The cryptocurrency space is almost saturated. There are too many digital currencies and companies that it can be hard for investors to make the right calls when it comes to trading and long-term investing. Among the exciting coins in the market is NEO (formally Antshares), a digital currency from China that is referred to by many as the Chinese Ethereum. The technology of this platform is seriously contending to create the perfect infrastructure for a smart economy that is not dependent on the centralized systems in any way.
Uniqueness of NEO
The NEO platform has been incredible from the start. The network boasts of advanced concepts in modern cryptography and blockchain technology. Like Ethereum, it is used for financial transactions, but it offers opportunity for several other complex interactions and fully featured distributed apps.
NEO is quite different from Ethereum in a number of ways. Firstly, Ethereum fully depends on developers to code with its own programming language (Solidity), but NEO permits the use of different languages like VB.Net, C#, Python, Ruby, Java, F#, and Kotlin. It also uses a proof-of-stake system instead of the well-known proof-of-work.
NEO also makes use of two tokens. The major token on the network that determines the stakeof individuals (and voting right) is NEO. By virtue of having NEO in the wallet, a second crypto token known as GAS is generated. This is the one that is used for transaction. More NEO equals more GAS which is used for payment on the platform and traded in crypto market.
Unique benefits of NEO
There are certain characteristics of NEO that make it an appealing platform. They include:
NEO operates at an incredible speed. It has never been clogged like some other top cryptocurrency platforms. Using concepts referred to as concurrency and sharding, NEO can process up to 10,000 transactions in a second. This speed trumps what is obtainable in other platforms.
NEO makes use of a consensus method known as Delegated Byzantine Fault Tolerance. It is quite different from the proof-of-work mining in Bitcoin and some other platforms. This helps to prevent code forks.
Though quantum computer is yet to become a real thing, it is widely feared that it can be a major threat to major cryptocurrency platforms. For users of NEO, there is actually nothing to be afraid of. The platform is quantum computer proof, so the coins are fully secured.
The NEP 5 token standard was used by NEO in its Initial Coin Offering. The platform offers opportunity for startups to launch through ICOs. There are already some companiesthat had taken advantage of it to start business before the Chinese government’s ban on ICO activities. It is expected to pick up again in some other countries with time.
By owning some NEO coins, every holder has a stake in the platform and voting power on important decisions. The ownership interest is rewarded with GAS which facilitates transaction. This makes the platform a potential ground for long term investment.
NEO in the future
From all indications, the NEO platform is poised for success going forward. There are several advantages investors will enjoy, and the development team is working harder to engage with the community and get people in line for the smart contract economy. Things are truly looking good.