NEO formally started in 2014 under the direction of the OnChain company in charge of the veteran in the world of cryptocurrencies Da Hongfei. The project starts with the purpose of research, design and development of blockchain technology.
Technology implemented
Digital assets, smart contracts and digital identity make up the concept of smart economy that NEO promotes.
In the first place, digital assets are conceived as a way of transforming them into electronic data for easy and free trade, generating high transparency and eliminating untrustworthy intermediaries.
Intelligent contracts, on the other hand, are developed under an environment of multiple programming languages, which is beneficial for developers who wish to quickly project their contracts.
NEO's smart contract system consists of three parts:
NeoVM - Virtual Machine of Universal Block Chain: is a lightweight and general-purpose virtual machine whose architecture is very close to the JVM and the .NET Runtime, similar to a virtual CPU that reads and executes instructions in the contract in sequence.
InteropService - Interoperable Services: used to load the ledger of the block chain, digital assets, digital identity, permanent storage area and other services.
DevPack - IDE Compiler and Plug-in: DevPack includes the high-level language compiler and the IDE plug-in.
Finally, the touch of digital identity, based on the X.509 standard used by NEO in its key infrastructure, generates trust in the multiple transactions carried out in its network.
Characteristics of NEO
This cryptocurrency has the particularity of using two tokens, in addition to other relevant qualities.
NEO, is the main token with approximately 100 million units.
GAS, is the second token of the network used for internal transactions and which results as a dividend for the amount of NEOs that are maintained, as long as they are in an official wallet that has the characteristic.
Both tokens are indivisible, this means that their acquisition is only done in round numbers (Example 1, 2, 5, 10) and although it is possible in some exchanges to buy fractions of NEOs, when withdrawing the funds to a wallet these must go in its entire form.
Unlike Bitcoin and other cryptocurrencies that use Proof of Work algorithm technology, NEO works with the Proof of Stake system or Proof of Participation giving greater power to vote to those users who have more units, achieving consensus in transactions when they are approved by more than half of their owners.
NEO in relation to other cryptocurrencies
Some of the characteristics of NEO make it very similar to the Ethereum cryptocurrency, placing it directly as its direct competition, and even positioning itself as its replacement due to the great factors and advantages that accompany it.
NEO as well as Ethereum are cryptocurrencies focused on intelligent contracts, ICOs and DApps (Distributed Apps), both have cryptoactives in their network, GAS in the case of NEO and Ether in the case of Ethereum, which feed their block chain. This with the addition that both are open source projects with an active community and great support.
What makes this project different?
The system used by NEO is the so-called Proof of Stake or Participation Test with tolerance delegated to Byzantine errors (dBFT) which in summary is the consensus of a transaction with the approval of more than half of the nodes that make up the network. This feature maintains a certain level of security in the network, preventing it from being infiltrated with malicious information by any other user, since this in theory would have to buy most of the supply to acquire the power of decision in the network.
The programming language for the development of intelligent contracts is something that makes a difference in the ecosystem of NEO. Developers interested in participating in the project will not have to learn a new language, but could easily use a customary one such as Java and C #.
NEO can also process 10 thousand transactions per second, something that not all cryptocurrencies are capable of doing.
Ways to acquire NEO as cryptocurrency
There is a great variety of Exchanges in which this cryptocurrency can be acquired, being the most popular Bitfinex, Bittrex, Binance, HitBTC, Cryptopia and Gate.io.
The choice of a wallet should also be done carefully, taking into account several aspects in consideration, since they exist in different versions available (Desktop, Web, Mobile and Paper) and not all have the same possibilities.
The ideal is an official wallet that allows you to store, receive and send NEO, as well as generate GAS in the form of a reward for storing the currency.
Among the most used wallets are NEON Wallet, Ledger Nano S, NEO Wallet, and Ansy.
NEO and its future in the market
NEO, has had great advantage in the Chinese market due to the interest of the government in promoting blockchain technology, which has involved the project in some of its official events.
We must remember that China adopts policies to benefit domestic companies, such as the increase of tax on the importation of smart equipment, which caused the impulse of local manufacturing devices or also the case of blocking social networks such as Facebook or Twitter what caused the rise of local social networks, so that NEO could benefit from this peculiarity of the Chinese government.
NEO is currently among the first 10 cryptocurrencies in terms of market capitalization, in 2017 experienced a huge growth of approximately 21,000% in relation to its initial value, its novel concept and the objectives set by the company make it undoubtedly a great option for investors.
Although its market is concentrated in China for the moments, it is very likely that it will gain ground at a great pace as it consolidates in the cryptocurrency market.
Links of interest
Official Website: https://neo.org/
White Paper: http://docs.neo.org/
Blog: https://neo.org/blog
GitHub: https://github.com/neo-project
Facebook: https://www.facebook.com/NEOSmartEcon/
Twitter: https://twitter.com/neo_blockchain
Reddit: https://www.reddit.com/r/NEO/
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