Even if there have been an across the board depreciation of digital assets, it’s irrefutable that NEO, the platform, is at the forefront charting its way towards a smart economy.
We can see that from its meteoritic appreciation and the way it continues to carve out market share. With a market capitalization of $8B-as of this writing, it controls 1.68% of the total cryptocurrency market share valued at around $470B. Better still, the total value of cryptocurrencies is higher than JP Morgan and chase and Johnson and Johnson which as we know are established companies.
So, before you invest you must know some basic things about NEO and its underlying technology. The product is what propels price and not the other way round.
NEO is basically an open source public cloud smart contract platform that works more like Ethereum. It’s no wonder most naïve commentators refer it as “Chinese Ethereum” which is not true.
As far as we know, this is an established platform that has weathered out a lot of internal regulations. At core, NEO leverages supportive legislation in China that came to pass in 2007 that legalized use of digital signatures and contracts.
The NEO platform is unique. It consists of DBFT Algorithm for consensus and NEOX that allows smart contract to operate across different blockchains.
Besides, there is NEO Contract for creation of scalable smart contracts using common languages as C#, NEOQ that makes NEO quantum resistant and NEOFS for distributed storage.It is these attractive features that makes this platform ideal and as such, Chinese authorities rely on it as they seek to establish themselves as a global blockchain power house.
Because NEO was premined, many think it is a centralized platform. However, since there is GAS reward NEO remains attractive for buy-hold traders or investors.
How to Buy NEO
There are 70 different exchanges where you can buy NEO and if you own ETH or BTC, the better. Of the 70 exchanges, BitFinex and UpBit are the only exchanges that allows fiat exchanges. These are, NEOUSD at BitFinex and NEO/KRW at UpBit.
I prefer-and actually recommend-purchase of NEO from high liquid exchanges and BitFinex is a prime example.
Here is how you buy NEO using USD from BitFinex:
- Set up, verify and login to your BitFinex account
- Fund your account by linking your bank account with BitFinex exchange wallet. Minimum deposit is $10,000 or its equivalent.
- Under Trading, click on NEO and NEO/USD.
- Specify the number of NEO you want to buy at prevailing market rates and click “Exchange Buy”
- BitFinex will transfer your NEO to the exchange’s hot wallet.
From there you can withdraw your NEO funds and store them in a secure wallet.
There are several NEO wallets like NEO’s GUI Desktop Wallet that is available for windows only but I always recommend NEON. NEON is a hot wallet and suitable for those who are angling for GAS rewards.
Even though it wasn’t created by NEO developers, developers at City of Zion created this easy to use wallet that supports Windows, Mac and Linux.
However, if you want to stay off grid and secure, the most preferable and trusted hardware wallet is Ledger Nano S.