A Beginner’s Guide to NEO Coin

By Rushali Shome

If you’ve been around crypto block for some time, there is no way you don’t know about Ether: the cryptocurrency of Ethereum. A similar cryptocurrency with a powerful blockchain network at its core has emerged from China. China is a country that is not exactly known to be a safe haven for crypto currently. Even so, this new coin, the NEO Coin has quickly climbed popularity and (for a while) price charts, earning the title “Chinese Ethereum” for itself. Here is a quick guide at the basics of the NEO coin, what it is, what its main uses are and where you can buy it.

What is NEO?

Earlier known as Antshares, the NEO coin is a cryptocurrency that is supported by a decentralized and completely open-sourced blockchain network, the first of its kind to emerge from China. NEO’s blockchain network has another crypto token as a part of it, called GAS. However, NEO is the better known coin and can be moulded to fit a variety of use cases. According to NEO itself, it is a

“distributed network for the smart economy”

The NEO coin is expected to be instrumental in developing a truly smart economy that is more than just comparable by the role played by Ethereum in the world of crypto and blockchain.

Uses of NEO Coin

Virtual Asset Creation:

NEO seeks to transform traditional forms of assets to a new digital form by making use of blockchain smart contracts, something that is used very commonly on the Ethereum blockchain. This digitization will ensure a higher degree of trust, transparency and accountability.

Digital Identification:

In recent days, the generation of digital IDs has become a hot topic in the world of technology. NEO seeks to address this issue by making multi-factor authentication the key to creating and consolidating digital identities both people and companies.

Smart Contracts:

The interest aspect that makes smart contract use so easy in the NEO coin’s platform is the fact that it allows developers to design smart contracts with any programming language. This is unlike Ethereum, in which learning Solidity is considered imperative.

DApps:

DApps or Decentralized Applications are expected to change the way applications work, by making machines work without any central control. While Ethereum has already been instrumental in developing and supporting dApps, the NEO blockchain network, fuelled by the NEO coin, is also expected to make a similar thing possible.

Where to Buy NEO COIN?

Most leading cryptocurrency exchanges usually trade in NEO coins and provide a sufficient variety of pairings with key currencies such as Bitcoin (BTC) or Tether (USDT). The following is a short list (not exhaustive) of key crypto exchanges that trade in NEO:

1) Binance
2) Bittrex
3)Gate.io
4)Huobi
5) KuCoin
6) BitFinex

After buying NEO coins, it is essential to choose the correct wallet for storing your NEO holdings securely. While most experts suggest using a hardware wallet like Ledger S Nano or a web wallet like NEO tracker; no matter what wallet you choose, you must always remain aware of the ways to secure crypto wallets.

Rushali Shome

Rushali Shome is a history undergraduate with a keen interest in puns, politics and beyond. When not typing away furiously in the “Notes” section of her phone, she can be found trying to catch the eye of servers at restaurants or weddings for a second helping.

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