What is NEO?
Previously known as Antshares, NEO appeared in 2014, rebranding in July 2017. NEO is a large-scale blockchain project whose main goal is to create a new economic system.
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NEO uses blockchain technology and digital identification for several purposes.
Automatization of digital asset management processes using smart contracts
Implementation of a “smart economy” with a distributed network
NEO aims to become a “bridge” between the real and virtual economies, which operate on the basis of smart contracts. This cryptocurrency is often called "Chinese Ethereum."
How does NEO cryptocurrency work?
NEO system includes:
- dBFT - Delegated Byzantine Fault Tolerant protocol
- NEO Contract - A mechanism for creating smart contracts using different programming languages
- NeoX - System which provides cross-chain compatibility
- NeoFS - A decentralized storage
- NeoQ - Cryptographic mechanism for protecting against quantum computers
The main difference between dBFT and Proof-of-Work or Proof-of-Stake is that it doesn’t allow creating parallel branches on the blockchain or canceling transactions after verification, thus making the network more secure.
The principle of the algorithm is that token holders delegate to ‘bookkeeper’ their rights to confirm transactions and create blocks. The Bookkeeper is a group of nodes responsible for achieving consensus on the network. Voting is conducted in real-time. The Bookkeeper includes only token holders who have verified their identity (registered under their real name and provided documents). The ecosystem uses its own digital identification technology, providing a high level of security and protection, but excluding anonymity.
At the moment, the transaction speed in the NEO blockchain is 1000 tps, but developers claim that the potential is 10,000 tps after the protocol optimization.
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The Neo cryptocurrency smart contract system is called NeoContract and runs on a NeoVM virtual machine. Unlike the Ethereum virtual machine, NeoContract is very “light”. In addition, it is very similar to the JVM (Java Virtual Machine). Due to its lightness, NeoVM can execute all smart contract instructions in real-time without delay. In the near future, its functionality will be expanded through the integration of some JVM options (with possible potential to achieve a network speed of 10,000 tps).
A significant positive of using NeoVM is that developers can create smart contracts in multiple languages, including popular languages: C#, VB.Net, F#, Java, Kotlin и Python. This is a significant advantage of Neo cryptocurrency.
NeoContracts are highly functional due to the compatibility of NeoVM with digital identification services, cross-chain systems, and distributed storage protocol. This allows developers to achieve unlimited opportunities and create very difficult dApps. New projects comply with the NEP-5 standard token.
NeoX protocol provides cross-chain compatibility.
NeoFS is a distributed storage that provides maximum security. Large files are divided into separate, fixed-sized parts and sent for storage to different nodes.
NeoQS (Quantum Safe)
NEO Developers take care of the future of the Neo ecosystem and have created a mechanism for protection against quantum computers called NeoQS (Quantum Safe). Today, the quantum “threat” is irrelevant for technologies based on the RSA and ECC open source algorithms. However, Neo developers are thinking not only about today but also about the future.
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Claim NEO Gas and NEO mining
Cryptocurrency Neo has a special token system. The main token/asset is NEO. It’s indivisible; the minimum unit is 1 NEO. NEO is used to vote and is also required for mining the second type of token: NeoGas. NeoGas is used to launch smart contracts and pay commissions within the network.
All NEO cryptocurrency coins were issued immediately, using the premine. The total emission is 100 million NEO. Emission of NeoGas occurs through PoS mining - a certain amount of GAS is “released” when each block is generated. A total of 100 million NeoGas will be created. The last NeoGas will be mined in 2039.
By storing NEO in your wallet, you can receive Neo Gas tokens (please note: for storing NEO on the exchange wallet, you will not receive NEOGas).
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