Neo is an open-source, community-driven blockchain platform that supports smart contracts and a full stack of features to build and deploy decentralized applications (dApps). The network has several features that make it an efficient and secure platform to support the next-generation internet and the Web3 movement.
The Neo blockchain platform supports multiple programming languages, such as C#, Python, Go, TypeScript, and Java, making it extremely developer-friendly. In addition, its infrastructure also includes native support for oracles, decentralized data storage, domain name service, decentralized identity solution, and more.
Neo’s network also features cross-chain interoperability with Ethereum, Binance Chain, and other blockchain ecosystems powered by Poly.Network. The blockchain also enjoys one-block finality thanks to its use of the dBFT consensus mechanism, offering high throughput and efficiency.
NEO is one of two native tokens of the Neo blockchain and serves as the network’s governance token. NEO token holders can participate in the decentralized governance mechanism and receive passive income through NeoGas (GAS) - the blockchain’s utility token.
Neo is the first public blockchain in the industry to adopt a dual token model. The mechanism allows the blockchain to separate governance functions from utility, offering a unique value proposition to both tokens’ holders.
The Neo network utilizes a dBFT 2.0 consensus algorithm with a three-stage consensus flow. dBFT2.0 ensures single block finality and prevents any possibility of forking in the blockchain.
Neo also offers compatibility with Ethereum through its NeoVM - Neo Virtual Machine that can execute NEO smart contracts. This works with NeoCompiler, so any source code programmed using C#, Java, or other supported languages can also be compiled into a unified NeoVM instruction set. This feature allows Neo’s dApps to run on Ethereum and other supported blockchains and vice versa.
Other native features of Neo blockchain include:
A distributed, decentralized object storage network. NeoFS can serve as host infrastructure for dApps running on the Neo network.
A set of decentralized ID tools that support user authentication on the blockchain and the dApps it supports. NeoID’s identity framework lets users create and manage decentralized identities that can be used to access Web3 services securely.
Neo’s built-in native oracles can offer reliable and accurate off-chain data to smart contracts and dApps on the blockchain. There is no need for additional intermediaries that developers must turn to, letting them implement true decentralization in their projects deployed on the blockchain.
A decentralized name service native to the Neo blockchain can map human-readable domain names to various data types, such as IP addresses, aliases, and wallet addresses. NNS leverages the power of NFTs to let users transfer ownership of domain names on the network.
Neo was initially founded as AntShares in June 2014. The network’s mainnet launch took place in October 2016.
It underwent a rebranding to Neo in June 2017, and support for smart contracts was also released in the same month. Work on the N3 project, or the third main upgrade to the Neo blockchain, started in June 2018.
In August 2021, the “Early Bird” migration to Neo N3 Mainnet was started. In the following month, the team of developers carried out a mass migration of Neo Legacy to Neo N3.
The new version of the Neo protocol, Neo N3, will offer higher efficiencies and more features through modular architecture and improved governance and token economics. The Neo N3 will be implemented through a new genesis block and will coexist with the Neo Legacy blockchain for some time after the mainnet launches.
Period | Change | Change (%) |
---|---|---|
Today | $0.2748 | 2.22% |
7 Days | $1.05 | 9.18% |
30 Days | $2.15 | 20.66% |
3 Months | $2.86 | 29.43% |
NEO is an interesting cryptocurrency to invest in, especially if you believe in the potential of Web3 blockchains. The Neo blockchain offers a highly versatile platform to deploy dApps on, and with its cross-chain interoperability features, it is well poised to power the Web3 revolution.
As more developers design and launch their dApps on Neo’s infrastructure, the on-chain activity on the network could also climb higher. This could boost the NEO price statistics and make the token a valuable crypto asset to invest in and hold.
The price of NEO crypto could also head higher amid a positive outlook towards cryptocurrencies in general and sub-sectors such as DeFi, NFTs, and Web3. Higher investor confidence and risk appetite increase the demand for cryptocurrencies like NEO and support its value in the market.
Although it is impossible to make an accurate Neo price prediction over any duration, you can monitor several fundamentals that influence price action and volatility in the NEO token, including:
As more developers build and deploy dApps on the Neo blockchain, getting more users on the network, the demand for the NEO token could rise. This could drive up the NEO price and support its value.
The release of new features and network upgrades that make the Neo blockchain more attractive to use over its competition can also power bullish moves in the NEO value. In addition, the announcement of new partnerships, integrations, and investments can also boost investor confidence, which can drive an uptrend in the Neo token price.
Market sentiment is essential in determining price trends in the NEO cryptocurrency. Bullish or risk-on sentiment can increase buying activity that supports the $NEO price. However, a bearish or risk-off mood among investors could drive sell-offs in the crypto market that can weaken the price of NEO coin.
NEO is one of two native tokens in the Neo ecosystem, the other being GAS. Here are the most popular use cases for the NEO token:
You can participate in the blockchain’s governance mechanism as a NEO token holder. You can enjoy voting rights in elections that determine Neo Council members.
You can also claim rewards in GAS by holding NEO on the blockchain. GAS is Neo’s utility token, used to pay transaction fees and execute smart contracts on the network.
Trade Neo against other cryptocurrencies to profit from changing market conditions and volatility. You can buy or sell NEO or hold it long-term if you believe in the future potential of the Neo protocol. Review the current price of Neo token, NEO current market cap, current circulating supply, and 24-hour trading volume, and perform technical, sentiment, and fundamental analysis on the NEO price chart before entering a new trade in the market.
You can also grow your NEO holdings safely and conveniently on KuCoin using our Crypto Lending feature. Head here to lend liquidity in NEO to KuCoin and earn attractive daily interest over seven days, 14 days, or 28 days.
5 GAS tokens are generated for every new block generated on the Neo blockchain. 10% of the tokens generated are distributed among NEO holders.
You can earn $GAS by holding NEO in supported crypto wallets. Here’s how to do this:
1. Create an account on a supported crypto wallet that can store NEO and let you claim GAS on your holdings. Popular examples include Neo-GUI, Neo-CLI, OneGate, NeoLine, O3 Wallet, ONTO Wallet, and Neon Wallet.
2. Fund your wallet with sufficient tokens by buying NEO on KuCoin or other supported platforms and withdrawing your tokens to your wallet address.
3. Click on Claim in your Neo wallet to collect GAS tokens based on your number of NEO tokens.
The total supply of NEO is fixed at 100 million, and all tokens were generated at genesis. The circulating supply of NEO stands at just above 70.5 million as of February 2023.
Around 50% of NEO’s total supply was reserved by the Neo Foundation and used to incentivize the development of the blockchain’s ecosystem. The Neo Council manages this supply and decides how to use the tokens to develop, operate, and maintain the Neo ecosystem.
The remaining 50 million tokens were distributed proportionally during Neo’s crowdfunding rounds among supporters of the project.
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