NEO Smart Contracts
Anyone recently trading in cryptocurrencies stumbled across the relatively young AntShares, which get called NEO since the beginning of August.
Crypto insiders consider the young cryptocurrency NEO to be exciting and far undervalued. Allegedly, NEO is exceptionally dynamic, promises big profits and is safe as an investment. We are not so sure about that…
The content provided does not constitute investment advice or investment brokerage. Likewise, the analyses are an invitation to trade. They merely reflect the opinion of the author. All statements on cryptocurrencies and their possible price development are non-binding. If users of the site trade based on the presentation of analyses, this is done entirely at their own risk. The public and non-public contents of the platform www.seventyone.ch do not represent financial services within the meaning of any Banking Act or securities services within the meaning of any Securities Act.
Cryptocurrencies
So-called cryptocurrencies play an increasingly important role in the international financial market. In the investment business, even though the seriousness of these currencies, also called Fiat money, is still controversial. With cryptocurrencies, an independent, digital payment transaction get made possible, and this makes instances such as banks increasingly superfluous. The best-known cryptocurrency is Bitcoin, which is trading since 2009.
Fiat Money
Fiat money is the government-issued currency, not (anymore) backed by a physical commodity, such as gold or silver, but rather by the government that issued it.
However, Bitcoin faces competition from the cryptocurrencies Ethereum and others. Today, we count more than 3,000 cryptocurrencies worldwide.
Why Cryptocurrencies
Next Generation
- The next generation has no more connection to the local Fiat banks. It the past we received interest on the money we saved, and we considered banks as safer than the shoebox in the wardrobe. However, the financial crisis taught us better.
- The new generation identifies itself with entirely different brands than the 40+ years inhabitants of today's world. ICBC, as well as CCB (both Chinese Banks), are the only financial institutions which appear in the top 10 of the Global 500 Brand Ranking. Relatively young companies lead the ranking such as Amazon, Apple, Google, Microsoft and Facebook. Internet and software companies account for the largest share of the Global 500 brand rankings. UBS, the world's largest private bank, ranked 172nd and was 35th in 2007.
- The growing generations in emerging countries face high inflation. While their parents still had to accept inflation, the new generation, thanks to the spread of mobile phones, can fall back on new possibilities and exchange the local currency for cryptocurrencies and actually can meaningfully start to save money.
Sanctions
- PDVSA's one of the world's largest oil companies faces serious troubles to receive proceeds from the sale of oil. The reason for this is the US sanctions, which exert pressure on the Fiat banks. Unimpressed by the largely effective sanctions, the business gets now conducted via cryptocurrencies. This situation is not an isolated case but also applies to other countries that are subject to sanctions, such as North Korea and Iran.
Global Debt
- The global debt mountain rose steadily and reached the 250 trillion US dollar mark at the beginning of 2019. This craziness corresponds to three times the global gross domestic product. Is the next generation willing to reduce our debt and continue to be humiliated by the national banks, sometimes with negative interest rates?
Global Trading
- As soon as a global trading company like Amazon or Alibaba and possibly Facebook's Marketplace dives into the world of cryptocurrencies, an incredible Fiat chaos will arise. The states lack an essential control element if cryptocurrencies are taking over. The most significant thing is that despite the trading, cryptocurrencies get spent on the very same platform. So it is like a new economy, not under the control of a government.
The content provided does not constitute investment advice or investment brokerage. Likewise, the analyses are an invitation to trade. They merely reflect the opinion of the author. All statements on cryptocurrencies and their possible price development are non-binding. If users of the site trade based on the presentation of analyses, this is done entirely at their own risk. The public and non-public contents of the platform www.seventyone.ch do not represent financial services within the meaning of any Banking Act or securities services within the meaning of any Securities Act.
Made in China
The marketer of NEO is a blockchain platform from China. The NEO coin, formerly AntShares, has its website in Chinese.
Parts of it can be translated into English. The NEO Community made other translations available.
Connoisseurs quickly notice that NEO has parallels to the cryptocurrency Ethereum.
Neo is not a copy cat
Nevertheless, NEO is not a Chinese copy of Ethereum. Digital valuables can get regenerated via NEO.
