NEO cryptocurrency guide advises where to buy and how to buy NEO. This guide also contains the markets, value, trading, investing, buying, selling, transactions, blockchain, mining, technology, advantages, risks, history, legislation, regulation, security, payment, networks and many other interesting facts about NEO as well its status in the world of cryptocurrencies.
NEO, Thursday, 2018-02-22
- 1 What Is NEO?
- 2 Beginner's Guide to NEO
- 3 Where and How to Buy NEO?
- 4 NEO Markets
- 5 Where to Spend or Use NEO?
- 6 How Does NEO Work?
- 7 NEO Regulation
- 8 Is NEO Secure?
- 9 History of NEO
- 10 NEO Videos and Tutorials
- 11 See Also
What Is NEO?
The race to become the best cryptocurrency in the fast transforming industry is gaining momentum. Every new crypto is bringing great additions that make it better, solve more problems, and in some cases doom the previous cryptos. But some older cryptocurrencies are also molting and reinventing their operations to remain relevant and take the blockchain technology to the next level. This is the case with NEO.
What exactly is NEO?
NEO is called the Chinese Ethereum because it resembles Ethereum in so many aspects. It is also referred as the Ethereum killer because its features are built on successes of Ethereum and offer so much more that make it better that Ethereum. It is actually better than most of the cryptocurrencies because of its unique architecture, open and technical team, and unique focus to adhere to the regulatory environment.
NEO is the next generation smart economy platform that has exploded to fame because of its fast price growth. It was founded in June 2017 when AntShares rebranded to NEO. On June 15th, 2017, the price of neo was only $1.65. Then, the value jumped to more than $120 by early 2018. This is more than 5000% growth. It is explosive!
When NEO was launched, a total of 100 million tokens were released in the NEO genesis block. All the NEO tokens were pre-mined. To help run the blockchain, the NEO platform has another crypto token referred as GAS. This was formerly called ANC-Antcoins. Gas is the token used to fuel NEO.
One notable thing about NEO is that the 100 million tokens created in the Genesis Block are not divisible into smaller units. Unlike the Bitcoins that can be subdivided into very small units, the smallest unit in NEO is 1NEO. However, GAS can be subdivided into smaller units with 0.00000001 as the smallest value. If you are looking forward to investing in cryptos or target implementing smart contracts for your enterprise, this is one great crypto to follow.
Beginner's Guide to NEO
The path of cryptocurrencies is widening year after year. Since 2009 after Satoshi Nakamoto pioneered the cryptocurrency niche, the road has become illustrious. Every cryptographer and financial expert out there feels challenged to craft better, workable, and attractive solutions. But this is not all. Even the older cryptocurrencies are reinventing themselves to bring the youthful vigor and energy into the highly competitive cryptocurrency niche. This is the case with NEO.
Initially, NEO existed as AntiShares before converting to NEO in mid-2017. But it is the underlying architecture of the NEO cryptocurrency, the vigor of the team, and unique ideologies that have made the entire cryptocurrency community to take a glance. Between mid-2017 and early 2018, the value of NEO jumped from under one US dollar to over $120. It is being referred as supersonic speed.
If you are intending to invest in cryptocurrencies or simply want to test how the system works, this is the crypto to consider. But at a time when every crypto is raising more questions than answers, it is important to dig deeper and understand how NEO operates. You need a comprehensive user guide like this one that will take you to the bottom of NEO.
What to expect in this NEO guide
This guide is carefully crafted to help you see through the NEO cryptocurrency and make the decision whether it is the best option for you. It targets to educate and point to every component that might be unclear. No matter the question you have about NEO, the answers are here.
What is the best way to buy NEO? Which are the best markets and wallets for a new cryptocurrency fanatic? Are there any risks of using cryptocurrencies such as NEO? Does NEO use blockchain technology? Who are the founders? Is it profitable? Well, do not let these questions and many others disturb you. We have the right answers right here. Welcome to this exploratory guide and you will enjoy every minute of it.
Where and How to Buy NEO?
Since AntShares converted to NEO and entered the cryptocurrency market, the demand has been growing month after month. Now, everyone with interest in cryptocurrencies wants to know how and where to buy NEO?
There are several ways you can own NEO. One, you can mine it directly in the network by confirming transactions to earn GAS tokens. Two, you can have someone donate NEO to you. Three, you can sell business products and ask for payment in NEO. While all these strategies are indeed viable options, the more effective, easy, and direct method is buying.
NEO, like other crypto assets, are traded in cryptocurrency exchanges where buyers and traders meet. It operates like the standard forex exchange centers where those with NEO sell to anticipating buyers. Plans are underway to have NEO ATMs that buyers can visit and buy NEO like standard bank automated teller machines.
The three main steps for buying NEO from cryptocurrency exchanges
- Step One: Acquire an appropriate cryptocurrency wallet. A cryptocurrency wallet is a location used for storing NEO. It is designed also to help you sell the digital assets in various markets.
- Step two: Identify an appropriate cryptocurrency exchange. These are trading platforms that allow those with NEO to meet others intending to buy them. Note that you are required to register and verify the cryptocurrency exchange account using personal details and even phone number in some situations. Some great NEO trading exchanges include Bitfinex, CEX.io and Cryptopia.
- Step three: Use the selected exchange purchase portal to buy as many NEO as you want. The price at the exchange is dependent on the prevailing market demand. When the demand is high, the price will also be high.
One more thing: It is very important to be extra careful with the cryptocurrency exchange of choice. Most of the exchanges are prone to attacks. In December of 2017, a cryptocurrency in South Korea was hacked, and a lot of crypto coins siphoned out. In January of 2018, another cryptocurrency in Japan was hacked and a lot of altcoins siphoned by cybercriminals.
Where possible, it is advisable to look for a cryptocurrency exchange that does not have hacking history, insures clients’ coins, and allows traders to move NEO to their wallets immediately a transaction is completed.
When you decide to join the cryptocurrency world, you MUST have a digital wallet. A digital cryptocurrency wallet is a special software or location for storing the crypto assets. A NEO wallet is a special software for holding NEO coins.
Though the accepted definition of a NEO wallet is the storage unit that facilitates holding, trading, and use of the native coins, the literal meaning is a misnomer. NEO coins only reside in the NEO network. The coins are not physical and, therefore, never leave the NEO network. This means they can neither be moved away from the network nor stored elsewhere. Therefore, what exactly is stored in a NEO wallet?
