About Neo
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NEO is a Blockchain Platform, Cryptocurrency and Network for decentralized applications or Dapps
based in China. A network like Ethereum is inspired by it, but there are a few technical differences, which we will explain below.
NEO is designed for what the creators call the “Smart Economy”, which brings together digital assets, digital identities and smart contracts in a seamless ecosystem.
Who invented NEO?
Da Hongfei and Erik Zhang started Neo. The group is already involved in Shanghai-based blockchain research firm OnChain. They decided to create their own blockchain in 2014.
What does NEO promise?
Like many other cryptocurrencies, NEO uses blockchain technology to create an automated digital asset that can be managed, tracked, and stored. Although it fell into the public domain in 2015, the project quickly generated a lot of interest.
The reason for the sound is that NEO has the right to allow users to register, trade and share assets in the digital environment, and ensure that contracts are approved and protected by the laws of the land. Ultimately, digital assets will be treated like physical assets.
If you know anything about Ethereum and smart contracts, NEO works the same way. The difference between NEO coin and Ethereum is that NEO also solves the scalability problem and can provide the processing speed that blockchain needs to work in real life.
Smart contracts allow users to trade online and establish trust between parties to fulfill contractual obligations. When a smart contract is created on the blockchain, a digital signature is sealed that identifies both parties.
However, the smart contract developed by NEO is revolutionary. Unlike other blockchains, there is no need to learn how to use new software.
C#, Java and other popular programming languages are used by developers. This means that developers will be able to create smart contracts on the NEO platform much easier than on other platforms.
After that, NEO will be more popular among developers, and since it is open source, any company can get on board whenever they want. In addition, NEO also has a concept that the team calls Universal Lightweight Virtual Machine (NEOvM) which gives the platform the possibility of creating high scalability, reliability and concurrency.
In other words, millions of users can access the platform at the same time without crashing it. NEO also promotes the development of decentralized applications by allowing developers to use existing or emerging tools and systems.
This makes the platform strong for any business that wants to create digital business opportunities in the network.
How is Neo different from Bitcoin and Ethereum?
NEO clearly differentiates itself from other standard blockchain platforms by emphasizing regulatory compliance and development platform for decentralized applications. It also uses a different authentication mechanism from Bitcoin and Ethereum, called Delegated Byzantine Fault Tolerance (dBFT).
Is NEO a Good crypto?
Whether NEO is the right crypto depends on your risk tolerance, your cryptocurrency mindset, and what you want to use it for. It may increase profits, or it may not increase. NEO is designed to provide authorization and voting in the network, but also has market value.
Unique feature of Neo
Unlike some currencies, Neo is part of a larger ecosystem of smart contracts, distributed applications and other initiatives. Neo software features include decentralized storage, database management, and cross-platform collaboration, among others. Any cryptocurrency can be launched on the Neo network using the NEP-5 standard.
In some ways, Neo is similar to Ethereum, which also supports smart contracts and dApps rather than its own currency. But unlike Ethereum, which requires Ethereum currency to pay for transactions while Neo requires a second currency, Gas, to pay for transactions.
The future of NEO
Since NEO is compared to Ethereum, it is safe to say that the project has great potential.
Some commentators even say that Asian technology will succeed even more than the Europeans who challenge it. In fact, there is no difference between Ethereum and NEO.
However, one of the advantages of NEO is that the proof of stake agreement may be the highest at the moment. While Ethereum uses a proof-of-work, slow system that rewards miners for completing blocks, the NEO system rewards those who contribute NEO coins and perform administrative duties on the network to ensure proper operation.
Vitalik Buterin recently announced that the Ethereum blockchain is planning to move to “proof of stake”.
With Ethereum offering to create a new token that encourages people to dedicate computers to power, the NEO network has a runner. But NEO coins still have value – for now at least.
Blockchain runs on quantum computers, which makes it faster and more powerful than any other blockchain project. Again, this is something that the company will eventually achieve, but for the near future, NEO already has a starting point.
As mentioned earlier, developers can build applications faster on the NEO platform than on other technologies because it uses software they are familiar with. Therefore, adopting NEO may be the best option for many companies because there are fewer obstacles that will disrupt and delay operations.
When you consider NEO Coin’s features, it’s easy to see why the digital token is among the top 10 coins. NEO still has a lot to prove, but the company has already shown that it can deliver on its promises.
The NEO coin is not only turning the heads of investors and the cryptocurrency community, but the team behind the technology has awakened other blockchain projects to the fact that they need to improve their processes if they want to stay in speed.
