, they will include many of the characteristics associated with the technology, like decentralization, immutability, and no intermediaries.
Why Should You Pay Attention to Neo?
Why should Neo warrant your interest, or anyone else’s, for that matter? Below, we will discuss that by going over how strategically advantageous it has been in its implementation, along with the partnerships and collaborations it has managed to accumulate.
The Strategic Advantages Of Neo
This is where we mention that this project has often been referred to as “the Chinese Ethereum.” The fact that it has managed to continue operating in what might just be the strictest regulatory environment out there may speak volumes about how advantageous this can be, strategically speaking, as this has pushed it right towards the top when it comes to the blockchain food chain within China. For the time being, with this level of compliance, its survival is more or less cemented, at least from a regulatory point of view.
Partnerships And Cooperations
Because of its regulatory compliance, Neo has managed to acquire quite a number of interesting partnerships. These include the BSN (blockchain-based services), which is a project launched by numerous government agencies and IT giants in China.
Moreover, it has even been working alongside other key players, such as China Mobile, China UnionPay, and the Chinese State Information Center. Through these collaborations, it seeks to accelerate innovation and become one of the leading technological pillars in the years to come.
The Dual-Token Model: Neo And Gas
The Neo blockchain has two native tokens powering it, including NEO and GAS, the roles of which we will be discussing below, along with tokenomics and distribution.
Role and Utility of Tokens
NEO serves as the network’s governance token, as it enables both network participants and users to stake the token to vote on various proposals that will have lasting impacts. As for GAS, as its name implies, its primary purpose involves it being used to pay for the network’s computational power.
Tokenomics and Distribution
The tokenomics for the NEO token include it having a market capitalization of more than $483 million, a daily trading volume of nearly $20 million, and a fully diluted valuation of over $685 million. As for its maximum or total supply, that is exactly 100 million tokens, and its circulating supply is slightly more than 70.5 million tokens.
As for the tokenomics of its GAS token, its market capitalization currently sits at over $32.5 million, with a daily trading volume of over $5 million and a fully diluted valuation of more than $233 million. As for the maximum supply, that is the same as the NEO token, but its circulating supply is over 13.9 million tokens.
While the GAS token is mostly allocated towards the payment of fees, the NEO token’s allocation is a different story. 50% of it has been allocated to early supporters, 15% each to projects and contingencies, and 10% each to ecosystem developers and Neo Council developers and members.
Is NEO a Good Investment?
Whether or not NEO is a worthwhile cryptocurrency for anyone is dependent on their risk tolerance, their outlook towards cryptocurrencies, and their intentions regarding the token. It may spike in value, but then it may not. In other words, as an investment, it can be fairly volatile, and whether or not it will bring any significant returns later on is therefore purely speculative, especially now.
How to Buy NEO on Binance
If what has been stated so far has seen you desiring the NEO token, then we will cover how you can acquire them on Binance.
Creating and Securing Your Binance Account
You can start by creating your own Binance account, assuming you haven’t already done so. So, click on the link below, which will take you to the Registration Page using a special Coin-Labs referral code. On the registration page, enter the relevant details.
Once your account has been created, you can move on to securing it or completing KYC, both of which may be carried out on Binance’s security and verification pages, respectively. These procedures will likely involve setting up 2FA and biometric scanning, along with entering a few details about your identity and providing some documentation evidence.
Depositing Funds on Binance
Now, you can move on to funding your account. So, head over to the Deposit Page on Binance and select your preferred token and network. After which, paste the deposit address that will be produced into an external platform, i.e., on an exchange or wallet’s withdrawal fields.
Searching and Placing NEO Order
After funding your account, you can finally use the plethora of options available on Binance to purchase some NEO tokens. These will likely include spot, futures, P2P trading, and converting or swapping.
Swapping will definitely be the easiest and quickest option to execute, while the rest may take a while, depending on certain factors.
Withdrawing Your NEO Tokens
To withdraw your NEO tokens after acquiring them, head over to Binance’s Withdrawal Page, select NEO, the network for it, and paste your wallet’s address into the withdrawal field. You may have to undergo some security measures to confirm your withdrawal, but once done, after a while, you will see your tokens stored or transferred into your wallet.