A NEO wallet stores two things; private keys and public keys. The private keys are signature codes only known to you. They are the pointers used to activate personal NEO coins in the NEO network. You only use the private keys to bring to live the coins you hold in the network when trading them. You also use the private keys to check on the wallet transaction history.
The public keys, like the name suggests, are not private. These are the codes you can share with the person who wants to send NEO to your wallet. The public keys are used by the bookkeepers in the network to check how much you have in the wallet before a transaction can be confirmed. Note that the confirmation done by miners only captures the balance of the provided public address and not the private keys or identity of the users. Always note that you should NEVER share the private keys whether in the NEO network or away.
Top four NEO wallets you should consider today
To select an appropriate wallet, it is important to factor its ability to secure your NEO and lowering the risk of loss. The wallet should also make it easy to recover NEO in the case of an inevitable loss. Here are the top four NEO wallets you should consider;
- Ledger Nano S (Hardware wallet)
- Ledger Nano S is one of the leading cryptocurrency wallets in the market today. The wallet is recommended for NEO storage because of its advanced architecture and security. It is a finger-sized hardware that takes the shape of a standard flash drive. Your NEO will be stored in a special chip securely located in the drive.
- When you acquire the wallet for the first time, it generates a special seed phrase that should be used to recover NEO in case the wallet gets lost or damaged. You should carefully store the seed phrase because you can never tell when a loss or damage can happen.
- The design of Ledger Nano S is so good that users sign transactions without the private keys leaving the wallet. This means that you can even use a compromised computer without worrying about losing NEO.
- NEO GUI (desktop wallet)
- This is one of the recommended NEO crypto nodes developed by the NEO team. As a desktop NEO client, you have to download and install on your device to start running in the NEO network. Though NEO was intended to operate only as a node, the NEO network protocol was adjusted to provide low-level API (Application programming interface) for common transaction types such as sending NEO and claiming Gas. This allows it to work as a crypto wallet.
- The NEO GUI wallet is intended for the NEO users' regular activities such as sending, receiving funds, and other operations. With the NEO GUI, you can show all assets, create addresses, design wallets, and transfer funds.
- NEO CLI (desktop wallet)
- Like the NEO GUI, the NEO CLI helps users to serve as full nodes and also runs as a wallet. However, this node is intended for those who want to start developing decentralized applications in the NEO system.
- The NEO CLI can also do the following things that the NEO GUI cannot. It can create multiple multi-party signature contracts, design custom smart contracts, distribute assets, and participate in building consensus in the NEO network.
- The node comes with external API for all the standard wallet functions and can participate in helping other nodes achieve consensus. You can also use the node to mine the NEO network and contribute to generating new blocks for its blockchain.
- NEO tracker (web-based wallet)
- This is a web-based light wallet that allows holders to interact with the NEO blockchain. The wallet is developed by NEO team to make it easier for users who do not want to run full nodes in their computers. You only need to visit the NEO site to access NEO Tracker and use it. Note that unlike the NEO GUI or NEO CLI that require users to download full NEO blocks, you do not have to download anything when it comes to NEO tracker. With NEO tracker, you can transfer NEO, GAS, claim GAS, hold other tokens, and even print paper wallets.
Where to Buy NEO with Credit Card?
Credit cards have become a common part of the society today. They have particularly won the hearts of many because of wide acceptance both in conventional and online marketplaces. Besides, they are also becoming common methods of buying altcoins. However, there is no direct way to buy NEO in the NEO network. You can only use the credit card to buy NEO in selected exchanges. Here are some of them.
Where to Buy NEO with PayPal?
PayPal does not allow its users to make cryptocurrency related transactions. Indeed, they will penalize your account or even terminate after discovering that payments were made for crypto coins. If you have cash in PayPal, the only way to buy NEO is picking trading platforms that accept PayPal. Such exchanges usually have multiple products, and you will not be flagged to have purchased altcoins. Some of the top exchanges to consider include.
How to Buy NEO with Wire Transfer?
Banks occupy a very special place in most people’s hearts. Even those who are strong proponents of a cashless society still use banks to process salaries, get loans, and explore new investment opportunities. But banks can also be used to purchase altcoins using wire transfers. However, you need to be patient because wire transfers take longer and are more expensive. Here is the process of purchasing NEO with a wire transfer.
- Start by acquiring a bank account and depositing ample funds in it. The funds should factor the expected processing fee for both the bank and the transaction charges for the NEO trading platform to be used.
- Acquire a NEO wallet. This is the location that will hold your NEO after the purchase process is over.
- Look for the preferred NEO trading platform such as Kraken and Bitfinex that accepts wire transfer and open a trading account. Most exchanges require traders to use their names, email address, and proof of location.
- On the exchange dashboard, navigate to the purchase section, select NEO coins, enter the equivalent in selected currency and select payment in a wire transfer. When you confirm this transaction, the exchange will make a claim from your bank. Note that you will only receive NEO after the cash hits the exchange.
Where to Sell and Trade NEO?
Once you join NEO and get some NEO coins, you might opt to trade them on the exchanges or hold to see the investment grow. If you opt to trade them, an appropriate trading platform will be needed. Trading NEO is done the same way fiat currencies are traded in forex markets. Remember that before commencing to sell or trade NEO, you will need an appropriate cryptocurrency wallet and an account with the selected trading platform. The top platforms you can use to sell and trade NEO include;
Recently, direct selling has become a preferred method of selling and trading NEO. In cities that have a lot of cryptocurrency enthusiasts such as Seoul, New York, and London, cryptocurrency clubs are emerging as important points for meeting and sharing the crypto related news. One such platform is the LocalBitcoins.com.
When picking a selling and trading platform, it is important to put a lot of focus on security. Unlike the NEO or other cryptocurrency networks, the trading platforms are the easiest targets by cybercriminals. Therefore, review the security of the platform, check their trading fees, and ease of use.
How Much Are the Transaction Fees of NEO?
NEO is one cryptocurrency that has managed and implemented a zero transaction fee principle. If you join the NEO network as a node, you will not be charged to make transactions. However, you can opt to make the transaction priority which attracts a very small fee.
For those who join the NEO network to run smart contracts, there is a small fee. You are required to pay 10 GAS during smart contract execution. The execution means both deployment and invoking. The fee charged for running smart contract is considered a service fee for re-distribution to NEO stakeholders.
