The reasons why NEO's "smart economy" will be achieved
The reasons why NEO's "smart economy" will be achieved

By PVMihalache | Mind Puzzle | 16 May 2020


"Neo" comes from the Greek word "neos" and means new, fresh or young, and this is the whole concept behind the NEO platform. If you are a Matrix fan than you will also think at Neo, played by Keanu Reeves.

In 2014, NEO was launched with a single goal, to achieve a smart economy. NEO's aim of become a digital, decentralised and distributed platform for non-digital assets, through the use of smart contracts can be obtained by providing a digital alternative for asset transfers that are currently non-digital. The base asset of the NEO block-chain is the non-divisible NEO token which generates GAS tokens. A total of 100 million NEO were created in the Genesis Block. 50 million NEO were sold to early investors, with the remaining 50 million NEO locked into a smart contract. Each year, 15 million NEO tokens are unlocked which are used by the NEO development team to fund long term development goals. The smallest unit of NEO will always be 1 share, and this cannot be divided in the same way as other coins like bitcoin.

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The NEO ecosystem is similar to Ethereum, using automate storage and exchange of digital assets. The controversy behind NEO is the cooperation with Chinese authorities to achieve the ‘smart economy’ status. The company behind NEO, Onchain, is well-known in China for block-chain related projects, and worked with Microsoft on improving the legality of digital signatures using the transparency and immutability of block-chain technology.

Neo Foundation Financial Report for 2019 highlighted the numerous advances and increase in NEO protocols. Since the release of the Neo3 Roadmap in April 2019, progress in developing Neo3 protocols and key components such as NeoID, NeoFS, were achieved. Despite the slow start in 2020 due to COVID-19, the NEO Foundation upgraded the infrastructure and integrated services and created a smooth transition for dApps to Neo3.

In April, Neo delivered major improvements in architecture, performance, and security to Neo3 with the Preview2 release. In addition, work is underway to finalise the implementation of the new governance mechanism. With the new improvements, and the continuous development, the Neo ecosystem is rapidly growing and developing, thus enabling Neo to become the foundation for next-gen Internet.

The current price per unit fluctuates close to £8 ($10) but the £162 ($196.85) all time high from January 2018 and makes NEO an investment which can bring success in the future.

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NEO holders are granted with governance rights and voting option on potential changes to the network and the ability to generate GAS. The GAS Token  be used to pay for transaction fees. Holding NEO, generates GAS automatically, at a rate of 8 GAS per block with the construction of the block-chain. The rate of production is reduced by 1 token for every 2 million blocks generated which means around 2039, GAS circulation will reach 100 million and production will cease. 

GAS generation provides investors strong returns and security. GAS can be bought and sold on exchanges, however users typically buy NEO tokens, which represent their stake in the future of the platform. Unlike NEO, GAS can be divided. The current price per unit is £1.04 with an all time high in January 2018, close to £82.

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I invested little in NEO but I am planning to chip a bit more into it. I currently own 1.37 NEO ($13.77), which I bought with $10 so it's already making some profit. I will buy few NEO in the summer, once the market fluctuations resulted by the Bitcoin halving will calm done. b6877bcfc7daee90d947277ed89939239399ab0958b3c92b727f2c5a1465e165.jpegThe amount of GAS produced was small, only 0.27 ($0.34). However, when my investments in NEO will grow, the GAS production will improve.84fba427ffeb8e4b69366dd405c464f596945155fff2002189aaa77d02fd9fd1.jpeg

 

Special features and reasons why  NEO's  "smart economy" will be achieved

Digital identity is a key feature in Neo’s proposed smart economy. Maintaining a trusted link between digital and physical entities means that you should be able to follow abuse of the system right back to a legally-binding identity.

*Consensus will be obtained by using Delegated Byzantine Fault Tolarence (dBFT). Participants in the system are able to designate certain nodes as bookkeepers. A bookkeeper node must maintain a minimum balance of NEO and meet certain performance requirements. If consensus fails, an alternate bookkeeper is called and the process is repeated.

*NeoContracts and Timestamps. The NEO Project is aiming to solve one of the big obstacles on the cryto-world, easily and reliable reproduction of smart contracts across a network. Using NEO's smart contracts to  complete automate weekly payments to an employee or settle an account takes money tracking to a higher level. To provide consistent access to time data, Neo registers a timestamp to every new block that is generated. A new block is added every 15 seconds, so contracts can access the current time to within 15 seconds.

*Data Storage of NeoContracts can be privately, accessible only to the contract with which it is associated or in a global context, accessible to all of the contracts on the network. External data must be transferred to the Neo block-chain and passed on to these private or public data stores in order to be referenced by contracts.

*Superconducting transactions obtained by exchange transactions settled on the blockchain but order matching is handled off-chain by a central exchange, providing the efficiency of centralized exchanges with the security of a decentralized exchange. NeoX allows transactions to traverse blockchains. NeoFS allows large files to be divided and distributed across the network. Users can specify the level of reliability they expect of a file. Files with low reliability requirements can be stored and retrieved at minimal cost. For a higher fee, data can be stored on more reliable nodes. NeoQS(Quantum Safe) makes transactions resistant to attacks from quantum computers. 

Market prediction and forecast 

NEO makes a good option for a long-term investment. Wallet Investor, a renowned crypto prediction website, forecasted that by the end of 2020, NEO might reach 30.381 USD, and they believe NEO might reach $103.70 in 2025.

Coinswitch considers that NEO might plunge upwards, and by the end of 2020, NEO might be one of the top 10 cryptocurrencies in the world. Considering the scalability of the platform and its potential, by 2023, NEO may be one of of the most widely used cryptocurrency and might reach as high as $437 USD.NEO price would shoot high in 2030, as the NEO community might have grown manifold, increasing its users and adoption ratio. NEO  By then, the price per unit may also hit a new high. 

I failed with Bitcoin, I gained well with Ethereum, and currently HODL-ing Litecoin. NEO is the newest addition to my portfolio, and I am considering to invest with regularity because I believe this can be very profitable in long term.

Links and referrals:

NEO.ORG

Coinswitch predictions

 Residual income sources:

RateSetter

Football Index

Wallets

Binance

Coinbase

Atomic Wallet

Faucet:

Horizen (ZEN)

The Crypto Faucet (TRX)

Moonbitcoin.cash

Moonbit.co.in

Moonliteco.in

Free-Litecoin.com

MoonDoge.co.in

MoonDash.co.in

Freebitco.in

Bitfun.co

My author page: PV Mihalache

 


PVMihalache
PVMihalache

A.K.A. Sadu0ne on Twitter. Self-Published Author, Football Referee, Football Coach, Early Crypto Investor, Personal Trainer, Well-Being Guru, Open-Minded, Traveller, Social Media Enthusiast, and many more...


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