NEO, formerly Antshares, is a fully integrated digital asset, digital identity, and smart contracts. NEO supports identity management, flat gateways and byzantine consensus which create a strong distinction from other blockchains. It is said to be the Chinese answer to Ethereum. It creates a fully digitized economy which is transparent and safe, money laundering and any other underground dealings thereby become difficult. It functions similarly to Ethereum but both platforms have significant differences. It was launched as Antshares but was renamed NEO after a series of upgrades was made to the Antshares platform. NEO formed a very powerful platform offering massive growth opportunities for both investors and programmers. NEO uses E-Contracts which is the use of multi-sig contract making it complicated with asset transfer requiring legal documentation.
NEO is very different from other blockchain cryptocurrencies. The distinction is based on the versatility of the NEO platform. NEO differs from Bitcoin by allowing programming and is quite simple from Ethereum as it is easy to learn and understand, and covers a majority of programming languages. NEO is compatible with java, C#, .Net and must just be supporting Python, Go, and others in the near future. This complexity allows the NEO blockchain to support a complex array of programs and apps.
NEO works within the framework of government control rather than reject the overall control of the government. The openness of NEO to work under government does not compromise the freedom and autonomy of its users. With the ease of learning and diverse compatibility, NEO might just overtake Ethereum in the future. Since NEO is not based on a proof-of-work mechanism, no mining is required. The Ether-gas-system is used on the NEO platform for production and continuation while protecting the environment from the consumption of energy.
NEO recognizes the fact that ecosystem is the vitality of an open source community. NEO has a commitment to development within the ecosystem, improving document development, conducting educational and training activities. The main goal of such commitments by NEO is aimed to achieve a goal of an intelligent economic network. NEO incorporates two native tokens in its platform namely NEO and NeoGas. NEO, represents the right to manage the network while NEOGas utilized when realizing the resource control of the NEO network.
The management rights in the NEO platform include network parameters changes and stamp for bookkeeping, while NEOGas is the charge for operation and storage facilities for tokens and smart contracts, incentives for bookkeepers, and preventing abuse of resources. NEO has a total of 100 million tokens with a minimum NEO limit of 1, while NEOGas too is made up of 100 million but with a minimum Gas limit of 0.00000001. NEO’s 100 million tokens are being distributed in two phases. The first phase involved 50 million tokens and was distributed to the backers of the NEO crowdfunding campaign. The second phase distributes tokens in 10-10-15-15 million, for the purpose of creating an incentive among different members of its community, cross investment and contingency. The annual use of tokens cannot exceed 15 million.
What is NEO blockchain? Pros and cons: