NEO: An Open Network For Smart Economy
What is NEO?
Asia is a significant contributor to the cryptocurrency market, not only regarding buyers but also in new cryptocurrency projects. Crypto projects are nowadays increasing rapidly. New projects are coming in the market than ever before, and one of them is NEO. NEO is developed in China, and it is commonly referred to as china’s Ethereum. NEO is referred to as smart economy blockchain solution.
NEO is a non-profit organization and is developed by ONCHAIN, an organization based in China. Dong Hongfei is the creator of NEO he is also the CEO of ONCHAIN. It is a community-based project which uses blockchain technology and digital identity to the digitization of the assets and to automate the management of the assets. It uses smart contracts with a distributed network to make this into a smart economy. NEO believes digital assets, digital identity, and smart contracts can create a smart economy.
NEO was originally known as Antshares ANS. It was rebranded as NEO in the summer of 2017. In Greek, NEO means young and innovative. NEO wants to build a smart economy where anyone in the world from anywhere can collaborate. NEO enables smart contracts to be written in many languages. It is an open source project. As it allows smart contracts, it can be used for financial transactions. NEO can also help in developing the decentralized dApps.
Basically, NEO is used for providing the commercial value in the virtual and real world in real time. And exchanges these values are as easy as sending the text messages. It can be done all over the world.
How it works
NEO is a blockchain platform that allows the use of smart contracts. So it can be used for financial transactions, like Ethereum. But it also supports the development of distributed apps (dApps) with more complex code. Well, it shares some functionality with Ethereum, but there are some key differences between these two that why it’s often referred to as china’s Ethereum. Ethereum only allows developers to code in their language, on the other hand, NEO supports all the traditional programming languages including C#, F#, Python, Java, Ruby, VB.net, and Kotlin. Now we know that NEO supports traditional languages so it would attract more users to their development platform.
NEO uses a Proof of stake algorithm to reach consensus between nodes. Multiple blockchains can be interoperable using NEO protocol. So as NEO can use multiple blockchains that means it would be convenient for users as they don’t have to switch to another blockchain. It has also secured a patent on interoperability on blockchains.
Digital assets can be seen as programmable assets that exist in the form of data. With the use of blockchain technology assets digitization can be highly smooth and transparent and decentralized. With NEO blockchain users will be able to register trade and circulate any type of assets. To use the NEO blockchain platform users need to confirm their identity in the form of digital identity. Digital identity is a record of identity if any individual or a corporation that exists in the form of electronic data. NEO digital identity system is based on the PKI X.509 standard.
The NeoContract is the name of smart contract system of NEO blockchain it allows users to integrate the existing developer ecosystems seamlessly. NeoContract will enable millions of developers to build their smart contract technology. Developers can use their favorite IDEs for development such as Visual Studio, Eclipse. NEO has its universal virtual machine called NeoVM which has certain advantages over other systems such as high concurrency and high scalability.
The Team at NEO
The NEO platform is developed by Onchain which is a company dedicated to the field of the blockchain technology. Dong Hongfei is the CEO of Onchain, and he is also the creator of NEO. Dong Hongfei and Eric Zhang co-founded the NEO. Onchain specializes in blockchain technology, industry solutions, and ecosystem construction.
A team of more than 20 developers on Onchain supports the development of NEO. They have two core developers with many contributions to the code. They also have some academic and technical advisors to support the development. Also, some code developers from the community also support the development.
ICO and Token
NEO has two tokens instead of one like everyone else. NEO and NeoGas are two tokens used on NEO platform. It was created with 100 million tokens, and these tokens represent the rights to manage the network. With this NEO community has voting rights for bookkeeping and also allowed to change NEO network parameters changes. NEO cannot be subdivided it has to be bought as a whole one token. And GAS is the fuel token for NEO network resource control. It has a maximum supply of 100 million in total. NEO blockchain network imposes charges for storage and operation of smart contracts and then creating incentives for bookkeepers thus removing the chances of abuse of network. The GAS tokens will be generated by using a decay algorithm in 22 years of the address holding NEO.
NEO tokens were divided into two parts during their first ICO. Fifty million tokens were for the crowd sale. And the other 50 million tokens were reserved for the NEO team for the long-term support of the NEO network.
NEO ICO information
Token – NEO
Price – $0.03 USD
Country – China
ICO start date – 8th August 2017
ICO end date – 7th September 2017
Token available – 50 million
Total supply – 100 million
Hard Cap – USD 28 million
The total supply of 100 million NEO tokens was divided into two parts first was 50 million was available for crowd sale. And from the rest 50, 10 million was reserved for NEO council and developers. Another 10 million tokens were reserved for developers in NEO ecosystem. And 15 million were for investment into new blockchain platforms built on NEO blockchain. And 15 million were retained for any type of contingency. And NEO council can use more than 15 million tokens in a year.
Road Map to the future
NEO has been the Ethereum of China and it has to enjoy the same success in China as Ethereum in the world. NEO has managed to make many strategic partnerships with many corporations in China. Recently NEO partnered with Bancor. Bancor is a decentralized platform for smart tokens which raised around 150 million dollars in their ICO in June. Binance a platform for digital assets exchange-listed NEO on its platform with Coindash. Binance and Coindash are planning to use NEOs smart contracts for future integration into their platform.
Microsoft also partnered with NEO to integrate NEO in their ongoing projects. Microsft will link NEO to its azure blockchain as a service. NEO is also working with the Chinese government to digitize their assets with the help of smart contracts. NEO will dominate the china’s blockchain industry as it has given some hints at their events and it is the only open source blockchain project in the china, so it has managed to leave a mark in the west also.