What is NEO

NEO coin is an asset launched as part of the Antshares project (now the NEO project), designed to digitalize the real economy. This NEO crypto review will reveal the coin’s purpose and the project’s peculiarities.

Da Hongfei and Eric Zhang launched the Antshares project (Onchain subsidiary) in 2014. The main goal of Antshares is to implement a smart economy through blockchain and smart contracts. The user can digitalize real objects and sell or buy them as planned. At the same time, when selling coins, the right to own a real asset also passes to the buyer.

It is the first Chinese open-source blockchain. The project is even called “Ethereum of China” due to the similarity of the structure (smart contracts, gas) with the second cryptocurrency. In 2017, the project was rebranded, and the name Antshares was changed to NEO.

There are two assets within the project: NEO and GAS. NEO token serves as a governance token that allows you to vote for changes in the blockchain. NEO GAS coin is used to pay for transactions on the NEO network and is divisible up to 0.00000001.

What is NEO coin

NEO is a non-divisible governance token asset, which gives the right to influence the platform’s development and generate GAS NEO by buying GAS with NEO or storing NEO in your wallet.

The maximum supply of NEO tokensis 100 million, half of which were sold as part of the ICO in 2016. Another 50 million developers left themselves to support and further develop the project. Under the terms of the smart contract, no more than 15 million coins can be unlocked each year. At the time of writing, there are slightly over 70 million coins in circulation.

NEO Crypto news

In 2018, Eric Zhang presented Neo3 (N3), a new version of the blockchain that will improve efficiency, security, provide access to new functionality, and work based on an improved economic model. On the 9th of August 2022, a new version of Mainnet was launched. The transfer of NEO coins was done via the Poly Network with a 1:1 ratio and included special bonuses. Aside from its own blockchain, NEO is also implemented as an ERC-20 token on the Ethereum Mainnet with a correspondent neo coin contract address.

According to the latest NEO token news, on the 11th of November 2021, the project announced the integration of china NEO crypto into the Alchemy Pay payment system. This will increase the number of use cases and allow it to circulate through networks like Shopify and Arcadier.

How to mine NEO coin

NEO mining is unavailable, the initial amount of the cryptocurrency will not change, and there is no NEO mining pool.

The network operates according to the Proof-of-Stake consensus algorithm based on the PBFT protocol (Practical Byzantine Fault Tolerance Protocol). This consensus algorithm allows up to 1000 transactions per second. The dBFT defines a set of validators according to real-time voting.

In 2019, the second version of the dBFT algorithm was introduced with improved efficiency, a 3-step consensus, and a recovery mechanism.

NEO antshares smart economy explained

The smart economy within the NEO project is described as follows:

Digital Assets + Digital Personality + Smart Contract = Smart Economy.

Digital assets mean not only digital but also real-world assets. Through tokenizing assets, it will be possible to eliminate intermediaries and associated costs and open up the possibility of honest and transparent management of such assets.

Digital identity involves storing users’ data on the blockchain to protect them through public and private keys and using them to verify identity.

Smart contracts are code that automatically executes prescribed conditions and eliminates needing a third party to monitor their implementation. Smart contracts will provide transparency, traceability, and irreversibility of transactions.

NEO Crypto Benefits

NEO crypto coin is called the main competitor of Ethereum, but both networks have different tasks. While Ethereum is focused on anonymity, NEO is ready to cooperate with regulators.

Other features of the NEO network crypto are:

• scalability (ability to conduct up to 1000 transactions per second, in theory, 10 000 transactions a second is also possible);
• the smart contract writing languages: Python, C#, JavaScript, TypeScript, Go;
• low transaction fees;
• confirmation of one transaction takes 15 seconds.

Drawbacks

Initially, the project was focused on China, where openness to regulation is welcomed. Still, after gaining popularity at home, the company decided to rebrand to expand into the UK and many other markets.

Although NEO cryptocurrency can help transform the current economic model, the Chinese government is in no hurry to deal with it. First, because of the indivisibility of the coin and the number of transactions per second.

The main disadvantage of NEO is that it ignores anonymity. For example, its parent company OnChain has access to the network’s transaction history, which doesn’t fit those who value anonymity.

At the same time, the NEO community is actively developing and growing, indicating crypto enthusiasts’ interest.

Today, the platform is actively engaged in developing its own NFT marketplace, and despite numerous bans from the Chinese authorities, it continues to develop steadily in the domestic market.