NEO is an open source and decentralized cryptocurrency hailing from China. The network it runs on offers simplified coding of smart contracts and launching of initial coin offerings (ICOs), and is often called a next generation smart economy platform.
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what Is NEO
The NEO platform allows developers to create smart contracts and build decentralized applications (dapps) on it, similar to its competitor Ethereum. The project was founded by Da Hongfei in 2014 under the name of “AntShares” which was changed to “NEO” three years later. The NEO network uses two different tokens: NEO and GAS. NEO coins cannot be divided (to 0.5 NEO for example) - a behavior that resembles a company’s stock, for example. At the same time, the use of the NEO network and transaction fees related to dapps are paid for with the GAS tokens which one receives for holding NEO. In this sense, GAS can be said to serve a similar purpose as the Ethereum’s ether, with the addition that NEO platform gave its GAS the status of a real token.
NEO claims to offer easier and more accessible coding of smart contracts, as its platform supports a range of popular programming languages such as C++, Python or Java. This is in contrast with Ethereum that uses only the Solidity programming language. NEO’s broadening of accepted programming languages is an attempt to attract and support more developers.
Aside from the digitization of currency and deployment of smart contracts, NEO is also striving to digitize various types of real assets, such as real estate, to be managed as part of its “smart economy” concept. In practice, this means that physical assets can be represented as digital ones on the NEO network, while their ownership can be distributed among various owners.
Although the Chinese government has often spoken out against cryptocurrencies, NEO seems to be an exception. The company has attended a government-sponsored industry conference last year and is supported by important companies such as Alibaba.
As of November 2018, the coin market cap stands at USD 1 billion, down from its all-time high of USD 10 billion that it reached in early 2018. One hundred million NEO coins were created following the ICO which took place in 2016. Half of them were sold, while the NEO council manages the remaining 50 million coins from its pool. NEO coins are not mined but rather bought as the stake to be used with the system’s own Proof-of-Stake (PoS) mechanism. This mechanism is, in turn, based on delegated Byzantine Fault Tolerance (dBFT) consensus algorithm. At the same time, GAS tokens are used as the incentive for NEO holders for the generation of each new block on the network.
NEO Crypto News
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