The Future of Neo
If you were wondering what the future holds for this platform as a whole, mainly in terms of what’s next in its roadmap or whether there are any upcoming developments, then we’ll discuss that below.
Upcoming developments in the Neo ecosystem
Since Neo has been around for quite some time now, it has already released most, if not all, of what it set out to do in its earlier roadmap. As of now, Neo hasn’t really announced any developmental roadmap for this year, nor does it have any significant updates planned, at least from what we have gathered. But you may still expect the usual, considering its nature, with mainly new decentralized applications being launched.
Conclusion
Being referred to as “China’s Ethereum,” Neo seeks to produce a smart ecosystem in which developers may easily create decentralized applications that are based on real-life services or products while still being able to access external data. It seeks to advance even the blockchain sector with the addition of numerous features for developers, all while guaranteeing democratized governance within an environment that is both decentralized and scalable.
We Coin-Labs.com provides only objective information about Neo.
Therefore, we are not responsible for the investment decision in Neo and the resulting loss.
Neo Basics
Here are some factors that investors should consider before investing in Neo.
| Cryptocurrency Features | Neo (NEO) |
|---|---|
| Publisher or Developers | Da Hongfei, Erik Zhang |
| Headquarters (Registration Number) | Shanghai |
| Symbol | NEO |
| Platform | N3 |
| Published Date (CMC Registration) | 2024-11-01 |
| Max Supply | 100,000,000 NEO |
Reliability Score of Neo in 2024
These are indexes mesuring the investment reliability of Neo conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 7 Exchanges |
| Number of Available Pairs Worldwide | 353 Pairs |
| Market Cap of the Cryptocurrency | 774,189,275 USD (Rank #77) |
The table above shows the result of investment suitability evaluation for Neo.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
Neo Price
Here are the price and recent trading volume of Neo. (Data of 2024-11-02 00:35:00)
| Price Items | Price and Trading Volume of Neo |
|---|---|
| Neo Price | 9.452 USD |
| Price Change 24h | -2.73% |
| Price Change 7d | -6.11% |
| Trading Volume 24h | 26,893,650 USD |
| Trading Volume Change 24h | 7.23% |
Cryptocurrency Metadata
You can check the development status and social media information of Neo through the links in the table below.
| Metadata Source | URL |
|---|---|
| π Official Website | https://neo.org/ |
| π White Paper | https://docs.neo.org/docs/en-us/index.html |
| π°οΈ Source Code (GitHub) | https://github.com/neo-project/neo |
| π¦ Twitter | https://twitter.com/neo_blockchain |
| π€ Reddit | https://reddit.com/r/NEO |
| πΊ Message Board | https://medium.com/neo-smart-economy |
Where to Buy Neo
Here are the top ten world crypto exchanges where traders can buy Neo in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/NEO_USDT |
| Coinbase | Not listed | |
| Kraken | Not listed | |
| KuCoin | Listed | https://www.kucoin.com/trade/NEO-USDT |
| Bitfinex | Listed | https://trading.bitfinex.com/t/NEO:BTC?type=exchange |
| OKX | Listed | https://www.okx.com/trade-spot/neo-usdt |
| Huobi | Listed | https://www.htx.com/en-us/trade/neo_usdt |
| Bitstamp | Not listed | |
| Bybit | Listed | https://www.bybit.com/trade/usdt/NEOUSDT |
| Gate.io | Listed | https://www.gate.io/trade/NEO_USDT |
Frequently Asked Questions
What is the current price of Neo?
Neo price today is 9.452 USD. Furthermore, the price of Neo has fluctuated by -2.73% from 24 hours ago, and by -6.11% from a week ago.
Where is Neo listed?
Currently, it is listed on a total of 7 among the world top 10 exchanges.
What is the market cap of Neo now?
Currently, Neo has a market cap of 774,189,275 USD, which is ranking 77 among cryptocurrencies worldwide.
How much is the trade volume of Neo?
Currently, 70,538,831 NEO coins are circulating through 353 market pairs. As a result, in the last 24 hours, 26,893,650 USD of NEO coins were traded in the market.
