I was asked by a few people on Twitter to take a look at NeosCoin. As I am always looking to cover coins as long as they offer something interesting or unique, I decided to go with it. Let’s see if NEOS offers something interesting or unique!
I am a big fan of multi-algorithm cryptocurrencies. Even though several of them are already in existence, one more wouldn’t hurt, simply because of the fact multiple algorithms give all kinds of miners an equal chance of mining coins.
So which are these supported algorithms? Well, it is an interesting mix to be honest. On the one hand, we have SHA-256, but you could also pick Blake-256. Or, if you so prefer, you can mine NeosCoin using the X11 algorithm.
With a coin supply of 21 million coins, and the block reward of 50 NEOS initially halving every 105,000 blocks, things could get very interesting. Of these 21 million coins; 1,050,000 NEOS were sold during an ICO , which sold out in 11 hours.
Why an ICO, you may ask? Funds was required for marketing, future development of some of the features listed below, design work, and other project-based expenses. A public ledger will be made available to those of you who want to see what the ICO funds is being used for exactly.
So far, there is nothing unique about NeosCoin compared to other altcoins. While that is true, we will get to the juicy bits in just a moment. I do want to mention quickly that NEOS has absolutely no transaction costs, which could make it an interesting cryptocurrency for merchants.
On to the features then! NeosCoin offers an interesting wallet interface, which will show you messages from the development team, local and exchange wallet balances, NEOS exchange rates, as well as all algorithms’ difficulty and hashrates. Sound good so far!
A few of the main settings can be tweaked to your liking, such as enabling/disabling twitter & news updates, as well as the number of transactions to be displayed in the overview. Nothing out of the ordinary yet, but it’s the small things that matter too.
As we have seen with other altcoins, being able to trade NEOS directly from your wallet is a much requested feature, and will therefore be available to users. The twist is it will look nearly identical to actual trading information when visiting BitTrex through your browser. Local NEOS balance, BitTrex NEOS balance and BitTrex BTC balance will all be visible in the wallet.
“Below that you’ll get information such as: the Last,Bid, and Ask. 24 hour high/low, the volume in BTC and the volume in NEOS. Next you’ll have control and view over your open orders. Following that directly beneath is your buy/sell areas. All of the calculations are done for you here on-the-fly if you wanted to for example max out your buys or sells. The order books are displayed next below. All of these numbers and orders are within 3-5 seconds real-time. Operating through the Bittrex API tends to be more responsive, quicker, and more accurate.”
Pool stats are valuable to cryptocurrency miners. By saying that, I don’t just mean the overall pool stats, but your personal mining details. These details will be visible in the NeosCoin client as well, which is really taking things to the next level.
Last but not least, we have ArbitRush. ArbitRush is the anonymous tx system for NeosCoin, and users are given the option to use this service with the understanding it might be considered immoral in your area/region. In case the system would be misused, the NEOS developers are not at fault.
For those of you wondering how ArtbitRush would work :
Sender -> multi-homed farm -> Recipient (the sender “never sent” the coins, or so the blockchain thinks, it just came from “somewhere”)
In order to allow users to verify these anonymous transactions, a separate ArbitRush Transactions tab has been made available. Only the sender can see the status on the blockchain , because of a one-time key-pairing in the ArbitRush system.
If you want to find out more about NeosCoin, you can use the following sources :
Website : http://www.neoscoin.com/
BitcoinTalk : https://bitcointalk.org/index.php?topic=757984.0
Twitter : http://www.twitter.com/NeosCoin
Community Forum : http://community.neoscoin.com/