The NEO Coin platform is an ecosystem that creates a user-friendly foundation in the next generation internet economy where digital payments, identities and assets coexist. In this article, as Kriptokoin.com, “What is NEO?” We will answer the question. In addition to these, we will touch on all the questions about the project.
What is NEO? What does NEO do?
The platform has managed to attract attention with its rapid growth and development. The project is introduced as Antshares, a first in the cryptocurrency industry. The platform was launched in February 2014. It later changed its name to NEO. The team on the project created the “EcoBoost” initiative, which encourages people to build DApps and smart contracts on its Blockchain.
What is the aim of the project?
The purpose of the NEO Blockchain project; is to build a community of developers that create new infrastructures for the world wide web. The Neo Blockchain project is to enable the Blockchain to reach a capacity that can handle many transactions per second by using the “Authorized Byzantine Fault Tolerance”.
Thanks to this feature of the platform, the usage area of NEO Coin is quite wide. The dBFT mechanism used in the network is inspired by the Practical Byzantine Fault Tolerance algorithm. Based on the fact that these two consensus mechanisms allow Token users to vote on the delegates who carry out the transactions, the usage areas are developed with the authorized proof of stake.
What are the usage areas?
NEO cryptocurrency is a mainstream cryptocurrency powering Neo Blockchain. It can also be used for holding, sending, spending and staking. At the same time, blocks are added to the Blockchain as long as two-thirds of the delegates reach a consensus over the dBFT used in the Blockchain network. This prevents bad actors and people who want to harm the proper functioning of the network. For this reason, NEO Coin usage areas are also being developed.
What are the advantages?
- A unique management system called Representative Byzantine Fault Tolerant (dBFT) is used as the consensus mechanism for computers running blockchain network software.
- NeoContracts developers use different popular languages instead of learning a new language. It differs from other smart contract-based protocols in that they can create applications.
- NeoContract’s ability to work across different programming languages makes it attractive to a fairly large pool of developers who want to create DApps or support an existing one.
- In the operation center run on the blockchain, NEO is used to vote on protocol changes. There are also two native cryptocurrencies, GAS, which are used for calculations and payments on the network.
What are the disadvantages?
- Network popularity and value may decrease if the Neo Coin Blockchain network fails to keep up with cutting-edge developments.
- Coin is a particularly risky investment option due to its high volatility.
- NEO Coins that are not kept in hardware wallets are at risk of being stolen by cyber attacks.
What is NEO? How to buy?
Exchanges traded with NEO; They are Binance, Gate.io, Huobi Global, Coinone, KuCoin, Bitfinex, Bittrex, Poloniex. To purchase coins, these steps are followed:
First of all, access the web/mobile application of the exchange that lists the NEO Coin you have chosen as the first step. Then complete the account opening steps of the exchange. Complete the next step, the authentication and approval process. Follow the steps of the exchange, which is the next step, to deposit funds. As the last step, choose NEO Coin with the balance amount you want and create a purchase order. Store it in your trusted accounts.
