NEO, a powerhouse cryptocurrency

Happy Birthday Bitcoin
For early adopters, NEO is truly one for the books. Previously known as AntShares, NEO made millionaires of a lot of hodlers back in 2017. Upon the announcement of the rebranding, the price of NEO mooned from USD 0.23 to over USD 60 in a matter of days. Since the momentous occasion, there seems to be no stopping NEO as it is truly a powerhouse cryptocurrency. Today we take a look at NEO and its partner, GAS.

What is NEO?

The best way to describe NEO is China’s Ethereum.

NEO is Chinese blockchain-based platform that allows the NEO coin to run on it, and it enables the development of digital assets as well as smart contracts. NEO is a Smart Economy System meaning it incorporates digital assets, digital identity and smart contracts.

What sets NEO apart from the rest is that it supports the protection of assets. You can record, buy and sell registered assets on the NEO blockchain and still enjoy all the benefits of blockchain technology such as decentralization, being traceable and transparent. Assets are protected by law and have a validated digital identity. These physical and digital assets are linked to a unique digital avatar on the NEO network. You can perform transactions or sign agreements via NEO smart contracts.

NEO, a powerhouse cryptocurrency that is regulatory-compliant

NEO being regulatory-compliant is not a bad thing. It simply gives all parties involved in a transaction the reassurance and peace of mind that business is legit. This is accomplished with the “digital identity” feature on the NEO blockchain.

This “digital identity” can be verified on the NEO platform and serves as a ‘go-ahead’ for others to conduct business with you. This gives NEO the ability to have a regulatory-compliant network. Even for activities such as accounting and bookkeeping, nodes on the NEO network need a “digital identity”.

Introducing GAS

GAS is one of two cryptocurrencies that power or fuel the NEO blockchain. Alas, there are costs involved with storing tokens and smart contracts. If you want to use the NEO blockchain, you have to pay registration fees. You can pay registration fees and recurring fees with GAS tokens.

These payments are used as incentives for bookkeepers. GAS tokens are generated every time a transaction is validated and a new block is created on the NEO blockchain. Moreover, you can recycle your GAS tokens and get dividends. It’s like the coin that keeps giving.

As a matter of fact, one can pay for transaction and network fees with GAS when operating on the Ethereum network.

NEO and GAS on AltCoinTrader

Both NEO and GAS are listed on AltCoinTrader. There are currently 24 tokens listed on AltCoinTrader, including Gold and Silver. Did you know that you can deposit and withdraw both NEO and GAS on AltCoinTrader for free?

Download the AltCoinTrader app today on your smart device for convenient, anywhere you go trading.