NEO (cryptocurrency)

Neo is a distributed network using blockchain technology and digital identity to digitize assets and automate the management of digital assets via smart contracts. The Neo network has two tokens. NEO represents the right to manage the Neo blockchain, while GAS representesrepresents the right to utilize the Neo Blockchain.

Neo also offers native infrastructures like decentralized storage and oracles. It features a virtual machine, digital certificates, P2P exchange, as well asand support for different kinds of digital assets. It also offers support for multiple programming languages for developing smart contracts, use of Byzantine Fault Tolerance Algorithm for consensus, iLattice cryptography-based signing, and cross-chain asset swap protocol.

NEO is a blockchain-based platform that aims to create a smart economy by combining digital assets, digital identity and smart contracts. It features digital certificates, P2P exchange, support for multiple types of digital assets, support for multiple programming language for developing smart contracts, virtual machine, use of Byzantine Fault Tolerance Algorithm for consensus, Lattice cryptography-based signing and cross-chain asset swap protocol.

NEO plans to update its platform to version 3.0, known as #3 as early as 2021. As a project started in June 2018, the N3 update represents the biggest achievement in Neo's history. This update is designed to bring the first universal experience in blockchain development and implementation to the platform. It should be equipped with new powerful functionality. These features include distributed storage, oracles, and name services. Neo N3 also boasts a simpler and more modular architecture than its predecessors, as well as an improved control model and economy.

Neo is a distributed network using blockchain technology and digital identity to digitize assets and automate the management of digital assets via smart contracts. The Neo network has two tokens. NEO represents the right to manage the Neo blockchain, while GAS representes the right to utilize the Neo Blockchain.

Neo network charges GAS for assets issuance and smart contract operation, including translations that modify the blockchain status. At the time of Genesis block, the Neo N3 Genesis block will mint the corresponding amount of GAS token required to account for GAS tokens circulating on the NEO Legacy chain.

Neo also offers native infrastructures like decentralized storage and oracles. It features a virtual machine, digital certificates, P2P exchange, as well as support for different kinds of digital assets. It also offers support for multiple programming languages for developing smart contracts, use of Byzantine Fault Tolerance Algorithm for consensus, iLattice cryptography-based signing and cross-chain asset swap protocol.

As we mentioned earlier, Neo uses Delegated Byzantine Fault Tolerance, and it’s estimated that the blockchain is capable of processing thousands of transactions per second.

According to Neo, the dBFT mechanism has been inspired by the Practical Byzantine Fault Tolerance algorithm.

There are a couple of similarities with delegated proof-of-stake, given how both consensus mechanisms allow token holders to vote for the delegates who will process transactions.

Through dBFT, blocks are added to a blockchain as long as at least two-thirds of delegates reach consensus — and it’s hoped that this helps prevent bad actors from undermining the smooth running of the network.