Crypto Currency News
Bitcoin
Ethereum
Litecoin
DigitalCash
Monero
Nxt
Ethereum Classic
Dogecoin

What is NEO Crypto? Here’s Why it Competes With Ethereum!

The blockchain industry is home to numerous projects to revolutionize the digital economy. One of the most popular cryptocurrencies, particularly in China and other Asian countries, is Neo. This cryptocurrency is seen as an Ethereum killer because it offers similar services to Ethereum. While Ethereum remains one of the most used networks in the industry, Neo crypto is equally gaining traction. One of Ethereum’s key features is its support for decentralized applications. Programmers can create dApps on Ethereum, benefiting from its transparency and decentralization. It’s also safe to mention that decentralized applications are in high demand due to growing interest in blockchain-based gaming and decentralized finance.

What Are Decentralized Applications?

A decentralized application is an application that no central body controls but by a smart contract. With this, power is not centralized but runs on numerous networks. The first blockchain to support dApps is Ethereum—inspiring the growth of the blockchain industry.

What is NEO Crypto?

NEO

Neo, which was formerly Antshares, is an open-source blockchain. Developers created Neo to serve as a platform where experts can create decentralized products. Created by Da Hongfei in 2014 as Antshares, it is a favorite amongst the Chinese. The team behind the software recently rebranded it as Neo to bring in additional services. Neo has its native cryptocurrency and can support smart contracts. Smart contracts change the digital space because it is the computers that carry out the instructions.

With smart contracts, users need to meet the set requirements to execute them. The platform is mainly for building dApps. The network allows developers to manage assets through smart contracts, according to the official website. The project also has oracles, domain name service, and storage. Creators envision Neo as an open network for the smart economy. Neo is not the only open-source network in the industry. Blockchain networks, such as Bitcoin and Ethereum, are open-source, allowing the public to modify or enhance them.

History of Neo

After rebranding from Antshares to Neo in 2017, the project faced expansion with new developers contributing to the project. Also, the team behind Neo distributed its tokens to individuals and groups, which may have contributed to the platform’s growth. Being one of the first blockchain networks to support smart contracts in China, it has existed since 2014 as Antshares.

How Does Neo Work?

Blockchain technology powers the Neo network. This technology has existed for many years with new developments and integration to make it suitable for specific uses. Recently, the blockchain was upgraded to N3. This latest upgrade promises improved performance, ease of use, and simplicity. The project assures that N3 has the required components for applications, interoperability, and domain service. Interoperability is a huge concern for blockchain enthusiasts since many networks are independent—making it difficult to communicate with other chains.

Neo believes that N3 would improve interoperability-interoperability, an essential feature in modern networks. Neo supports numerous languages, which developers use to develop decentralized applications on it. It supports Java and Python, among others. This may make it attractive to developers hoping to create various applications. Two tokens power the Neo blockchain, and they are NEO and neoGAS.

The Neo team pre-mined the NEO tokens, which have a total supply of 100 million NEO. On the other hand, GAS has not been pre-mined but is for rewarding people contributing to the network’s growth. The bottom line is that the platform may change and help the Chinese access blockchain-related services, despite the country’s outlook on cryptocurrencies. China has some of the strictest laws on digital assets, making it challenging to access related services.

Why Does NEO Compete with Ethereum?

The main reason Neo competes with Ethereum is that they offer similar services. Like Ethereum, Neo is a platform where developers can build applications. While Neo is not the only blockchain that competes with Ethereum, it’s one of the oldest still existing. Ethereum’s stance as the oldest blockchain with smart contract support makes it the most used chain for various smart contracts. However, the network’s scalability problem is a concern to developers. Gas fees are rising due to the congestion, making it expensive to use, even for average traders.

Neo may become attractive to developers exploring new blockchains with the new rebranding. This network may soon compete with other big names in the asset space, such as Cardano and Polkadot, because of the similarities in services offered. And because people see the platform as China’s blockchain, this may promote cryptocurrency adoption in the region. China’s strict laws make it difficult for blockchain service providers to make products and services available to its citizens. And because developers can build on Neo, more developers may create decentralized applications, which people in China can use.

Can Neo reach $100?

NEO/USDT 1-DAY TRADING CHART - TradingView1 NEO/USDT 1-DAY TRADING CHART – TradingView

Neo can reach $100, especially if the team is willing to push the project to the mainstream. Two things determine price growth and fall, and these determinants are demand and supply. When there is a greater demand for the token, its price grows so that older investors can record profit. On the flip side, when the supply becomes more than the demand, there is a likelihood that this would affect the price action. For the coin to record significant growth, it needs to be attractive to investors. If investors are bullish on Neo, they buy more. Presently, the token is $21.45 apiece, which may change soon, especially when demand grows.

With the token’s potential and team, it may reach $100 in a couple of months. However, the digital asset space’s outlook may affect the coin’s growth. The blockchain industry has continuously gone sideways, causing significant price drops. Still, if the industry becomes stable and the investors stay bullish, Neo and many coins in the asset space will skyrocket. It’s important to mention that you should do your due diligence before buying any asset. You should research the project, team, community, and plans.

Where To Buy Neo?

Numerous crypto exchanges support Neo, so this makes the buying process straightforward. However, before you buy with any exchange, make sure the exchange operates in your country. Below are some of the best trading platforms for purchasing the token:

binance: Binance is a top crypto exchange that serves millions of traders/investors globally. With advanced tools and a user-friendly interface, you will find it convenient to buy Neo on Binance. This exchange is suitable for both new investors and professionals, making it a great choice for you.

  • Crypto.com: If you want to buy Neo on a platform you can trust, you should buy it on Crypto.com. While this platform doesn’t have a wide selection of altcoins, you can easily purchase Neo on it within a couple of minutes. Also, you can select a variety of payment options for your purchase.
  • Coinbase: Coinbase is another top trading platform that supports the Neo token. You can easily buy your digital assets through the straightforward purchase process. Coinbase is also available in the US, so people living within the United States can buy through Coinbase.

Conclusion

Neo perfectly fits the description of an Ethereum killer because it offers similar services as Ethereum. This project, which went through a rebrand, strives to be a platform where developers can build applications. With the latest upgrade, N3, the blockchain hopes to improve performance.


You might also like


More from Altcoin

Comments are closed.