The NEP-5 Token Standard was released in October 2017. Since the rebranding, NEO reached its highest price to date in January 2018 at USD 196,85.
The word “neo”, originates from the ancient Greek prefix, “νεο-“, meaning ‘new’, ‘modern’, and ‘young’.
Key facts
Neo is an open-source blockchain decentralized application platform, utilizing blockchain technology and smart contracts to issue and manage digitized assets. The network runs on a proof of stake decentralized Byzantine fault-tolerant (dBFT) consensus mechanism between a number of centrally approved nodes and can support up to 10.000 transactions per second. Compared to one of its rivals, Ethereum, which only manages about 15 transactions per second, makes NEO incredibly competitive in terms of speed compared to its rivals.
Token
Neo has two native tokens, NEO and GAS. NEO, with a total of 100 million tokens, represents the right to manage the network. Management rights include voting for bookkeeping, Neo network parameter changes,... The minimum unit is 1 and tokens cannot be subdivided. GAS is the fuel token for the realization of Neo network resource control, with a maximum total limit of 100 million. The Neo network charges for the operation and storage of tokens and smart contracts, thereby creating economic incentives for consensus nodes and preventing the abuse of resources. The minimum unit of GAS is 0.00000001. In the genesis block of the Neo network, 100 million NEOs are generated, GAS has not yet been generated. 100 million GAS, corresponding to the 100 million NEO, will be generated through a decay algorithm in about 22 years' time to address holding NEO. If NEO is transferred to a new address, the subsequent GAS generated will be credited to the new address. The Neo network will set a threshold by voting to exempt GAS from a certain amount of transfer transactions and smart contract operations to enhance the user experience. When a large number of spam transactions occur, NeoID can be used to prioritize transactions and smart contracts with qualified identities. Transactions and smart contracts with no qualifying digital identities can get priority by paying GAS.
Wallet
To store NEO safely, a wallet is required. There are many different wallet options available (various apps, a desktop wallet, web wallet, …), but we will focus on the web wallet. Web wallet can be easily created via NEO Tracker
- Click on "New Wallet" and enter a password.
- Save/Download your Keystore file.
- Save your private key.
If this information is lost, you will not be able to access the wallet anymore! - Note down your public address.
Have you seen our other token-related posts? Stellar (XLM), MyEtherWallet (ETH)
Official Neo Homepage
Neo Whitepaper
Similar Articles
Since the last major cryptocurrency bull run in 2017, the global ICO scene exploded. And with it came a plethora of fake crypto and blockchain projects, all with the goal of getting rich while ripping off unsuspecting customers.
LOTTO is a brand new Ethereum based Lottery project. Their first lottery was held on 02.02.2021, and at the time of writing, Coingecko shows a current token price of ~$0.12.
Stellar was co-founded by former lawyers Joyce Kim and Jed McCaleb in 2014. Jed McCaleb is also the founder of the now-defunct Mt. Gox exchange and the co-founder of Ripple. Both Stellar and Ripple are payment networks that initially used the same protocol.
Every day new cryptocurrencies are released on the market with different goals. Unfortunately, you can lose the overview fast. We would like to be helpful here and want to explain to you the different types of cryptocurrencies.