What is the NEO Coin?
Since Bitcoin has gained in reputation, it has received immense support from investors who see the disadvantages of Fiat currencies. Of course, many rush to Bitcoin’s hype. The blockchain-based coin is rewarded for its ability to reward participants who operate an automated transaction network: one that is infallible, unwavering, and completely fluid. However, it has largely found no suitable business applications and the space it has released in the market has been quickly filled by Ethereum .
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Ethereum is a cryptocurrency that has expanded on Bitcoin’s simple proof-of-work algorithm. It added the ability to create smart contracts, so-called smart contracts, which use the Blockchain system as a medium-sized, enforceable platform for trading. However, no one could predict that Ethereum itself would spawn its own cryptocurrency boom or that its strongest competitor NEO Coin – would come from China.
NEO Coin – Development
Formerly known as Antshares, NEO is a new iteration on Ethereum’s Smart Contracts. NEO uses a unique blockchain algorithm that enhances Ethereum’s model. While the fundamentals still apply, NEO also supports decentralized commerce, the identification and digitization of multiple assets. NEO also closes loopholes that have made some ether contracts vulnerable to hackers.
Trends in the NEO market
After trading between 0.002BTC and 0.003BTC ($ 6 – $ 8) for months, NEO has made some amazing progress in value and market capitalization. In recent months, NEO has been one of the top five crypto currencies , among Bitcoin (BTC), Litecoin (LTC), Ripple(XRP) and others.
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NEO has gained more than 300% since the beginning of August. There are a few reasons why cryptocoin experiences such tremendous profits:
1. The team and their idea: Founded by Da Hongfei, the NEO team is one of the most professional. While many new initial coin offerings (ICOs) have teams that explain the potential value of pre-selling the coin, NEO takes the opposite approach. Da’s team is relentlessly open to the public and speaks about the technology of real-world applications.
2. SegWit : “Segregated witness” was a Bitcoin blockchain event where miners and users voted on block size changes to make the chain more useful as a transaction platform. With the vote, it was predominantly possible to give the untried system more credibility and increase the price.
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3. Fiat Problems: Current debt and currency problems around the world have shown that investors are switching to cryptocurrencies as a “safe haven”. NEO is a popular coin and one of the most heavily invested.
4. Estimate of Ethereum: Markets draw obvious parallels between NEO and Ethereum. While ETH is the smart contracting partner of the West, NEO is a far-eastern powerhouse. If Ethereum can earn $ 400 per coin, why not NEO (especially with a bigger market)?
5. Tweet-Gate: A tweet sent by the NEO team in early August showed that the system would work with Chinese financial institutions. Although the team quickly lifted the tweet, it was enough hype to push NEO from its long-standing $ 8 over the $ 11.
6. China’s crypto support: Fiat problems and technological capabilities have made China one of the largest crypto markets in the world. NEO tries to get a piece of cake and many believe that the sky is the limit for the cryptocurrency.
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The technology behind NEO
Technologies such as P2P connectivity, dBFT consensus, digital certificates, superconducting transactions and cross-interoperability enable NEO Blockchain to manage intelligent assets in an efficient, secure and legally binding manner.
China’s first original public block chain
The NEO project started in 2014 and has been open since 2015 at Github opensource. NEO applies unique technologies adapted for the future demand of the industry and is today the strongest comprehensive domestic public block chain.
The underlying design supports several types of digital assets
NEO underlying technology supports multiple types of digital assets. Users can register, transfer and trade with NEO.
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Use the digital certificate to guarantee confidence
Digital certificates are supported and create trust in the public block chain. This provides full legal protection for all assets digitized through the NEO platform.
Superconductive trading mechanism
It provides relief for the P2P exchange of digital assets. Buyers and sellers of digital assets and currencies are treated with peer-to-peer without the need for third parties.
Complete smart contracts
Complete smart contracts, which have high levels of collateral and finality, support parallel operation, sharding, and unlimited scalability when running in NeoVM.
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The NeoContract supports several programming languages such as C #, Java and Go. Developers can quickly develop smart contracts based on the NEO platform without learning a unique language.
NeoVM (NEO Virtual Machine)
NEO’s light stack-based virtual machine provides faster start-up times with more efficient execution. The deterministic call tree technology allows NEO to achieve unlimited theoretical scalability.
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Innovative dBFT consensus mechanism
Consensus nodes use the Byzantine Fault Tolerance algorithm to achieve consensus and ensure the finality of the transactions. It also ensures that the system retains its finality and availability as long as a Byzantine error occurs on less than 1/3 of the nodes.
The original cross-chain interoperability protocol consists of the cross-chain assets swap protocol and the cross-chain distributed transaction protocol and can achieve atomic assets swap and guarantee the operational consistency of intelligent contracts running on different chains.