NEO Coin is one of many alternatives to Bitcoin. The crypto currency from China does not just copy the current leader. It is strongly oriented to Ethereum, which is one of the most successful old coins on the stock markets.
One reason for this may be the special blockchain technology that allows trading with Smart Contracts. The NEO crypto currency also offers smart contracts – and other technologies that make the digital currency attractive and led to a sharp rise in the price last year.
Bitcoin code – What is this crypto currency?
NEO Coin is a crypto currency that is closely related to the Chinese market and has an impact throughout Asia. Of course, it can also be used for transactions here in Europe. The Bitcoin code is not just another crypto currency. The blockchain behind it also serves as a Bitcoin code platform for processing smart contracts. These actual money transactions can be handled in any available currency. The coin is available as two tokens that perform important tasks for the block chain: NEO and NeoGas (GAS for short): The tokens serve a similar purpose to shares for a company: There are a total of 100 million tokens and each token owner has a voting right in the management of the NEONetwork, which corresponds to the total number of tokens.
The development team still has most of the tokens so they can continue to work on the project as they see fit. There should not be more than 100 million tokens and they cannot be split into smaller parts. In contrast to Bitcoins, these tokens cannot be mined.
NeoGas serves as a transaction fee for payments over the network and as a fee for services within the network. GAS is generated whenever a new block is added to the NEO block chain. At this stage, it should take 22 years for 100 million gas to be generated. Basically, GAS is like a dividend for shareholders. GAS also performs a similar function to Bitcoin’s prospecting: by running crypto currency transactions on your own computer, you get something from the NE0 gas as a reward.
GAS can now also be bought and traded. Whoever wants to buy the coin has the choice between the tokens to participate in the decision making within the network or GAS, with which transactions can be carried out. In the classical sense, the coin is not a crypto currency. It is rather a network that wants to build a bridge to the commercial financial system. On the network, dollars and other currencies can be traded. Smart Contracts are also important for the network.
NEO Coin and Smart Contracts – The Bitcoin trader from Asia
The idea of using blockchains as a Bitcoin trader platform for smart contracts did not come from the NEO developers. More info on: Is The Bitcoin Trader a Scam? Beware, Read our Review First! Ethereum had introduced this technology and became one of the most successful crypto currencies to date. But what are Smart Contracts? Smart Contracts are computer protocols that are basically contracts. They not only form the contracts themselves, but also check them and handle the negotiations in the same way, completely automatically. A form of human monitoring is to be omitted with Smart Contracts and yet they are legally secure. They also come into force automatically when certain conditions apply.
Blockchains are ideal for the development of Smart Contracts, since blockchains are ultimately databases. Ethereum played a pioneering role by making Smart Contracts the basis of its philosophy. The problem with Ethereum, however, is that it had to develop its own programming language. With the Ne0 crypto currency, on the other hand, digital contracts can be written in several common programming languages. The so-called Ne0Contract supports C #, Java and Go. This makes the blockchain of neo much easier for programmers to handle. Smart Contracts are already in use today and this trend is likely to continue. They offer advantages for companies as well as consumers.
On the platform assets should be traded significantly, for this the Ne0Contracts were developed. Assets are assets in the possession of a person or a legal institution, such as cash assets, real estate, raw materials or share certificates in the stock market.