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Neo: what is cryptocurrency and how does it work



NEO is the cryptocurrency with its open-source blockchain which is part of the ecosystem of the Smart Economy and Decentralized Finance (DeFi).

How NEO cryptocurrency works

Launched in 2014 in China, under the name of Antshares , the project then saw a renewal (Neo = new) in 2017, with the official launch of the new blockchain. Today on Neo you can perform peer-to-peer transactions, digitize new assets and create smart contracts. 

Precisely for this reason, it has also been defined as the “Chinese version of Ethereum”. In fact, in 2018 the developers updated the degree of decentralization of the network with the NeoVM or Neo Virtual Machine.

The NeoVM allows through smart contracts to create new tokens based on Neo standards, such as NEP-5 tokens . To give a practical example, the tokens of ONT, DBC and NEX are NEP-5 

Decentralized applications or dApps and DeFi projects based on NEP-5 standards are now applied in various sectors such as exchange, fintech, gaming, marketplace, service, media, identity and infrastructure 

NEO and GAS: the two native tokens on the Neo blockchain

Unlike many other blockchains, Neo’s network has two native tokens: NEO and GAS . Thus, while NEO serves as an investment token and allows users to participate in voting regarding blockchain improvements, GAS is used to pay the fees of transactions that are completed on the network.

At the time of writing, the market capitalization of the NEO crypto does not reach 4 billion dollars, with a dominance of 0.18% on the entire crypto market. 

In general, the price of NEO followed the market trend , seeing its all-time high of $ 176 around January 2018, a time when Bitcoin (BTC) itself touched $ 20,000. The same also happened to GAS which touched the price of $ 76. 

Only in this 2021, the bull run that saw new all-time highs on BTC and ETH prices, was not the same for NEO which followed the trend but without exceeding its previous ATH or All-Time High. 

NEO is the native cryptocurrency of the blockchain of the same name

NEO N3: NEO 3.0 version is ready

Announced already last April 2020, NEO is ready today to welcome the launch of N3, namely the 3.0 version of Neo . Specifically, starting from September 1st until October 31st 2021, bonuses dedicated to all NEO users who will activate the mass migration of their NEO and GAS tokens from Neo Legacy to Neo N3 are also available. 

Reminder: The mass migration with token incentives will begin at 10:00 am on September 1st (UTC). Bonuses will start at 1% and decrease over the course of the two months. Find the latest update below ”.

NEO and NFTs: Neoverse

Staying in the theme of the NeoVM, NEO also introduces the NFT Neoverse N3 Collector’s Edition which are valuable collectibles and which also bring various “VIP” privileges within the Neo ecosystem, further activating the growth of the N3 ecosystem.

“To celebrate the launch of N3 MainNet, we are introducing Neoverse – an NFT collection event alongside multiple ecosystem partners. Users from all over the world are invited to participate! ”.

There are 9 different N3 Element NFTs to collect that allow you to mint a special N3 Collector’s Editions NFT by burning all nine Element NFTs. Three world-renowned NFT artists joined forces to create the Neoverse, presenting 3 series (3 works within each series) of prestigious NFT collections.

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