Neo is a software network designed to serve as a platform through which anyone can sell decentralized products and services. Neo is sometimes called the “Chinese Ethereum” because it shares as many functions as more popular similar products, such as the ability to write decentralized applications (dapps), predicting markets, and fanning social networks.
In addition, the Neo network provides its users with many other functions, including a decentralized file storage system, identification system, and an Oracle system for providing external information (such as price data). Neo uses a unique governance system called the Byzantine Delegation of Tolerance (DBFT) as a consensus method for the computers running their programs. Its blockchain operations are centered on two local cryptocurrencies, NEO votes on protocol changes and GAS fees for the network. Users who want to learn about the current development of new products can follow their official blog for detailed information.
What is NEO?
NEO was founded in China in 2014 by Da Hongfei and Erik Zhan and was renamed NEO in June 2017. NEO is a blockchain-based platform that supports the development of its cryptocurrency, digital assets, and smart contracts. In that sense, it is like the Ethereum blockchain network in the United States. The ultimate goal is to establish a network-based intelligent distributed economic system.
NEO theoretically describes its smart economy system (digital assets + digital identity + smart contract = smart economy). The assets on the NEO blockchain can easily be digitized in an open, decentralized, credible, traceable, transparent manner, and do not require intermediaries and their costs.
Users can register, buy, sell, exchange or trade different types of assets. NEO’s platform allows physical assist to be linked to equivalent and unique digital avatars on its network. NEO also supports asset protection. These assets registered on its platform have been verified, and their digital identities are protected by law.
Digital identities provide basic, verifiable information about individuals, organizations, and other entities in the digital environment. Smart contracts allow transactions and agreements to be executed between different parties without any legal system or central governance mechanism. The performance of such contracts relies on network programming code, and encryption allows traceability, transparency, and stability of transactions.
NEO supports two cryptocurrencies, NEO and GAS. It supports programming in all major languages, including C#, Java, Go, Python, and Kotlin, making it easy for a large developer community to contribute to its platform. NEO and other standard blockchain platforms maintain a clear distinction in terms of regulatory compliance. Although digital assets and smart contracts are common on other blockchain platforms such as Ethereum, his so-called “digital identity” is the third major feature that makes NEO unique.
Every individual, company, or other entity operating on the NEO platform must have a unique and verifiable digital identity. Only when the other party has the necessary identity for NEO to meet the regulatory requirements, can people, enterprises, and projects choose to conduct business with the other party. It may also be necessary to define different nodes on the NEO network before contributing to transaction verification and other activities such as accounting and bookkeeping.
Is NEO a good Cryptocurrency?
According to the price predictions for the next few years, NEO cryptocurrency is a good investment. Although most forecasters believe that the coin will not rise above $1,000 in ten years, there may be a sharp upward trend over the years.
Who owns NEO?
Founded in China by Da Hongfei and Erik Zhan in 2014, formerly known as Ant Shares, it was renamed NEO in June 2017. NEO is a blockchain-based platform that powers its cryptocurrency and enables the development of digital assets and smart contracts.
Is NEO better than ethereum?
NEO can process approximately 10,000 transactions per second, while the Ethereum blockchain currently supports approximately 15 transactions per second. It can be clearly seen that there is a big difference in transaction speed. Although Bitcoin and Ethereum are difficult to gain momentum, NEO offers a good choice.