What is Neo (NEO) crypto?

April 01, 2022 12:27 PM PDT | By Versha Jain

What Is Neo (NEO)?

Neo is a blockchain-based distributed network that aims to build an ecosystem with services like digital payments and identities and automate digital assets using smart contracts.

The Neo Blockchain was launched in 2014 and was initially known as Antshares. The project rebranded itself three years later in 2017 as Neo, its current name.

The network supports its cryptocurrency and enables the development of digital assets and smart contracts. The project is considered the Chinese version of the Ethereum network.

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Its co-founders are Da Hongfei and Erik Zhang. Both serve as the chairmen of the Neo Foundation, which aims to promote the adoption of blockchain technology.

They believe the blockchain technology-based applications to go mainstream sooner than later but have expressed concerns that consumers may not always have control over their data.

Ironically, the Chinese government has banned crypto mining in the country in 2021.

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Data Source: coinmarketcap.com

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Neo token details:

The Neo Network has two tokens NEO and GAS. NEO is the governance token to manage the Neo blockchain, and GAS is the utility token, which gives the right to use the chain.

Neo (NEO) was up 1.00% to US$27.64 at 12:04 pm ET on Friday. Its current market capitalization is US$1.95 billion. Its trading volume rose 6.76% in 24 hours to US$306 million.

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The coin has a circulating supply of 70.54 million, while the total supply stands at 100 million NEOs. The coin can be traded on CoinTiger, Binance, OKX, DigiFinex, and KuCoin.

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Bottom line:

In its February report, NEO said a China-focused ecosystem could be created using its technology on the Blockchain-based Service Network (BSN), a cross-cloud, cross-framework global infrastructure. Besides, NEO’s technology could be regulator friendly with a centralized approach, unlike most other cryptocurrencies.

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