What is Neo Coin and How to get NEO for Free?
What is Neo?
NEO is an open-source blockchain decentralized application platform founded in 2014 by Da HongFei and Erik Zhang. The project's vision is to realize a "smart economy" by utilizing blockchain technology and smart contracts to issue and manage digitized assets. The network runs on a proof of stake decentralized Byzantine fault tolerant (dBFT) consensus mechanism between a number of centrally approved nodes, and can support up to 10,000 transactions per second. The base asset of the NEO blockchain is the non-divisible NEO token which generates GAS tokens. These GAS tokens, a separate asset on the network, can be used to pay for transaction fees, and are divisible with smallest unit 0.00000001.
A total of 100 million NEO were created in the Genesis Block. 50 million NEO were sold to early investors through an initial coin offering in 2016 that raised US 4.65 million, with the remaining 50 million NEO locked into a smart contract. Each year, a maximum of 15 million NEO tokens are unlocked which are used by the NEO development team to fund long term development goals.
The core of the NEO feature set revolves around tools that allow developers to efficiently deploy and scale smart contract applications on the NEO blockchain. X.509 Digital Identities allow developers to tie tokens to real world identities which aids in complying with KYC/AML and other regulatory requirements.
Why Neo?
NEO has a good chance of capturing most of the Asian market by 2020, bringing the Chinese government into the blockchain industry.
In his speech in 2020, Chinese president Xi Jinping declared blockchain technology “an important breakthrough”. The Chinese leader promised that China would not stand on the sidelines but would instead accelerate the adoption of blockchain. The endorsement was so significant that it led NEO’s price to surge by 100 per cent in few weeks because Neo was often refer as "Chinese Ethereum".
Experts analyzing NEO crypto's potential share the view that it might be a good option for a long-term investment. NEO shows convincing signs for a positive year ahead.
NEO's ambitious plan to become the foundation for an economy of the future is supported by a proactive approach towards technology advancements; reducing vulnerability and increasing scalability and transaction speed.
In NEO 3.0, NEO’s founders – Erik Zhang and Da Hongfei – are planning to make NEO the most developer-friendly platform, optimising its core architecture. It will help to build a powerful and stable smart contract system and to provide a comprehensive development environment with tools for projects in the ecosystem.
Latest News
Neo announced Flamingo Finance - a new Neo-based full-stack decentralized finance protocol. Under incubation by Neo Global Development, Flamingo is expected to begin rolling out in September 2020, with features such as a cross-chain asset gateway, automated market making (AMM)-based swaps, synthetic stablecoins, and AMM-based perpetual trading contracts.
Flamingo Finance is intended to fill the gaps of missing DeFi pieces within the Neo ecosystem and will feature its own Neo-based project token, FLM, which will be 100% distributed through contribution-based participation from the community.
On the announcement of Flamingo, Da Hongfei said, “This is just the beginning. As a community-driven open ecosystem, Neo welcomes all public chains, developers, and investors to build the smart economy of the future with us together.”
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