Hey Readers!!

Hope you’re keeping up to date with the latest happenings in the blockchain world.

So today, I would like to talk about a blockchain network that you probably already know but doesn’t realize the full potentials yet. I will show you how this blockchain network will drive Global economy in the near future. Without further ado, let’s dive into the world of the NEO ecosystem.

NEO blockchain is an open source platform that aims to create what they have dubbed as the new “smart economy” whereby the NEO ecosystem could yet create better ways of managing financial transactions. NEO platform could also be regarded as a smart contract platform that makes the process of dApps building extremely easy for developers by ensuring that they can code and deploy dApps in a variety of programming languages like C+, Java, JavaScript etc. In a world where millions of transactions are carried every day, there is the need to have a platform that could cope with this demands and NEO offers a viable way out. The NEO platform also features an open API that can be used for integration with other systems.

NEO is a Blockchain-based platform that aims to digitize assets using digital identity and the use of smart contract to self-manage digital assets, thereby providing a distributed network for all stakeholders to benefit from this smart economy comprising the power of digital asset, digital identity and smart contract. NEO was conceptualized with a vision of shifting the market from the current traditional economy model to a smart economy leveraging the power of blockchain technology. To bring this vision to reality, NEO has introduced new features, such as cross-chain protocol, quantum-resistant cryptography, a distributed storage protocol and a secure communication protocol into its ecosystem.

Let’s look at the 3 major components of the NEO ecosystem:

Digital Assets

Digital Identity

Smart Contracts

Digital Assets

The NEO platform provides users with the opportunity to trade and transact multiple types of digital asset. Digital assets are electronic form of assets that you own, license, or control. NEO platform allows users to digitize their assets in a highly secure and efficient environment that is free from any third party intervention. You can manage and trade a wide range of Nep-5 tokens on the NEO platform and what’s more is that you can do this with zero transaction fees. You can also trade NEO and GAS which are the official tokens of the platform.

Digital Identity

Digital identity is very much gaining traction as something that is very vital in online transactions. Online social and business platforms require users’ identity in order to verify the authenticity of the party they are dealing with. On a daily basis we hear about cases of online hacks and breaches and different fraudulent activities being perpetuated and so it has become imperative for the businesses to have some reliable mechanism for identity management in the digital world. NEO provides a reliable and fool-proof digital identity feature for verifying users’ identities whether individuals or organizations and other entities that exist in electronic form. This amazing platform is built with a secured protocol that can store, transact and authenticate digital identity which is fast and efficient. NEO leverages the use of facial features, fingerprint, voice, SMS and other multi-factor authentication methods in the process of verifying users’ identity in order to make it a more trusted platform to maintain digital identity.

Smart Contracts

Smart contracts have totally revolutionized the way we carry out online transactions by making it easier, secure and faster. It’s a protocol that verifies the terms of an agreed contract and automatically executes the agreed terms between the two parties involved. The conditions of a contract are set and pre-programmed into the protocol and so once these agreed conditions are met, the smart contract executes the terms of the contract. NEO smart contract is called NeoContract and comes with amazing features such as security, high performance, and expandability thereby helping you to create smart contracts that totally eliminate the use of middlemen while making some smart savings. Furthermore, NEO allows developers to deploy smart contracts in programming languages of their choice like C#, Java and other mainstream programming languages thereby allowing millions of developers around the world to quickly carry out the development of smart contracts.

The NEO Consensus Algorithm

The NEO platform is built on a consensus algorithm called Delegated Byzantine Fault Tolerance (dBFT). dBFT intends to take care of a major issue in distributed computing i.e. how do distribute nodes, who know nothing about one another and who get data at various occasions come to an agreement? At the end of the day, how would we guarantee that information is substantial, in the right request, and recognized by all the nodes in the system, regardless of whether they are 10 nodes or 1000 nodes?

More or less, dBFT works in the NEO network in the following ways: each NEO token holder has a privilege to vote on delegates. The delegates confirm each block written to the blockchain and every one of them are in charge of keeping their own record of transactions that happen in the NEO system.

