What is NEO?

NEO is a blockchain platform and cryptocurrency designed to build and scalable network of decentralized applications. The base asset of the NEO blockchain is non-divisible NEO token which generates GAS tokens it can be used to pay for transaction fees generated by applications on the network.

NEO is often called Ethereum of China

The reason behind is NEO is positioned as a “public cloud” and it’s a part of a bigger strategy by the Chinese government in establishing of pre-eminence as a Blockchain platform industry leader. They want developers should use their tools and platform and develop the ecosystem.

Features of NEO

Delegated Byzantine Fault Tolerance (DBFT) algorithm

This is a consensus mechanism (instead of the traditional proof of work/stake) that allows the system to resist and maintains consensus even if some nodes bare malicious intentions.

NeoX

This system is to create the ability and to execute and operate across various blockchain.

NEO Contract

It is for creating the mechanism with smart contracts seamlessly in scalable, high-performance environments and that integrates pre-existing codebases.

NeoFS

This is a service which allows decentralized storage (like peer-to-peer Dropbox).

NeoQ

A matrix-based cryptographic mechanism, which creates problems and that cannot be solved by quantum computers to ensuring being quantum proof.

Positive and Negative impacts of NEO

1. One of the most intriguing elements is how this NEO platform (token) is separate from the processor payment token(GAS) But in other news NEO has a 100% pre-mine as well as proof of stake model which allows users to derive additional coins in the form of GAS, by holding them in the wallet.

2. Another is its use of Delegated Byzantine Fault Tolerant algorithm instead of Proof-of-Work to achieve consensus and reward shareholders but in other news, NEO distributed coins through a crowdfunding event which allowed people to invest but NEO still made money from the sale and this is not the right thing to do.

3. Other NEO strengths include developer accessibility and scalability potential but in other news, NEO is divided into two batches of 50-50 million and somewhere somehow it is going to affect its future in the crypto market.

4. Somehow, NEO has done a great job of driving developer awareness and engagement but in other news NEOs fund releasing is in multiple forms and this cause market dumping with some of it affects price & morality.