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NEO is backed by Chinese venture capital. Unlike other more open and honest or at least auditable crypto currency systems, NEO aka antshares was 100% premined
by nosuchthing 9y ago
NEO is backed by Chinese venture capital.
Unlike other more open and honest or at least auditable crypto currency systems, NEO aka antshares was 100% premined which is incredibly dubious and indicative that many of the shares were selectively distributed to individual 'whales' who can and will easily dump their holdings.
- companyhen 9y agoThere is no "premine" -- they were created, locked, and distributed.
- nosuchthing 9y agoSemantics. Premine is a term for cryptocoins where traditionally, the start date of the network is announced after the mining protocol and software is released to the public. When a cryptocoin dev team intentionally takes control of part of the supply of the cryptocoins before releasing the minting protocol/process/supply to the general public then it's considered 'pre-mined' because traditionally as with BTC/LTC/DOGE/etc, the public was informed of the protocol and presumably all users given access to generate the coins as a reward for fueling the network activity. In the case of antshares, the basecoin being %100 premined would almost seem more like a stock in the project as apparently coin ownership is a precursor to generating the secondary token which is used as fuel for the services provided.