What is a NEO Coin?
NEO Coin is a cryptocurrency based on Smart Economy.In times of worldwide networking, Web 2.0 and Industry 4.0, the subject of Smart Economy is being discussed more and more frequently.
Smart Economy describes the further development of the economy and offers a digital representation of economic processes. So-called Smart Contracts are intended to clarify here.
Smart Contracts are basically nothing more than computer protocols that are intended to map, check or support real contracts – such as those taken out between two companies.
Programming often makes it easier to spot contract errors and the whole process is more efficient than traditional contract law. Ethereum was the first cryptocurrency to recognise such a need and programmed appropriate protocols into its blockchain.
But a good idea seldom remains individual and, over time, more and more of these currencies followed suit. One of the fastest growing of these is the Neo cryptocurrency, a solution for Smart Contracts originating in China.
Neo Coin – the killer of Ethereum?
Neo Coin initially operated under the name Antshares. Originally founded in 2014 by the two Chinese entrepreneurs Da Hongfei and Erik Zhang, the idea was to create a more serious image for themselves and, in 2017, named the cryptocurrency after the Greek word for new: Neo.
In fact, the name says it all. Not least because Neo not only copies its predecessors in part, but also adds its own innovative ideas to an original concept in order to make Smart Economy even more efficient.
These improvements were noticed. As well as making waves in the Far East, the Chinese provider has become one of the first contact points in the Smart Contract area, with the Western market also starting to grow.
With a current market capitalisation of $3,011,398,000 (3 billion), the neo-crypto currency is now one of the 15 largest of its kind in the world. Due to its meteoric rise and bold new ideas, Neo is sometimes referred to as the “Ethereum Killer”.
Digital assets and digital identities
Digital assets can be anything. Action, real estate, commodities and pretty much anything that can be traded in the ‘real world'. With the help of Neo, the trade in such goods can be simplified to the extent that the individual Neo Coins in the area of the Neo cryptocurrency and blockchain represent certain assets, which themselves can be traded by Smart Contracts.
Thus, the ownership of a car, a piece of land, a share or whatever else might be part of the contract can be transferred quickly, easily and safely from one person to another. At Neo, assets that have been registered via a valid digital identity are also protected by law.
Digital identities are individuals, entire organisations or other entities that use Neo to transfer or preserve their goods. While digital assets describe the objects of a transfer, digital identities are the subjects who trade in these assets.
Neo Cin (NEO) and Neo Coin (GAS). Two tokens for the Neo Crypto network
The Neo platform uses two different cryptocurrencies: NEO and GAS. The two serve different purposes, which will be discussed in more detail below.
The NEO Coin as a Token
In the Neo Crypto system, there are exactly 100,000,000,000 units of the cryptocurrency NEO. 50,000,000 units have been allocated to interested parties at the initial coin offering, the remaining 50,000,000 units will remain with Neo and will be used over time for further developments in the Neo-ecosystem.
The amount of 100 million tokens is fixed and cannot be increased. Furthermore, the smallest unit is always 1 NEO – unlike other cryptocurrencies, NEO cannot be shared.
NEO can be used in the Neo system to store and transfer ‘digital assets'. NEO can also be used to buy GAS and NEO can be used to participate in decisions made about the future of the Neo Blockchain.
The Neo Coin (GAS) Token
In contrast to NEO, GAS Behaves more like a conventional cryptocurrency. It is cast over the blockchain, at the moment 8 new tokens of GAS are being created per block in the blockchain.
According to projections, there will be 100,000,000,000 GAS units at the end of the mining phase, which is expected to happen in 2039. GAS can also be shared.
GAS is used to create Smart Contracts. Depending on how complex the calculations of a smart contract are, they cost a different number of GAS.
Market capitalisation of NEO and GAS
What is the current market capitalisation of Neo Coin?
The Neo Coin is traded under the abbreviation NEO. It was first made available at a price of USD 0.181483.
Initial data on the market capitalisation of NEO are available from 26th October 2016 onward. At that time, NEO had a market capitalisation of USD 6,785,000, with a coin value of USD 0.1257.
Over the following year, NEO experienced a meteoric rise in value. This earned it the nickname ‘Ethereum Killer'.
On 14th December 2017, the coin value was USD 44.90 and the market capitalisation was USD 2,918,700,000.
What is the current market capitalisation of Neo (GAS)
The GAS token was not introduced until 6th July 2017. Initial data on market capitalisation is available from 2nd August 2017. At that time, it was USD 7,018,420 with a GAS value of USD 2.40.
In contrast to the NEO currency, which has risen almost continuously, the price of GAS has fluctuated considerably. The cryptocurrency reached a historic high on October 3rd, 2017.
Then, the coin value was USD 33.41 and the market value stood at USD 284,244,212. Today, GAS has a market capitalisation of USD 187,691,000, realised through a pre-join value of USD 21.83.