What is NEO: An Open Network For Smart Economy

By RFereru | CryptoStory | 21 Jan 2021


Initially created under the name AntShares, NEO is a blockchain and cryptocurrency platform founded by Da Hongfei and Erik Zhan in China in 2014. It was renamed in June 2017 under the name NEO.

This platform seeks to bring the blockchain to the whole world, automating the digitization of assets through smart contracts. NEO is looking to be the leading blockchain project this year.

NEO is based on the same design as Ethereum, that is, to exchange an asset between users, it is first digitalized (converting it to the corresponding token, for example, NEO), then a smart contract is created that is stored in the blockchain and then it executes the contract. But while Ethereum uses its own programming language (Solidity) to create these smart contracts, NEO allows the use of C#, Java, Javascript, or Python.

How NEO is created

The NEO network is based on two tokens: NEO and neoGAS (or GAS).

  • NEO has a maximum limit of 100,000,000 tokens and is used for block creation, network management ... NEO is based on 'proof of service', unlike other currencies such as Bitcoin which use 'proof of work'. That is, in NEO, its users are rewarded for the amount of NEO tokens they own.
  • neoGAS is the token with which users are rewarded each time a new block of the chain is created. This will occur until the moment when the limit of 100,000,000 tokens is reached, from which these users will win a part of the transactions.

At this point, it is necessary to indicate that in order to receive the neoGAS tokens, users cannot have their NEO tokens deposited in an exchange platform, but in a personal wallet.

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What are the advantages of NEO

As advantages we have:

  • NEO has one of the lowest fees in the blockchain system.
  • To avoid inflation, there is a maximum number of tokens that can be created each year.
  • NEO has investors like Microsoft or Alibaba
    Supports numerous programming languages for contracts.
  • NEO developers are in talks with the Chinese government for its implementation, which would open the market to millions of users.

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RFereru
RFereru

I am passionate about the world of software development, blockchain and cryptocurrencies. My hobby is photography.


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