What is Neo (NEO)?

By December 15, 2019DApps
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NEO is both a cryptocurrency as well as a blockchain platform that is constructed to help a person to digitize his or her assets with the use of smart contracts. One of the goals of NEO cryptocurrency is to provide blockchains to all individuals in this world.

NEO features the ordinary programming terms, such as C++ as well as the Javascript. Since it has improved technology, you can expect that it is less susceptible to the potential hackers compared to the Ethereum. Another goal of NEO is to be one of the number one blockchain projects for the up-coming 2020.

The Development of NEO

  1. The NEO cryptocurrency and blockchain platform was presented by Da Hongfei as Antshares. Way back in June 2017, the Antshares was re-named to be NEO.
  2. NEO was developed by a very active development team that comes up with an impressive group of third-party developers as well as the excellent in-house developers that are in-charged to construct the platform. These developers are also the ones who will soon construct DApps or decentralized apps.
  1. For your information, NEO is a kind of blockchain algorithm that is different from others, which supports the digitization, identification, and decentralized commerce of different assets.
  2. NEO is also the one that incorporates the blockchain technology together with the digital identity. NEO is also the one that makes ways for the considered physical assets, such as company shares assets or money to be exchanged and digitalized through the NEO friend-to-friends manner.
  3. NEO has the goal of building a platform wherein the various decentralized apps are allowed to be built by the user that will make use of the smart contracts on the blockchains they have. it only means that the range of blockchain technology will be widened and increased.

When we say “smart contract,” it refers to the self-executing contract wherein the words of the agreement were all directly written into the code, which makes it do and bind away from the necessity of trusting various third-parties.

On the other hand, the smart contracts that you can found in the Ethereum are just only printed with the use of a language known as Solidity. The good news is that NEO has smart contracts that can be printed in various programming languages, such as Python, Javascript, C++, and many others. It only means that NEO can be accessed by many individuals easily and with convenience.

Instead of using the conventional Proof-of-Work Technology, this NEO cryptocurrency and blockchain platform makes use of the Delegated Byzantine Fault Tolerance (dBFT), which is a type of consensus mechanism. This dBFT will provide you with the lowest cost of electricity and gets rid of the chance for chain split. With the use of this consensus mechanism, NEO finds it much easier to achieve its goal which is to digitalize the physical financing assets of an individual.

DApps – NEO will also support the decentralized application construction, including the smart funds, through constructing various mature techniques and tools continuously.

Smart Contracts – the smart contracts system of NEO is considered ground-breaking since it supports the various programming languages, which are known to be 80 percent of developers. It only means that they are not required to know the new language to use NEO cryptocurrency.

Digital Identity – NEO will enable the production of electronic identity information that is suitable for entities, businesses, and individuals to be used by the multi-factor authentication systems that involve facial recognition, SMS, fingerprints, and voice recognition.

Digital Assets – the old assets that you have will be turned to be the decentralized digital assets with the help of the smart contracts.

How to Store and Purchase NEO Coin

Purchasing the NEO cryptocurrency with the use of a fiat currency is not supported. But, you can change your fiat currency to other types of cryptocurrencies, such as ETH, LTC, and BTC. In these days, NEO is listed for over 40 exchanges all over the world, wherein you can change your fiat currency, ETH, USDT, as well as the BTC into Indian Rupees or even Euro. The Top exchanges have Hitbtc, Bitfinex, Bittrex, binance and many others.

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