Neo

What is Neo (NEO)?

NEO is the native token of the Neo blockchain, which public network that allows users to develop decentralized applications (dApps) and smart contracts. The continuous development of the Neo blockchain to ensure the longevity of the network and the ability to cope with growing demands is one of its distinguishing advantages. If you want to see the current price of NEO, check out the Neo price chart above.

Neo’s main goal is to digitize assets using a decentralized blockchain network and digital identity system. In other words, it aims to enable users to digitize physical assets. such as real estate, fiat currencies, etc., allowing them to be traded on the NEO network. The digital identity system uses multi-level authentication methods, including fingerprint, voice and facial recognition.

If we talk about Neo smart contracts, they manage user transactions without the intervention of third parties. Compared with EthereumNeo smart contracts have an advantage in terms of the programming languages ​​they support. While Ethereum released its own programming language called Solidity, Neo supports most popular programming languages ​​such as Java, Python and others. This way, developers are less likely to make coding mistakes because they can use programming languages ​​they already know.

In 2021, a new version of the network will be released called Neo 3.0 was released. The main goal of this update was to support blockchain interoperability by developing external cross-chain and native on-chain ecosystems. To achieve this, Neo used Poly Networkwhich is the communication protocol.

Considering the Neo blockchain ecosystem, in addition to NEO tokens, it also has GAZ tokens. These tokens used as a way to pay transaction fees and execute smart contracts. GAS tokens are produced every time a new block is formed, which takes approximately 20 seconds. These can be obtained by staking NEO tokens and participating in the Neo consensus mechanism process.

Speaking of which, Neo uses the Delegated Byzantine Fault Tolerance (dBFT) consensus algorithm.. Based on real-time blockchain voting, the algorithm selects validators (consensus nodes) for the next round of consensus. This reduces block time and transaction confirmation time while increasing the efficiency of the algorithm.

The stability and security of the network have been enhanced by the implementation of dBFT2.0, an updated version of the algorithm released in March 2019. It adds a recovery mechanism and a three-stage consensus method. This algorithm requires a majority of consensus nodes to reach an agreement before creating new blocks.

Neo’s story

The Neo cryptocurrency project was launched in 2014 by the company Da Hongfei and Eric Zhang. It is believed to be the first public blockchain in China. The network was originally called Antshares. However, three years later it was renamed Neo, symbolizing the company’s new approach. Although unofficially it is also sometimes called the Ethereum killer or the Chinese version of Ethereum.

Speaking of the founders, Da Hongfei has a university degree in engineering and English. Before founding Neo, Hongfei worked for a consulting company. Additionally, in addition to founding Neo, he also co-founded OnChain, the company behind Neo, with Zhang.

Eric Zhang has a degree in Computer Science. In addition to creating Neo and OnChain, he developed the delegated Byzantine fault tolerance algorithm. Additionally, he co-founded the Neo Foundation with Hongfei, which aims to encourage the use of the Neo blockchain. Hongfei and Zhang are the chairmen of this fund.

The purpose of NEO coins

NEO has two main features: it allows users to participate in the governance process and allows them to claim GAS tokens.

From a management perspectiveNEO holders participate by casting votes for the Neo Committee. It consists of participants and consensus nodes that govern the Neo blockchain. The Neo Committee maintains the activity of the network and changes important characteristics of the blockchain.

Regarding GAS tokensNEO owners can bid your tokens to receive GAS. These tokens are essential to the Neo ecosystem because, as mentioned, they are needed to fund transactions and execute smart contracts.

Just be sure to look at the Neo price chart as it displays both current and previous NEO prices.

Tokenomics of NEO coins

The total supply of NEO is 100 million coins. All coins were created during the initial launch. and there is no way to create more. Half of the supply was dedicated to NEO supporters during the crowdfunding, and the other half was dedicated to the development of the network, which is managed by the Neo Council.

Also, please note that NEO coins cannot be split. This means you can only transfer 1, 10 or 20 NEO coins, but not 1.5, 10.6 or 20.5849 coins.

Finally, the price of NEO is subject to change, so keep this in mind if you are thinking about purchasing NEO tokens. This occurs as a result of NEO’s price being affected by general fluctuations in the cryptocurrency market.