Buy NEO Australia
NEO is an open source community directed blockchain technology. The aim of NEO is to create a digitalized smart economy via a distributed network. NEO utilizes smart contracts to automate the creation, recording, execution and management of Digital Assets and Digital Identities.
NEO was created in 2014 then released as open source software on GitHub early 2015. Following this was the release of its MainNet in 2016 and since this time has been growing in popularity ever since. Prior to 2017 the project was known as ‘AntShares’ but it went through a major re-branding and the name NEO was born.
What is GAS and how does it work with NEO?
GAS is another cryptocurrency which accumulates and is paid into your NEO wallet (NEON wallet) for example or any other supporting NEO/GAS wallet (see https://neo.org/client). GAS accumulates and is paid similar to a dividend depending on how much NEO you own and hold in your digital wallet.
The more NEO you have the more GAS you will accumulate. GAS is used as fuel within the NEO blockchain and GAS is used to facilitate the transactions on the network. Every NEO block that is generated creates GAS which is then distributed to everyone holding NEO in their digital wallet.
There is more information here https://neotogas.com/ explaining where you can calculate how much NEO you must hold to generate the amount of GAS you want as your passive income.
Create a NEON wallet to store your NEO and collect GAS
Do your own research on wallets but for the sake of this article we are going to use the NEON cryptocurrency wallet https://neonwallet.com/ to facilitate our first hypothetical NEO transaction.
So once we go to the neon wallet link above we can then choose our operating system to download the client software.
Download and install the file. Then hit the Create Wallet button and follow the instructions carefully!
***NOTE*** Please take extra care with all passphrases and passwords and never share your private keys with ANYONE. Only your public address should ever be shared!!!
Once you have created your wallet you will see one passphrase/password and three encrypted addresses:
Save these details! If you lose these credentials, you lose access to your assets.
This is your manually set password to login to NEON with.
This is your private key which is used to spend your funds. Should anyone other than yourself access this key, they have full rights to your account and funds and can transfer as they please so beware.
This is your Encrypted key which derives from your Private key and can only be decrypted using your passphrase.
This is the key you use publicly to receive deposits into your NEON wallet. This is the only key that can be shared safely.
How to buy NEO in Australia
So now that you have a NEON wallet and you understand the basics of NEO and GAS you have decided to purchase some NEO. First simply register an account with Easy Crypto Australia and get verified, then follow the prompts as shown below.
Use the drop down arrow and select NEO, enter the amount of AUD you wish to use for the purchase and click BUY NOW.
Add your NEO public wallet address and click Next Step.
Select payment method, we will use POLiPAY for this example
Review order and when you are happy click the Pay with POLi button, login to your internet banking to pay and you are done!
NEO is a Proof of Stake token which means if you hold your NEO in a specific wallet, for example the official NEON wallet (https://neonwallet.com/) you will earn extra subsidiary tokens called GAS. GAS is similar to Ether on the Ethereum blockchain, which is used to pay for transaction fees on the network.
NEO is sometimes referred to as China’s Ethereum as it bares many similarities to the juggernaut and second largest market cap blockchain technology project, Ethereum run by Vitalik Buterin.
Going from an ATL (all time low) of $0.105357 AUD in Oct 21, 2016 to an ATH (all time high) of $286.91 AUD in Jan 15, 2018 NEO has definitely made investors some money along the way and produced what some would call a cult following. With the current price at the time of writing this article at $12.89 you can see how many people still think there is still money to be made investing in NEO given all the technology we have mentioned within this article.
The outlook in 2020
2020 is a year of optimism for Chinese blockchain companies and their cryptocurrency market. NEO being the leading crypto project in China is at the forefront of this positivity. The Chinese Government have been making positive comments about blockchain and crypto lately, which is why traders have begun to keep a closer eye on Chinese projects and the potential in the country.
Here are some features NEO encompasses:
- Neo supports a multitude of digital assets within its core infrastructure
- The ability to create, register, trade and transfer digital assets at one’s own prerogative
- Trust is built within the public blockchain comprising of digital certificates which provide complete legal protection for the totality of NEO’s digital assets
- NEO provides the capability of peer to peer trustless transactions of digital assets
- Cryptocurrencies and digital assets can be harmonized and exchanged without the necessity of using an exchange
- NeoVM comprises of unlimited scalability, sharding, finality, large certainty and support concurrent operation smart contracts
- Java, C# and Python are some of the programming languages supported by NeoContract
- Due to having multiple supported programming languages the NEO platform encourages and assists developers to expeditiously construct smart contracts without having to learn the tedious prerequisites of another programming language
- NEO’s virtual machine better known as NeoVM nurtures superior start-up times comprising of rapid execution
- NeoVM is a lightweight stack-based virtual machine
- Deterministic tree type technology the likes of what you might see in gaming tech trees etc enables NEO to provide endless scalability
- NEO utilizes consensus nodes via the Byzantine Fault Tolerance Algorithm to establish conclusiveness of all transactions
- Keeping its conclusiveness of transactions at all times on the condition that the Byzantine fault arises on no more than one third of the nodes
Cross-Chain Interoperability Protocol
- Neo provides cross-chain asset swaps
- Cross-chain distributed transaction protocols
- Atomic asset swaps
- Interchangeable operation of smart contracts on multiple chains with a very high level of consistency
- Neo provides lattice cryptography which establishes avoidance of quantum crisis by means of signing and encryption utilizing Turing encryption and decryption into the (SVP) or Shortest Vector Problem. Currently no quantum computers can crack this puzzle.
NEO – Frequently Asked Questions (FAQ)
Q. In a nutshell, what is the NEO project and blockchain?
A. The NEO project is similar to Ethereum, in that it is used to create digital assets with the ability to create smart contracts, called NeoContracts.
Q. What is the difference between Neo tokens and Neo Gas?
A. Neo tokens are representative of shares within the Neo ecosystem. Neo holders are given the right to to vote and receive dividends in the form of Neo Gas. Gas is used as fees to run NeoContracts on the Neo network.
Q. What is Antshares and how does it relate to Neo?
A. Neo began life as Antshares and rebranded to Neo in 2017.
Q. Where was Neo developed?
A. Neo was developed in China, being the largest blockchain project in the country.
Q. What year was Neo created?
A. Neo was created in 2014 as Antshares.
Q. What is unique about Neo?
A. Neo is working to tie together physical identity with digital identity via the blockchain.
Interested in Ethereum? Check out our guide here.