Cryptocurrency markets are platforms where sellers and buyers of NEO coins meet to trade. The platforms have been developing since 2009 when Bitcoin opened the world of cryptocurrencies. Though cryptocurrency markets are used for trading anonymous assets, they are governed by local laws. This means that user's identity has to be verified before being allowed to trade on such platforms.
Because markets are entirely different from respective blockchain networks, they have become an easy target for hackers. It has become a common thing to hear that a cryptocurrency exchange has been hacked and a lot of crypto coins stolen. Therefore, it is important to be cautious about the cryptocurrency exchanges you pick. Here are the main tips for selecting the best NEO markets.
Useful tips for selecting NEO markets
- Only go to the market with no history of hacking. If a cryptocurrency has been hacked very many times in the recent past, there is a great risk that other attempts will also be successful. However, a platform with no hacking history means that its systems are carefully architectured to identify and prevent intrusion.
- Pick a market with low fees. Because cryptocurrency trading platforms are different from the main NEO network, traders are charged a fee for using them. Therefore, you should look for a platform that has a subtle trading fee to avoid consuming all your profits.
- Check for the exchange with a good reputation. The cryptocurrency community is very sensitive about the platforms it uses to trade. Join major cryptocurrency communities such as Bitcoin Talk to hear what other users have to say about various markets. You should also read crypto market reviews to pick the most appropriate platforms.
- Identify the exchange with advanced metrics. Like the standard forex markets, you want to get a trading platform that can help you to make the right decisions. This means an exchange that has real-time analytics of different assets.
- The ideal platform should provide cold storage and backups for traders. Because of the high vulnerability at the NEO market level, the best exchange should provide cold storage facilities and even backups for its clients. Some exchanges even insure clients’ assets.
The top five NEO markets
- This is a cryptocurrency exchange based in Hong Kong that only allows crypto-to-crypto trading. This means that you cannot trade in KuCoin using fiat currencies. They also have shares that operate in the same way that Binance token works.
- To make trading easy, KuCoin has a 24/7 customer support, provides a knowledge base for its users, and offers coin pairs for major cryptocurrencies. These, coupled with an easy to use platform means that even new traders can easily trade on the platform and make good profits.
- The cryptocurrency does not charge users for depositing NEO in its network. However, every transaction attracts a 0.1% fee from both the maker and taker. The fee is very competitive when compared to others such as Poloniex that charges 0.15% and Bittrex’s 0.25%.
- NEO traders on the platform also enjoy regular discounts and rewards through the referral program. If you refer other traders, a 20% of the fee they pay will be credited to your account. Besides, those who use the KuCoin shares also get a discount of 30%.
- This is a New Zealand based cryptocurrency exchange that is gaining a lot of popularity in the Far East. The cryptocurrency is designed to help people, especially in New Zealand to trade in the latest and top performing cryptocurrencies. The good thing about Cryptopia is that it allows users to trade in both cryptocurrencies and fiat currencies. This means that you can buy or sell NEO using fiat currencies.
- The transaction fee at Cryptopia is 0.2% which is considered average because there are other exchanges are charging as low as 0.05%. However, the User Interface (UI) is very intuitive. You only need a very short moment on the exchange to learn and start using most of its features.
- The biggest challenge with using Cryptopia is that traders who opt for fiat trading can only use the New Zealand currency. This implies that the exchange is more suited for traders in New Zealand and the Far East. Besides, they do not have NEO cold storage for clients' assets.
- This is a cryptocurrency exchange based in the US and started in 2014. Since then, it has grown to become the best altcoin trading platform for most crypto assets including the emerging popular options such as NEO and NEM.
- The trading fee at Bittrex is 0.25% for both maker and taker. This means that every transaction takes 0.5%. To keep clients coins as secure as possible, Bittrex moves 70-90% of the assets offline and only leaves enough for facilitating trading. Even if an attack becomes successful, the loss cannot exceed 30%.
- Though the UI (User interface) is relatively complex, it becomes very easy to use after getting used to it. Besides, the transactions are very fast. The exchange is recommended for users who want to trade high NEO volumes.
- Whether you are a pro-crypto trader or just joined the NEO network, this is one exchange that will not disappoint. The cryptocurrency is based in China and started allowing trading in 2017. It provides two interfaces for traders. People who want light trading or beginners should consider using the Binance Basic Interface while those who want to trade in bigger volumes or advanced trading should go for the Binance Advanced Interface. The advanced interface comes with more options such as margin trading.
- It has a very low trading fee of 0.1% and is available for both desktop and mobile device traders. Whether you are using Windows, Android, iOS, or other platforms, the exchange will work very well. They also run a reward program for the Binance community.
- The main issue with the exchange is that it only provides 2-factor authentication for people with Chinese phone numbers. This has made some traders conclude that it is a Chinese only exchange. Besides, the exchange collects personal information during registration and trading. This has been a big scare for traders. Some even argue that the information could be used to follow them with tax-related lawsuits.
5) YoBTC. (Closed down! Not possible to trade anything at the moment.)
- This is one of the latest cryptocurrency exchanges to enter the market. The good thing about emerging cryptocurrency exchanges is that they are willing to trade in the new and smaller coins that can later become market movers. They also charge a smaller fee compared to the more established markets to attract users to their networks.
- The main selling point for YoBTC is its appealing user interface and focus on security. The exchange is designed to help everyone including newbies to join and learn about trading as fast as possible. On security, the exchange uses a 2-factor authentication mode to reduce the danger of attack.
- However, it is the Freeze Withdrawals feature that has made it remain outstanding from others. If you think that your account is under attack, simply hit the Freeze Withdrawals button to lock the NEO coins.
Value of NEO
People are no longer queuing to buy conventional market assets or real estates that take a lot of time before serious growth can be realized. If you buy shares or currencies in the capital markets, the growth can only be realized depending on a small number of people entrusted with the direct management. This makes it risky and at times scary especially for people who want to place a lot of investments. The next best alternative is cryptocurrencies. For example, those who invested in Bitcoin when it was launched are now enjoying over 12000% growth. Now, the investment road is headed to NEO. Here is a closer look at NEO value.
Since AntShares cryptocurrency was launched in 2014, its value has grown remarkably. However, it is the explosion reported after AntShares transformed to NEO that has caught investors' eyes. Between June and September 2017, NEO price grew by more than 2000% to hit a high of $52. The growth did not stop there. Between September and early 2018, the value continued with the upward trend and reached over $120. The value demonstrates that NEO has a very high potential and could grow to hit even higher levels than Bitcoin.
