NEO blockchain is quite popular in the Asian market and has received support from the Chinese government. This is in spite of the government’s general aversion to cryptocurrencies. One reason for the increased adoption of the blockchain is its high transfer speed. It can process more than 10,000 transactions per second, which is quite fast.
Briefly about NEO Blockchain
NEO blockchain was developed in 2014, just a year after Ethereum. It was created by Da Hongfei and Erik Zhan. Like Ethereum, this network allows users to store anything of value, including property deeds and confidential data. Anything stored on the network will be free of the interference and surveillance of third parties, including the government and banks. At the moment, this blockchain hasn’t experienced much success outside the Asian market, but it is extremely popular among Chinese citizens.
NEO blockchain is building blocks for the next generation of Internet.CryptoLists.com
NEO blockchain works with a number of institutions to fulfil its legal obligations. Because it is able to verify the identity of its users, the network allows for the integration of real-world assets onto the network. The network also makes interoperability possible through atomic swaps. It is worth noting that the blockchain has a strong developer community, and this means it is constantly being improved. Another interesting aspect of this network is that it doesn’t use the proof of work or proof of stake system and instead uses the Delegated Byzantine Fault Tolerance (BFT) mechanism.
Utility of NEO Blockchain?
As noted earlier, NEO blockchain is used to store assets in digital form. Since it can process thousands of transactions per second, people also use it for regular payments. Businesses have also found it easier to adopt this network because it has a built-in KYC system. NEO is also great for writing smart contracts and dApps since it supports lots of programming languages, including C# and Java. Since these languages are popular with programmers all around the world, the network has been able to reduce the barrier to entry for developers.
NEO Blockchain
Release Date: September 14, 2016
Advantages at NEO Blockchain
+ It is easy to create smart contracts on the NEO network.+ Transactions are processed really fast on NEO's ecosystem.
+ You can use it to digitize physical assets.
+ Holders of the native token can earn GAS or dividends.
Disadvantages
- It is almost entirely used in China.- NEO has to face mighty competitors like Ethereum.
- It is linked to the Chinese government and central bank.
- Consensus is achieved by very few bookkeeping nodes.
Costs
▪ Rated at 10/10In 2021, the NEO Council lowered the network and system fees by 80%. Now, the cost of transfers on the network is about $0.10. You should note that the transaction costs will generally scale depending on the network resources required. Although the native cryptocurrency of the blockchain is the NEO token, the transfer fees have to be paid using GAS. This is a special crypto asset that is divisible, and it is usually granted as dividends to holders of NEO tokens.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 8/10
NEO blockchain has developed a great reputation in China, but it is unclear whether it will ever gain popularity in the western world. Its biggest benefits are the high transfer speeds, low fees, and utility. However, people are still wary of its connection to the Chinese government and the central bank of China. There are several blockchains that are similar to NEO, including Ethereum. To follow discussions about the NEO ecosystem, you can use Twitter or Reddit.
FAQ
Who created NEO Blockchain?
NEO was founded by Da Hongfei and Erik Zhan in China in 2014. It was initially known as AntShares and would rebrand to its current name in 2017. This was when it implemented Smart Contracts 2.0.
Is NEO Blockchain proof of stake?
This network uses Delegated Byzantine Fault Tolerance (BFT), which is an improved version of proof of stake. Since this mechanism requires a lot less energy to verify transactions, its environmental impact is low. It also makes transactions faster and cheaper as it requires less computation work to verify blocks.
Will NEO Blockchain overtake Ethereum?
This network is among the strongest competitors of Ethereum, and it has captured a good portion of the Asian market. However, Ethereum still ranks highly as it has many advantages. Also, Ethereum has been around a little longer than NEO.
What is the native cryptocurrency of this network?
This company uses NEO coins as its native cryptocurrency. You should note that this coin is not divisible and has to be used as a whole. Holders of this cryptocurrency earn rewards in the form of a token known as GAS.
Is this blockchain secure?
Yes, the NEO network is considered extremely secure and is built in such a way that it cannot allow for unexpected hard forks. The main security issue is in the limited number of bookkeeping nodes.
Screenshots from NEO Blockchain
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