What is Neo (NEO)?

what is NEO

Neo is a software network that seeks to serve as a platform on which anyone can transact and create products and services. decentralized.

Neo is sometimes referred to as the “Ethereum of China” for sharing many similar features with its more popular counterpart, such as the ability to write decentralized apps (dapps) for decentralized exchanges, forecasting markets and social networks, among others.

In addition, the Neo network also offers a number of other features for its users, including a decentralized file storage system, an identity system, and an oracle system to provide external information (such as pricing data).

Neo uses a unique governance system called Delegated Byzantine Fault Tolerant (dBFT) as a consensus mechanism for the computers running its software.

The core of operations execution on your Blockchain are two native cryptocurrencies, NEO, for voting on protocol changes, and GAS, used to pay for computing on the network.

Users who want to stay connected to Neo's current development status can follow its official blog for updated details.

Who Created Neo?

Neo, released as Antshares, was created by Da Hongfei and Erick Zhang in 2014 and renamed Neo in 2017.

The Antshares team initially distributed its cryptocurrency, ANS, in a token sale in 2014, raising more than 6.100 bitcoins.

The ANS tokens were then converted to NEO in 2016, with the team conducting a second token sale, raising more than $8 million, while releasing the full supply of NEO coins.

Half of NEO's supply was released to participants for token sales, while the other half was retained for Neo developers, a community fund and for investment in other projects.

Why Does NEO Have Value?

The NEO token is the main cryptocurrency that powers the blockchain Neo e can be used to hold, send, spend and stake out.

NEO's main use case is that it allows stakeholders the right to vote on network parameter upgrades.

Staking NEO grants users a share of the block's rewards, paid in GAS. Gas is generated for each new block created until the network releases 100 million tokens.

It is important to note that its smallest unit is 1 NEO and cannot be subdivided, while the minimum unit of the GAS cryptocurrency is 0,00000001.

Like many other cryptocurrencies, the supply of NEO and GAS tokens is limited, meaning that membership will only be 100 million units of each, according to the software's rules.

Neo price

 

Why use NEO Coin?

Developers may be attracted to NEO due to the protocol's technical design, which, rather than relying on their own programming language, allows them to build applications using familiar languages.

Investors may also be interested in adding NEO to their portfolio if they believe the market will one day favor protocols created to facilitate custom tokens and dapps.

How Does Neo Work?

Neo's platform allows developers to use its software to execute smart contracts (known as NeoContracts) and design new programs (dapps) designed to replicate real-world products and services.

NeoContracts differ from other protocols based on smart contracts in that developers can build applications using a variety of existing popular languages ​​(such as C# and Java) rather than learning a new language.

Therefore, NeoContract's ability to work in multiple programming languages ​​may be attractive to a larger group of developers looking to build dapps or support existing ones.

What is NEO?

Byzantine Fault Tolerant

To protect your blockchain and keep your distributed network of computers in sync, Neo employs a consensus engine method called Delegated Byzantine Fault Tolerant (dBFT).

dBFT works similarly to delegated proof of stake (DPoS) and leverages a real-time voting system to determine which computers running the software can create the next block in the blockchain Neo.

This means that anyone with NEO can help operate the network.

Each NEO token (sometimes referred to as a Neo coin) can be locked, or “staked” to represent a vote (the more NEO staking, the more voting power). All owners who staking NEO then vote on the consensus nodes, which are responsible for creating blocks.

To propose and add new blocks to the Neo blockchain, consensus nodes receive network transaction fees (paid in GAS cryptocurrency).

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