Is It Profitable to Invest in NEO?
Yes, NEO is a highly profitable consideration. Since AntShares transformed to NEO, it has been on an upward trend. Indeed, those people who invested in NEO in mid-2017 are already enjoying great returns in early 2018. But the growth trend appears to be gaining momentum, and you do not want to be left out. Here are some indicators that NEO is a highly profitable investment.
- The cryptocurrency has a very strong community that is optimistic about the future of the asset.
- Unlike other cryptocurrencies, NEO has a clear model of attracting a lot of traders through decentralized applications and smart contracts.
- The demand for NEO is likely to edge its value even higher as more people seek to join and lever their enterprises.
- All NEO coins have already been mined. This implies that people are not scrambling for limited and remaining coins like it is happening with other cryptocurrencies such as Bitcoin. By the time others release all the coins, NEO will be way ahead of them.
- NEO lead team is pro-regulation of cryptocurrencies. This approach means that its structure and system are more likely to adhere to the upcoming rules so that after-shocks will be minimal.
Where to Spend or Use NEO?
Now that you have some NEO, where do you spend them? As one of the latest altcoins in the crypto industry, there are very few shops that accept NEO for direct payment. However, this does not imply that you cannot make purchases if you have NEO in your wallet.
Since NEO is easily accepted in most exchanges, you only need to change them for top cryptos such as Bitcoin. Then, go ahead and spend them in all Bitcoin accepted shops and e-commerce stores. Because acceptability in conventional, trading platforms is an important indicator of an altcoin’s progress over time, the NEO development team has to work on bringing more traders onboard.
Can NEO Grow to Become a Major Payment Network?
Yes, NEO can grow to become a major payment network. To put it differently, NEO is already on its way to becoming a major payment network. The core target of cryptocurrencies is helping users to make direct and instant payments on the network. NEO has achieved this and surpassed Bitcoin with a huge margin on scalability. Here are other reasons that are likely to make NEO a major payment network.
- NEO can support very many transactions. With a maximum capacity of about 10,000 transactions per second, it means that more traders, users, institutions, and even government departments can be plugged into the network efficiently.
- The transaction fee is very low. Unlike other cryptocurrencies, there is no fee for making transactions on a peer2peer basis in the NEO network. However, a small fee is levied for those running smart contracts on the NEO system.
- The fast-growing popularity and community of NEO are attracting more people into the system. This growing interest means that more people are using the network and sending money through it.
- The high affinity for crafting partnerships and hosting businesses in the NEO network means that such parties will use NEO for payment. For example, if you develop a decentralized gaming app on NEO and deploy it, the payments will be made in NEO. This is likely to continue growing NEO as a payment network.
While the indicators are all pointing at the increasing demand for NEO and its possibility of becoming a major payment network, the challenges that lay on the way are very many. Therefore, success in becoming a major payment network is dependent on how NEO wades through these challenges.
How Does NEO Work?
NEO cryptocurrency is built on the core principles of advancing the decentralized economies. The bottom-line is facilitating the transfer of funds without using a centralized authority. The platform helps users in the network to send funds in the network faster and at lower costs. When you initiate a transaction, it is picked by the delegated nodes that help to confirm the details and add the details to a public ledger. While this is the core task of NEO, a closer look at the platform reveals it is more than what people see on the front end.
NEO targets fostering interoperability between public and private blockchains
NEO is believed to be a project with the backing of the Chinese and Japanese administrations together with larger incorporations. All along, the Chinese administration has been very critical about cryptocurrencies. However, it was suspected to be working on a model that would help to redefine the blockchain technology application in its jurisdiction.
To bring the bigger picture, another fintech Chinese company referred as OnChain has already designed Distributed Networks Architecture that supports advanced cross-chain interoperability. OnChain was created by the same NEO founders. The company can also integrate with networks and traditional business systems. This company is working with the Japanese Ministry of Economics, the Chinese administration, and e-commerce giant Alibaba.
Ultimately, OnChain and NEO are expected to be interoperable to allow unprecedented use and reachability between the two. This objectivity, vigor, and large multi-sectoral support is believed to be the huge power behind the current thrust experienced in NEO.
The four pillars of NEO operations
In addition to providing a platform for sending funds and enhancing interoperability, NEO also operates in the following ways.
- Digitizing assets and storing them in electronic data
- NEO blockchain makes it possible to digitize assets in a decentralized, transparent, trustful, free of intermediaries, and traceable manner. Users are free to register, circulate, and trade different assets. This means that you can use the NEO network to form and trade business assets. The only thing you need is proving the digital identity. You can form contract assets or global assets identifiable using smart contracts.
- NEO blockchain is an ideal place to store and manage digital identities
- This includes data such as the identity of persons and even organizations. Then, you can define the verification method like the use of voice, fingerprints, facial features, SMS, or other preferred multi-factor methods.
- Application of smart contracts
- Smart contracts have demonstrated to be highly reliable, decentralized, and tamper-resistant in supporting individual business operations. In NEO, the contracts are referred as NeoContracts that can be written in different languages such as Java and Python. Your business can automate most of the online trading through smart contracts to drive sales, enhance UX (user experience) and raise profitability.
- Application of decentralized applications.
- NEO supports the development of Decentralized applications by offering the latest tools and techniques. Some of the main areas that developers can create new decentralized applications include social networking, source communication protocols, decentralized exchanges, AI-assisted legal smart contracts, and advertising marketing among others.
Does NEO Use Blockchain Technology?
- The application of public ledger in NEO
- NEO employs blockchain technology to run all the multiple applications in its system. The NEO blockchain helps to provide users with a decentralized, highly reliable, and tamper-resistant system for running smart contracts. The architecture of the NEO blockchain allows users from all types of industries such as insurance, healthcare, education, law, and insurance to run their smart contracts. All of these transactions are added and stored permanently in the NEO public ledger. Here is a demonstration of the blockchain application using a standard transaction.
- The moment a client initiates a transaction in the NEO network, it is taken by bookkeepers (selected delegates). These are special representatives selected by the nodes because they have high NEO quantities and are very active in the network. This implies that they are trusted not to misguide or collude to harm the NEO network.
- Once a transaction is passed to the delegates, they have to confirm them through consensus. NEO employs a system referred as delegated Byzantine Fault Tolerance (dFBT) that requires a consensus of 2/3 of all the nodes before a transaction can be confirmed and added to the public ledger/blockchain. Once the transactions are included in the new block, they become permanent and cannot be reversed.
