HOW DOES NEO WORK?
WILL 2020 SUCCEED FOR NEO?
REVIEW ALL ASPECTS..
How will the year 2020 pass for NEO?With the impact of blockchain developments in China, 2020 could be the Year of neo, according to analysts...
The NEO, which broke the all-time record at $ 200 in 2017 and is known as the Chinese version of Ethereum, still remains popular among investors. Looking at the current ranking, Neo is 19th in terms of market volume. it appears to be the largest cryptocurrency.
Could NEO be the winner of 2020?
Developments in China are further affecting cryptocurrency markets as Chinese President Xi Jinping describes Blockchain technology as “an independent breakthrough for independent innovation.""In addition, China-based currencies performed best in the cryptocurrency market, which gained nice momentum with this statement. Notably, NEO broke away from its long 4-month stable streak, rising from $ 7 to $ 12. After the upward trend in neo continued for about 2 more weeks, the decline began again.
But despite the gloomy market outlook, there are analysts who think Neo will do well in 2020.
Neo's 2020 Roadmap
About a month before that, Ledger confirmed plans to develop the next generation of internet with the Chinese blockchain platform NEO. Neo's Global Development CEO Hongfei made the same remarks.
On the other hand, the road map he has drawn for NEO 2020 is as follows:::
Discussion and design of the neo3 management model will continue.
The unified oracles consensus mechanism for Neo3 will continue to be developed.
Parallel verification of signatures will be reviewed.
The portability of RPC modules, the creation of GraphQL and Restful plug-ins will be examined.
The development of the NEO-Celer SDK will be completed.
The design details of the Neo3-GUI front-end development framework will be completed.
Ecosystem wallets will continue to be tested.
Maintenance of the official website will be continued with an additional blog section and technical documentation search functions.
In addition, in his latest vlog, renowned investor and analyst Alessio rastani pointed out that Neo could be the best-earning cryptocurrencies in 2020.
NEO next generation smart economy platform
(formerly Antshares) means new and Young in Greek. NEO gained attention by experiencing an epic and surprising increase in speed. Still, when you dig deep, there seems to be a lot to discuss.
Is the so-called" Chinese Ethereum " meeting NEO expectations?
Law as law
Let's talk about smart contracts first. According to black's Dictionary of law, this is a contract “ " agreement that provides unity of Thought on whether or not to do a particular thing."That sounds simple enough, doesn't it? While contract law is a deep rabbit hole in which many have dedicated their lives, there is now only one key, the programmed code.
In the United States, the esign law came to Federal recognition in 2000, which approved the use of digital signatures as a legally binding structure. In China, a similar contract law and legal use of digital signatures came into force in 2007. This means that the legal system now serves as a bridge to the digital sphere, creating many virtual opportunities.
Meet smart contracts-a digital, unlimited and relatively less secure new way to interface two or more parties.
Contracts govern an agreement between two (or more) individuals and / or parties. If X occurs, Y is given. If X does not occur, z is referenced here. This means that“ if-then-else " statements can easily be formed around traditional contract law and provide the basis for code-building.
Digital keys and signatures are new pens that use their own digital code instead of ink in contracts. The contracts are now being arranged to be compatible with the next generation of platforms such as NEO.
Includes NEO system:
Delegate Byzantine Fault Tolerance (DBFT) algorithm-this is a system that attempts to compromise even with malicious nodes rather than the traditional proof-of-work system.
NeoX-this system will create the ability to run and run across various blockchains
Neo convention-using existing code bases (e.g. C #, VB.Net, F#, Java, Kotlin) is a seamless intelligent contract generation mechanism in integrated scalable, high-performance environments.
NeoFS-this is a service that allows decentralized storage (similar to peer to peer Dropbox)
Neoq-is a lattice-based encryption mechanism that creates problems that cannot be solved by quantum computers and allows them to be quantum-proof.
Why is Neo referred to as China's Ethereum?
NEO is positioned as a "public cloud" and is a big part of the Chinese government's plans to gain the upper hand on the Blockchain platform. They want developers to use their tools and platforms in general and improve the ecosystem.(As we saw in the Zion City team.)
Sleeper giant Onchain has been named “one of China's top 50 Fintech companies " by KPMG. NEO is a public cloud, but the system used by OnChain and other large organizations is a public cloud. The goal is for Onchain to be the blockchain of Microsoft or Apple. Their team is the first Chinese team to produce DNA. (Distributed Networks Architecture). It supports DNA applications, supports cross-chain interoperability, and can integrate with traditional business systems and networks.
"Our vision is to make Onchain a truly universal Blockchain framework. By taking advantage of different plug-in modules, the framework can be applied to a public chain, a consortium chain, and even a private chain. The cross-chain adapter module currently under development creates interoperability between these different chains. ”
Da HONGFEI, co-founder of NEO and Onchain
Partnerships with the Japanese Ministry of Economy, Trade and Industry also include enterprise-level blockchain-based email for Alibaba's Ali Cloud.
What does this mean?
Finally, there is an opportunity for interoperability between both the NEO and Onchain networks, which provides unprecedented access and availability for both networks.
Neo's differences from Ethereum?
NEO uses Ethereum's own proprietary language called “Solidity”, but has many additional codebases that require developers to learn before any development (eg. VB.Net, F#, Java, Kotlin) supports. This means a longer learning curve and barrier to entry, which could hamper the number of developers who can enter the ecosystem.
Criticisms and weaknesses
Since there was no mining and only coin issuance, distribution was largely centralised.
NEO was divided into two groups: 50 million of which were sold through crowdfunding (and given to early contributors), 50 million of which were kept “to be managed” by the NEO Council.
The" lockout " period ended on October 16, 2017, releasing funds to be used for development and other purposes:
10 million goes to NEO neo developers and NEO Council members
10 million neo scosystem distributed to encourage developers
15 million NEO invested in other ancillary Blockchain projects used by NEO
15 million reserved for neo "possibility" ”
Some might think that these millions of Neo are in the hands of developers, pouring them into the market and other actions that could affect the price or morale of the economy.
Also, some of the areas mentioned above are somewhat ambiguous, and it can be difficult to discern whether funds are taken to these exact parameters. (This could change as the project develops.)
In addition, like all cryptocurrency initiatives, there must be an adopted network effect for everything to happen in the long run. Despite all the hype and potential this initiative offers, NEO has yet to fully participate in the level of developer use.
Neo's strengths and the opportunities he has
Neo's sister company, Onchain, is already referred to as “made man” in terms of the financial services industry. It also currently works with the Chinese and Japanese governments along with major companies including Alibaba.
Gas rewards you for neo
Similar to “ether” with Ethereum working as fuel to use the ecosystem, gas also functions similarly. The difference with NEO is that gas has distinctive status as an icon. (Similar to Steemit tokens, STEEM and Steem Dollars, SBD).
NEO manufactures gas for use in NEO Network and services. This will probably create the pressure (demand) uptake used for a good ecosystem. Gas markers are increasing as projects using Neo network increase.
So, " smart economics is the next generation"”
That's hard to answer now. We know that digital signatures and therefore contracts are legal. Creating this system on a legal basis is a great start. The question is: "are people really using the system and are there enough demand?"should be.
However, the team is making big moves to gain deep roots across the Asian continent and beyond (as seen in western regions). Developer-oriented architecture, New developers, projects with faster learning curves…
Asian markets, such as China, Japan and many other countries, are quietly becoming powerhouses in the blockchain and FinTech industry.
Time will tell if Neo is one of them. Review