What is NEO?


Neo was founded by Da Hongfei and Erik Zhang and is China’s first open-source blockchain protocol. It was created to facilitate the development of a digital economy that could use digital identities, assets, contracts, and payments. Neo aims to provide a scalable, dynamic platform that supports a variety of programming languages. The NEO network uses proof-of-stake as a consensus algorithm and can support up to 10,000 transactions per second. It also contains an oracle component that enables smart contracts to access data from external sources. NEO’s plan to institute cross-chain interoperability features come from NeoX, a platform that manages cross-chain asset transfers and decentralized transactions.

Which wallets can be used to hold NEO?

Unless you’re preparing to place a trade, the security concerns associated with exchange-based wallets mean it’s not recommended to hold your funds on an exchange for an extended period of time. Instead, it’s generally a safer option to store your NEO in a more secure wallet such as a cold storage hardware wallet.

NEO-compatible options you might like to consider include:

  • Ledger Nano S (hardware wallet)
  • NEON Wallet (desktop wallet)
  • NEO GUI (web wallet)
  • NEO Tracker (web wallet)
  • NEO Wallet (web wallet)

What are the Payment Methods to buy NEO?

There are multiple ways you can buy NEO. The most popular way to buy NEO is by funding an exchange account with a bank transfer. This will require you to open an account on a crypto exchange that allows you to buy with fiat. When your account is ready, you can select to buy the amount of NEO that you want.

Some exchanges also allow you to buy NEO with a credit or debit card. This is a very convenient method that is great for newcomers who may not have the technical knowledge to fund their account with other cryptocurrencies.

You can also use Paypal to purchase NEO. This is also an easy way to buy as most are familiar with Paypal’s user interface. It should be noted that Paypal is accepted at less exchanges than normal bank transfers or credit card payments.