- A smart way for developers to create their own blockchains
- While NEO is a blockchain network in itself, its architecture also allows users to deploy additional blockchains on its core code. To put it differently, you can run a completely new blockchain network as a smart contract. These can be specific to a given niche or general and global just like NEO.
- One project that is rightly employing the NEO platform is the Red Pulse. This is a blockchain based research focusing on The Chinese markets. Then, the reports are sold to readers for special NEO tokens referred as Red Pulse Tokens. Indeed, the research had even planned an ICO before China banned all ICOs.
Cryptocurrency mining is the process of confirming transactions in a network and adding new blocks to the public ledger for a reward. The process of mining is also used to release tokens into the cryptocurrencies’ networks. For example, Bitcoin uses miners to confirm transactions and reward them with BTC until all the 21 million coins are released into the network. At NEO, all the 100 million NEO have been mined. Therefore, there is no more NEO to mine.
NEO utilizes the delegated Byzantine Fault Tolerance (dFBT) that allows nodes spread in the network to select the most trusted users to act as bookkeepers. The bookkeepers are the ones that confirm the transactions in consensus with the nodes. Every transaction requires that 2/3 of all nodes agree before a new block is created. If the 2/3 consensus is not reached, a new bookkeeper is selected, and the process is repeated.
NEO uses a different method of motivating its nodes to keep confirming transactions. GAS, a different token is used to keep the bookkeepers and all the nodes well motivated. For every new block created, 8 GAS token are released to those involved in the consensus process. The rate of GAS reward production goes down by one token every year. This will continue until all the 100 million GAS are released.
What Are the Advantages of NEO?
A closer look at the many people joining the cryptocurrency industry reveals a lot of expectations. They are enthusiastic about the new platforms and believe they are headed to a better place than today. At NEO, people joining the network can expect to enjoy the following advantages.
- The cryptocurrency has demonstrated the capacity to grow and bring huge ROI for investors.
- The fast growth of NEO coins' value has provided investors with an opportunity to grow their portfolios. If the growth between the launching of NEO in June of 2017 and early 2018 is maintained, investors are sure of reaping big in the coming years. Many experts are referring to NEO growth as the only trend with the capacity to outdo Bitcoin.
- NEO allows users to create smart contracts and Dapps using multiple languages.
- Unlike Ethereum that only allows developers to use one language for the smart contracts and decentralized applications, NEO supports many languages including C++ and python. This implies that you do not have to learn a new language to start working on new apps.
- It is among the cheapest and fastest methods of sending cash across the globe.
- If you compare the cost of sending money through the NEO network and through a conventional bank, the difference is very huge. NEO uses a peer-to-peer model which implies that both the sender and receiver are on the same network. The cost incurred is, therefore, not targeted at enhancing profitability, but supporting the network. It is because of this design that all transactions are direct, fast, and very cheap.
- The NEO community has been growing rapidly over the years
- Though NEO was launched in June of 2017, its community had started growing about three years before. This community is what has been supporting the current demand and growth of NEO. The growth of this community is expected to increase as NEO continues to compete against other top giants in the market.
- The best way to join and own the network.
- The NEO network does not belong to any single entity. Rather, it is owned by the nodes spread in the network across the globe. Unlike the banks that make users passive, those in the NEO network become owners and are involved in decision making. This gives users a lot of pride.
- NEO is more than a simple network to facilitate sending of cash.
- The design of NEO platform was aimed at facilitating application of smart contracts and decentralized applications (Dapps). When you compare Bitcoin and Litecoin to NEO, the latter has more applications. Users are free to draw smart contracts and create decentralized applications for their businesses. For startups, this is a great way to take their businesses to the next level.
- A sure way to become part of the blockchain’s future
- Between 2009 and 2018, the application of blockchain technologies has grown so much. However, 2018 has marked a shift in the way blockchain technologies are applied. It is no longer about sending and receiving cash only. Rather, the blockchain technology as demonstrated by NEO is entering the next phase. When you join the NEO network, you are sure of being part of the next generation economy.
- NEO is the sure way to leap into the future with confidence
- Even as the rush to join cryptocurrencies continues, some people harbor the fear of the associated uncertainties. However, NEO has demonstrated the capacity to help everyone understand the future and be part of it with confidence. The highly advanced system and open team gives users the assurance that their assets, investments, and commitment to NEO are long term.
What Are the Risks of NEO?
While there are so many advantages associated with joining NEO network and using its system, it is also crucial to appreciate that there are equally many risks. It is a balancing act. You need to know these risks and craft the best ways to reduce them.
- Risk of loss by sending to a wrong address
- Like other cryptocurrencies, NEO coins can easily be lost through sending to the wrong address. If you make a mistake and send NEO to the wrong address, there is no way to reverse such a transaction. They are gone forever.
- The danger of getting involved with criminals unknowingly
- Because the transactions are anonymous in the NEO network, you can easily get involved with criminals or fall into their traps. Think of a trader who is selling counterfeit products on the network. Because you cannot tell who the seller actually is, it is easy to go ahead and order such products and pay using NEO.
- The risk of making a loss if the value of NEO plummets
- Though the value of NEO is skyrocketing in early 2018, you can never tell the trajectory it will follow in the coming months or years. While the expectation is that the price will keep growing, the reverse can happen. If the price falls, all investors are likely to incur a lot of losses.
- The danger of getting hacked
- It is not uncommon to hear people using other cryptocurrencies cry that their digital assets have been siphoned away by hackers. As an investor in the NEO network, you also have to appreciate that no network is hacking proof. Therefore, the risk of getting hacked at the exchange, wallet, or even network level always looms.
- The threat of being banned through legislation
- Since cryptocurrencies entered the finance sector, they have blossomed to other niches. However, their operations have been seen by governments and many institutions as serious threats. This is the reason that many administrations have threatened to pass regulations banning or restricting their operations. When such laws are finally installed, users are likely to incur huge losses.
- Possible loss of appeal
- The main focus of NEO is helping enterprises adopt the blockchain technology and apply it to their operations for better performance and higher profitability. Its architecture was carefully redefined when AntShares was transformed to NEO. However, just like NEO positioned itself to outdo other cryptos, there is a likelihood of new and more appealing cryptocurrencies sprouting in the future. This could pose a huge threat to NEO.
What Happens if NEO Gets Lost?
