What is NEO
Neo, formerly known as Antshares until a re-branding in June 2017 is the first open source public blockchain developed in China. They had the first phase of their ICO back in 2015 and the second phase in late 2016, in total raising over 8000 Bitcoin and securing a partnership with Microsoft.
Dr Hongfei, the creator of Antshares, now NEO, is also the CEO of Onchain; which is an open source international blockchain which effectively allows different blockchains’ to interact with each other whether they are public, private or consortium.
NEO serves as a smart asset platform, which is defined as a combination of smart contracts and digital assets, Using blockchain technology, they digitize a variety of real-world assets and allow for peer to peer trading this removes the need for a trusted 3rd party, as well as making trades traceable and highly transparent.
The NEO company are working closely with a number of different partners whilst aiming to become the biggest cryptocurrency based in China. They have been known as ‘the Chinese Ethereum’. NEO has hit a few stumbling blocks along the way. Most noteworthy was in the 3rd quarter or 2017 when the Chiniese government banned all ICO’s as well ordering that all cryptocurrency exchanges were to close.
If you had invested in the original ICO ‘Antshares’ you would have made a significant return at the current price, this is an example of when an ICO works out.
Recent NEO News:
The NEO Smart Economy
Similar to Ethereum and EOS, NEO provide a blockchain platform for which third party organisations can build decentralized applications and issue tokenized assets. Tokens issued on the NEO blockchain are called NEP5 tokens. NEO however are attempting to provide a much more guided process, nurturing and supporting the organisations developing applications on the platform.
On the NEO blockchain, users are able to register, trade, and circulate multiple types of assets. Proving the connection between digital and physical assets is possible through digital identity. Assets registered through a validated digital identity are protected by law.
Ethereum sparked an influx of new cryptocurrency tokens, with thousands of new ones hitting the market just in 2017 alone. NEO have only issued tokens to around 40 projects so far. You can track how many token contracts there are on NEO here.
Where to store NEO? NEO Hardware wallet storage.
There are several wallets available for storing NEO. There are desktop wallets such as NEON wallet, but thankfully you can now store your NEO in a hardware wallet.
Developers have been working hard and have integrated NEO storage onto the Ledger Nano S!
When NEO is selected on the Nano S, a message displaying ‘wake up NEO’ was as far as functionality went. Now though you can download the usable wallet and store your NEO securely on your Nano S!
As you’ll already be aware if you have a Nano S already, you must download separate apps for it for each cryptocurrency you want to store. The client is ran through your computer, with the private keys being stored on the device. Now you can download the NEO client and run it with your device.
There’s a handy guide on the Ledger website – Click Here
This allows you to store NEO, GAS and any NEP 5 ICO tokens that you may have invested in. NEO Hardware Wallet support has long been anticipated and it’s a relief for investors.
Ledger recently announced that they raised $75 Million in funding to develop their operations. They’ll be using the funding to increase the product range, speed up orders and make more devices for their customers. More developments will soon be coming and the wallet will also soon be supporting more cryptocurrencies as time goes on.
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