NEO was formerly known as Antshares and it was China’s first ever open source blockchain. It was rebranded as NEO in 2017 in order to revamp its professional image. NEO seeks to inspire the conversion of traditional assets into digital ones – this is achieved through smart contracts. The decentralization of these digital assets should grant users more control over their online identity when conducting transactions. Furthermore, it allows applications made using any programming language to be uploaded onto the blockchain. The cryptrocurrency has a well defined goal as it seeks to bring change to the way e-commerce is conducted.
The Founders of NEO
The founders of the blockchain system are Da Hongfei and Zhang Zhengwen (ICObench, 2018). The Secretary General of the NEO Council is Tony Tao. The founding company is Onchain – owned by Da Hongfei (ICObench, 2018). The system however combines the efforts of several developers and contributors. Since its inception, The cryptrocurrency has sought to connect businesses with clients and facilitate networking. Its aim is to be the place where people go to when they want to do serious and reliable transactions (ICObench, 2018).
NEO Functions & Advantages
NEO aims to facilitate the creation of identity information for individuals, business entities, and electronic (artificial) persons (ETORO, 2018). By using multi factor authentication mechanisms, digital identities in the form of fingerprints, voice recognition, and fingerprints can serve as identity information and be used in the execution of transactions.
The The cryptrocurrency token serves as the coin for this blockchain system. It is noteworthy that the NEO token is indivisible and its lowest value can only be 1 (ETORO, 2018). NEO also makes use of the GAS token which is divisible and was not pre-mined in the nascent stages. The GAS token is more commonly used however.
NEO’s Universal Lightweight Virtual Machine has the advantage of high concurrency (ETORO, 2018). It allows for applications to be manipulated in partial order without affecting the eventual outcome – this is especially beneficial to developers and users alike. This is because parallel tasks can be conducted reducing the time taken to execute it.
The blockchain system also possesses high scalability which is especially useful for smart contracts (ETORO, 2018). Given the team’s commitment to support the development of decentralized applications, the system has been designed to continuously improve its development tools and techniques.
Blockchain & Technology
The blockchain system makes use of smart contracts mounted on a platform which allows developers to upload applications made using any programming language. All mainstream languages such as C# or Java are applicable thanks to its Universal Lightweight Virtual Machine (ETORO, 2018). The machine thus allows for decentralized applications (DApps) to be uploaded onto the blockchain in addition to conducting transactions.
The NEO blockchain system combines digital certificates, P2P networking, superconducting transactions, cross-chain operability, and dBFT consensus technologies to manage smart assets within the confines of the law (ETORO, 2018). The digitized assets are decentralized and legally protected by digital certificates on the platform.
Investing or Trading in NEO
It is a good idea to invest in NEO since it has enjoyed a breakout after rebranding. The value of its token peaked in January 2018 after steadily rising by thousands of percentage points (ETORO, 2018). It continues to show promise by attracting partners even outside China. NEO therefore offers investors a good chance of boosting their investment portfolios.
It is becoming increasingly popular with investors as its decentralized platform guarantees stability. It is also reliable as there is significantly less latency and it executes up to 10,000 transactions hourly (ETORO, 2018). It combines blockchain technology, a distributed network, and digital identity to make digital assets out of traditional ones.
The cryptrocurrency is a regulated company operating within the confines of Chinese law (ETORO, 2018). The huge community of investors within its crypto circles is thus protected by trading laws. This therefore reduces any risk factor considerably.
NEO is a blockchain system that was previously known as Antshares. It rebranded in 2017 as a means of revamping its professional image. The blockchain system is tailored to change the way e-commerce is conducted through the conversion of traditional assets into digital ones. It combines blockchain technology with a distributed network and digital identity to digitize assets. These are then decentralized and open source code allows users to contribute data to facilitate the creation of identities for individuals, businesses, and electronic entities.
ETORO. (2018). Retrieved from https://bitcoinist.com/why-invest-in-neo/
ICO Bench. (2018). Retrieved from https://icobench.com/ico/neo/team