The moment you join a cryptocurrency network, it is important to appreciate that the risk of loss still looms. It is not uncommon to hear people crying that their NEO have been lost after sending to the wrong address. Therefore, what does losing NEO means? How does the loss occur? What happens when NEO gets lost?
How do you lose NEO?
Notably, NEO only resides in the NEO network. Even when it changes ownership through trading, everything still takes place in the cryptocurrency network. With this in mind, losing NEO can mean four things.
- Sending NEO to the wrong address.
- Forgetting the private wallet keys.
- Getting hacked at the wallet level.
- A successful attack at the cryptocurrency exchange.
What happens when NEO gets lost?
Because NEO coins never leave the network, a loss through sending the coins to the wrong address or hacking means that the coins have changed hands. They are still circulating on the network but with a different user. The sad thing is that there is no way to recover such NEO after the transactions are completed.
If you lose NEO through loss of the NEO wallet or forgetting the private keys, it means that the NEO coins are still in the network but in a dormant state. You cannot access them because there is no code to bring them to life. In such a case, you need to recover the private keys and the wallet to get back the NEO coins.
To avoid losing your NEO coins, it is very important to exercise extra caution at the NEO client, wallet, and exchange levels. Here are some helpful tips you can use to keep the NEO coins safer.
- Never share the public address with third parties.
- Generate and store the recovery seed phrase carefully.
- Always keep a backup of the NEO wallet.
- Designate one computer to act as the main point of access for NEO network and related transactions.
- Make sure that your device is always up to date.
- Only work with the latest NEO client.
- Select the cryptocurrency exchanges with a lot of care.
The topic of cryptocurrencies regulations is a tricky one. Since 2009 when Bitcoin was founded, many governments have viewed cryptocurrencies with suspicion. They are seen as disruptive platforms crafted with a mission to interfere with smooth running of administrations.
In the US, the Federal Bureau of Investigation (FBI) was fast to indicate that cryptocurrencies are anonymous and, could be used for criminal and terror activities. But even with this caution, fears, and risk of disruptions, the US government had not installed any regulation by the start of 2018. But it is not just the US. Globally, no country has installed regulations to guide the application of NEO and other cryptocurrencies. Other concerns by governments about NEO’s use include.
- Because operations are peer-to-peer, they could cause massive closure of current financial institutions.
- There is a danger of mass layoffs by banks and supportive financial institutions as more people opt for the fast and cheaper NEO network.
- The capability of governments to collect taxes could easily get compromised.
- The crucial role of controlling inflation is likely to be diluted.
- The entire control of central administrations is likely to get compromised as the ability to collect ample resources is compromised.
In one of the cryptocurrency forums, the issue of cryptocurrencies is reported to be disastrous from the government’s point of view. Some countries have even referred to them as clever coups that target returning the globe into the jungle. But even with these serious concerns, it is still unclear why governments are yet to pass regulations. Here are some factors standing in the way of installing cryptocurrency regulations.
- The governments are playing catch-up when it comes to blockchain technologies.
- The blockchain networks such as NEO are not owned by individual entities. Rather, they belong to the users spread in the network.
- The NEO and other cryptocurrencies technologies are so progressive that no administration wants to stand on the way.
- Many governments are seeing blockchain technologies as the solution to huge problems in their systems especially those associated to Big Data.
- The cryptocurrencies are molting so fast. If you regulate NEO today, the chances are that new and entirely different cryptos will arise. NEO could even fade away altogether and resurface as an entirely different type of crypto.
Just one more thing! It is critical to appreciate that the quest to regulate NEO and other cryptocurrencies is approaching the peak. Therefore, no matter how long it will take, regulations will finally be installed. Make sure to always be on the lookout and prepare for possible NEO aftershocks that could come with it.
Is NEO Legal?
As more people troop to join NEO and other cryptocurrencies, the fear of legal implications is never far from their minds. In mid-2017, China banned ICOs in its jurisdiction because they were seen as a ploy to steal from people and compromise the government’s ability to meet its tax obligations. Therefore, what is the status of NEO across the globe? Here is a closer look at individual countries to appreciate how NEO use is affected by law.
NEO is legal in South Korea. South Korea is one nation where cryptocurrencies have taken root so much. Indeed, many cryptocurrencies such as NEO achieved their accelerated growth after entering top exchanges based in South Korea. There are no established laws in South Korea to guide use and application of NEO. The Financial Services Commission has however strongly advised that an urgent legal framework be installed to guide the use of NEO and other cryptocurrencies after one of the largest exchanges was hacked in December of 2017.
In Canada, NEO and other cryptocurrencies are legal. The Canadian administration has directed that all cryptocurrencies be classified as intangibles. The administration has even proposed that NEO and other digital assets be regulated under money laundering and counter terrorist financing laws in Canada in line with the Federal Budget Bill (C31). Even with such laws in place, a new regulation will still be needed to guide the use of cryptocurrencies.
In Portugal, NEO is legal. The government has indicated that cryptocurrencies do not have a legal framework. However, there is a strong push by the Consumer Protection Association that all cryptocurrency investors be taxed. The giant consumer association argues that small investors are taxed heavily when they invest in shares and common securities while those that channel lots of cash to NEO and other cryptocurrencies are not taxed. The association wants a tax of 28% to be levied on all profits from cryptocurrency trading.
In the United Kingdom, NEO and other cryptocurrencies are unregulated. The government has indicated that NEO and other cryptocurrencies be treated as foreign currencies. This is mainly intended to make crypto traders pay taxes on every profit and activity related to cryptocurrencies.
Speaking at the latest World Economic Forum in Davos, Switzerland in January 2018, the UK Prime Minister, Theresa May, strongly indicated that cryptocurrency regulations are in the pipeline. She indicated that her administration was going out of its way to passing regulations because cryptocurrencies have become avenues for criminal activities. She further explained that they would pass very harsh regulations to catch and punish anyone using cryptos for illegal activities such as terror.
NEO is legal in Russia. The Russian authorities have indicated that it has no intention of regulating cryptocurrencies because they are not considered means of payment. However, the Finance Minister of the Russian Federation explained that it is ‘probably’ illegal to accept cryptocurrencies for payments. Notably, cryptocurrency market sites are blocked in Russia.
In Japan, NEO is legal. The government has indicated that there is nowhere in the Banking Act and Financial Instruments and Exchange Law that people are prohibited from using NEO or other cryptocurrencies. However, it is not a legal currency. The Japanese administration has been reported to provide a lot of support to startups in Fintech especially in cryptocurrencies. There are reports that the Japan Ministry of Economic has been working with OnChain, a project closely associated with NEO.
