NEONEO is a non-profit community-based blockchain project that utilizes blockchain technology to build a smart economy by integrating digital assets, digital identity and smart contracts.
What is Neo?
NEO is a non-profit community-based blockchain project that utilizes blockchain technology to build a smart economy by integrating digital assets, digital identity and smart contracts.
NEO was founded in 2014 initially under the name of Ant share and was subsequently rebranded as Neo. The project was real-time open source on GitHub in June 2015.
How does NEO work?
The NEO ecosystem has two native tokens: NEO and NEOGas (abbreviated as GAS). The NEO token represents the right to manage the network by giving NEO holders voting power for bookkeeping. This token cannot be subdivided so a minimum of one is required.
GAS is used for the operation and storage of tokens and smart contracts. This therefore creates economic incentives for bookkeepers and prevents the abuse of resources (as GAS’s value is not zero).
The consensus method used by NEO is Delegated Byzantine Fault Tolerance (dBFT). This method allows the holder to vote on the bookkeeper it supports. These selected bookkeepers then reach a consensus and generate new blocks (currently there are 7 consensus nodes). Voting in the NEO network continues in real time, rather than in accordance with a fixed term. This consensus mechanism is measured up to 1,000 transactions per second (tps). Also with further optimization, there is potential to reach 10,000 tps, allowing for it to support large-scale commercial applications.
Some of the other key features of NEO are as follows:
- Consensus mechanism: The consensus mechanism used by NEO is able to prevent code forks.
- Fast Transaction: NEO can handle 1,000 transactions per second, whereas its competitor Ethereum can handle 15. However, we must take into account the update coming to the Ethereum network which is predicted to process up to a billion transactions per second.
- Language Support: NEO supports popular languages such as C#, C++, Java and Python. Meanwhile, Ethereum currently relies on its own language, Solidity. This means NEO could attract more developers resulting in more development.