What is Neo?

Sep 13, 2022
4 min read

This blog post will cover:

  • What is Neo?
  • Where did Neo come from?
  • What are the advantages of Neo?
  • What are the disadvantages of Neo?
  • How to buy Neo on SimpleSwap?

What is Neo?

The cryptocurrency NEO is a large-scale blockchain project that allows for secure and anonymous transactions within a crypto with the exclusion of third-party participation and the simultaneous use of crypto-encryption software.

In addition, the Neo Cryp Project is a convenient cryptosystem for the safe and fast exchange of information and funds while ensuring the maximum level of security for digital assets.

Thanks to the active promotion of the project, its creators managed to establish close business relationships with the largest representatives of the cryptocurrency market, as well as with such world economic giants as Microsoft and Alibaba.

Where did Neo come from?

The history of this coin began a few years earlier before the crypto community first heard its name. This Chinese project was created as a project by Antshares in 2014 by Chinese developers Da Hongfei and Erik Zhang. Three years later - in July 2017 - the project was renamed Neo. In addition, the creators launched ICO, which lasted from July 1 to July 9, 2017. A total of 100 million NEO tokens were released. Crowdfunding provided half of all tokens, the second half of the creators decided to leave virtually under their control.

The project team is small and consists of executives, developers, public relations and business strategy specialists. The main structure includes:

Da Hongfei is a co-founder and CEO. He was educated at the South China University of Technology with a degree in Technology and English. Prior to founding his own companies, Onchain and Neo, he worked at IntPass Consulting in Shanghai, where he served as CEO and was a member of the board of directors.

Erik Zhang is Technical Director, Neo co-founder, and Chief Developer. He graduated from Shanghai University with a degree in computer science. He is an expert in blockchain technology and computer security and, in addition, a certified information system auditor (CISA). It was Eric who developed a special consensus algorithm for the Neo blockchain.

Tony Tao is the general secretary. In addition, he is a partner at NEO Global Capital (NGC), vice president of strategic planning at Onchain and founder of the X-Order project.

What are the advantages of Neo?

  • Using the fault-tolerant dBFT protocol, which protects the entire system from powerful hacker attack.
  • Support for the most popular programming languages ​​- Java, C #, Go and Python. This approach expands opportunities for promoting NEO services.
  • Virtual machine (Neo VM) which allows launching custom smart contacts in two clicks.
  • The actual throughput of NEO reaches 1000 t/s.
  • Payment of fees in GAS tokens, which are intrasystem and are charged to all holders of NEO.
  • The ability to create digital certificates that are registered in the system and pass the identification. That is, they are protected by law and can be used in the real world.
  • Using the NeoFS protocol, which allows you to manage digital certificates without a central server.

What are the disadvantages of Neo?

  • Lack of anonymity in full. Creators of NEO could not create a completely confidential environment for their users and transactions on the network.
  • Pseudo-decentralization. The founding company OnChain controls 60% of the nodes of the crypto project NEO.

How to buy Neo on SimpleSwap?

If you decide to buy this cryptocurrency, the simplest way is to use the SimpleSwap service and follow the instructions below:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select NEO in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient's Address. NEO will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

This is everything you need to know to get NEO.

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