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NEO is one of the top-10 cryptocurrencies in the world, boasting a market capitalisation of billions of dollars. It is more than just a crypto, though. Much like Ethereum – the second-largest cryptocurrency by market cap – NEO is a project that enables the creation of digital assets, smart contracts, and applications on its blockchain. Crucially, it is the first Chinese crypto to break through into the mainstream.
Crafted by Da Hongfei’s company, Onchain, NEO was originally launched as AntShares in 2014. It rebranded in 2017 and enjoyed incredible success in that year, as its token price rose by thousands of percentage points.
There are a number of reasons why NEO is so appealing to investors and developers alike. On the platform users are able to issue and trade assets and tokens are distributed to prove ownership of an asset, rather than the asset itself. Hence, it is straightforward to transfer shares, equity and assets.
NEO is not decentralised, meaning its underlying blockchain cannot be forked. As Mr Da wanted NEO to comply with Chinese regulations he has coded the platform so he and his colleagues are able to perform platform changes and upgrades at speed, whenever required – and without user consensus. As such, the centralised NEO platform is robust and, further, able to process up to 10,000 transactions per second.
“NEO is a non-profit, community-based blockchain project that utilises blockchain technology and digital identity to digitise assets, to automate the management of digital assets using smart contracts, and to realise a ‘smart economy’ with a distributed network,” the organisation’s website states.
For traders, NEO provides a chance to expand and balance their crypto portfolios. Most importantly, it is designed to adhere to and move with Chinese regulations, making it a possible hedging option against Bitcoin, the original crypto that has been cracked down upon in China in the past.
Their motto is “Cryptos Needn’t Be Cryptic” and the team has produced a useful short education video to help investors seeking more information about NEO.
Pros and cons of trading on eToro
•Straightforward, user-friendly, trustworthy and experienced platform
•Instant execution of trades, thereby locking in a price
•Ability to use CopyTrader and other innovative tools
•Huge cryptocurrency community that shares knowledge and helps each other
•Only nine cryptocurrencies offered by the platform, currently
•Users are unable to withdraw the cryptocurrencies directly
•Users’ cryptocurrencies are held by eToro
Trading Neo is straightforward on eToro
Step 1: Go to www.etoro.com and press ‘Join Now’ to register
Step 2: Once you have signed up, search for NEO
Step 3: Click on NEO and press ‘Trade’
Step 4: Choose either the amount or units to trade (by toggling the icon in the right-hand side) and press ‘Deposit Now’ to open a trade
Want to learn more about trading NEO and other cryptos? Visit www.eToro.com now, and join the online global community.
All trading involves risk. Only risk capital you’re prepared to lose. Past performance is not an indication of future results.
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