Feb 21, 2018 at 23:20

NEO is widely regarded as the ‘Chinese Ethereum’ and has positioned itself to be the one cryptocurrency that can power a ‘smart economy.’ Community-based and largely non-profit in nature, it uses blockchain technology and digital identity to convert assets into digital, and then to use ‘smart contracts’ to automate the management of those digital assets.

The initial venture of China’s public network in the financial cyberspace, NEO was launched in 2014 by a group of developers led by Da Hongfei, the leader; Zhang Zhengwen, the core developer; and founder Tao Rongqi . The Shanghai-based company Onchain first developed it and had branded it as ‘Antshares,’ before finalizing its name as NEO. One advantage of this development is that NEO apparently has been given the permission and latitude to innovate itself and grow by the Chinese government, which in recent times has been stricter in regulating other cryptocurrency. The latitude that the Chinese authorities have given NEO can also be seen in the latter’s unencumbered launch of ICO’s like Medchain on their platform; analysts maintained that this ‘freedom’ implies that NEO is complying with Chinese regulations.

Other analysts have theorized that aside from its own origin, NEO’s openness toward regulatory compliance is fueled by its objective to be widely used by companies and businesses. Enterprises that use NEO can also be assured that their business will continue in the absence of a government crackdown.

NEO claims that its main attraction lies in its ability to empower it users, consumers and companies alike, to move their digitized assets through smart contracts. NeoContracts, Neo’s version of the smart contracts, automate transactions, payments, and other financial movements on the blockchain.  For example, even the crypto-beginner who still writes checks offline will find it a user-friendly platform and thus transfer his financial dealings to NEO. A public ledger shows the shifting and movement of these assets, and ‘smart contracts’ ensure the fulfillment of deliverables and transactions. As Da had explained their goals in an interview with Bloomberg, “We want to be the place people go to when they want to do serious and reliable transactions.”

The continuing consistency and integrity of the public ledger is ensured by NEO’s Delegated Byzantine Fault Protocol (dbFT). This is a platform that functions as the ‘voice’ of  community-based delegates voted by the NEO users to represent them. dbFT has been touted for its quick facilitation of  its blockchain-related transactions, the near-absolute absence of risks because of extremely tight security, and less risks in accepting illegal activities that can draw the attention of government.

NEO uses two coins in its transactions. The first, also known as NEO, has been criticized because it is indivisible, which makes it difficult for its users to pay fees or transact amounts that end in decimals, for example. The second coin, NEO GAS, fortunately can be divided and fuels the transactions, payments, and NeoContracts that run all over the blockchain. NEO GAS  can also be used as dividends by Neo users to strengthen their ‘stake’ in the Neo platform.

NEO currencies can be stored in the following:  the Ledger Nano S., the Neon Wallet, and the Official Neo Wallet.

It is said that there are currently 50,000,000 NEO coins in circulation.

NEO and NEO GAS can be purchased in the following markets:  Bittrex, Binance, Yumbi, Jubi, Yuanbao, 19800, and Yobtc. Users, however, must take note that only a very few Western markets have added NEO, such as Bittrex and Binance. The other markets mentioned here can be found in the Middle East and Asia.