Cryptocurrency

NEO – Smart Economy of the Future!

eToro

Blockchain projects are endeavoring to reinvent how economies work are in a race to be a definitive platform for clients and developers. While several blockchain ventures control this space as ETH, EOS, and XLM, most come up short on the mass adoption.NEO is referred to as “China’s Ethereum.” NEO, formally Antshares, was established as both a network driven and funded venture with the objective of using blockchain Technology to digitize resources utilizing smart contracts and basic programming language. The likenesses among NEO and Ethereum are very obvious- both are smart contract advancement platforms which are endeavoring to bring blockchain to the masses. In any case, NEO has gained from Ethereum’s slip-ups, and thanks to different technological advances, has placed itself to become the world’s leading smart contracts platform. NEO is a genuine competitor as a base layer for the smart economy of the future.

What is NEO?

eToro Crypto

NEO is a non-profit network driven blockchain venture. It uses blockchain technology and digital Identity to digitize resources and automate the administration of digital resources using smart contracts. Utilizing a distributed system, it aims to make a “Smart Economy.”NEO was established in 2014 and was publicly released on GitHub in June 2015. NEO trusts that network advancement is its top priority. NEO has an extensive developer network throughout the world, for example, CoZ, NEL, and NeoResearch, who persistently add to NEO development. A vast number of network individuals are active on Reddit, Discord, Github and Twitter.

NEO’s future vision

  • Digital Assets

Digital assets are programmable resources that exist as electronic information. With blockchain innovation, the digitization of assets can be decentralized, trustful, recognizable, very transparent, and free of Mediators. On the NEO blockchain, clients can register, exchange, and circulate different kinds of assets. Demonstrating the association among digital and physical resources is possible through digital Identity. Assets enrolled through an approved digital identity are secured by law.

  • Smart Contract

The Neo smart contract framework is the most significant feature of the logical combination of the existing developer ecosystem. Developers don’t have to become familiar with a new programming language, however, can use C#, Java and other standard programming languages in their familiar IDE situations like Visual Studio, Eclipse, and so on for Smart contract development, compilation and debugging.NEO’s Universal Lightweight Virtual Machine, NeoVM, has the benefits of high certainty, high scalability, and high concurrency. The Neo smart contract framework will permit a vast number of developers around the globe to quickly carry out the development of smart contracts. NeoContract will have a different white paper depicting the implementation details.

What is Neo Blockchain?

If you are keen on cryptographic money, then it is doubtful you have not known about “Neo Blockchain.” Neo, some time ago known as Antshares, is regularly known as the “Ethereum of China.” While like Ethereum, it makes exciting highlights which needs a close examination.

The History of Neo Blockchain

As per their website, Neo is a “non-profit network based blockchain venture that uses blockchain technology and digital identity to digitize resources, to automate the administration of digital resources utilizing smart contracts, and to understand a smart economy with a distributed system.” Neo’s primary aim is to be the distributed system for “smart economy.”

What is NEO Smart Economy?

NEO Smart Economy is the upcoming generation of economy and exchange where trade agreements are written in programming code utilizing a Smart Contract. The Smart Contract is stored in a decentralized immutable blockchain and will be executed precisely as per the trading agreement and just at the time agreed upon. This allows an economy where two or even a large number of parties can consent to a contract without the need to trust in one another. The Smart Contract will dependably execute as per the defined guidelines in the contract.

Neo and Smart Economy

As per the Neo website, the three segments that accommodate Smart Economy are:

  • Digital Assets
  • Digital Identity
  • Smart Contract

With the arrival of the blockchain, it has turned out to be far more secure to own digital assets. The blockchain technology makes the digitization of these assets decentralized, trustworthy, safe and free of mediator.

To empower Smart Economy, NEO’s technology permits digitizing any real resource. Practically, it implies that any physical support can be represented as a digital resource in the NEO blockchain, and responsibility for a resource can be split and distributed among any number of owners. It can be compared to a clearinghouse, yet with inconsequential charges and with accessibility to the overall population. This likewise implies that trading of assets could be possible instantaneously and without the need to trust any other party since all exchanges will dependably execute as per the defined rules in the Smart Contract.

What Neo Can Do that Other Cryptocurrency Cannot Do

Smart contracts empower the execution of exchanges and agreements among various parties without administration by any legal framework or central component. The implementation of such contracts depends on the programming code of the system, and it permits traceability, irreversibility, and transparency. Neo supports two crypto coins, NEO and GAS. It also supports programming in all standard languages including C#, Java, Go, Python and Kotlin, which empowers a vast network of developers to contribute to its Platform effectively.

Neo keeps up a clear distinction from other standard blockchain platforms, as it is centered on being regulatory compliant. While digitized resources and smart contracts are prevalent on other blockchain platforms like Ethereum, the third key element of what it calls its “digital Identity” separates Neo from the rest. Every individual, business or some other entity working on the Neo platform is required to have a unique digital identity that can be verified. Individuals, organizations and projects have the choice to transact among themselves just if the other party has the required identity, which makes the Neo system regulatory compliant. Indeed, the different nodes on the Neo system may need to have identification proof before they can contribute to the exchange verification and various activities like bookkeeping and accounting.

How NEO and Onchain differ?

The cryptocurrency founders, Da Hongfei and Erik Zhan, when working on Neo, won the interest of different enterprises searching for private blockchain solutions. This gave way for Onchain in 2014, an independent technology organization that works with the essential financial and legal structures and gives blockchain solutions for different ventures. While Networks like bitcoin and Ethereum, Onchain focuses on the creation of private and consortium blockchains to meet the particular needs of the industry. Onchain’s principal product, Distributed Networks Architecture (DNA), utilizes digital resource applications to help organizations by making private and public blockchains. DNA is accepted to be the blockchain platform that can be modified to address a wide range of various issues in the private and public segments.

How they differ

Neo and Onchain are separate elements that exist independently, and neither claims the other. Neo focuses on the B2C segment, where Customers can refer to a client or even network, while Onchain centers on B2B enterprise services. Both are independently supported. Neo is funded by a public system, while Onchain is backed by China’s most prominent private Multinational Company called Fosun.

Wrap Up

NEO perceives this requirement, and have the technology to support digital Identity. People and Institutions would all be able to get their own digital Identity, and members in the market can decide to trade with parties who have an affirmed digital identity. With digital Identity, it enables our establishments and governments to support the rules of trading and guarantee that the trade is reasonable for all parties included. Additionally, any plans to abuse trading deals can be punished according to applicable law, since the members can be identified. This is NEO Smart Economy, where every genuine resource can be digitized, traded with assurance utilizing defined trading rules in Smart Contracts, and knowing who you are trading with using Digital Identity.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

Related Articles

Back to top button