NEO (NEO), often referred to as “China’s Ethereum” due to its similarities with Ethereum and its ability to facilitate the creation of decentralized products and services, is a powerful software network. NEO provides a platform for developers to operate in various sectors, from decentralized exchanges to prediction markets and social networks, and to create decentralized applications (dApps). In this article, you can find answers to two frequently asked questions: What is NEO (NEO) and how to buy NEO (NEO) with TRY.
What is NEO (NEO)?
NEO is a software network designed to serve as a platform for creating and trading decentralized products and services. Similar to Ethereum, NEO allows developers to create smart contracts (NeoContracts) and dApps for real-world applications. However, NEO distinguishes itself by supporting multiple programming languages such as C# and Java, making it accessible to a broader pool of developers.
In addition to supporting smart contracts and dApps, NEO offers various features to its users. These include a decentralized file storage system, an identity system, and an oracle system to retrieve external information like price data to enhance the functionality of dApps. NEO’s ecosystem is designed to foster innovation and enable developers to create various decentralized solutions.
NeoContracts allow developers to create and run smart contracts on the NEO network. What sets NeoContracts apart is their compatibility with multiple programming languages, unlike other smart contract platforms that require developers to learn new languages. This flexibility attracts developers who want to leverage existing features to create dApps on NEO.
NEO uses a unique governance system called Delegated Byzantine Fault Tolerant (dBFT) as its consensus mechanism. Similar to Delegated Proof of Stake (DPoS), dBFT relies on a real-time voting system where NEO coin holders stake their coins to participate in network governance. Consensus nodes responsible for adding new blocks to the Blockchain are selected through this voting process.
The NEO network allows developers to create dApps and run smart contracts to replicate real-world products and services. Thanks to NEO’s ecosystem, developers can leverage existing programming languages to create innovative solutions in various sectors. The dBFT consensus mechanism ensures the network’s security and synchronization, and consensus nodes receive transaction fees in GAS coin for adding new blocks to the Blockchain.
How to Buy NEO (NEO) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy NEO (NEO). Binance TR allows for the quick creation of an account and the trading of over 100 cryptocurrencies, including NEO. To buy NEO (NEO) with TRY on Binance TR, follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. You need to go to the trbinance.com address and proceed from the “Create Account” step. In the first step of account creation, you will be asked to enter basic information such as your email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and accurately, an email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify Your Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process either from your phone or through the official Binance TR website. Note that you will need your mobile phone to perform identity verification from the website.
On the Binance TR website, hover over the “Profile” option at the top right and click on “Identity Verification and Limits” from the drop-down menu, then click on “Verify.” You will then need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click on the “Copy URL” option to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first, tap on the “Identity” option to continue.
Then a screen like the one below will appear. To continue the verification process, first select the document type that suits you.
After selecting the document type, tap on the “Upload front side” option to continue. After taking a photo of the front side of the document according to the document type you selected, tap on the “Upload back side” option and take a photo of the back side of the document and upload it. Make sure the images are clear and the information in the photo is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then tap on the “Selfie” option to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible once the camera opens.
After completing all these steps correctly and completely, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit and trade TL 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts without interruption. Deposits from other banks can be made 24/7 with FAST up to 50,000 TL. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to the trbinance.com address and hover over the “Wallet” option at the top left of the homepage and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is use the information shown on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
Once your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy NEO Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to NEO coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the page below will open. You can go to the TL to NEO purchase page by typing “NEO” in the search section on the right side of this page and clicking on the NEO/TRY option from the results.
Now the NEO trading page below will open. On this page, you need to enter the price at which you want to buy NEO in the first box marked with a red box and the number of NEO you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy NEO” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through bank channels and trade various cryptocurrencies with TRY pairs via Binance TR.
Users can access market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance’s core functionalities through Binance TR.
