If you are interested about cryptocurrency? then your interest will surely fall on to the NEO blockchain often known as the Ethereum of China. Similar to the Ethereum, it suffice a close examination with some traits. Now its time for the deep dive on NEO.
At present, the trending technologies which revolutionizing are cryptocurrency and Blockchain. Now its time to plow one significant blockchain platform, “NEO” and why it is right choice to prefer NEO when kick off with blockchain.
What is NEO Blockchain?
NEO is a blockchain platform which facilitates the development of smart contracts and digital assets. The word NEO originates from the ancient Greek language and translates as ‘new,’ ‘modern,’ and ‘young’. NEO aims to use smart contracts to become a decentralized, digital, and distributed platform for non-digital assets. Its specific goal is to become a digital alternative for asset transfers which are currently non-digital.
Digital Assets + Digital Identity + Smart Contract = Smart Economy.
Usually, digital assets in form of electronic data are virtual assets where you can compare it with your e-wallet money. With Blockchain technology, the asset conversion is decentralized, highly transparent, traceable,, trustful and mediator free. Whereas on the NEO Blockchain, you can register and it is possible to trade and distribute multiple assets types.
To point out, the digital assets in NEO are categorized into global assets and contract assets. Global assets can be identified by all clients and smart contracts as well as recorded in a system space. In contract assets, the smart contract must need a compatible client to recognize and recorded in the private storage. In short, the global assets need no effort whereas the global assets needs some configurations. simply means that there is no need to make an extra effort for Global.
(ii) Digital Identity:
Digital Assets are programmable assets that exist in the form of electronic data. With blockchain technology, the digitization of assets can be decentralized, trustful, traceable, highly transparent, and free of intermediaries. On the NEO blockchain, users are able to register, trade, and circulate multiple types of assets.
Identity verification in NEO will be done by:
• Use of facial features.
• Other multi-factor methods.
(iii) Smart Contracts:
Smart contracts are self-executing contracts which have specific instructions written on the code which gets executed when certain conditions are fulfilled. A smart contract must be immutable and can run on multiple nodes without compromising integrity.
Features of Smart Contracts on NEO:
In NEO, developers need not learn a new smart contract language, unlike the Ethereum blockchain. If you are a developer who uses C#, Java, or any other mainstream language, you can now get started with coding your smart contracts. NeoVM, NEO’s Universal Lightweight Virtual Machine, provides the advantages of high concurrency, high scalability, and high certainty for smart contracts created on the blockchain.
Similarities with Ethereum:
Highlighting similarities of NEO blockchain and Ethereum
(i) Both NEO blockchain and Ethereum offers an efficient platform for developers to build several ICOs on a blockchain.
(ii) Everything in the blockchain runs via the exchange of a crypto-asset. Ether in Ethereum’s case and GAS in Neo’s case.
(iii) Both are Turing complete. A machine with unlimited memory space which can “calculate anything” is considered as “Turing Complete”. to point out, the machine that drives the dual EVM and NEOVM offers enough memory space and capable to solve any problems.
(IV)Both offer unlimited smart contract systems. Smart contracts work in NEO with existing programming languages, whereas Ethereum smart contracts require the Solidity programming language.
Advantages of NEO:
• NEO offers smarter smart contracts which do not require specialized knowledge of programming languages.
• It has built-in proof-of-stake systems which help save computing power.
• Coins can be transferred for free on the NEO network as no fee is charged.
• It helps people digitize real-world physical assets.