For every new block, an arbitrary delegate is picked as the representative delegate. The representative delegate “proposes” their record of transactions for the given block to the rest of the delegates, the other delegates at that point contrasts their own particular records with the one proposed by the representative delegate. If there is a two-thirds (66%) or more consensus, at that point the block is added to the NEO blockchain. In the event that there is not as much as a 66% consensus, at that point another representative delegate is arbitrarily picked and the procedure begins once again until the point when a 66%+ consensus is achieved.

NEO’s Token & Economic Model

The NEO platform has 2 native tokens which are NEO and GAS. Both NEO and GAS have a total supply cap of 100 million tokens each.

§ NEO: NEO tokens represent an ownership of the NEO blockchain and are also used for the deployment of smart contracts on the NEO blockchain. It is likewise utilized to create blocks, voting of delegates in the ecosystem and other consensus related issues. Holding NEO on the NEO blockchain also generates new GAS until the maximum supply is reached.

§ GAS: GAS is a utility token that powers transactions on the NEO ecosystem. GAS is distributed to holders of NEO tokens on the platform depending on the amount of NEO they hold at any particular period of time. It is also used for resource allocation & charging network related activities like running dApps, smart contracts etc.

Dividends for NEO Holders

Another exciting feature of the NEO platform is that it rewards the supporters of its community. For holding NEO in your wallet, you’ll be given an amount of GAS proportional to the amount of NEO that you hold in your wallet. This GAS will be generated by NEO holders until 2038 when the maximum cap of GAS supply is expected to be reached.

NEO dApps

NEO platform allows developers to build exciting dApps in an open source environment with any language of their choice e.g JavaScript, C#, Python, Go, C++ etc. Businesses and individuals can build their own unique dApps that connects them directly with their end users on the NEO platform with little or no experience in blockchain technology. NEO provides easy-to-understand tools and powerful resources that make this process simple and easy to do.

Some dApps on NEO blockchain

RedPulse: RedPulse is a decentralized platform built on the NEO blockchain which deals with market intelligence. It is particularly built for China’s capital and financial markets. The platform is basically about sharing research contents on the markets and so helps to connect practitioners, industry experts, and other professionals. It’s a platform for sharing knowledge on the capital and financial markets.

Apex: Apex is another brilliant project built on the NEO blockchain. Apex basically wants to build a network for the consumers so that they can have a direct interaction with enterprises. In summary, it aims to improve the value in B2C engagement.

Neo Name Service (NNS): NNS is an extensible, open-source distributed naming system built on NEO blockchain. NNS wants to replace the long alphanumeric wallet addresses and contract hash with a simple .neo address. This means that you can perform a transaction on the NEO blockchain with the use of a nick like mark.neo instead of something like AeYWeEg3Qu7Eru9y1VXdkQcAF58Pfe2LZs. This makes transactions easier and faster on the NEO blockchain.

These are few of some of the amazing dApps that has been built on the NEO blockchain which is ever moving the world towards a smart economy where they can perform transactions at the snap of their fingers in a highly decentralized and secure environment. The NEO ecosystem provides a secure and open source platform that is set to open the digital world to further development. Individuals and business can leverage the tools and resources on the NEO blockchain to improve their enterprises in terms of security, cost savings and automation. The platform aims to achieve what is termed “smart economy” and on the back of various developments that has been achieved so far, it is evident that the project is moving in the right direction and anybody that has a foresight should be leveraging the use of this amazing platform.

The NEO Team

The NEO team is led by an enigmatic Da Hongfei who is the Co-founder of the NEO blockchain. He has been actively involved in blockchain technology since 2011 and has worked on numerous projects before founding NEO. The team comprises of highly knowledgeable professionals with valuable years of experience in blockchain technology, online security and digital asset management. The NEO platform is also backed by a very active community such as NEL, CoZ, NEO council etc.

For more information about the NEO blockchain, please visit the following useful links:

Website: https://neo.org/

Github: https://github.com/neo-project

Discord: https://discord.io/neo

Medium: https://medium.com/@NEO_Council

Twitter: https://twitter.com/neo_blockchain

Reddit: https://www.reddit.com/r/NEO/

YouTube: https://www.youtube.com/channel/UCl1AwEDN0w5lTmfJEMsY5Vw/videos