China’s Delegated Byzantine Fault Tolerance (dBFT) consensus blockchain

NEO is a decentralized blockchain platform and cryptocurrency, which is designed to digitize assets using smart contracts, which focuses on bringing blockchain to the masses. It supports some common programming languages like Javascript and C++, with improvements to its technology, making it less vulnerable to hackers than Ethereum. The NEO is based in China and works on the Delegated Byzantine Fault Tolerance (dBFT) consensus mechanism, which offers fast verification of transactions. The NEO’s goal is to become Number one blockchain project by 2020.

ADVANTAGES OF HAVING NEO

  1. Digital Identity: NEO allows for the creation of electronic identity information for individuals, businesses and entities to be accessible through multi-factor authentication systems involving voice-recognition, fingerprints, sms and facial recognition.
  2. DApps: NEO supports the development of decentralized applications like smart funds by continuously developing more tools and techniques.
  3. Digital Assets: Traditional assets are been converted into decentralized digital assets using smart contracts
  4. Smart Contracts NEO’s smart contracts platform is revolutionary in that it supports common programming languages known to 80% of the developers, so they would not have to learn a new language in order to use this.

 

NEO STORAGE

There are many NEO wallets for Android mobiles, Windows, Mac and Linux desktops as well as online. In the last quarter of 2017, the Ledger Nano S hardware wallet also recently started supporting NEO, making it the safest option for users. NEON is the desktop wallet for NEO, and it also supports GAS tokens. Other desktop wallets are NEO GUI and NEO CLI. Web Wallets that can also be used are Binance (pending when they become a dex), NEO Tracker, NEO Wallet, etc. Of all these, the NEON is most preferred because it also supports GAS, which is generally used to pay fees.

 

WHAT IS THE FUTURE OF NEO

  1.  The NEO coin is actually not a minable currency, unlike its counterparts, so NEO mining is vividly not possible. 100million NEO tokens were launched in the beginning, and that is all that will ever be in existence. The circulating supply is currently 65 million tokens, which is approximately 65% of the total maximum.
  2.  In June 2018, the market cap of Neo stood at an approximate of 3.5billion USD. And the NEO coin has ranged from $0.18 in September 2016 to its current value of $54.46.

 

FEATURES OF NEO COIN

Unlike Bitcoin and Ethereum, which adopts the proof of work consensus algorithm, which is a limiting factor in that it is energy intensive, NEO uses a delegated Byzantine Fault Tolerance consensus mechanism, which ensures finality of transactions and supports more transactions at any given time; Compared to Ethereum 15 transactions per second, NEO supports up to 10,000 transactions per second. The NEO coin features include “NeoFS” and “NeoQ.”

The NeoFS service allows for decentralized storage. It acts like a peer to peer dropbox. The lattice based cryptographic mechanism of NeoQ creates problems that cannot be solved by quantum computers. That is how NEO remains quantum proof. Another important feature of the NEO coin is that unlike other cryptocurrencies, it is not divisible; the smallest unit will always be one.

 

NEO is a cryptocurrency that has very exciting potential and which has seen dramatic rise in price since its inception in 2014. Unlike many other cryptocurrencies, it is specially designed to aid provide a platform for smart contracts and DApps. This could make NEO extremely beneficial to e commerce businesses. This utility value gives NEO a very strong potential for more growth in the future.

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