There is still intense competition to create the best blockchain application as well as crypto. Ethereum was the first of its kind and continues to strive for the title of "world's sole supercomputer" by serving as a platform for countless smart contracts as well as decentralized applications. Some of these new cryptocurrencies and blockchain projects, like Stratis, Waves, Ethereum Classic, etc., have been addressed here before, following in the footsteps of Ethereum. This is thrilling because each of those endeavors brings something new to this expanding universe.

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What is Cryptocurrency NEO?

When compared to Ethereum, the pioneering "smart computer" blockchain project, Neo is one of the first competitors. To put it another way, Neo is being called the "Ethereum Killer," however "The Ethereum of China" may be a more fair description of the project. Originally released in 2014 under a previous name, Neo is an open-source decentralized blockchain network. It adopted its present name in 2017. Neo's suite of development tools makes it simple to build and deploy decentralized apps, and the platform's smart contracts can verify up to 10,000 TPS.  Tokenization makes it possible for Neo to be among the best Dapp networks, facilitating AML/KYC compliance and the creation of digital identities for both network users and developers.

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Use Cases of NEO Cryptocurrency

A few of the Use Cases of NEO Cryptocurrency that you must know are as follows:

        1. Digital Assets

In order to facilitate the transition of physical assets into electronic versions, NEO employs smart contracts. Blockchain-based electronic certificates will provide legal protection for these digital assets while also establishing unwavering confidence in the system.

        2. Digital Identity

NEO would make it possible to create digital profiles of people, businesses, as well as other companies. Such identities may be used with other forms of verification, like biometrics or text message verification.

        3. Smart Contracts

Nick Szabo, a cryptographer and computer scientist, came up with the term "smart contracts" in the 1990s. NEO's groundbreaking smart contract ecosystem is a game-changer. There is no need to learn a new smart contract language in NEO, unlike with certain other smart contract platforms.

        4. DApps

If you're building a decentralized app, you can count on NEO to be there for you, providing ongoing maintenance and enhancements to your development tools and methods. Decentralized Applications include things like decentralized exchanges, smart funds, and legal smart contracts that use artificial intelligence.

How Does NEO Work?

Neo utilizes a delegated Byzantine Fault Tolerance protocol for its Proof of Stake consensus method. The dBFT protocol offers a higher throughput of transactions or up to 10,000 per second between trusted nodes without the need for a centralized authority. To guarantee network scalability, speedier transactions, and trouble-free functioning of smart contracts as well as Dapp development, Neo combines the PoS protocol with the dBFT consensus mechanism. The NEO and GAS coins are the two network native tokens. While NEO cannot be reduced into smaller than one, GAS may be broken down to the decimal point. NEO is the platform's primary cryptocurrency for settling payments, while GAS is utilized to cover the cost of transactions. As shareholders may vote for consensus nodes by staking NEO, it is also employed in network governance. By agreeing to create additional blocks, agreement nodes are compensated with GAS costs.

How to Buy NEO Cryptocurrency?

It might be difficult to acquire NEO directly using fiat cash. NEO tokens may be purchased using other cryptocurrencies like Bitcoin, Litecoin, or Ethereum. The method is easy to follow. To get NEO, please have the following items available: Where you'd want your NEO tokens sent after they're sent to you and also certain  cryptocurrency, such as Bitcoin or Litecoin, that may be traded for NEO.

What Makes NEO Unique?

Neo fosters a supportive environment with high technical capability for programmers working in any language, increasing the possibility that a larger proportion of Decentralized application developers may choose for Neo. With NeoContracts, developers may create decentralized applications (Dapps) in languages they already know, like C# as well as Java, increasing the likelihood that Neo would gain widespread adoption.

How to Use NEO Cryptocurrency?

Designers utilize the Neo platform to build NeoContract-based apps that are based on actual goods as well as services. When creating decentralized applications (Dapps), designers may use popular programming languages. When the NEO coin is secured, or locked, it may be used for voting and staking on the network as well as for making payments as well as investments.

The Bottomline

The future of NEO is uncertain at this time due to China's attempts to control the cryptocurrency sector and the restriction on initial coin offerings. A once-victorious vessel is now going down in flames. If only China lifts its restriction on initial coin offerings (ICOs) will Neo have a chance to compete with Ethereum. The value is expected to continue falling till it reaches a degree of assistance.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.