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HomeINFOWhat is NEO (NEO)?

What is NEO (NEO)?

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Often touted as “The Ethereum of China”. While NEO uses Smart Contracts and provides a platform for the creation of Dapps it has an added clear focus on connecting the real world with the digital and supports many common programming languages such as C#, Java and Python. It aims to achieve this by combining legally binding digital certificates of assets with digital identities and smart contracts to create what they call “The Smart Economy”. NEO has a unique structure in that NEO are undivisible and intended to act as shares which give voting rights and pay dividends in the form of GAS which is used for transactions and extra services.

Consensus dBFT

Current Use ICO platform

Intended Uses Asset digitization and trading (digital stock exchange and real estate market for example), business blockchain solutions

Risks 

  • It is yet to be seen how their unique consensus method will work in practice
  • Low initial GAS supply and speculation may lead to very volatile GAS prices (bad for businesses who want to know how much a transaction will cost them)
  • Poor communication from the development team (although this has been improving greatly since mid July)

Advantages

  • Great transaction throughput (1000 Tx/s)
  • Low/no fees
  • Multiple language support (C#, VB.Net, F#, Java, Kotlin) and planned support (C, C ++, GO, Python, JavaScript)
  • Addresses a need from a legally compliant approach
  • Almost impossible to hard fork (Focus on consistency over liveness)
  • Great community support with community developers (group known as City of Zion)
  • Network effects
  • easy access to the Chinese market
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