AIO Inclusive: Casinos that Accept NEO Deposits in Canada
NEO is a crypto currency that founded on the intelligent nature of monetary digitization. Originally ‘AntShares’, a 2017 rebrand to ‘Neo’ invisions the crypto as the up and coming future of a “smart economy”. Neo builds on a bedrock of smart contracts, utilizing digital identities to promote regulatory compliance in blockchain technology.
On the surface, Neo may appear to be just another digital token. Up close, however, it’s an environmentally friendly proof-of-stake (PoS) crypto, running on a decentralized Byzantine fault (dBFT) network. This provides room for execution of verifiable transactions, even when the input is less than perfect. In short, human error won’t stop a legitimate contract’s execution.
Like traditional commodity trading, NEO tokens are non-divisible. They cannot be split into partial coins. Instead, the platform generates GAS tokens, a separate native asset of the network that covers the cost of fees. It all sounds very complex, and in truth, the technology behind it is. However, all those intricate details occur in the background. In the foreground we see a transparently smooth experience for users.
Whether you’re executing a global business smart contract, or depositing Neo at your favorite Canadian crypto casino, the stability and security of Neo is its prime selling point. We’ll teach you everything you need to know about buying, trading, and even betting at Neo casinos. But first, let’s take a moment to learn about the origins of this futuristic crypto currency.
Table of Contents
Development of NEO Crypto for a Smart Economy
The history of the Neo blockchain dates back to the 2014 founding of AntShares by Da HongFei and Erik Zhang. Over the first few years, Antshares didn’t turn a lot of heads. Things didn’t improve much with the explanatory release of a whitepaper in September 2015, either:
“Neo is a distributed network that combines digital assets, digital identities and smart contracts. The Neo system will use DBFT, NeoX, NeoFS, NeoQS and many other original technologies, as the infrastructure for the intelligent economy of the future.”
NEO Whitepaper – Summary – September 2015
It wasn’t until a 2017 ‘Neo’ rebrand that the “smart economy” marketing campaign finally got any real attention. For the record, the name Neo comes from the Greek language “νέο“, meaning ‘new’, ‘modern’, and ‘young’; (not The Matrix film series’ leading character, Neo, believed to be “The One“.)
Neo – A distributed network for the Smart Economy
The development of Neo focuses on the intrinsic efficiency of the token for the industrial world. Its primary feature is smart contract execution, with the supplemental perk of regulatory compliance. Users are able to create a Digital Identity, which ties directly to the tokens they own. Every transaction leaves an immutable trail. Thus, when a smart contract executes, it is inherently compliant with KYC/AML regulations.
The Neo blockchain is capable of supporting 10,000 transactions per second, utilizing two native tokens, NEO and GAS; NEO as the base token, and GAS to cover transaction fees. Metaphorically speaking, GAS is the fuel that makes NEO go. The biggest difference between the two is that NEO is non-divisible, and cannot be split into smaller units. GAS, on the other hand, is divisible to as small as 0.00000001 (one-hundred-millionth of a token).
Upgrading to the All New N3 Blockchain
In 2018, it was announced that the original Neo blockchain (henceforth Neo Legacy), would upgrade to an all new N3 Blockchain. Its massive overhaul means that some features are not backwards compatible. For this reason, Neo tokens cannot simply convert from Legacy to N3.
Some users may see it as a problem. Onchain, however, hails it as the “biggest evolution” in NeoMainNet history. “The most powerful and feature rich version of the Neo blockchain to date.“
To encourage early adoption of the new platform, Neo.org is (at time of writing) promoting an additional 1% distribution for all who migrate to N3 early on. Visit the N3 Migration section of the Neo website for additional information.
Giving Users Say Over the Future of Neo
The parent company of Neo, Onchain, did something very interesting in March of 2018. They issued a new Ontology [ONT] token. Every owner of Neo would receive 1 ONT for every 5 NEO in their possession. These were special tokens with a very specific purpose.
Each ONT token could be used to vote on the future of the Neo platform; things like system upgrades, enhancing mechanisms for identity verification, governance issues, etc. Thus, users with a large investment in Neo – particularly industrial business types – would have the ultimate say how the platform progresses over time.
Is Neo Crypto Anonymous?
If the message wasn’t clear enough already, no. Neo is not a privacy token; not by any stretch of the imagination. It is was designed to accommodate the industrial community, above all. If you’re looking for a way to transact under the regulatory radar, might we suggest genuine privacy tokens such as Monero [XMV] or Verge [XVG].
How to Buy, Sell and Trade NEO Tokens
You can purchase NEO in a couple of ways. You can buy from a CEX or DEX, or trading directly with individual owners. We’ll talk a bit about each of these methods below. Before you acquire this industrious crypto, however, you may need a wallet to store it in.
Crypto Wallets Compatible with NEO
A crypto wallet is very much like a physical wallet that holds fiat cash, except that it holds digital currency. Not all crypto coins are the same. Likewise, not all wallets can hold all types of crypto. Being a PoS style token limits compatibility.
The following is a list of compatible Neo wallets, created and/or recommended by the makers of NEO:
Using a Neo Wallet created by the developers of the token comes with the advantage of simplified transacting. Once you download the wallet, open it to find the 34-character Neo Address. This alphanumeric address is all you’ll need to send and receive Neo with your new wallet.
If you’d prefer a hardware wallet, beware that they aren’t all compatible. The popular Trezor brand does not support Neo, but Ledger Nano wallets do. Use this link to learn more about storing Neo on Ledger.
Buy Neo Tokens on an Exchange Service
Most of today’s major CEX platforms support the buying and selling of NEO tokens. Not all platforms are accessible in Canada, however. The following is a list of CEX and DEX trading platforms known to support Neo trading in Canada, with the potential exception of Ontario (as noted).
- Binance (except Ontario)
- Bitfinex (except Ontario)
- Bittrex
Trade NEO on P2P Trading Platforms
You’re welcome to trade for NEO tokens on a pier-to-pier (P2P) trading platform. The only limitation is whether any other traders are offering Neo at the moment. So long as it’s up for trade, you can trade whatever the current owner is willing to accept in exchange for it. While there are a number of P2P platforms available, we only recommend the following in Canada.
Can I Stake or Mine Neo Coins?
As a proof-of-stake crypto, Neo cannot be mined. You won’t find any staking pools for Neo, either. At launch, Onchain semi-released the full cap of 100 million NEO tokens. One half (50 million) was sold in an initial offering. The other 50 million went into storage, releasing at a rate of 15 million per year to cover the cost of the crypto’s future expansion. To date, all 100 million are already in issue.
Casinos that Accept NEO Deposits for Gambling
Neo probably isn’t the prime choice for gambling online, but it is an option, none the less. It’s not that we don’t recommend it. It’s just that Neo’s features go far beyond what Canadian iGamers desire in a quick, secure and cheap crypto coin. On the other hand, the issue of regulatory compliance is moot, which can appeal to a lot of internet gamblers who prescribe to the philosophy of, ‘Better safe than sorry!‘
There aren’t a whole lot of online casinos that accept Neo tokens. When it comes to websites that welcome Canadians, and have a strong reputation as a legitimate operator, the number drops dramatically. In fact, there’s only one Neo deposit casino we personally play blackjack at. As you may know by now, we at BTCBlackjack only recommend sites we use. That being said, please see our complete True Flip Casino Review for more information.
