Da Hongfei founded NEO, which was initially known as AntShares, in 2014. In fact, NEO changed its name from AntShares to NEO in June 2017.
NEO was China’s first digital currency, and it competes directly with Ethereum. The NEO token, like Ethereum, is much more than a digital currency, and this fact influences NEO price predictions significantly.
NEO is a blockchain-based platform that allows developers to create decentralized applications and smart contracts. Smart contracts are the next big thing. Wide variety of real-world scenarios and businesses may employ smart contracts.
Because Ethereum created the first smart contracts, NEO is often referred to as the “Chinese Ethereum.”
In comparison to Bitcoin, NEO is a completely different animal. This is because Bitcoin’s sole purpose is to be a digital currency. With the goal of becoming a viable alternative to fiat currencies such as the US dollar, Canadian dollar, and British pound.
In addition to being a digital currency, NEO offers a wide range of applications.
The NEO coin, unlike most of the other cryptocurrencies, is not divisible. As a result, users will not be able to send 0.5 or 0.11 NEO. NEO is comparable to a company’s stock, which is not divisible.
The NEO community can also use GAS, which is a second coin. A user can earn GAS by keeping the NEO token in their wallet. GAS can make transactions on the NEO network.
GAS tokens can pay for transaction fees generated by applications on the network. This is because they are divisible up to 0.00000001. Users utilize GAS on the NEO network the same way they use Ether on the Ethereum network.
NEO vs Ethereum
Ethereum only lets programmers to use one language, Solidity. However, Neo allows programmers to use C++, C#, Go, Java, and other major programming languages to create smart contracts.
If a person had put $100 into NEO in July 2017, when it was around $6, their investment would have grown to around $2700 in January 2018. Providing a 2600 per cent return on investment!
NEO is China’s first open-source blockchain platform, and it has the approval of the Chinese government. As a result, NEO has become the most popular cryptocurrency in China, which is one of the world’s largest cryptocurrency markets.
Ethereum grew in popularity because it promised to provide more than Bitcoin by providing a platform for decentralized application development.
NEO accomplishes the same goals as Ethereum, but in a more efficient manner. This is what attracts investors, developers, and consumers to NEO.
While these are the precise elements that affect NEO’s price, there are several general market trends that can affect its value. As a result, even for more experienced investors, making an accurate NEO currency price prediction is a challenging undertaking.
NEO, according to several experts, has a promising future. Because of its unique use of blockchain technology, Mark Cagney, co-founder of Social Finance (SoFi), believes that NEO has the potential to replace Bitcoin.
Considerably in the near term, cryptocurrency prices are exceedingly unpredictable, making long-term predictions even more challenging.
NEO is could reach $900 or more by 2019, according to Cryptoupdates.net, but as the price has remained nearly constant for a few years, the forecast for 2022 is less optimistic – it might reach around $30 by the end of the year. They predicted that they would be able to grab the Chinese market, as well as the majority of the Asian market.
While the forecast appears to be optimistic, we have all witnessed how well cryptocurrencies have fared in the past.
It’s fair to argue that the NEO coin’s long-term prospects are similarly bright.