From Poland to Hong Kong and other nations, it is clear that NEO remains legal, at least for now. But users, investors, and cryptocurrency enthusiasts should be on the lookout because the legal status could change anytime in the future.
NEO and Taxes
Just like the legal status of cryptocurrencies remains a complex issue, the notion of NEO and taxes is an even hotter topic. As an anonymous cryptocurrency, NEO operations are not easily traceable. This means that once you invest in NEO and the value grows over time; there is no way that authorities can tell that there was growth in equity. This has made some people to think they have finally found another haven to make huge investments without worrying about taxes.
In Portugal, conventional businesses and consumer rights protection have staged a serious petition to the Portugal authorities and European Union calling for taxation of profits arising from NEO and other cryptocurrency investment.
In Israel, the government has indicated categorically that any profits arising from trading or growth in equity for holding NEO and other cryptocurrencies is subject to taxes. In the US, the Commodities Futures Trading Commission (CFTC) has classified NEO and other cryptocurrencies as commodities. This means that profits from trading NEO will be subjected to taxes just like it is done with shares and other types of assets.
While cryptocurrency users see an easy way to evade paying taxes, experts and professionals see it differently. The main argument is that though the operations might be anonymous at the moment, the technology in use could be outdone by more advanced ones in the near future. Therefore, there is a risk that you might get unmasked and huge lawsuits instituted.
The expert opinion on NEO and taxes
Experts are of the opinion that NEO investors, traders, and users should not see it as a tax haven. Rather, they should look at any revenue generated from NEO as taxable income. Even though everything is encrypted and anonymous, it is time to be patriotic. By ensuring you meet all tax obligation; there is nothing today or in future that can go against you. Here are some useful expert tips on how to go about taxes.
- Look at every income generated in the NEO network as taxable revenue.
- Capture the amounts you gained during trading, record it, and pay taxes as appropriate. You can do this without revealing the personal details on the NEO network.
- Make sure to note the NEO value and corresponding fiat at the time of every transaction. For example, if you traded NEO for Bitcoins and made a lot of profit on a specific day, ensure to capture the value of corresponding fiat currency in that day. This is important if justification is needed in future.
- Always seek expert assistance about taxes if you feel something might go wrong. This is a great way to operate with confidence and make more profits.
- Ensure to remain vigilant about the looming regulations and offload them in time to avoid making losses when the laws finally become a reality.
Does NEO Have a Consumer Protection?
NEO does not have consumer protection. The moment you join the NEO or other cryptocurrencies, it is crucial to appreciate that protection is solely on your shoulders. If you make a mistake and send NEO to the wrong address, there is no way to recover them. If you are hacked, and the NEO coins were stolen, there will be no one to complain to. The case becomes even worse because the cryptocurrencies are not regulated. This means that you cannot rush to the court for redress.
The closest that NEO comes to offering some customer support is the development team. However, the role of the NEO team is to advance the network through code development, improvement of the architecture, and preventing attacks. They are always working on enhancing the NEO code for better user experience on the network.
Because the development team does not own the network, any issue can only be resolved through consensus. This infers that protection is a collective responsibility for all the nodes spread in the system. To remain safe, it is important to be extra careful by triple checking the addresses before sending money. You should also store NEO in cold storage and select the exchanges with a lot of care.
Illegal Activities with NEO
Cryptocurrencies are considered a great option for illegal activities. Criminals are particularly interested in cryptocurrencies that are fully anonymous such as Monero and Zcash. However, NEO is only partially anonymous which means that users can be identified if the need arises. This has been the reason why many criminals have avoided the NEO network. Since its launching in mid-2017 to early in 2018, no case of illegal activity with NEO has been reported.
Is NEO Secure?
NEO is one of the most secure cryptocurrency networks out there. The founders of the NEO network have indicated in many forums that their main focus is ensuring that the system works as originally espoused. This is one of the reasons that both AntShares and NEO do not have a history of hacking. The security of NEO system can be seen in three main aspects.
- The application of the unique delegated Byzantine Fault Tolerance (dFBT). Unlike the standard proof-of-work or proof-of-stake use in other networks, the dFBT allows the network to resolve issues without forcing a fork. It also makes it difficult for delegates to collude to harm the network.
- The NEO code is a very strong application designed to prevent standard attacks. This coupled with a vibrant development team implies that every threat is identified early enough and corrective measures instated immediately.
- Every transaction is encrypted as the first thing after initiation. Whether it is at the network, wallet, or exchange level, attackers will find it very difficult to break and steal your NEO.
Even though NEO is designed to guarantee users of highest possible security, it is important to appreciate that you have a very large part to play. From the wallet you select to the cryptocurrency exchanges, you need to exercise extra caution. Only go for the platforms without a hacking history, and that commits strongly to users' security.
Is NEO Anonymous?
NEO is partially anonymous. One thing that NEO has stated clearly is that they are out to follow regulations. Since 2009 when cryptocurrencies entered the finance sector, the focus on anonymity has been taken by governments as an indicator that they want to protect tax evaders, criminals, and terrorists. Now, NEO wants to shed away this tag by demonstrating that things do not always have to be that way.
All the transactions in the network are encrypted to ensure that no one in the network can unmask the details of respective users. However, the transactions are traceable if the need arises. This means that if details of specific transactions are needed, the NEO team can generate them. However, this traceability is a complex procedure that can only be accomplished using very advanced applications.
While the partial anonymity in the NEO network has been cited as a possible weakness, it is now emerging that it could be the strongest pillar for growth. Because users do not fear reprisal, they can invest without worrying of getting punished by different administrations. The NEO network has even made some people start questioning the whole idea of anonymity in cryptocurrencies.
Has NEO Ever Been Hacked?
On January 26th, 2018, the trending news was of the successful hacking and millions worth of altcoins stolen. About one month earlier, another hacking was reported in a South Korean based cryptocurrency exchange. While these reports are becoming way too common, many people have thought that they are linked to individual cryptocurrencies such as NEO. But that is wrong.
By early 2018, no attack had been successful in the NEO network. This does not mean that hacking attempts are not made on the network. There are very many attempts made every month, but the system and developer team thwarts them immediately.
