What is NEO?
NEO is a blockchain platform that has been called the Chinese answer for Ethereum. It provides a double layered blockchain developed by DNA Onchain which is suitable for creating distributed applications and token sales. Initially called Antshares, the dual-token ecosystem, smart-contract and Delegated Byzantine Fault Tolerance Delegated protocol that corrected problems with Ethereum's scalability, prompted many people to dub him Ethereum Killer.
Destruction is not the goal of the Onchain Foundation. It's just trying to build a Smart Economy, providing application developers who are decentralized and commit adultery as an alternative to Ethereum. And that is done in the face of China's blockchain regulation, which is among the most difficult in the world.
Is the NEO a flower that grows and takes over the world?
To fully understand, we need to review NEO and GAS, two ownership tokens used on the NEO platform. After that, we will explore the technical application and acquisition of partnerships that make the NEO a strong player on the blockchain.
How the NEO and GAS work at the Crypto Market
The NEO has a market capitalization of $ 1,203,868,456 as of October 8, 2018. This is based on circulating supply of 65,000,000 NEO (from a total supply of 100,000,000) and an exchange rate of $ 18.52. The peak price so far is $ 187.97 on January 15, 2018.
NEOs cannot be mined, and they cannot be shared. This is part of the NEO market and is therefore a security. NEO holders obtain voting rights and GAS dividends from miners.
NEO ICO took place from 1-9 July 2016. Currently, 50,000,000 NEOs are sold at $ 0.036 per 1 NEO, while the other half are held by NEO Council, basically the founding team, which includes Hongfei Da, CTO Erik Zhang, Chief Architect Jun Li, Tony Tao, and Wentao Yang.
Of the 50 million detained, 10 million is allocated to core developers, 10 million is allocated to trigger further development, 15 million is maintained as a contingency, and 15 million is being invested in the NEO blockchain ecosystem.
The GAS has a market capitalization of $ 59,442,329 per October 8, 2018. This is based on circulating supply of 10,128,375 GAS (of the total supply of 100,000,000) and the exchange rate of $ 5.87. The peak price so far is $ 77.98 on January 15, 2018.
GAS is produced at the rate of 8 GAS per block processed. Every 2 million blocks, this rate decreases by 1 GAS token. When a full supply of 100 million GAS is mined, production will stop. This is predicted to occur around the year 2039.
Unlike NEOs, GAS can be shared, and is used to tokenize microtransactions on NEO networks. Every time a smart contract is processed, the GAS is paid.
Various wallets support NEO and GAS (which are considered NEO assets), including the Ledger Nano S Hardware wallet, NEON desktop wallet, and NEO Tracker web wallet. It's always best to convert your GAS to modern NEO whenever potential to exchange.
Thus, a number of impressive exchanges received GAS, including Binance, Poloniex, OKEx, Kucoin, and Huobi. This exchange also supports NEOs, such as ZB.com, Bibox, and BitForex. Trade pairs for NEO / GAS (apart from each other) including BTC, USDT, ETH, and even fiat currencies such as USD.
NEO is a competitor of Ethereum China
The word Neo is Greek and basically means new and revived. It is no accident that this smart contract network chose this moniker for its rebranding efforts. Ethereum has the first mover advantage in the blockchain, but NEOs can learn from missteps Ethereum. And it's not the only Onchain blockchain - it also creates Ontology.
At the root of NEO is a smart contract. This joint agreement is data that is processed in 2.0 blockchain projects. The NEO performs this processing with the Delegated Byzantine Fault Tolerance (DBFT) algorithm. This consensus algorithm rejects Byzantine Generals and other problems that can cause problems.
But that's not all NEOs have in their warehouses; NeoX (cross-blockchain solution), NeoFX (decentralized blockchain storage), and NeoQ (blockchain-based cryptographic solution that is resistant to quantum computing) make sophisticated suites that have companies and governments both in China and outside see this ambitious project.
Like Ethereum, NEO hosts the dApp community, and each dApp individual can create his own crypto token on the platform. Also like Ethereum, liquidating NEO assets can have obstacles, and it has experimented with NEP-5 tokens to fix this problem. NEP is a NEO protocol similar to the ERC Ethereum protocol.
NEOs are often referred to as Ethereum killers, but are more interested in connecting with other blockchain. In fact, the off-chain scale NEO, Trinity solution allows NEP-5 to convert ERC-20.
This change occurs because Onchain is more than just a vanilla blockchain company. This is also an experienced financial technology company. This is a way to secure meetings with organizations such as Alibaba and the Japanese Ministry of Economy, Trade and Industry.
Also increasing on Ethereum, NEO supports a variety of coding languages, including C #, VB.Net, F #, and Java). Ethereum does support a lot of other platforms, but in the end you have to develop it in Solidity.
In addition, NEO is based in Southeast Asia, which is a hotbed for technological development. The value of the cross chain, the smart blockchain contract is not lost on industry and government here.
Overall, the NEO is a solid technical project with rapidly growing business opportunities. But are all these extra bells and whistles needed?
Is the Blockchain With Two Tokens Better Than One?
One of the biggest concerns around NEO / GAS is the ongoing value of multiple tokens. In fact, the issuance of these two tokens made it a difficult project to regulate as well. China may get flack because it blocks the growth of blockchain projects such as NEOs, but the US will not have an easier time with this particular project.
Regulators such as the SEC group individual blockchain projects into three broad categories: utility tokens, currencies, and securities. GAS (and most NEP-5 tokens) are utility tokens, but NEOs are more difficult to categorize. The value is basically related to the Onchain value, but it's not an investment in Onchain itself. This is an investment in the stability of the NEO project.
Regardless of how the NEO is categorized, it can be found alone governed by two entities in the US alone. And the US and China only two NEO countries need to penetrate for long-term success.
But legal barriers are only one part of the puzzle. The NEO design architecture gives big feet at processing speed. It has a theoretical limit of 10,000 transactions per second, but even operates at the current real world speed of around 1,000 TPS, it still leaves Ethereum in dust.
Using a dual-token system ensures NEOs don't get jammed or bottlenecked when transaction volume increases. Scalability is a big factor in any business, and blockchain is no exception.
Above this, NEO has a strong development community, and has launched dozens of ICOs.
