The NEO blockchain platform is the Chinese equivalent of the Ethereum blockchain. The name NEO in Greek is translated new and young but was formally called Antshares. They want to be the next generation of smart economy.
NEO is more of a public cloud and is part of the strategy the Chinese government aims to make the NEO platform the industry leader. Getting developers to make use of their tools in developing the ecosystem.
NEO supports a variety of codes (Kotlin, Java, F#, VB.Net, and C#) unlike its competitor Ethereum which has its language called the SOLIDITY.
Similar to Ethereum which operates using fuel (gwei), the NEO ecosystem has the GAS which serves an identical function. NEO token holders are then rewarded GAS for holding the NEO cryptocurrency and can also be exchanged for other coins.
Steps to purchasing your NEO coins on the KuCoin cryptocurrency exchange.
Step 1: Register an account
Though cryptocurrencies are meant to keep users private, exchanges are not. Especially when you are transacting a considerable amount of cryptocurrencies, you’ll be required to verify your account with a valid identification card. The first step though is to register an account.
To register an account on the KuCoin exchange, click here. You will need to fill the short form; you are only required to enter a valid email address and a secure password. This must be an email account you have access. If your transactions would be a few hundreds of dollars to a thousand, you can choose to remain anonymous on the exchange by using the disposable email addresses available online.
Step 2: Verify account registered
After registration, a mail would be sent to the address you entered. Log in and click on the email address that has been sent, click on the link in the mail to verify it’s you.
Step 3: Login
Now that you’ve verified your account, you are free to log into it when prompted to do so.
Step 4: Fund your KuCoin Wallet on the platform
In the process of making your account safe, KuCoin enforces you set up the two-factor authentication before you can fund your account.
Click on the deposit tab and follow the simple instructions to downloading and setting up the Google Authenticator application from the Google Play Store.
After you have secured your account, look through the assets on the page, find the Ethereum and click on the deposit link in front of it. The same process goes when you are trying to fund with other cryptocurrencies like Bitcoin and other major altcoins.
An Ethereum address would be generated for you to make your deposits. Copy this address and go to your external wallet to send some Ethers to KuCoin.
Step 5: Exchange your Ethers for NEO on KuCoin
Once your deposit has reflected on your KuCoin wallet, you then proceed to exchange them for the NEO.
- Click on the MARKETS link on the page and wait for the MARKETS page to load up.
- Locate the ETH tab on the page and click.
- A search box is right above the section where the market pairs are located, type in NEO. This quickens the process of going through the long list in searching for the NEO/ETH pair. Click and wait for the pair to load.
- At the bottom right of your screen, you are required to enter a code from the Google Authenticator you just set up a few moments ago. Enter the code, and the trade boxes would be revealed.
- The Buy/Sell section is where the exchange takes place, click on the BEST PRICES link in the first box. This fills up the box with the best rate you will pay at that moment.
- In the second field, you are required to enter the amount of NEO coins you want to purchase. Use MAX link if you are using all your deposits for the exchange.
- When you are done, click the Buy button.
Your order is now filled, and your NEO would be credited to your NEO wallet on the KuCoin exchange. Remember it’s a good practice always to send your coins off the exchange, a good one for your desktop wallet is the NEON Wallet because you’ll also receive GAS.