NEO: The Chinese cryptostar - Hitecher
NEO: The Chinese cryptostar

NEO: The Chinese cryptostar

by Evan Mcbride

In early July of 2018, the developers of the Chinese cryptocurrency project NEOn announced their plans for decentralization. The point is that the engineers used the dBFT (Delegated Byzantine Fault Tolerant)...

In early July of 2018, the developers of the Chinese cryptocurrency project NEOn announced their plans for decentralization. The point is that the engineers used the dBFT (Delegated Byzantine Fault Tolerant)...

In early July of 2018, the developers of the Chinese cryptocurrency project NEOn announced their plans for decentralization. The point is that the engineers used the dBFT (Delegated Byzantine Fault Tolerant) consensus algorithm to operate the NEO infrastructure, which differs from most of its counterparts. This made the blockchain centralized - the nodes were for the most part connected. The project was criticized for this.

NEO

NEO NEO

9.8202841347 USD -2.16%)

0,00091695 BTC

rank

18

Market cap

692.71 M USD

volume (24h)

236.6 M USD

The news of decentralization immediately caused a rise in the crypto's rate. In one week NEO grew by more than 7.5% and stood at $42 per coin. Looking at NEO's rate online - surprises are still possible.

Information

NEO (NEO) is the first cryptocurrency platform, and the first open source blockchain project, in China. The project was launched in 2014 and was originally called Antshares.

The crypto was not very well known so the founders decided to do a complete rebranding. Thus NEO, the cryptocurrency, was born in October of 2016. According to its developers NEO has the most accurate identification of digital signatures and the best smart contracts.

Due to the fact that the infrastructure of the project is similar to the famous Ethereum network, NEO is often called the Chinese Etherium. But according to some parameters, it even outstrips its competitor. The main goal of the project is the creation of a unified financial system which includes both real assets and digital assets.

What is NEO

  • The project cooperates with the Chinese government, which could make NEO the national cryptocurrency of the country in the future. Business giants like Microsoft and Alibaba are also sympathetic to NEO.
  • It supports the main programming languages, which in turn draws the attention of all new developers to the project.
  • Based on a decentralized and distributed protocol it safely, legally, and efficiently controls the management of intellectual assets.
  • The project is capable of carrying out millions of transactions per day (100 thousand operations per second). All transactions are free of charge.
  • The founders of the project developed an exclusive mechanism for trading called Superconduct. Its allows users to conduct digital exchanges through a decentralized platform without contributing anything to the network.
  • The NEO system is protected against hacking which is carried out with the help of quantum computers.

Important facts

The platform has two tokens - NEO and NeoGas (GAS) which are used to pay for the use of the blockchain. It also finances all operations.

In total, the system created a finite number of tokens - 100 million. By about 2039, generation of them will cease. Half of the coins are at the disposal of the NEO system itself and are used for the development of the project. The other half is distributed among ICO participants.

The minimum unit is 1 NEO and it is indivisible, unlike 1 GAS.

If you own coins, you can vote on the future of the distributed registry and obtain GAS for creating new blocks.

The NEO system is included in the prestigious list of the top 10 cryptocurrencies.

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Evan Mcbride

Evan Mcbride

Hitecher staff writer, high tech and science enthusiast. His work includes news about gadgets, articles on important fundamental discoveries, as well as breakdowns of problems faced by companies today. Evan has his own editorial column on Hitecher.

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