Technology

A Simple Explanation Of Neo CryptoCurrency In Under Ten Minutes

A nine minute and nine second video primer on one of the largest cryptocurrencies Neo from one of our favorite Youtube channels – Aimstone below – first some text explaining the video from Aimstone followed by the video and a computer transcript below that -tell us your thoughts in the comments section below! Some investment managers and pundits are less bullish than Aimstone.. what do you think?

Aimstone on the video:

NEO Cryptocurrency platform offers a stable and secure blockchain for independent projects to utilize for their own purposes, be it data transfers, smart contracts, digitizing of assets, or creating their own altcoins for start-up ICO funds. In this last area, it has proven a tremendous success with ICO values reaching as high as 800% growth, a smart investment for speculators, and a sound way for enterprises to fund their business.

00:00 hey guys hope everything is going well a 00:02 neo cryptocurrencies platform wants to 00:06 build a smart economy well this could be 00:09 the reason behind when neo searched the 00:12 all-time high of more than $160 per 00:15 token in this video I will explain what 00:19 is neo 00:20

how does neo platform functions and of 00:22 course what does the future holds for 00:25 neo the race to make the next killer 00:32 cryptocurrency and blockchain 00:33 applications continues the theorem is a 00:37 pioneered of this trend and still aims 00:40 to be the world’s major platform by 00:43 hosting number of smart contracts and 00:45 decentralized applications following in 00:48 the footsteps of ether many new 00:51 cryptocurrencies and blockchain projects 00:53 have gained some attention some of which 00:56 I have discussed in my previous video 00:58 such as Cardinal

all those projects 01:01 offer something different and that’s why 01:04 this is booming and the world is excited 01:06 in July 2017 a new contender has joined 01:11 the race in New York formerly known as 01:13 and shares what is neo neo is often 01:19 referred as a Chinese  ether or 01:21 aetherium killer by many people but in 01:25 this video I will not call it anything 01:27 like that

I think many cryptocurrency 01:30 projects have great future because of 01:32 the reasons for being built neo is no 01:35 exceptions neo is the first 01:38 decentralized open-source cryptocurrency 01:41 a blockchain platform launched in China 01:44 apart from the neo cryptocurrency neo 01:47 has one more crypto tokens called gas or 01:50 GA s I will discussed both later on in 01:54 this video 01:55 the Neo attacks itself as distributed 01:58 network for smart economy and

Neos gol 02:02 speaks volume above the smart economy 02:05 concept and quote goal to be a vanguard 02:09 in effort of building a smart economy 02:12 smart economy equals digital assets plus 02:17 digital identity plus smart contracts 02:21 the team of meal first let me apologize 02:25 in advance because I’m not sure how to 02:28 pronounce their names correctly but let 02:31 me try the main community members 02:33 included the founder donc fier 02:36 co-founder and co-developer zenki’s Inc 02:39

when Secretary General tell orangie and 02:43 other community developers operators and 02:46 contributors in EO of that form use 02:50 cases 02:51 digital assets neo aims to convert 02:54 traditional assets into digital by using 02:58 smart contracts those digital assets 03:01 will be decentralized and will be 03:03 protected by law using digital 03:05 certifications on the blockchain 03:08 implication of this will guarantee trust 03:11 digital identity a neo will enable the 03:15 creation of identity information of 03:18 organizations and individuals in 03:21 electronic form those identities will be 03:24 usable via …

multi-factor authentication 03:26 mechanism such as facial recognition 03:30 fingerprints voice recognition and SMS 03:34 smart contracts the name smart contracts 03:38 was first coined by cryptologist and 03:40 computer scientist Nick Zeebo 03:43 in 1990s the smart contracts platform 03:46 developed by neo is truly revolutionary 03:48 in neo 03:50 unlike other smart contracts platform

03:52  you do not need to learn any other 03:54 coding languages if you are developer 03:57 you can use C++ or Java or any other 04:00 mainstream programming language you can 04:03 get started right down to code your 04:05 smart contracts the Neos Universal 04:08 lightweight virtual mechanism has the 04:11 advantage of high certainty and high 04:13 scalability for smart contracts based on 04:16

