NEO is the newest platform built in China. It’s being developed by a Shanghai company. They started out as Antshares and have rebranded themselves to NEO. The platform is said to support the smart-contract system that has been used by Ethereum. The platform is aptly called by many, "the Chinese Ethereum." The company provides much of the same style of functionality as that of DAPPS and other ICOs. Even though the platform is similar to Ethereum, it’s still on its own level, and you can code it with just about all languages like Java, C/C# and Go for it. Ethereum on the other hand only uses their own primary solidity language.
Why NEO Vs. Bitcoin?
NEO is only one aspect of the platform there is also GAS which is the currency used on the Apps by the system, very similar to ETHER. Any traders of NEO will get rewards as GAS, which can also be purchased on its own.
The Chinese government has been clear that is will never allow Bitcoin to be used as a currency. They have even released an official warning to all their users. This is one of the major differences between the two currencies. They officially made the following statement:
“Bitcoin is a specific virtual good and does not have the same legal status as the currency. It can’t and should not be used as money in the market circulation. Participating institutions and individuals should carefully engage in activities such as Bitcoin investment and bear the corresponding responsibilities and risks.”
What Makes NEO Unique Vs. Other Cryptocurrencies?
Unlike other currencies in the world, NEO is being looked at by the Chinese government and investors as the top cryptocurrency to be watched and invested in. This is important because China holds some of the most significant exchanges in the world. They have full government approval and are even sponsored by them at different industry conferences. There large backing makes NEO well off and bodes them well, but the problem beckoned is that they may see massive government control in the future.
NEO has absolutely exploded since their initial coin offering as Antshares. This was just over a year ago and is very promising for the new Chinese cryptocurrency platform. There are many reasons that one would want to invest in NEO, especially before the Chinese government starts to regulate it, which will always be a possibility.
One of the other ways that NEO is different is that they are free from the proof of work system that is used by Ethereum and Bitcoin. Instead, they use the Delegated Byzantine Fault Tolerance or dbFT.
You can read all of the technical details about the system on their white paper listing. Fundamentally, however, this means that NEO is going to generate the users GAS. GAS is created with every new block that starts. Something to note is that GAS begins at zero. Once that block generation increases so does the GAS. The total limit of GAS is at 100 million, and it's projected that it will take about 22 years for GAS to catch up and the network to max out. There are about 15-20 seconds between each block, and nearly 2 million blocks are generated each year.
That means that there will be around 2 million blocks created during the first year, at 8 GAS per block there will be a massive amount made. Each year they plan on reducing the amount of GAS per block, each year and will count for every 2 million blocks. Mainly, you want to get in on NEO early on to make as much GAS as possible.
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As of now, there are 100 million tokens that have been divided up into two separate portions. The first of which is the 50 million that have been distributed among their supporters who invested during the ICO. The other 50 million NEO is held and managed by the council who is supporting NEO's long-term development.
They’ve seen some of the most massive growth this year, with an ICO starting at $0.03 and the climbed to $50 in August of 2017. This is a massive return by any means and one of the largest the cryptocurrency has ever seen.
Here's probably the most important tip: the only way to receive GAS is to hold NEO in a wallet. If you keep it on an exchange, you will not benefit from it. Wallets are available on mobile, desktop and web clients.