Within the vast landscape of cryptocurrencies, a multitude of digital currencies thrives, each defined by its distinctive features. Bitforum takes a closer look at the complexities of a particular cryptocurrency drawing significant interest—NEO. Let’s discover on an exploration of NEO:
NEO Overview: NEO stands as a Blockchain platform, defined by its development team as a distributed network tailored for a smart economy. This open project is community-centric, employing blockchain technology and digital authentication to digitize and manage assets through smart contracts. The overarching objective of NEO is to establish a Smart Economy.
NEO Platform and Tokens: Within the NEO platform, two cryptocurrencies play pivotal roles: NEO and GAS.
- NEO Token: Functioning akin to shares in the NEO platform, NEO is indivisible. Holders of NEO possess voting rights, contribute to block creation, manage the network, and propose alterations. A total of 100 million NEO tokens were pre-mined, with 50% distributed through ICO rounds and the remaining 50% held by developers.
- GAS Token: Instrumental in maintaining and advancing the NEO platform, GAS covers computational fees and facilitates smart contract execution. GAS is generated with the creation of each new block in the network, initially at a rate of 8 GAS per block during blockchain construction. The production rate diminishes by 1 token for every 2 million blocks. By approximately 2039, the circulating supply of GAS will reach 100 million, and production will cease. Notably, unlike NEO, GAS is divisible (e.g., 1.2 GAS, 1.556 GAS).
NEO Coin Utilization: The utility of NEO Coin encompasses:
- Employing NEO for voting in bookkeeping processes or modifying parameters within the NEO Blockchain network.
- When projects launch their tokens on the NEO platform, they fundraise using NEO. For instance, ICOs such as Phantasma (SOUL) in May 2018 exclusively accepted investments in NEO.
- NEO serves as a tool for providing developers with a testnet on the NEO platform.
Essential Details about NEO Coin:
- Token Name: NEO Coin.
- Ticker: NEO.
- Blockchain: NEO Blockchain.
- Token Type: Governing Token.
- Total Supply: 100,000,000 NEO.
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