This blockchain neo will support the 04:19 development of decentralized 04:21 applications by continuously supporting 04:24 and developing more 04:25 development tools and techniques some of 04:29 the examples of the central applications 04:31 are smartphones assisted legal smart 04:34 contracts and decentralized exchanges as 04:38 I told you early in the introduction neo 04:40 has two crypto tokens neo formerly known 04:44 as n chairs and gasps formerly known as 04:48 end coins the neo tokens act as an 04:52 investment tokens or the neo blockchain 04:54 it has hard cap of total of 100 million 04:58 tokens which will be used in the block

05:00 creation network management network 05:03 changes and other consensus requirements 05:06 those hundred million tokens were all 05:09 premised during the Genesis block 05:10 creation one unique thing to note is 05:13 that neo is unlike other 05:15 cryptocurrencies in the fact that it’s 05:18 not divisible the smallest unit will 05:20 always be one if the gas tokens also has 05:24 100 million hard cap but it acts as a 05:28 fuel for the neo blockchain unlike neo 05:31 tokens gas is divisible by the factor of 05:34 1 divided by 10 to the eighth power 05:36 which equivalent to 0.7 zeros and one 05:41 which is eighth decimal place 100 05:44 million gas tokens will ultimately be 05:47 generated through an algorithm

in about 05:50 22 years gas will be used for resources 05:54 allocation and network changes for 05:57 operations such as running decentralized 06:00 applications smart contracts and 06:03 providing incentive for maintaining the 06:06 blockchain market cap of neo the total 06:10 circulation supply of neo is 65 million 06:14 tokens the current price of each unit is 06:17 around 120 dollars at the time of this 06:20 video the current market cap is seven 06:23 point seven billion dollars and neo 06:26 currently takes eighth place among other 06:29 cryptocurrencies in terms of the market 06:31

capitalization how to buy New York 06:34 cryptocurrency a bind neo directly from 06:38 the fiat currency 06:39 is a little bit difficult but you can 06:42 always exchange your other coins such as 06:44 the bitcoins light coins or etherium 06:47 coins in the exchange of neo tokens the 06:51 procedure is very simple if you are 06:54 interesting you can buy neil from 06:56 finance exchange i will leave a link in 06:58 the description box below if you use 07:00 that link you will get free ten dollars 07:03 w

orth of Bitcoin best neo wallets neo 07:07 does not help many wallet options but 07:10 for early users there are definitely 07:13 options out there 07:14 hardware wallet such as ledger dan OS 07:17 it supports neo desktop wallet such as a 07:22 neo wallet web wallet such as neo 07:25 tracker and neo wallet and of course 07:29 paper wallet the future of neo neo is a 07:34 great project with the potential 07:36 equivalent or possibly even greater than 07:38 ethereum the neo iran’s are specifically 07:41 developed proof of state Constance’s 07:43 mechanism which is arguably the best 07:46 proof of stake mechanism available

Neos 07:49 blockchain is also quantum computer 07:51 proof which gives a huge advantage to 07:54 this platform in comparison to other 07:56 blockchain projects 07:58 additionally the ability to program 08:01 smart contracts and decentralized 08:03 applications in mainstream programming 08:06 languages such as C++ and Java is a 08:09 major advantage point this is positive 08:12 thing for developers because it lowers 08:15 the entry barrier for them to reduce the 08:17 time cost factors for learning the whole 08:20 news part contracts language this one 08:23 single point alone makes it a strong 08:26 competitor to ether because with 08:28 more common languages available to neo 08:31 more smart contracts and decentralized 08:34 applications will be deployed on this 08:36 platform which means price of neo tokens 08:40 may go to the moon

 

From technological 08:43 point of view neo looks much better than 08:45 many other projects out there so let me 08:49 know what you guys like or dislike about 08:51 this 08:52 platform share your opinions with me in 08:55 the comment section below if you guys 08:57 enjoyed this video hit that like button 08:59 and of course if you’re new to this 09:01 channel don’t forget subscribe for more 09:03 videos like this and thank you so much 09:06 for watching