What is NEO?
NEO is the first Chinese blockchain-project with open source, launched in August 2017 by developer Da Hongfei. But the history of the project began 3 years earlier.
In 2014, Da Hongfei created the blochain company OnChain in Shanghai and launched a cryptocurrency project called AntShares. OnChain’s main task is to create a new financial system that unites the real and virtual economy.
Because of the emphasis on smart contracts, ANS was even called the Chinese Etherium. Inspired developers decided to take a desperate step – complete rebranding. They wrote new technical documentation, updated the nodes, changed the site and conducted a large-scale ICO to raise funds for the launch of the updated and improved ANS.
In September 2016, the world saw NEO – a new cryptocurrency, capable, according to the creators, to surpass even Ethereum.
How does NEO Work?
In OnChain stated that the main goal of the company is not to issue another crypto currency, but to create a new model of economic relations between people. They call it Smart Economy and distinguish three main components: a platform for executing smart contracts, digital assets and digital identification. All of them are implemented in NEO technology.
For example, you can digitize documents for real estate and sell it for cryptocurrency, without involving legal or other intermediaries in the transaction.
The developers emphasize that with the help of NEO it is possible to digitize and change different assets: gold, car, houses, etc.
NEO is, above all, an innovative economic project, and its token is a tool for implementing the idea of an integrated economy.
The Main Advantages of NEO
Excellent technical capabilities. The platform uses its own virtual machine NeoVM, which allows you to quickly launch even the most complex contracts. The theoretical bandwidth of the network is 10,000 transactions per second
High reliability. NEO has an enhanced dBFT protocol that effectively protects the system from most known cyber-attacks.
Easy to write smart contracts. Unlike Ethereum, which uses the exceptionally complex programming language Solidity, NEO supports Java, F#, C#, Kotlin, VB.Net, Microsoft.net, Go and Python.
Simple mining. Mining does not depend on the technical capacities of the miner.
Does NEO have problems?
Of course, it has.
Users have two main claims on NEO – lack of anonymity and pseudo decentralization. According to the developers, the exchange of digital assets cannot be anonymous – all transactions must be open and transparent.
OnChain has direct access to the transaction history and can quickly track any transaction. Developers control more than 60% of all NEO blockchain-nodes.In future, OnChain plans to cooperate with state structures and the Chinese government.
Is It Worth Investing in NEO?
Although many users are unhappy with the OnChain policy, most experts agree that NEO is a very promising cryptocurrency with a brilliant future. Why?
- NEO offers innovative technical solutions that make the use of the platform more convenient.
- NEO implements the technology of smart contracts, in which many see the future of the whole blockchain.
- Corporations with a worldwide reputation are investing their money in NEO: Microsoft, Alibaba, HyperLedger, LegalChain, Wings, etc.
- According to analysts, OnChain has every chance to make NEO an official currency in China. And this is one of the largest cryptocurrency markets in the world.