The aim is to automate the management of digital assets with DailyCoin
NEO: a goal to automate the management of digital assets
- NEO is trying to establish itself as the cryptocurrency of choice in highly regulated China.
- It was founded in China in 2014 by Hongfei and Erik Zhan as AntShares before it was renamed NEO.
- The main goal is to automate the management of digital assets using smart contracts.
- NEO’s digital identity enables verifiable key information about participating individuals, organizations and other entities.
NEO is a rebranding of AntShares that Hongfei and Erik Zhan founded in China in 2014. The rebranding took place in 2017 and we have known it at NEO ever since. It’s a blockchain-based platform that supports its own cryptocurrency and even enables the development of digital assets and smart contracts.
NEO aims to automate the management of digital assets through the use of intelligent contracts and the creation of a distributed network-based smart economy system.
Origins of Neo
As mentioned earlier, this project had its roots back in 2014. When the original company, known as AntShares, wanted to create a blockchain platform, it wanted to have features similar to the ones mentioned above and even make them superior to doing smart contracts Process transactions, etc. Their goal was also to take the ability for interoperability and mitigation between public and private blockchain to a whole new level.
In April 2016, NEO published its white paper highlighting the benefits and technical aspects of delegated Byzantine fault tolerance.
That second goal ultimately made AntShares what it is today, known as NEO. In 2017, when this rebranding took place, they also implemented a clear roadmap to be followed and this took them to the top that developers wanted to reach. The company even began to develop closer relationships with the Chinese government and with companies across the Asian nation.
Origins of Neo
NEO is a really unique concept, albeit with a bit of a resemblance to Ethereum and TRON. The main difference to NEO is how it works. This is due to the fact that many aspects have been improved and taken to a new level in terms of security and scalability. Cryptocurrencies have had problems handling efficiently in the past. It was China’s first digital coin and is a direct competitor to the aforementioned blockchains. With NEO, developers can create both smart contracts and decentralized applications.
When you factor in the differences, NEO cannot be split which means you cannot do a 0.5 NEO broadcast. There is a second cryptocurrency that can only be used by the NEO community known as GAS. Keeping NEO coins in your wallet gives you GAS which you can use to conduct transactions within the NEO blockchain. GAS tokens can be used to pay transaction fees generated by applications within the network. NEO also has the advantage that developers can code smart contracts using C ++, C #, Java, and other popular programming languages.
DNA is the acronym for Distributed Network Architecture. This in turn forms the basis for an interconnected platform between digital services and other public or private blockchains that use the NEO ecosystem. Therefore, NEO’s primary goal is to enable every digital service to utilize the potential of its platform.
Over the years, NEO’s cryptocurrency and ecosystem have developed advances in terms of blockchain consensus protocols. The developers created a consensus protocol known as dBFT, or Delegated Byzantine Fault Tolerance. This is an algorithm that is a modified version of the BFT algorithm present in and Ethereum.
This enables a number of validators to be selected according to voting systems between nodes, which are executed in real time. Your goal is to select nodes that will create the block and confirm the transactions. Once these validators are selected, they can perform the transactions, confirm them and even generate the block that repeats this current cycle.
This means that NEO is a coin that cannot be mined.
Regarding the ability to use smart contracts in cryptocurrency, NEO is now using a virtual machine. This virtual machine is called NeoVM. It has a tool called NeoComplier that is used to translate code into the native language of the virtual machine. The code in question is that written by developers. This leads to a simplification of the intelligent contract creation. This is because developers don’t have to learn a new programming language to create them, as competing blockchains do.
It can also be customized for use in many different applications.
Next you have NEoQS, which was developed on a Lattice (OTC 🙂 Problems system and a mechanism based on the shortest vector problem, or SVP, and the closest vector problem, or CPV. In this way, a highly secure system is created and supplemented by the standard ECDSA in order to provide an even higher level of security.
Then we move on to NeoFS, a distributed storage system. Its main feature is that it is based on a homomorphic cryptographic system. The goal is to create a secure storage system with a high level of cryptography and little impact on performance. The operational structure can also ensure that the network can distribute the information completely and in a balanced manner. The aim of this is to make the most of its capacity and bandwidth, thereby maintaining a high degree of decentralization.
GAS is generated with each new block and used to pay for transactions within the platform. The initial amount of GAS is zero. With the increasing generation rate of new blocks, the total limit of 100 million GAS can be reached within 22 years.
In May 2020, the developers proposed upgrading the network and introduced a new governance model. This new strategy would allow coin holders to vote for a committee of 21 members of the government, who in turn would be responsible for representing the entire community. In this way, they are given the opportunity to vote on various changeable parameters in the blockchain and to decide on other changes to the network.
The proposal also suggested that those who vote for members could receive GAS rewards, which was an incentive for that participation in the governance program.
On the downside
- Neo focuses on regulatory compliance.
- The NEO platform serves as the basis for the onchain DNA concept.
- It is considered China’s answer to Ethereum.
The future of Neo
At the time of writing, NEO is valued at $ 37.69 on a trading volume of $ 544,052,330. That’s a solid increase from the $ 29 mark on Jan 19th.
This is due to the fact that NEO was the first open source project platform to be developed in China, as well as the fact that it has good relations with the Chinese government. Many experts believe that NEO has a bright future ahead of it as, for example, it is a solid competitor to Ethereum in a much broader region. NEO uses Delegated Byzantine Fault Tolerance (bDFT) for blockchain consensus, which is a modified proof-of-stake protocol.
NEO can be seen as an interesting investment as the project has been continuously developed. A continuous increase in value is expected. In fact, some investors estimate that its value could rise to $ 100 by the end of the year. Indeed, being a solution for China in terms of cryptocurrency support can bring tremendous value potential as well as a multitude of dedicated investors.
The project itself is also managed by a reputable team, with regular events, hackathons, communication with the owners and so on. This, in turn, leads to a steady increase in the popularity and confidence of NEO.
Then you have the release of NEO3, which aims to bring more interoperability to the sector and allow the platform to have more cross-chain functionality. In terms of tokenization, the upgrade will make it easier too, and the developers behind the project want to make it much easier and simpler to create and issue non-fungible tokens. This can be in the form of security tokens, stocks, art, cars, event tickets, etc.
Since cryptocurrencies are very volatile, you cannot accurately predict how the market could perform over the long term. In the short term, however, it has shown steady growth in value.
While Neo may be riding through some bumps along the road, most of the time you will see an increase in value.
Read on on DailyCoin