NEO is one of the best cryptocurrencies in the world. This coin has managed to spark the imagination of Asian markets even in times of regulatory uncertainty. Today, thanks to the hard work of the developers and the participation of the community, the NEO ecosystem is more alive than ever.
What is NEO
NEO is a non-profit blockchain project that was launched to provide a user-friendly platform for Dapp developers. In particular, NEO is an open source blockchain and cryptocurrency. According to the company’s whitepaper, NEO acts as a “distributed network for the intelligent economy”. In particular, NEO translates new and young in Greek. The name is appropriate considering that the platform is viewed by many as the newer and younger version of Ethereum.
Chinese support
NEO was China’s first blockchain project to be approved by regulators. Interestingly, the Chinese government accepted the project even after the formwork was replaced in the country. The company is one of the few selected cryptocurrencies currently allowed to operate in China. This support and the nationalist feeling behind the project have led many to refer to the project as “Chinese Ethereum”.
What problems does NEO fix?
NEO seeks to solve a wide variety of problems that the market is facing. First and foremost, NEO is intended to act as a more flexible alternative to Ethereum. The company uses a philosophy that evaluates design decisions on a multivariate spectrum. This allows Neo to adjust its market approach accordingly.
For example, NEO developers can decide which level of decentralization / centralization is best for a project based on the particular use case. You can also make similar judgments on other important issues, such as the level of on-chain / off-chain governance. These options provide NEO with more use case scenarios for large-scale adoption in both the commercial and government sectors
How NEO works
The NEO blockchain can hold a wide variety of digital assets. For example, the network offers full support for blockchain assets, digital identity and smart contracts. The platform supports decentralized apps (dApp) of all kinds, tokenization of real assets and initial coin offers.
Two heads
NEO is a public platform that also uses the onchain network to create an optimal governance scenario. The interoperability of the networks extends the reach of the platform to new heights. It also combines the communities of these projects to leverage developments across the network.
Onchain
Onchain was founded in China in 2014. This private blockchain company is known for its focus on government and large corporations. The platform is known for its DNA (Decentralized Network Architecture) technology. This protocol simplifies the creation of public and private blockchains.
Two tokens
NEO uses a two-tier system to give users and developers more flexibility for the network. The ecosystem is based on both NEO and GAS tokens. In total, the company will issue 100 million from each token. There are currently 70,538,831 NEO in circulation.
NEO token
NEO is the cryptocurrency of the NEO blockchain. This crypto represents a share of ownership of the NEO blockchain. This crypto also plays a role in governance. It allows the community to create blocks and manage the network. Interestingly enough, NEO has indivisible units and cannot be shared like other coins like Ethereum. The reason for this decision is that each coin is supposed to act as a single share on the NEO blockchain. Just like stocks, these coins cannot be broken down into smaller units.
NEO – CoinMarketCap
Gas brands
GAS is the utility token for the NEO network. This token was formerly known as ANC Antcoins. In the ecosystem, GAS works like ether in the Ethereum network. Developers use GAS for network transactions. In addition, users receive rewards in GAS tokens.
GAS generated at the rate of eight GAS per block. The network automatically reduces the number of rewards per block after two million confirmed blocks. Users have options with GAS. You can exchange GAS for other cryptocurrencies such as Bitcoin, Litecoin or Ethereum. You can also convert your GAS to NEO directly. In this way, GAS pricing remains decoupled.
Coding of smart contracts
NEO gives developers access to a powerful virtual machine that simplifies the key components of intelligent contract programming. For example, developers don’t need to learn a new coding language to use the platform. The network enables intelligent contracts in C #, Java, Python, as well as a variety of other coding languages. This allows the network to accommodate developers from across the industry.
consensus
NEO introduces the world to the consensus mechanism of Delegated Byzantine Fault Tolerance (dBFT). There are certain nodes in this mechanism known as accountants. These digital accountants do the actual block reviews. The data is transmitted in the blockchain. Only when two-thirds of the nodes on the network match the version of an accountant’s blockchain will a consensus be reached.
