Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital. NEO is one of the top cryptocurrencies in the world. This coin managed to capture the imagination of the Asian markets, even during times of regulatory uncertainty. Today, the NEO ecosystem is more vibrant than ever thanks to the hard work of developers and participation from the community. NEO is a non-profit community-based blockchain project that entered the market to provide Dapp developers with an easy-to-utilize platform.
Specifically, NEO is an open-source blockchain and cryptocurrency. The name is appropriate when you consider that the platform is seen by many as a newer and younger version of Ethereum. Interestingly, the Chinese government has embraced the project, even after shuttering exchanges in the country. The firm is one of only a select few cryptocurrencies allowed to operate in China at this time. NEO seeks to tackle a multitude of issues facing the market.
Primarily, NEO is meant to act as a more flexible alternative to Ethereum. The company utilizes a philosophy that evaluates design choices on a multivariate spectrum. In this way, Neo can adjust its market approach accordingly. These options provide NEO with more use case scenarios for large scale adoption in both the commercial and governmental sectors. The NEO blockchain can accommodate a wide variety of digital assets.
For example, the network features full support for blockchain assets, digital identity, and smart contracts. The platform can support decentralized apps dApp of all types, tokenization of real-world assets, and initial coin offerings. NEO is a public platform that also leverages the Onchain network to create an optimal governance scenario.
Onchain was founded in in China. This private blockchain company is best known for its focus on government and large enterprises. This protocol simplifies the creation of public and private blockchains. NEO utilizes a two-tiered system to provide the network with more flexibility for users and developers.
In total, the firm will issue million of each token. There are currently 70,, NEO in circulation. This crypto represents a share of ownership in the NEO blockchain. This crypto also plays a role in governance. It allows the community to create blocks and manage the network.
Interestingly, NEO has indivisible units and cannot be divided like other coins such as Ethereum. The reasoning behind this decision is that each coin is meant to act as a single share in the NEO blockchain. Just like stocks, these coins cannot break down into smaller units. This token was formerly known as ANC- Antcoins. Developers use GAS for transactions in the network. Additionally, users receive rewards in GAS tokens. The network automatically reduces the number of rewards per block after two million confirmed blocks.
Users have options with GAS. In this way, GAS pricing remains decoupled. NEO provides developers access to a powerful virtual machine that simplifies the most critical components of smart contract programming. The network allows smart contracts in C , Java, Python, plus a wide variety of other coding languages.
In this way, the network can accommodate developers from across the industry. In this mechanism, there are certain nodes known as Bookkeepers. These digital accountants do the actual block verifications. The data is broadcast on the blockchain.
The dBFT consensus mechanism is fast, really fast. It can handle more than 1, transactions per second. In comparison, Bitcoin handles around six transactions per second tps. Ethereum can handle a whopping 12 tps. Impressively, NEO seeks to push its tps rate to new heights with their next upgraded.
The goal of the update is to take the network to an insane 10, transactions per second. In May the developers behind NEO proposed a major upgrade to the network. The upgrade would introduce a new governance model. The new strategy enables coin holders to vote for a committee of 21 governing members.
These members hold the responsibility of representing the community. Due to the extent of improvements being implemented in the N3 update, certain features are not backwards compatible with the existing Neo legacy blockchain, therefore the N3 updates will be implemented through a new genesis block.
In the following year, it was open-sourced on GitHub and by September , the white paper was released. Neo was officially rebranded from Antshares in June , with the idea of combining the past and the future. These tokens will be used to vote on system upgrades, identity verification mechanisms, and other governance issues on the Neo platform.
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NEO was founded as AntShares by Da Hongfei and Erik Zhan in China in and was rebranded as NEO in June It is a blockchain-. NEO, the coin of the China-based crypto ecosystem, has risen 3% today (16 March) hinting that it may have bottomed out on its long bearish trend. Features the NEO USD price, real-time (live) charts, NEO news and videos. Learn about NEO coin, NEO price, crypto trading and more.