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How to Buy NEO in South Africa: A Cryptocurrency Guide

The choice to buy NEO here, in South Africa is a great decision. NEO is often called “Chinese Ethereum” or “Ethereum killer” by most people,.

Posted Jan 5, 2020

The logo of NEO in white background
The logo of NEO in white background

The choice to buy NEO here, in South Africa is a great decision. NEO is often called “Chinese Ethereum” or “Ethereum killer” by most people, but in this article, we won’t call it that way. We think many crypto projects have a good future because of the reasons they were built (the problems they are resolving). NEO is no exception.

Now, if you’re getting confused about NEO, stay calm. Today, let us guide you through and we’ll tell you everything about this altcoin. From the story of its origin to how easy it is to buy NEO in South Africa.

Let’s start with the basic.

What is NEO?

NEO is the first open-source cryptocurrency, decentralized and blockchain platform launched in China.

Apart from NEO cryptocurrency, NEO has another crypto-token called GAS (previously known as ANC-Antcoins). 

NEO marks itself as a “distributed network for smart economy” and NEO’s goals speak volumes about their concept of smart economics.

NEO Development

  1. The NEO coin was launched in June 2017 as Antshares by Da Hongfei, it was that Antshares was renamed NEO.
  2. NEO has an active development team with in-house developers who are responsible for developing the platforms and a strong third-party developer community, who will then develop decentralized applications (DApps).

NEO Technology

  1. NEO is a unique blockchain algorithm, which supports decentralized trading, identification, and digitization of various assets.
  2. It integrates blockchain technology with digital identity, creating a way for physical assets such as money or company shares assets to be digitized and exchanged through the NEO network on a peer-to-peer basis.
  3. NEO aims to build a platform on which other decentralized applications can be built by allowing users to make smart contracts on their blockchain, thus increasing the spread of the blockchain technology.

A smart contract is a contract that can self-executing where the terms of the agreement are written directly into the code, making it binding and eliminating the need to trust third-party. Whereas the smart contracts in Ethereum can only be written in a language called Solidity, NEO contracts can be written in common programming languages ​​such as C ++, Python, Javascript, etc. Make it automatically more accessible to the masses.

Picture of a man putting fingerprint as his digital identity to illustrate one of NEO's integration with blockchain technology

Instead of conventional Proof-of-Work technology, NEO uses a consensus mechanism called Delegation Byzantine Fault Tolerance (dBFT), which offers lower electricity costs and eliminates the possibility of chain separation. This makes it easier for NEO to achieve its goal of digitizing physical financial assets.

What are the advantages of NEO?

  1. Digital Assets: Traditional assets will be converted into decentralized digital assets using smart contracts.
  2. Digital Identity: NEO will enable the creation of electronic identity information for individuals, businesses, and entities so that it can be accessed through a multi-factor authentication system that involves voice recognition, face recognition, fingerprints, SMS.
  3. Smart Contract: The NEO smart contract system is revolutionary because it supports a common programming language that is known by 80% of developers, so they don’t need to learn a new language to use it.
  4. DApps: NEO will support the development of decentralized applications such as smart funds by continuing to develop more mature tools and techniques.

How to buy NEO coin in South Africa

The best way to buy NEO cryptocurrency is to buy it through Easy Crypto, which offers the fastest and easiest way to buy NEO in South Africa. You can buy Neo and send it directly to your own cryptocurrency wallet. Easy Crypto supports more than 20 coins and you can register and place your first order in under 5 minutes.

NEO is currently listed on more than 40 exchanges throughout the world, where you can trade it with ETH, BTC, USDT and even rarely use fiat currency such as Euros or Indian Rupees. Top exchanges include Bittrex, Bitfinex, Binance and many more.

What’s more – with Easy Crypto, you don’t need to make or rely on the NEO wallet for the exchange. Instead, all transactions can occur to and from your own cryptocurrency wallet.

The homepage of Easy Crypto South Africa, the best place to buy NEO, Bitcoin (BTC), and othe cryptocurrencies in South Africa

How to store NEO coin in South Africa

There are NEO wallets for Android, Mac, Windows, and Linux desktop phones and online. In the last quarter of 2017, the Ledger Nano S hardware wallet also began supporting NEO, making it the safest choice for users.

NEON is a desktop cryptocurrency wallet for NEO, and also supports GAS tokens. Other desktop wallets are NEO CLI and NEO GUI. Web wallets that you can use are Binance, NEO Wallet, NEO Tracker, etc. Of all these, NEON is preferred because it also supports GAS, which is used to pay fees.

How is NEO different from other cryptocurrencies?

  1. One key factor that makes NEO stand out among its competitors is the smart contract system and the fact that NEO supports a general programming language rather than just one.
  2. This is a step above Ethereum, one of the most popular cryptocurrencies based smart contracts globally, because Ethereum contracts can only be in one language: Solidity, while NEO contracts can be in C ++, Javascript, and Python. It also supports digital trading and asset identification through its digital identity system, thus bringing blockchain to the masses.
  3. Another major difference lies in the consensus mechanism, namely dBFT rather than proof-of-work as in most other cryptocurrencies.

NEO’s future plans

NEO has partnered with ADEx to create the first decentralized app on the platform. The research sharing platform powered by the NEO blockchain is also in the process.

NEO is a home to NEST as well, a smart fund that utilizes smart contracts on the NEO platform. The smart funds seek to eliminate the risks and inefficiencies inherent in traditional fund intermediaries.

Qlink is another project that harnesses the power of the NEO platform to decentralize cellular networks. This project aims to enable network bandwidth leasing and is rewarded with QLC tokens.

The logo of NEO on gray background

The smart economic nature of the NEO blockchain has enabled the protection of creative works through a project called Zeepin.

In addition, the NEO platform is used to support cryptocurrency exchange which combines the quality of centralized exchange with decentralized exchange.

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Last updated Nov 23, 2021

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