Added: February 1, 2018
NEO is a non – profit blockchain that uses the blockchain technology and digital identification for digitization of assets to automate the management of digital assets, smart contracts, and to implement the “smart economy” with a distributed network.
Founded in 2014 as Antshares and renamed to NEO in July 2017.
While Antshares focused on digital assets, rebranding Antshares for NEO also shifted the company’s focus is on smart contracts. The project team seeks to transform the traditional economy to the so-called “smart economy”.
According to the website the name NEO comes from the Greek prefix “νεο”, which means “new”, “modern” and “young”. For the project team, the old word with the value of youth leads to “sensation gateway that leads us from the physical world to the digital.”
According to the website , three things will be the Smart Economy:
- Platform for smart contracts
- A new model of digital assets
- Structural identification structure based on the blockchain
Features and usage
The project supports different types of digital assets and users can do such things as check-in, delivery and exchange of assets as necessary in Notepad, NEO.
The project supports the digital certificates that ensure trust, providing legal protection for assets that are using the platform NEO.
Using NeoContract, allows developers to develop smart contracts without learning a new programming language and instead use more familiar, such as C #, Java, and Go.
“The mechanism of the superconducting trade” allows you to exchange digital assets and currencies in p2p without any involvement of a third party.
Lightweight virtual machine , Virtual Machine Neo (NeoVM), provides fast startup time and execution time.
Theoretically, the technology deterministic technology challenge project provides an OS NEO without scaling.
The platform will allow for the exchange of assets and smart contracts in different combinations.
The NEO system includes:
- Delegated virtuoso algorithm of fault tolerance (DBFT) is a consensus mechanism (instead of the traditional proof of work / stake), which allows the system to confront the problem of the Byzantine generals and supported the consensus, even if some nodes are malicious intentions
- NeoX – the system will create the ability to perform and manage the various block chains
- NEO Contract Is a mechanism for the creation of smart contracts without problems in scalable, high-performance environments that integrate existing code base (e.g., C #, VB.Net, F #, Java, Kotlin)
- NeoFS is a service that allows decentralized storage (e.g. peer-to-peer connection Dropbox)
- NeoQ is a Cryptographic mechanism based on lattice, which creates problems that cannot be solved by quantum computers and ensuring the quantum-proof
How NEO differs from Ethereum?
The platform supports many additional code bases (e.g., C #, VB.Net, F #, Java, Kotlin), while Ethereum has its own proprietary language called Solidity,which requires developers to know that before any development can occur. This means a longer learning curve and barrier to entry that will prevent a number of developers that may enter the ecosystem.
Critical problems and shortcomings
NEO essentially has 100% of the pre-production and proof of the model of shares, which allows users to gain extra coins (in GAS), keeping them in your wallet. NEO “distributed” coins event via crowdfunding, which allows people to invest, but platforms around still making money from the sale. Since there was no production and only the token, it greatly centralizes the distribution.
Strengths and opportunities
Platforms around has a subsidiary company OnChain, which is “man created in the financial services industry”. Currently he is also working with the government of China and Japan along with large corporations, including Alibaba.
The platform is considered more open public cloud model with open source, which will be separate from OnChain, but can also be interconnected, in terms of functionality cross-chains, as we will see more with NeoX.
GAS rewards you for hosting NEO
Like the “ether” from the Ethereum employed as fuel for use, ecosystems, GAS performs a similar function. The difference with NEO is that GAS has got its special status as a token. (Like tokens Steemit, STEEM and Steem Dollars, SBD).
GAS is proof of the bet, as the incentive that is created with each new block NEO. The release will entail 8 GAS on block reduced by 1 each year (so 2 years will be GAS 7, year 3, 6, etc.). This will continue until, until you made 100 million GAS, after which no more will be produced GAS.
NEO produces GAS holders that are required to use the network and services. This, apparently, would have created pressure on the demand as it is used for ecosystem, which is good for holders. The more projects use the network NEO, the greater the demand for GAS markers.