What is NEO and should you invest?
Originally called AntShares and launched 2014, it was labled China's first block-chain platform. In 2017 AntShares was rebranded to NEO.
NEO is a smart contracts ecosystem with a goal to build a smart economy in China. It allows users to automate storage and exchange of digital assets.
NEO is capped at 100 Million tockens with 50 million distributed during initial crowdfunding and remaining 50 million tockens to be released from a 1 year lock out pereod expiring on 16th October 2017.
So let's look at some important aspects of NEO that differentiate it from other Cryptocurrencies.
NEO Coin
NEO is a coin that it cannot be divided. If you want to make a transfer you will only be able to move whole coins as decimal number transfers are not possible
Neo tokens give their holder voting rights in the NEO ecosystem as well as receiving GAS.
NEO - just like Ethereum, provide digital certificates with legal protection for the digital assets on the network. However, unlike Ethereums Solidity which is the only programming language allowed, NEO Developers can program smart contracts using C#, C++, Java, and other programming languages.
But NEOs most impressive asset is a technology that allows it to achieve encryption that cannot be hacked by current quantum computers.
GAS tocken
As mentioned above, NEO holders receive GAS.
GAS tokens accumulate as fees to the network. Users pay GAS to deploy and run smart contracts.
Both NEO and GAS are capped at 100 Million tokens each. GAS is generated at rate of 8 tokens per block. Production is reduced by 1 token for every 2 million blocks generated. Gas should reach its limit of 1 million units and cease production in around 20 years.
If you are holding NEO coins in your own wallet or on certain exchanges you will receive GAS.
But if you are holding NEO coins on Bittrex, you will not receive any the GAS coins so watch out.
If you are interested in NEO it is currently trading at $28.46 / £21.48
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How often do you collect GAS in Wallet? do you need to collect it? also what type of wallet?
You annual GAS dividents are around 10%. You automaticaly recieve gas for holding NEO. You can use NEON wallet or chose from a number of other wallets available.
Thanks. I heard Binance allows collecting GAS, it would be easier to use than setting up a wallet. Do you agree?