In our commitment to broaden our offerings continually, we are introducing a new project addition - NEO. The NEO Network is an independent blockchain platform designed to facilitate a smart economy by providing integrated solutions for digital and physical asset management, data integration, user verification, and decentralized storage.
In this article, you will learn what the NEO Network is, understand how it works, and discover details about NeoFS, NeoID, and the NEO Name Service. Additionally, we will explore the dual-token system of the NEO Network, which includes NEO and GAS, and learn about its tokenomics and statistics. We will conclude with a concise guide on how to buy or trade NEO on CoinEx.
What Is NEO Network?
Blockchain technology has significantly evolved with public blockchains emerging as prominent domains in the last decade. There is growing competition between different mainstream blockchains across multiple fronts, including Layer-1 performance, developer experience, development tools, and infrastructure, among others.
Building an innovative protocol and all the required infrastructure for developers is a difficult task, especially without substantial community backing. It's only natural then that the majority of competing smart contract platforms and decentralized applications today are predominantly forks of Ethereum and EVM compliant. This is because Ethereum is one of the dominant players in the blockchain space. By utilizing the Ethereum codebase or even just the EVM, projects can bootstrap their ecosystems and applications with existing Ethereum-based tools, thus avoiding the need to build entirely new solutions.
However, Neo Network stands out as an innovative and independent blockchain platform that provides developer-friendly solutions without relying on dominant frameworks like Ethereum. The vision of the NEO Network is to become an open network for the smart economy, with a mission to enable humans and programs to access any asset, digital or physical, with minimized trust and permission.
The rise of smart contract platforms has significantly expanded the capabilities of blockchain scripting, revealing that advanced distributed applications require more than just Turing-completeness. Key needs include reliable external data sources, secure user verification, seamless interaction across different blockchains, and accessible decentralized storage solutions. The dependency on various projects to meet these needs has been a major obstacle to widespread adoption.
Neo Network tackles these issues by offering a unified platform that incorporates essential functionalities such as external data integration, user verification mechanisms, blockchain interoperability, and economical decentralized storage options. This approach streamlines the development process, making it more accessible and less reliant on multiple external projects.
What Is NeoFS?
NeoFS is a feature of the Neo Network. NeoFS offers a decentralized, distributed object storage framework, ideal for hosting a new generation of fully decentralized applications. This storage network enhances traditional web applications by replacing costly centralized data storage with a system that allows developers to manage how and where their data is stored and accessed.
Data stored on NeoFS is always encrypted, with options for universal decryption or restricted access through detailed access controls. This ensures that users maintain complete control over their data. The network operates on a free market basis, allowing participants to contribute as storage nodes or be part of the inner ring for network governance and maintenance, with incentives for their contributions.
NeoFS seamlessly integrates with the Neo blockchain, enabling smart contracts to interact with data in a decentralized cloud environment. This integration facilitates economical data management within NeoVM, enables hosting application interfaces, and provides tailored CDN services for efficient data distribution. This comprehensive approach allows for the development of completely decentralized applications while maintaining high usability standards without any compromises.
What Is NeoID?
NeoID is a decentralized identity tool designed for blockchain-based applications, providing essential solutions for user authentication and verification. It's important because it supports various application scenarios where verification of specific user attributes is critical, such as in DAOs where identity verification can prevent Sybil attacks.
NeoID empowers users to create and manage decentralized identifiers, issue claims as data verifiers, or incorporate attribute verification into their applications. This system allows users to access applications using verified credentials without sharing private data, thereby maintaining their sovereignty and safeguarding against data misuse.
NEO Name Service
The Neo Name Service (NNS) is a decentralized name service on the Neo blockchain, designed to map human-readable domain names to various types of data, such as IP addresses or other strings. NNS allows users to transfer domain ownership and handle other domain-related functionalities like registry, renewal, and permission control, simplifying the overall user experience in the blockchain domain.
What Is the NEO Token?
The NEO token is one of the two tokens used in the Neo blockchain platform, characterized by its unique dual-token mechanism. The NEO token serves two purposes, it is used to provide its holders with governance rights through voting for Neo Council members and also used to claim GAS token which is essential to executing transactions on the Neo network.
NEO holders contribute to governance by voting for members of the Neo Committee, which governs the Neo blockchain. The Neo Committee performs particular functions, such as maintaining the network and adjusting crucial blockchain parameters.
The GAS token is a utility token used on the Neo blockchain platform. It is required to perform transactions and execute smart contracts on the Neo network. GAS is generated and distributed to NEO holders as a form of incentive for participating in the network.
Token Symbol: NEO
Token Supply: 100,000,000 NEO
Market Capitalization: $820 Million
Trading Price: $11.78
Cryptocurrency Rank: #76
*Data source: The table above is real-time data from Coinmarketcap as of January 10, 2024
How to Buy and Trade NEO Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including NEO, users can now trade easily and seamlessly. To purchase NEO coins on CoinEx, follow the steps below.
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to NEO Trading Page: Once your account is funded, navigate to the dedicated NEO trading page on CoinEx. You can locate NEO trading pairs on the spot trading page using a search box and enter the term "NEO" to find the associated pairs.
- Choose a Trading Pair: Select the trading pair NEO/USDT to trade NEO against USDT (Tether).
- Specify the Purchase Amount: The next step is to specify the number of NEO you wish to buy. You have the option to either buy them at the current market price or set a limit for your desired buying price on the trading page.
- Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order.
By following these comprehensive steps, you can easily trade NEO tokens on CoinEx, taking advantage of the available trading pairs.