Byzantine Delegated Fault Tolerance (dBFT) – vtce
Faster throughput
The dBFT consensus mechanism is quick, very quick. It can process more than 1,000 transactions per second. In comparison, Bitcoin processes around six transactions per second (tps). Ethereum can handle a whopping 12 tps. What’s impressive is that NEO is trying to take its TPS rate to a new level with the next upgrade. The goal of the update is to get the network up to a crazy 10,000 transactions per second.
Governance upgrade
In May 2020, NEO developers proposed a major upgrade of the network. The upgrade would introduce a new governance model. The new strategy allows coin holders to vote for a committee of 21 members of the government. These members are responsible for representing the community. You have the opportunity to vote on various changeable parameters of the blockchain and other changes to the network coding.
The proposal provides that people who vote for these members will receive additional GAS rewards. This reward is a means of thanking members for participating in the governance process. The proposal says that out of the 21 government members selected, seven will also become consensus nodes.
As a consensus node, your responsibility extends to validating blocks. In addition, these seven members receive veto rights. To make a veto decision, the consensus nodes must get two-thirds of the support from the community.
History of NEO
NEO was launched as Antshares back in February 2014. This company was founded by two longtime blockchain enthusiasts, Erik Zhang and Da Hongfei. During this time, the actual cryptocurrency went under Antshares (ANS). In 2014, the two developers expanded their vision with the creation of Onchain.
In April 2016, NEO officially published its whitepaper. The paper highlighted the advantages and technical aspects of delegated Byzantine fault tolerance. At the time, this was the first Chinese-born consensus mechanism. As such, it received strong media coverage in the region.
In August 2016, NEO entered the market via an ICO. The event was a huge success as the project received more than $ 4.5 million in funding. These funds were used to further expand NEO’s strategy in the region. In September of the same year, Onchain established a technological strategic partnership with Microsoft. The agreement provided for collaboration on several projects.
In June 2017, Antshares was officially renamed NEO. The crypto also received its first U.S. support that year. The coin in particular was listed on Bittrex. In the next year, the digital ID platform VALID announced a strategic partnership with the company.
NEO3
A major upgrade was announced this year. The NEO3 upgrade will be the company’s largest to date. In addition to introducing the new governance models, the upgrade will bring more interoperability to the sector. In particular, the platform will receive more cross-chain functions. Developers are currently experimenting with these protocols. You have set up test networks with Bitcoin, Ethereum and Ontology.
Tokenization
The upgrade also simplifies the tokenization process. In particular, developers want to simplify the creation and issuance of non-fungible tokens. Non-fungible tokens are unique digital representations of an asset. Some examples of non-fungible tokens include tokenization of:
How do I buy NEO
NEO is not difficult to find in the market. Most of the major exchanges have NEO / Bitcoin trading pairs. To use these platforms, you only need to register for one account. Once your account is active, load it directly with fiat currency or bitcoin. From there, all you have to do is find the NEO / BTC trading pair. The whole process is quick and easy once you have completed your registration. With Paybis you can also buy it directly with a credit card.
How to save NEO
There are several ways to save your NEO. The important thing is that you only keep your crypto in a wallet that you can use to earn your GAS rewards. The NEON wallet is one of the best options for investors looking to earn their rewards.
What is impressive is that you can earn GAS rewards with a hardware wallet as well. The Ledger Nano S or the further developed Ledger Nano X can be connected directly to your NEON wallet. You can then send, receive, and receive your rewards from a secure wallet platform. In particular, NEON is not the core wallet for the network, but it has received unmatched community support and developer blessings.
Summary
Given NEO’s unique stance in Asian markets, it’s hard to imagine that this platform would only be successful. These developers are continually updating the network with NEO3, which is slated to be released in the coming months. Currently, NEO occupies a top position in the crypto market as one of the leading available Dapp development platforms.
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