Because many hackers have identified cryptocurrency exchanges as the easiest targets, you need to rethink about personal operations in such platforms. This means picking the markets with greater care and only moving a small quantity of NEO in them. For example, if you have 1000 NEO in your wallet, consider using about half for trading while the rest remains in the wallet. You could also select only the exchanges that move altcoins to cold storage for extra protection.
How Can I Restore NEO?
The purpose of investing in NEO is to see the investment grow and enjoy huge ROI (return on investment). For others, NEO provides a great opportunity to start trading in the cryptocurrency markets. However, one of the main risks of using cryptocurrencies is a loss. It is not uncommon to hear users say their NEO have been lost.
NEO loss can take place at the NEO network, wallet, or exchange levels. NEO can also be lost if you lose the private keys. No matter the way you lose NEO; it is very painful. This brings about the question; can NEO be restored after a loss?
The answer is yes and no. The answer is a yes because you can restore the NEO depending on the method of loss. The answer is also no because some methods of loss such as sending to the wrong address or getting hacked are irreversible. When a hacker breaks into your account or siphons NEO from a cryptocurrency exchange, it simply means that the crypto assets have changed hands. There is no way to recover those!
How to restore lost NEO
- If your NEO were lost through loss of the NEO wallet or forgetting the private keys, it might be possible to restore the lost NEO.
- If you deleted the NEO wallet or lost the computer it was installed in; you can restore it with the backup. Simply restore the backup wallet and reconcile it with the NEO network.
- If you forgot the private keys, you could use the seed phrase that the wallet generated the first time you activated it. You only need to access the seed phrase, wallet and reconcile it with the network. If you cannot access the seed phrase, it will be impossible to recover the lost NEO.
The bottom-line to restoring NEO is dependent on how you were prepared right from the beginning. If you are joining the NEO network, the first thing should be generating the private keys seed phrase and storing it securely. You should also backup the wallet because you can never know when a loss might occur.
Why Do People Trust NEO?
- NEO is marketed as the next generation cryptocurrency
- Every time that people want to join a project, they want to hear that it will take them to the next level. They want to feel part of the future. With the marketing of NEO tagging the cryptocurrency as the next generation smart economy, no one wants to be left behind.
- NEO has a strong link to centralized administrations
- While the idea of cryptocurrencies was to ultimately operate without any link to centralized authorities, the ideology has made them appear like parallel administrations. This has been the main reason for huge resistance from governments. Some even threaten to block cryptocurrencies or impose huge taxes. Now, NEO has crafted a new way of helping its users enjoy all the benefits of blockchain technology without worrying about being compliant.
- The value of NEO has been growing rapidly and shows no sign of slowing down
- NEO price has grown rapidly and demonstrated the capacity to continue gaining ground over other cryptocurrencies. Since AntShares transformed to NEO, the value took an upward trend and showed no sign of ebbing out in early 2018. Investors and users anticipate enjoying similar growth in subsequent years.
- The cryptocurrency has some of the top brains in the fintech
- The success of any cryptocurrency is dependent on the brains behind it. The large pool of expertise involved in NEO has demonstrated the willingness to provide a guide in the fast molting cryptocurrency niche. For example, they have demonstrated that you do not have to always take the form of a party out to compromise government institutions. Rather, NEO has proved that people can still enjoy all the benefits of cryptocurrencies within the legal limits.
- NEO architecture targets drawing more enterprises to develop partnerships
- The core mission of NEO is providing a platform that can help enterprises to appreciate and enjoy all the benefits of blockchain technologies. This suggests two things. One, current businesses can opt to work on the platform to implement smart contracts or develop decentralized applications. Two, startups can use the NEO framework to design decentralized applications and run them. With the cooperation surpassing the level envisaged by Ethereum, NEO is no doubt poised to continue growing rapidly in the coming years.
- NEO has demonstrated the capacity to become a major payment network
- When people come to a cryptocurrency, they want to see the expected growth range and gauge whether it is realistic. Since Bitcoin opened the door to the cryptocurrency world, every new blockchain network joining the industry targets addressing the main issues such as scalability and fungibility. However, most of them have not made significant progress. NEO is one of the few cryptocurrencies that has demonstrated the capacity to compete with conventional financial services dealers. The NEO network has the capacity to support up to 10000 transactions per second. This takes NEO closer to other top market leaders such as VISA that can handle up to 25000 transactions per second.
- The NEO platform supports multiple programming languages
- One of the limiting factors that prevent more programmers and enterprises from joining Ethereum is the requirement for them to learn the only supported coding language, Solidity. However, NEO is different in that it allows users to code decentralized applications in multiple languages such as Java, Python, and C++. This means that more developers will opt for NEO and its popularity will keep growing.
Important! While the trust that people have on NEO has spiked months after its launch, its future can only be speculative. Growth in trust is dependent on how the lead team will wade through the challenges that lay on the way. For example, how will the looming government regulations affect NEO operations, demand, price and ultimately trust? Other factors include dangers of getting hacked and the emergence of new cryptocurrencies that are more appealing.
History of NEO
The history of NEO can be traced back to 2014 when AntShares was launched. In 2015, AntShares was released as an open-source platform on GitHub and became the first China-based blockchain.
In June of 2014, the AntShares got the first seed-round of funding. In October of the subsequent year, 2015, the first ICO phase was completed and a total of 2100BTC raised.
In mid-2016, NEO started getting a lot of attention. It immediately became one of the global Hyperledger’s pioneer projects. They even sponsored the 2016 Global Blockchain Summit.
A second AntShares ICO took place in August of 2016. Because of the success that AntShares had achieved, the ICO was more successful than the first one. It raised a total of 6119BTC.
After the ICO, AntShares entered the top ten blockchain list in the Shanghai Fintech Innovation Forum. Its close resemblance to Ethereum has made people tag it the Chinese Ethereum.
In mid-2017, AntShares officially changes the name to NEO. The website of the blockchain platform indicates that the reason for this transformation was borrowed from the Greek. In Greek, the term NEO means modern or something new.
Who Created NEO?
NEO was founded by Da Hongfei who is the current CEO of the development team and Erik Zhang who is the CIO by the beginning of 2018. Hongfei is also the founder of OnChain, another company associated with NEO.
Unlike other cryptocurrency founders such as Satoshi Nakamoto of Bitcoin who remain anonymous, the two NEO founders are always there to join their team, share their views on the blockchain and even participate on social media discussions. Notably, they are even working with Chinese authorities to help them craft cryptocurrency legislations.