The NEO cryptocurrency is among the many being traded in this new and exciting money market. The blockchain platform was intended to provide a network which is scalable through applications that are decentralized. NEO has good history of gaining more than 20% in a day.

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NEO was the brainchild of Da HongFei and Erik Zhang who founded the AntShares back in 2014. Developed using C#, NEO has a block time of between 15 and 25 seconds. This cryptocurrency was designed to be a non-divisible token that can pay for fees imposed by the network’s applications. What makes NEO so unique is that it can support many programming languages like:

  1. Java
  2. Python
  3. C#
  4. Javascript

How this works is that it uses NeoVM where the code is compiled to be used in an environment that is secure for execution.

How NEO came about?

It all started with AntShares that came with resources for development by the founders. These visionaries would later establish Onchain that offers consultation on blockchains. In 2017, it was rebranded as NEO and a year later, the first ONT was distributed. Among the features of NEW are:

  1. The Genesis Block created 100 million NEO half of which were sold and 50 million kept safely
  2. NEO can support 10,000 transactions every second as it uses a delegate BFT or Byzantine Fault Tolerance consensus mechanism
  3. Its core is formed through its NEP5 Communications Standard which is part of the philosophy behind NEO that allows developers to scale and grow the network

Fundamentally, the Neo blockchain uses a proof-of-stake platform that is run through a dBFT or decentralized Byzantine Fault Tolerant consensus mechanism. This is done within a number of nodes that are approved through a central system. That is the reason why it is able to support up to 10,000 transactions per second. GAS tokens can be used as payment for transaction fees which are generated by the base asset in the Neo blockchain.

When the Genesis Block was created, a total of 100 million Neo was available of which half of those were then sold to early investors through its ICO (Initial Coin Offering). Then, it raised some US$4.64 million. A maximum of 15 million tokens will be unlocked each year to fund its development goals in the long term.

In 2018, the N3 or Neo 3.0 was announced. This was designed to upgrade the current protocol where the N3 comes with more powerful functions and a platform that is more modulated. However, N3 updates have to be implemented through a new genesis block as it was not backward compatible with the legacy blockchain.

This has been going on ever since and has been widely anticipated by the Cryptocurrency industry. After several drawbacks, it was finally launched in March 2021. Since then, the price of Neo has been steadily climbing up the charts. Several factors that analysts believe contributed to the good performance of Neo include:

  • Neo has been widely accepted in the market in most parts especially in China as it is supported by the Alibaba Group.
  • Strong community backing and is very popular among the Asian markets. With China on board, Neo has a strong market following as compared to the other cryptos.

Neo – 2021 Updates

Neo’s price averages around the US$70 to US$90 bracket. Market analysts however believe that the price would take a dip in the third quarter of 2021 before going up steadily until the end of the year and could well breach US$100 somewhere in November. For most of 2022, Neo’s price would hover above the US$80 mark which would be a good value for investors if they keep this token this year.

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