NEO (NEO) Research

NEO (NEO) Research Details

NEO (NEO) NEO

INTRODUCTION

NEO, frequently nicknamed within the cryptocurrency community as the One, Chinese Ethereum or Ethereum ‘‘killer’’, could be a blockchain platform that implements digital assets, dApps and smart contracts, and tries to solve some scalability and regulatory issues of its competitors. With strong partnerships and supportfrom the Asian cryptocurrency community, neo is one amongst the most promising currencies within the crypto-assets space, with the ambitious goal of becoming the main “smart economy” of the world during the next few years.

NEO maintains a clear distinction from different standard blockchain platforms in its focus on being regulatory-compliant. where as digitized assets and smart contracts are popular on other blockchain platforms like Ethereum, the third key feature of what it calls its “digital identity” separates neo from the rest.

HISTORY AND FOUNDERS

NEO was introduced in2014 under the name Antshares by China-based Company Onchain, a blockchain-specializedcompany founded in 2014 by da Hongfei and Erik Zhang. 2 crowd sales in late2015 provided the start for the project. On these crowdsales, 17.5 million and22.5 million neo were sold for $550,000 and $4.5 million, respectively. On 22ndjune 2017, in an incident at the Microsoft Headquarters in beijing, Therebranding method from Antshares to neo took place, what vastly increased therenown of the project that was soon to become one amongst the most outstandingprojects in the whole cryptocurrency sphere.

Da Hongfei is that the most recognisable face behind the project and now one ofthe most respected experts in cryptocurrencies within the world. Erik Zhang is co-founder of Neo and CTO of the associated company OnChain. He is the mastermind behind the dBTF consensus algorithm, one of NEO’s cornerstones.

REASON TO BUILT THE PROJECT

NEO aims to change the management of digital assets through the use of smart contracts, with the ultimate aim of building a distributed network-based smart economy system. Users are able to record, buy, sell, exchange, or circulate varied types of assets. The neo platform allows for linking the physical asset with a similar and unique digital avatar on its network. Neo also supports the protection of assets. Those assets registered on its platform have a validated digital identity and are protected by law.

BASE OF PROJECT

NEO implements a changed Proof-of-Stake model named Delegated Byzantine Fault Tolerance (dBFT), as opposed to the additional classical Proof-of-Work model used by Bitcoin and Ethereum. The neo network will be thought of as a two-tier system. All token holders are ready to vote on the consensus nodes that will validate the network. These consensus nodes can then be the ones that validate each block in the blockchain. These consensus nodes are identifiable and can even be contacted if necessary. This makes the system completely different from the majority of the most well-liked blockchains, and especially attractive for regulation.

USE CASES

The range of industries which will benefit from the implementation of smart contracts is vast. Some examples are:

Financial Services: Smart contracts can be used to mechanically execute commercial transactions, payments and agreements, eliminating any delays and any needs for a middleman
Real Estate: In an industry with such a vast number of legal contracts and third-party agents, smart contracts could greatly simplify and reduce the costs of the many operations.
Government: Governments are studying the possibilities of blockchain technology for a large variety of problems. A decent example is voting
Supply Chain: Several companies are introducing projects to form tracking of goods during the supply chain automatized thanks to blockchain technology, with the goal of preventing fraud and thieving.

CURRENT & UPCOMING PROJECT

Major Projects: 

Bluzelle
Zilliqa
RedPlus
Switcheo
NEX
Thor
Thekey

MAJOR NEWS AND EVENTS

DATE

NEWS AND EVENTS

IMPACT

18-Apr-2021

Newly updated version of Go node N3

+29% Increase

19-May-2021

Harsh Crash Followed, as Bitcoin suffered greatly

-35% Decrease

CONCLUSION

Other blockchains with smart contract capabilities employed Proof-of-Work (PoW) for consensus after they were released however are slowly switching to Proof-of-Stake (PoS) mechanisms, like, for instance, Ethereum. Neo was established as a PoS chain from the start, accumulating years of experience with BFT-based accord algorithms.
In a nutshell, Neo3 are a lot of attractive for a wider audience due to lower smart contract deployment costs, better accessibility for developers, an integrated Oracle and distributed storage system, as well as better performance and security. Ultimately neo could power following era of enterprise-grade blockchain applications.

DISCLAIMER

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice or do your own research before investing.