NEO is one of the best known crypto initiatives and is working on a strong advance. NEO, formerly known as Antshares, is also called the Chinese Ethereum. NEO is an initiative of the Chinese company Onchain, based in Shanghai. Partly thanks to the Asian roots, NEO was very popular in China and surrounding countries, in Europe and America the breakthrough followed a bit later. NEO is an open source blockchain platform that has existed for years and is characterized by a high degree of professionalism. The platform can be used to launch new blockchain and crypto currencies. In addition, NEO manages to unite digital currency, smart contracts and digital properties under one flag.

How To Buy NEO

So you’re interested in buying NEO? Currently, there is no way to buy NEO directly with fiat, so the best way to buy NEO is to first purchase Ethereum, transfer it to your chosen trading platform and change it to NEO. We’ll show you how.

1. Firstly you will need to visit Binance and create your account.

2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.

3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.

4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.

Buy Ethereum

To buy Ethereum, we’re going to use an exchange called CEX.io. Here you will be taken to the purchase page, where you can buy your Ethereum.

1. First change the Buy option from BTC to ETH for USD and then choose your amount.

2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.

Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.

3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.

4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.

Your Binance account will now be credited with Ethereum.

Purchasing NEO

1. Now you’re back on your Binance account click the Exchange section and choose Basic. This is the Binance trading platform.

2. On the trading platform, select the ETH section and use the search function to search for NEO/ETH and confirm.

3. On the NEO/ETH trading section you can now choose how much NEO you want to buy with your Ether. Once you have chosen your amount, press Buy NEO and place your order.

Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of NEO.

Platform and smart contracts

The smart contracts linked to the blockchain of NEO are called NeoContracts. Anyone can program with the blockchain of NEO and thus set up their own crypto initiatives. The purpose of the NEO is to change trade via the Internet, also called e-commerce. NEO was founded by Da Hongfei and Erik Zhang. Hongfei is the CEO of Onchain and a prominent person in the field of blockchain. Zhang is CTO of Onchain and has written the NEO codes.

Differences with Ethereum

Because of the platform they form, NEO is also called the Chinese Ethereum. But is NEO then a Chinese copy of Ethereum? Surely there are quite a few differences:

An advantage over Ethereum is that NEO has easier access to the fairly closed Asian (and especially Chinese) market. Indeed, NEO is even supported by the Chinese government!

Programming via NEO is also much simpler because, unlike the blockchain of Ethereum, many more common programming languages can be used there. As a result, NEO is usually much easier to integrate within the business operations and there is a lower threshold.

NEO has no scale problems and is faster than Ethereum. This is due to the Virtual Machine technology that enables NEO to execute up to 10,000 transactions per second.

A disadvantage of NEO is that the coin is not divisible, so you can only transfer’ whole’ coins.

NEO is already proof-of-stake while Ethereum wants to use it in the (near) future.

NEO claims that it is fully resistant to, among other things, quantum computing.

As an NEO holder you will receive GAS, a kind of dividend.

GAS

Say your NEO, then you also say GAS. This is a kind of dividend that NEO holders receive as owners of part of the blockchain. In order to be eligible to receive GAS, it is necessary that your NEO keeps in your wallet. GAS represents its own value and can be used to make payments through the NEO blockchain. It is also possible to sell GAS, so that as an investor in NEO you can get extra income just like that. GAS also gives you control within the blockchain of NEO. Incidentally, just like NEO, GAS is not a real cryptocoin. Due to cooperation with the Chinese government, this is not an option and is seen as a crypto-equity.

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