Earlier known as “Antshares”, NEO has become a cryptocurrency platform which has been developed by Onchain, a Shanghai based company. NEO consist of some similar functionality like Ethereum such as DAPPS and ICOs. Hence, it is also referred as “Chinese Ethereum”. However, apart from sharing little common functionality with Ethereum, NEO stands out in fact that one can code with lost languages such as JAVA, C/C# and GO for it. On the other hand, with Ethereum, one can use their own Solidity language.
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Apart from that, NEO focuses on innovating in the areas of
- Digital asset transfer
- Smart contracts and
- Digital Identity Verifications
The NEO platform consists of two currencies such as NEO and GAS. And both of these currencies have captivated 100 million units. NEO is also a pre – mined currencies which represents shares of networks and it cannot be divide below 1 coin like most of the other currencies. And GAS is the fuel that drives smart contracts on the NEO network.
Both tokens have specific uses on the NEO platform. Look at the table below for the same:
|Symbol||Initial Release Date||Algorithm Type||Max. Supply|
|NEO||August 2014||N/A||100 Million NEO|
|GAS||August 2014||N/A||100 Million GAS|
Difference Between NEO and GAS
The purpose of both the tokens varies from each other, which are as follows:
- NEO tokens represent the ownership of the NEO block chain. NEO tokens can be used to create blocks and manage the network, and at the time when users will hold NEO in their wallet, they will be rewarded with GAS tokens
- On the other hand, a GAS token gives the right to use the NEO block chains. GAS works like a fuel that powers transactions in the NEO system, just like Ether to the Ethereum network.
How is NEO Different From Other Cryptocurrencies
Altogether NEO is different from bitcoin or other cryptocurrencies.
- NEO indivisible units
Like other cryptocurrencies such as bitcoin, NEO cannot be divided in the same way, as the smallest unit of NEO will always be 1 share.
- Generating GAS
The biggest differentiating feature that sets NEO apart is the two – tiered system of NEO and GAS. Having a two – tiered feature comes into play at the time of transferring NEO to the NEO – compatible wallet
- Smart Contracts
NEO also has the feature of Smart Contracts (a smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract).
How to Generate GAS
To get a wallet and start generating GAS, you are required to buy NEO and hold it in a compatible wallet. This is similar to holding a stake or share and being paid dividend.
Or you can also buy directly from the exchanges with fiat currency like US dollars. However, you can also buy NEO with bitcoin, Ether, Litecoin (LTC) and other cryptocurrencies.
How to Buy NEO
WE have mentioned the procedure to buy NEO in this section. Read the guide below in order to buy NEO.
- Choose an Exchange
Look for an exchange that has NEO listed in one or more currency pairings and then sign up for an account. Provide your email ID and password. Some exchanges may also ask for your name, address, and proof of identification before allowing you to trade.
- Deposit Funds
There is a platform which allows you to exchange USD for NEO. And other platform allows only crypto – to – crypto trading. Hence, you need to deposit BTC, ETH, LTC or some other coin that has been listed in a pairing with NEO
- Buy NEO
- Go to the exchange section of your account and search for the currency pairing you want, such as BTC / NEO or ETH / NEO. You can then select a market or limit order, specify the amount of NEO you want to buy or the amount of currency you want to spend, and place your order.