What is NEO Coin?
NEO is a digital currency that operates on the NEO blockchain platform. It was launched in 2014 by a team of developers who continue to serve as leaders of the NEO Foundation, the company responsible for NEO.
In addition to NEO coin, the NEO program runs other digital currencies and delegated smart contract applications (DApps) across the NEO blockchain platform. Alongside NEO coin, NEO blockchain users utilize gas, which is used to pay transaction fees.
Special Features of NEO
Unlike some other coins, NEO is part of a larger ecosystem that includes smart contracts, distributed applications, and other functions. NEO’s features include decentralized storage, data security, and cross-chain operability, among others. Any digital currency can launch on the NEO network using NEP-5 standards.
How to Mine NEO Coin
Unlike many cryptocurrencies, NEO cannot be mined by the public. Mining is restricted to a small number of consensus nodes that process fast transactions on the NEO network. According to NEO documentation, the NEO Foundation operates five of the seven active nodes, meaning that the NEO Foundation earns most mining fees.
How to Buy/Invest in NEO Coin
NEO is not as widely available as some other digital currencies and is not accessible on major platforms like Coinbase. However, some platforms that offer a broader range of currencies, such as Binance US, make NEO available for purchase.
Wallets
The official NEO wallet is available for Windows, macOS, or Linux and can be downloaded as open-source software. Other wallets that support NEO include hardware wallets from Ledger.
Fees and Expenses
Users pay transaction fees on the NEO network using gas. However, most transactions are free thanks to the built-in “system fee discount” estimated at 10 gas per transaction. The fees are divided between transaction fees paid to the consensus node and system fees paid to NEO holders through the block.
Notable Events
NEO has undergone several major updates since its launch, including a name change. NEO started as Antshares in 2014 and rebranded to NEO in 2017. The rebranding coincided with the release of version 2.0 of the platform. The current version, known as N3, is set to release in 2021.
Source: https://www.thebalancemoney.com/neo-coin-explained-5197688
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