Most recent update: [Nov 25, 2024]
What is NEIRO?
NEIRO is a community-driven meme coin launched in 2024, inspired by the Shiba Inu dog behind Dogecoin Kabosu. It was named after a new Shiba Inu that Atsuko Sato, Kabosu's owner, adopted following Kabosu's passing. The crypto community, motivated by Kabosu's legacy and the success of Dogecoin, quickly rallied around Neiro as the next viral mascot. This new project built on the popularity of Shiba Inus and Dogecoin's viral success led to the launch of multiple tokens, with NEIRO gaining the most traction and market capitalization.
NEIRO is built on the Ethereum blockchain, which provides a secure and scalable platform for transactions. This foundation also enhances the financial utility of NEIRO, by leveraging Ethereum’s broader ecosystem, decentralized applications and decentralized finance platforms. NEIRO’s mission goes beyond hype and speculation; it aims to build a community united by a shared purpose. Combining the viral appeal of meme coins with a commitment to charitable causes, particularly the welfare of Shiba Inu dogs, NEIRO is driven by its community-focused supporters.
History
After Kabosu's passing in May 2024, the newly adopted Shiba Inu became the icon behind the NEIRO coin. This emotional connection to the Dogecoin legacy helped NEIRO gain early support, and the project was officially launched in August 2024. However, prior to its launch, NEIRO faced significant challenges when the original developer abandoned the project. Despite this setback, the community quickly rallied, taking full ownership and transforming NEIRO into a fully community-driven initiative. A key turning point came when Vitalik Buterin, co-founder of Ethereum, publicly engaged with the project in August 2024 that boosted its visibility in the broader crypto world.
Building on this momentum, NEIRO continued to grow and strengthen its position in the crypto space through strategic partnerships. In October 2024, NEIRO secured a partnership with DWFLabs, a Web3 investor and market maker, bringing expertise in managing digital assets and improving liquidity. This partnership aimed to enhance NEIRO's presence in the digital asset ecosystem. Shortly after, in November 2024, NEIRO integrated Chainlink Price Feeds on Ethereum and adopted the Cross-Chain Interoperability Protocol for secure token transfers across Base and Ethereum. These partnerships and technological integrations have further bolstered NEIRO’s development, allowing it to capitalize on the ongoing meme coin super cycle.
How does it work?
As the original development team disappeared, the community took over and decided to push it forward. Now, NEIRO operates as a fully community-managed cryptocurrency, meaning there is no centralized control over the token. All decisions are made by the holders and supporters of the token. This structure not only fosters a sense of collective ownership but also guarantees that no single entity can manipulate the project for personal gain. More than 99% of NEIRO’s liquidity has been burned to eliminate the risk of a rug pull, which makes it a safer option compared to many other meme coins. With 0% buy and sell fees, NEIRO allows users to trade without incurring excessive costs.
In terms of functionality, NEIRO is a versatile token with several use cases. By utilizing Ethereum’s infrastructure, NEIRO enables secure peer-to-peer transfers, and its adoption in e-commerce and personal transactions is steadily growing. The infrastructure also facilitates fast transactions, making it a feasible option for everyday payments. Additionally, NEIRO offers staking opportunities, allowing holders to lock their tokens in exchange for rewards, which helps reduce the circulating supply and stabilize its value. This staking model also contributes to network security and governance. NEIRO’s integration of smart contracts allows for the development of decentralized applications, broadening its use in areas like decentralized finance, gaming, and content sharing. Finally, the token incorporates a decentralized governance model. This allows token holders to vote on important decisions, such as protocol updates and feature integrations. It further guarantees that the project will evolve according to the community’s needs.
The NEIRO Token and Tokenomics
NEIRO has a fixed max supply of 420,690,000,000, matching the circulating supply. This means that no more NEIRO tokens will be created in the future. As of November 24th, 2024, the market cap for NEIRO amounted to approximately US$ 733,010,802.
Security
NEIRO, as a token operating on the Ethereum blockchain, utilizes a proof-of-stake(PoS) mechanism that allows holders to lock their tokens in exchange for rewards. PoS is an efficient consensus mechanism that incentivizes validators to act honestly, as they have a financial stake in the network. This model enhances security by reducing the risks of centralization and attacks. Unlike proof-of-work (PoW), PoS doesn’t require massive computational resources, making it more environmentally friendly and less susceptible to attacks. Validators are financially penalized if they behave maliciously, which significantly lowers the chances of network manipulation.
NEIRO’s decentralized governance further strengthens its security by giving token holders the ability to participate in decision-making processes. The community would vote on critical updates, feature integrations, and other important changes. As a result, decisions regarding the development of the project are made and the network is better protected from being controlled by a single entity. The direction remains in line with the interests of the broader user base. This system also promotes transparency and accountability, as every decision is subject to community scrutiny.
The advanced cryptographic protocols employed by NEIRO protect the security of transactions on the blockchain. By using public-key cryptography, NEIRO secures user data and ensures that only the rightful owner can initiate a transaction with their funds. Additionally, the blockchain is immutable, meaning that once a transaction is recorded, it cannot be altered. These cryptographic techniques provide protection against hacking attempts and other forms of malicious activity.
Drawbacks and risks
One major concern for NEIRO is regulatory uncertainty. Governments around the world have differing approaches to cryptocurrencies, and NEIRO may be subject to changing regulations that could impact its usability, adoption, or even its legal standing. If stricter regulations are imposed, it could limit the coin's potential for growth and integration into various markets.
Another risk is market volatility. Cryptocurrencies, including NEIRO, are known for their high volatility. While this can lead to substantial gains, it also exposes token holders to significant risks, including steep losses in short periods. The fluctuations in price can be influenced by market sentiment, speculative trading, or external factors. The nature of high volatility makes NEIRO difficult to maintain stable pricing and undermines its practical use as a store of value.
Lastly, while NEIRO Coin employs cryptographic security measures, there are still security concerns to consider. Cyberattacks, hacking attempts, and vulnerabilities in the blockchain or smart contracts present risks. While the coin is designed to safeguard transactions, the safety of user wallets and data depends on the precautions taken by individual users. Failure to maintain secure practices could result in the loss of funds or expose the coin to risks that compromise its overall security.
Due Diligence
Before listing NEIRO on the VirgoCX Platform, VirgoCX performed due diligence on NEIRO and determined that NEIRO is unlikely to be a security or derivative under Canadian securities legislation. VirgoCX’s analysis includes reviewing publicly available information on the following:
- The creation, governance, and location of NEIRO and/or its primary development team;
- The supply, demand, maturity and liquidity of NEIRO; and
- Legal and regulatory risks associated with NEIRO.
Statutory Rights under Securities Legislation
VirgoCX is offering Crypto Contracts on crypto assets in reliance on a prospectus exemption contained in the exemptive relief decision Re VirgoCX Inc. dated May 30th 2024 (the Decision). Please be aware that the statutory rights in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under the securities legislation of each other province and territory in Canada do not apply in respect of the Crypto Fact Sheet to the extent a Crypto Contract is distributed under the prospectus relief in the Decision.
Further Reading
To learn more about the technology behind NEIRO, check out these in-depth resources here:
- The official site of NEIRO
- Coinmarketcap’s overview of NEIRO
- Coingecko’s tokenomics overview of NEIRO
- Coinbase’s overview of NEIRO, along with the relevant news and blogs related to NEIRO.
Comments
0 comments
Article is closed for comments.