What are NEP-5 tokens and where can you trade them?
As part of its mission to challenge Ethereum’s status as the world’s most popular platform for dapps and smart contracts, NEO is offering its own token protocol. Known as NEP-5, this protocol makes it easy for users to launch their own tokens on the NEO blockchain.
So, what exactly are NEP-5 tokens and where can you trade them? Let’s take a closer look.
What are NEP-5 tokens?
NEP-5 is NEO’s answer to Ethereum’s ERC20 token protocol. NEP stands for “NEO Enhancement Protocol,” and NEP-5 tokens are tokens that run on the NEO platform. These tokens must be stored in NEO-compatible wallets.
If a cryptocurrency project wants to launch its own token on NEO, the developers can use the NEP-5 protocol to create their own tokens. The protocol ensures that those new tokens meet a certain level of security and allows them to interact with the NEO blockchain and other currencies issued on NEO.
Where can I trade NEP-5 tokens?
If you want to buy and sell NEP-5 tokens, you can do so on the following NEO-based exchanges:
- Switcheo Network. The first ever decentralized exchange to run on the NEO blockchain, Switcheo Network allows you to trade directly from your wallet. It supports all NEP-5 tokens with new tokens made available as soon as their ICO ends.
- NEX. NEX is a decentralized exchange, payment service and wallet app that will provide trades between tokens based on the NEO and Ethereum networks. NEX held a token sale in Q2 2018 and its mainnet is scheduled to go live in by the end of 2018.
Selected NEP-5 tokens can also be traded on a wide range of other exchanges, as outlined in the table below. For details of where you can find NEO or GAS tokens, check out our how to buy NEO and how to buy GAS guides.
|Exchange||NEP-5 tokens supported|
|Abucoins||ONT, QLC, RPX, ZPT|
|Allcoin||DBC, TKY, ONT|
|Binance||ONT, QLC, RPX|
|Bitbns||ONT, DBC, QLC, RPX|
|Gate.io||ONT, DBC, QLC, TNC, ZPT|
|HitBTC||ONT, RPX, ACAT|
|Huobi||ONT, DBC, RPX|
|KuCoin||ONT, DBC, QLC, TNC, RPX, ZPT, TKY, ACAT|
|LBank||DBC, ZPT, TKY|
List of NEP-5 tokens
Which cryptocurrencies use NEP-5 tokens? Check out the list below:
- NEO (NEO). These tokens represent the right to manage the NEO network.
- GAS (GAS). GAS is the fuel that powers the NEO blockchain, and users can generate GAS simply by holding NEO tokens.
- DeepBrain Chain (DBC). A decentralized AI computing platform driven by blockchain technology.
- QLINK (QLC). A decentralized mobile network that aims to disrupt the global telecommunications industry.
- Trinity (TNC). An off-chain scaling solution for NEO that utilizes state channel technology.
- Red Pulse (RPX). A market intelligence platform that covers China’s financial and capital markets.
- Zeepin (ZPT). A distributed ecosystem for the creative industries.
- THEKEY (TKY). A decentralized identity verification tool that uses big data and blockchain.
- Alphacat (ACAT). A robo-adviser marketplace that uses big data and blockchain.
- Ontology (ONT). Ontology is a trust network that can operate across multiple blockchains.
- Bridge Protocol (IAM). Digital identity solutions for KYC requirements on the blockchain.
- Narrative (NRV). A social media network designed to reward content creators, moderators and influencers.
Image source: Shutterstock
Disclosure: At time of writing the author holds ADA, IOTA and XLM.