NEO also offers its customers a full Turning Smart contract. NEO’s offering is generally more complex than Ethereum’s. Besides, the NEO owner receives GAS coins on selected platforms or via NEO Wallet, which can get sold again.
Another advantage for the success of NEO is that the crypto market in China has existed for a long time.
Calculate your GAS yield for your NEO here
NEO and the Global Market
On the global market, NEO is only gradually penetrating the consciousness of investors. NEO’s reliable cooperation partners also speak for themselves. These include Swisscom, Wings, Zeux, Bancor, Microsoft and Alibaba.
Neo versus Ethereum
In contrast to Ethereum, which uses the newly created programming language Solidity and therefore only Smart Contracts can be developed, NEO, on the other hand, offers a broader range of programming languages.
The compiler can be used to compile the already established programming languages Microsoft.NET, Java, Go and Python. Thus the difficulty for developers to write Smart Contracts is considerably reduced. Consequently, NEO has a much higher potential to gain a large developer community.
NeoContracts
As mentioned before, NEO resembles the cryptocurrency Ethereum. NEO works with so-called NEOContracts. They have the same functional principle as the Smart Contracts of Ethereum. With the NEOContracts, it is possible to create and monitor a contract between two parties without an intermediary.
Neo Contract
To make this a little easier to understand, here is a small example:
You want to sell a vehicle. After a buyer found for the car, it’s time to draw up the sales contract. This transaction gets usually all recorded on paper. Now imagine you don’t need a standard sales contract on paper anymore but type everything into a NEOContract. You record the data of the vehicle and the purchase price.
The NEOContract contains the step that after the payment, the papers of the vehicle go to the new owner. All these steps get programmed, fixed and no more paperwork.
The content provided does not constitute investment advice or investment brokerage. Likewise, the analyses are an invitation to trade. They merely reflect the opinion of the author. All statements on cryptocurrencies and their possible price development are non-binding. If users of the site trade based on the presentation of analyses, this is done entirely at their own risk. The public and non-public contents of the platform www.seventyone.ch do not represent financial services within the meaning of any Banking Act or securities services within the meaning of any Securities Act.
Marketplaces
On the following markets you can buy or trade NEO (status 16.10.2019):
- https://www.binance.com/ (Chinese Platform)
- https://www.bitpanda.com/ (Austrian Platform)
How to buy NEO
NEO belongs to the TOP 30 cryptocurrencies on the market. NEO is now available on many stock exchanges. However, the purchase is still only possible with a small detour.
- Create an account at Bitcoin.de.
- Buy Bitcoin, Ethereum or another digital currency at Bitcoin.de.
- Create a Binance Account and send Bitcoin, Ethereum or another digital currency from Bitcoin.com to Binance.
- Exchange Bitcoin, Ethereum or any other digital currency on Binance for NEO.
- Place NEO in the NEO Wallet and secure GAS.
NEO 3
The aim of the NEO 3 update is, therefore, to use the system in large commercial structures. The full update is expected to launch in the first quarter of 2020. Among other things, it includes reduced costs and expenses for Smart Contracts. With NEOID, the makers are also planning a decentralised identity protocol.
In the future, NEOFS will also get used to store objects decentrally on the blockchain.
All in all, therefore, NEO is makes a big splash with its renewal plans. The Chinese open-source network takes now the first step towards offering useful security and transaction services via the blockchain for significant customers such as YouTube, Alipay and WeChat.
Conclusion
We hold only a few cryptocurrencies and a rather small range. Bitcoin seems to be something of a standard, but Ethereum also seems interesting to us. However, we like the concept of NEO, and China could become a massive market if NEO can prevail. So it doesn’t matter what the rest of the world does. However, you and we should be aware that these are high-risk speculations and therefore you should play with modest stakes. In our case, we see it as training lesson into a new world.
However, we also see it as a tiny small hedge for the increasing financial instability – currency war – orchestrated by the government and their central banks. Governments are trying to prevent cryptocurrencies, but are actually pushing people into it. The push will come from the emerging markets.
Please make up your own analysis and dive into this subject. Please give us your view on below comment box.
- NEO pays GAS, NEO seems logical to us, NEO is continuously evolving and dares to fix bugs.
- Buying NEO is harder than Bitcoin, NEO is speculative like any other cryptocurrency
