NEO Coin Review. The Smartest Smart Economy?
NEO has been in the news a lot more often lately. The sentiment for NEO is all across the board. Some thinking it is a great opportunity, some thinking that other projects are surpassing NEO and some on the fence about the future of NEO
NEO is a non-profit, open-source blockchain project founded in 2014 by Chinese developers Da Hongfei and Erik Zhang. The project is based on a decentralized network of nodes, and aims to provide a distributed network for smart contracts and digital asset transactions. NEO is often referred to as the “Chinese Ethereum”, as the two platforms have many similarities.
NEO was released with the goal of creating a blockchain platform for digital asset issuance and trading. The platform supports a wide range of digital asset types, including cryptocurrencies, tokens, and digital contracts. Also, unlike other popular blockchains, NEO allows for digital asset transactions without any native token.
NEO runs on an innovative consensus mechanism known as delegated Byzantine Fault Tolerance (dBFT). This algorithm allows for faster, more secure transactions than any other technology currently available. Also, NEO’s dBFT algorithm allows for a more efficient form of scalability than those employed by other blockchain projects.
NEO has a strong development team and is constantly evolving. Over the years, it has created various development tools and services, such as the NEO blockchain explorer, NEO-CLI (command-line interface), and NEOVM (virtual machine). The NEO Foundation, which manages the project, also regularly organizes events and hackathons to get feedback from developers.
NEO’s native cryptocurrency is called NEO and it is used to pay fees associated with the creation of smart contracts, deployment of tokens, and other operations on the platform. The token can also be used to vote for network changes and become a consensus node on the network.
As of 2021, NEO has become one of the most popular blockchain projects in the world. Its growing community of developers, investors, and users continues to drive the platform forward.
We will discover what NEO is, its use and impact on the market. We invite you to explore this new digital asset and find out if it is a potential source of investment for you.
In short, based on their large and growing community, brand sentiment, the quality of their team, and roadmap projections, we rank NEO in our Highly Likely To Succeed category.
What is NEO?
NEO is a cryptocurrency launched in China in 2014, where it first became known as Antshae. In 2017 its infrastructure was improved, and its name changed to NEO.
NEO is working on a decentralized digital system. The system allows anyone to generate platforms for obtaining digital assets.
The platform allows a wide variety of programming languages. The favorites are Java, PHP, and C#. The core of the NEO platform (NEOvm), is adapted to interpret and compile the vast majority of codes.
NEO handles two types of coins for its operation. The first and primary coin is NEO. The second coin is GAS. Both are available on different digital platforms.
NEO, unlike the BTC, is not a coin that can be mined. People can obtain it through an Exchange with other currencies such as BTC or ETHER.
The other form of acquiring NEO is through contracts or digital activities. There are web platforms, which for various activities provide small portions of digital coins.
What is NEO Used For?
NEO began to be used initially for small transactions in China. The use of this cryptocurrency evolved and is now working for intelligent business contracts.
NEO, by its design, began to expand, for digital transactions such as hosting and other digital services. NEO in this process obtained several powerful allies, such as Microsoft Antares.
The use of NEO in China has decreased significantly. The Chinese government recently issued a communiqué, banning crypto coins in the territory.
Conversations are underway to allow the use of NEO on Chinese territory. In a statement, the CEO of NEO, Da Hongfei, sees good possibilities in the immediate future.
The NEO Team
Unlike BITCOIN, which expanded internationally originating communities. NEO remains reduced to its directive and some digital platforms.
Da Hongfei, the company’s leader and CEO, is part of the team that makes up NEO’s board of directors. Da Hongfei is a serial entrepreneur in the blockchain space and is also the Founder of Onchain.
The other members of the group are:
Erik Zhang, who developed the core of NEO, and is another of its founders. He created the dBFT consensus mechanism. Erik is an expert on Blockchain as well as a certified information system auditor (CISA). He is a specialist in information security and digital currency.
Fernando Díaz Toledano, who is also a founder of Neo, is a security expert, as well as a Blockchain and smart contracts expert.
Jeff Solinsky, who is a programmer since he was 11, graduated with a 4.0 GPA and is a software designer and developer. He currently has a full-time career in Blockchain.
Igor M. Coelho, Brazilian researcher, and professor on algorithms became passionate for the work with Blockchain due to his love for privacy, open-source codes, and decentralization.
The directive of NEO continues betting and looking for an alliance. The government has impeded a little its growth, but little by little more and more platforms join its ranks. Providing a diversity of development options has achieved its most significant growth.
How does NEO work?
Three main elements characterize the operation of NEO. The first element is intelligent contracts. Smart contracts can be developed in any language and added to the Blockchain. Smart contracts allow each transaction to be secure and run smoothly.
The second element is its digital assets. Digital assets are electronic data stored in the Blockchain. The information is programmed on any platform and is processed and reviewed in the NEOVM core. The information has frames, which allow tracking and identification at all times.
The user’s digital identity is made up of electronic wallets, with each wallet being programmed and assigned with a unique code within the Blockchain.
The wallet identifies each owner and allows the transfer or exchange of crypto through the use of the Blockchain.
Pros and Cons of NEO
- Variety of programming languages available. The NEO system is configured to support the vast majority of programming languages. The intention is to be able to incorporate a large number of platforms to the NEO Blockchain. The most used languages for this type of platforms are Java, C#, PHP, Phyton, Ruby. The system accepts styles based on the object-oriented programming paradigm.
- Security and transparency. The NEOVM core has an information encryption system. The encryption prevents the theft or usurpation of any digital asset of the Blockchain.
- Another quality is the instability of electronic holdings at any time. The contracts guarantee the fulfillment of each transaction within the Blockchain. Digital identity ensures that the data is going to the correct digital wallet.
- Powerful alliances. The NEO board has achieved powerful alliances, which has led to market positioning. Investment in cryptocurrency is a valid option for many because of the broad support received.
- Impossibility of acquisition by mining. NEO can only be obtained by exchange through other digital currencies. The inability of mining has made it unattractive to some but is not a huge deterrent from the project, and it’s future opportunities.
- Government problems. NEO suffered a small setback from the current policies of the Chinese government. In a statement, the president of China banned the use of cryptocurrencies in commercial transactions. The communiqué caused a considerable drop in the price of the NEO.
Final Thoughts On NEO
NEO is a very versatile due to its high availability in programming languages. The coin allows integrating all types of platforms to your Blockchain.
The expansion of the NEO appears bright.
The integration of the platforms to its core confirms that there is still faith in the project.
Community sentiment is recovering, and many remain positive and feel there is a high possibility of recovery and expansion, which will lead to potential record gains for the NEO project.