What is NEO Blockchain?

WHAT IS NEO PLATFORM?

NEO is a open source endeavor pushed by the community. It uses blockchain engineering and electronic identities to digitize resources and automate the management of electronic assets employing intelligent contracts. Utilizing a distributed network. NEO was set in 2014 and open sourced on GitHub at June 2015. Its MainNet premiered in October 2016 and has been operating in steady capability for a couple of decades. 

I will not go into a lot of detail about those here but a wise asset could be explained as a programmable advantage which exists in the kind of digital data. Think about this as something of worth, like a stock in a business or loyalty reward factors. 

NEO FOUNDER

The founder of NEO is Da Hongfei. He has been working in the crypto world since 2011, also has worked on numerous projects before founding NEO. 

Erik Zhang and Li Jianying would be the center developers and technical specialists of the NEO undertaking. 

Tony Tao is the CEO of both NEO and founder of Nest Fund. 

Among the NEO's advantages is its large community of third party developers. Hongfei has stated that the NEO in-house staff will be focusing on creating the platform, while the evolution of DAPPs (decentralized programs ) will be left to the community. The NEO subreddit page has over 33,000 readers, and it's growing daily!. In total, NEO has about six full-time programmers located in Shanghai and a couple of dozen more contributing code and ideas as members. This may seem to be a little number but bear in mind Bitcoin itself only has approximately 15 core developers. 

NEO, officially Antshares, was set as equally a community-driven and financed project with the objective of utilizing blockchain technologies to digitize assets employing intelligent contracts and frequent programming language. 

The similarities between NEO and Ethereum are very apparent: both are smart contract growth platforms that are trying to attract blockchain into the masses. They've branded themselves as the "smart economy", not needing to only be understood to speculators but because of its worth in the brand new post blockchain era. 

What NEO has really set out to do is empower companies to handle wise contracts economically, safely and lawfully. 

A wise contract will be in effect a customized blockchain which lets you execute specific actions automatically. As an example, if an internet shopper wants to purchase something, the internet merchant would like to be certain the item was paid for prior to sending it. Having a wise contract, the thing could be automatically sent just following the agreed upon amount was paid. With blockchain technologies, smart resources and smart contracts could be decentralized, transparent and could endure without intermediaries. 

NEO also functions with electronic identities. It follows that when smart contracts implement, people will have their identities connected with the wise assets. Although to some, electronic identities can been viewed as going against what blockchain is hoping to perform, it comes with different benefits like increased business compliance and the ability to add security measures like facial recognition, voice, SMS and other multi-factor authentication procedures. 

NEO ADVANTAGES 

There are a whole lot of smart contract programs now being developed. Ethereum gets the competitive advantage of being the first mover in the wise contract area, and moreover they have a capable community financing their enormous growth.  

When asked about NEO's contest with Ethereum, direct programmer Erik Zhang reacted by stating that NEO has three distinct Benefits over Ethereum: 

1. · Better architecture 
2. · More developer-friendly smart contracts 
3. · Digital identity and digital assets for easy integration into the real world 

As explained in the NEO whitepaper, NEO programmers can write clever contract protocols with common programming languages like Java or even C#. Ethereum, on the other hand, developed their own programming language that programmers should learn first before producing smart contracts on the stage. 

NEO created its own consensus mechanism different than that of Ethereum (Ethereum uses PoW) called dBFT. Besides being fast (it's capable of handling up to 10,000 transactions per second, in contrast to Ehereum's 15 per minute ), it is two-tiered. 

The first tier is similar to PoS where you use your stake to vote who can take part in the consensus process. At the second tier, the nodes that were voted to participate will subsequently happen in a BFT-style consensus which has some technical advantages such as eliminating strands and extra finality or ease of confirmation. 

A notable difference between NEO and its rivals is how that you pay to utilize their services. Together with Ethereum, you cover a system charge to use their blockchain. This is generally paid in the form of a tiny portion of an Ethereum coin. 

With NEO, you don't pay to utilize their solutions with NEO coins, but with Gas.Their reason for this: "You wouldn't pay for an apple with a share of Apple (the firm )". They decided to de-couple it and that's how GAS was shaped. 

In the genesis block where the first 100,000,000 NEO was made, GAS wasn't made with that. Rather, GAS is gradually generated over the course of 22 decades, with the total amount of GAS you get each NEO slowly decreasing. All NEO holders have been paid GAS in dividends, together with 1 NEO providing you 1 GAS within the course of 22 decades. The more NEO which you have, the more GAS you receive (per day). As users spend GAS, it gets recycled into the system. 

NEO itself isn't divisible, because it's a share in a company, but GAS is divisible so it's generally used as a type of payment. 

HOW BUY AND SAVE NEO INTO THE WALLET 

NEO now offers an Android mobile wallet you can download here, a Linux, Windows and Mac Desktop pocket along with an online web wallet.  You will find mild options available for users who aren't interested in growth so you won't have to sync the full blockchain to store your coins. 

As mentioned earlier, anyone with NEO tokens are able to bet your coins to make NEO Gas. NEO Gas, or just Gas, can be considered as a dividend that NEO pays its users for carrying its coins. However, to do this, you need to have your NEO stored from a market and on your wallet (which you should be doing anyway). In other words, you can not buy half an NEO. This is important when you are taking your coins off the trades. 

Most exchanges charge a set fee of 1 NEO to draw (ouch!) . If you, for instance, had 10.5 NEO tokens on a market (you could have decimals on the trades only) and wanted to withdraw all of the coins, the exchange could require one coin for a commission, then round the 0.5 leaving you with just 9 coins! Before you withdraw, make certain you purchase to create your coins whole numbers (in this case, add an additional 0.5) 

NEO is tradable in many exchanges you can find the information HERE