Eversince the advent of cryptocurrency, various coin standards have been introduced and they all are known for their different dispositions. Ethereum or ERC20 has been the most popular coin standard followed by ICOs, but now, there are standards making their existence registered. NEP5 token is one of the crypto coin standards which has grabbed a lot of attention among crypto users and is now being a part of various ICO campaigns.
What is NEP5?
NEP is acronym for “Neo Enhancement Protocol” alongwith the number 5 which is something everybody came up with and agreed upon. Five actually represents the number of times revisions have been done in this standard. It is quite similar to ERC20 and even ERC223, but is a different in the structure of the standard which makes it different from the rest and that’s why it is currently being valued by all the users.
It is a new coin which is being adapted by the ICO very fast, it has been even proved better than ERC20 in some references. And that’ why, more and more developers are trying to master the creation of this token. It comes with some essential functions that make this coin entirely different from the some other standards. However, its usability has been arguably better than many other coins being used by campaigns right now.
Why another coin standard?
Protocols are needed so coins could function in a particular manner and each one of them has their own individuality, so that be identified and used accordingly. For the exchanges and parties in trading, NEO is a protocol which showed a different are of operations. It has pulled the curtain off another domain which was unexplored so far. With this protocol, it has become easier to find errors and troubleshoot them.
There are different types of NEO coins, the first one is Standard, second one is Meta and the third one is Informational. All three of them have their merits, the ‘Standard’ one is used to discern changes in transactions and to check their validity. The ‘Information’ one helps with the design issues, it is also used for guidelines or knowledge sharing. And the ‘Meta’ is used for processes and changing proposals or events scheduled in transactions.
Why is it special?
The biggest reason behind NEP5 token being special is the flawlessness of its structure. It has the precise quantum of synchronization with its ecosystem and gives out results that are way better than other standards. It gives space to the fulfillment of the purpose and lets the developers create what is best for users. The NEO ecosystem doesn’t endorse any sort of competition and brings out the best thing that ensures security and compliance.
Another reason for it more useful its flexibility which encourages developers to create more coins which is ultimately beneficial for the business. The inner structure of NEO is quite robust and gives more liberty to developers as well as token holders. This token is also very adaptable to exchanges and interacts quite seamlessly with the other tokens. If you want NEP5 token development, contact Coin Developer India right now.