The onset of blockchain technologies excited the market in a way that even the pioneers never anticipated. In his focus, the Bitcoin founder simply wanted a clear escape from the direct manipulation of fiat currencies by central authorities. Now, people are getting even more creative with what they can achieve using blockchain technologies. One of the latest blockchain platforms is the NEO (antshares). Consider it as an analogous to equity shares in the blockchain system. Here is a complete review of NEO.
Antshares that recently changed to NEO is one of the latest open source blockchain platforms introduced into the market in June 2016. Recently, the name changed to NEO Smart Contract Economy (NEO). Its operations especially the implementations of smart contracts are in many aspects like Ethereum. Neo platform is the first Cryptocurrency fully developed in China.
The founder of NEO, Da Hongfei targeted establishing a fully decentralized network protocol that can allow users to digitize shares/assets and accomplish financial transactions in a peer-to-peer network. This includes registering, issuing, and transaction with a complete settlement. While the blockchain technology is gaining popularity very fast, its adoption in day-to-day operations has not been realized. Even top Cryptocurrencies such as Bitcoin and Ethereum are only accepted in very few retail outlets. NEO’s ultimate goal is making this a reality.
Since the release of Antishares in October 2016, its price has appreciated by more than 4600%. By June when Antishares changed to Neo, the unit value had reached a total of $ 0.21. It was ranked position 14 with a total market volume or $ 509,070,000.
To start using NEO, you are required to download their client into your computer or mobile phone. This is the main interface (node) that will allow you to interact with others either for sending payments or mining. The NEO blockchain uses a peer-to-peer network, cross-chain operability, and superconducting among other transactions to facilitate transactions completion.
Today, many blockchain technologies either apply Proof of Stake or Proof of Work consensus mechanisms. However, these two methods have a lot of flaws that have resulted in the formation of alternative blockchains in top cryptos such as Ethereum and Bitcoin. Blockchains using POW require a lot of power to guarantee the network security and making nodes compete properly against each other during mining.
PoS, unlike PoW, lowers the power requirement by making the nodes in a network stake their currencies to facilitate honest mining behavior. However, even PoS is still prone to chain splits when there are disagreements with the administration. To address these two issues, NEO uses the Delegated Byzantine Fault Tolerance alternative (dBFT) that offers lower power cost and eliminating the risk of chain split.
The NEO platform is powered by smart contracts and blockchain technology. These are used for verification and validation of transactions to enhance the functionality of the digital assets. They also use digital certificates to facilitate transactions and enhancing the security of the assets. The new contracts are carefully crafted to allow users apply them in the fast burgeoning e-commerce sector.
Byzantine fault tolerance (BFT)
When dealing with a fault-tolerant system such as blockchain platforms, BFT is considered a characteristic of a system that tolerates Byzantine general problem (when there are two general problems with unsolvability proof). NEO uses the interactive consistency among the members of different teams to address such issues. It is considered the best way to avoid a platform split.
To start operating in the NEO platform you are required to acquire some NEO tokens. Users can either mine them directly on the network or buy Bitcoins on major exchanges such as Bittrix and exchange with Antshares.
Pros of using NEO
- With the main goal being to bring blockchain technology to people’s daily lives, NEO uptake is expected to be fast.
- The fast uptake of NEO and the fact that it is based in China has been cited as a unique strength of the crypto compared to others. By providing unique business-2-business opportunities, the blockchain could grow at the same pace with Ethereum.
The cons of using NEO
The main problem of NEO is that it is only a few months old. The blockchain technologies including Bitcoin and Ethereum have shown that a lot of issues can emerge even when a platform has been carefully implemented. This reality has made more people remain skeptical about new entrants such as NEO.
Crypto Currency for Fun recommends buying Neo at CoinSpot. CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including Neo and they offer Instant Delivery or your coins right into your account.
The NEO platform looks very promising. By taking an Ethereum model, NEO has managed to convince more users including top corporate organizations to join the platform. Besides, its emerging features have made the blockchain easy to join and use even for newbies. This is one of the top blockchain platforms to watch in the coming years.