Neo is a smart contract development platform with the goal of enabling businesses to use smart contracts based on the blockchain legally, safely, and efficiently.
It is a rising star in the galaxy of cryptocurrency. To a certain extent, critics find similarities in technical issues to Ethereum, but their objective varies.
Ethereum works with a view to fulfilling the present demands of the developers, whereas, NEO is shaping itself and getting ready for the future.
It is sometimes referred to as the ‘Chinese Ethereum’.
History
The ancestor of NEO was called AntShares which was based in China and was launched in 2014. It was rebranded in June 2017 and continued their branding and advertisement in full swing. The founder of the project is Da Hongfei.
Aims and Objectives of NEO
NEO is a cryptocurrency and blockchain platform that encourages the development of digital assets and smart contracts. It utilizes blockchain technology and digital identity to digitize assets and smart contracts to manage them. It draws an outline of the smart economy with a distributed network.
Features of NEO
It is equipped with features that meet the demands of the present time. A complex consensus mechanism named delegated Byzantine Fault Tolerance is used by Neo. It provides security and secrecy for transactions and lessens the possibility of unethical activities by evil minds.
It is easier for developers to develop smart contracts as it supports nearly all programming languages like Java, Python, etc.
Smart Economy and Digital Identity
The smart economy is another name for the future economy. It involves smart contracts and the digitization of physical assets. Assets can move from hand to hand using smart contracts. The ownership of assets and properties will be secured by the blockchain using the proof-of-stake (PoS) algorithm.
Decentralization of authority will be the prime outcome of a smart economy. Irrespective of how smart the economy is, it will run under the surveillance of the government. Therefore, a digital identity is required to maintain its operations. A digital identity is a verified identity in digital form. It keeps the governing body responsible and accountable to the government.
Onchain
Erik Zhang along with the founder of NEO, founded this company. Being different companies, they share quite similar objectives.
Onchain’s DNA, Decentralized Network Architecture, in this case, is cooperating with the Chinese economy, and NEO works as the base of DNA. The development of both public and private blockchains is the main purpose of DNA. Then comes the turn of the NEO. It links those blockchains to the decentralized economy. Businesses running on those blockchains then enjoy the benefits of both private and public platforms.
City of Zion
Cozy (City of Zion) is an open-source community of workers, developers, designers, translators, and other well-wishers of Neo. Neo pays them for their services. This community has served by developing the NEON wallet, translating documents, creating an NEO block scanner, and in a lot more ways. Recently, NEO awarded $270,000 to the champs as part of their DApp competition.
Transaction Speed
The utilization of the proof-of-stake algorithm has added a new dimension to the speed of transactions. Using a proof-of-work algorithm, Ethereum could conduct a maximum 30 transactions per second, whereas this picture is totally different in the case of NEO executing a maximum 10,000 transactions per second.
Tokens of NEO
NEO has two tokens: NEO and GAS. Token NEO was previously known as Antshares (ANS). The amount of total supply is fixed at 100,000,000, and half of the total amount has already been circulated. Token GAS was formerly called Antcoins (ANC). Its maximum supply is also bounded to 100,000,000. As of December 2017, total supply was 10,457,112 and the amount circulated was 8,267,959.
NEO is proving itself as a newly born baby giant that is growing fast. Chances are, it will compete with Ethereum and bitcoin and rule the kingdom of cryptocurrency.
