NEO (NEO)

NEO (NEO) Price Analysis


Neo Coin Overview

Neo is commonly referred to as the “Ethereum of China.” It has outstanding similarities to Ethereum; however, Neo has some interesting features that make it standout. Neo is essentially a blockchain platform that supports the development of digital assets as well as smart contracts. This article will provide an in-depth review of the Neo blockchain from its history, technology analysis, a brief guide of the platform and lastly, the upcoming ICOs on the blockchain.

The History of Neo

Neo according to the official website is a community-based blockchain project that employs the blockchain technology along with digital identity to make digital assets. In addition to that, Neo also automates the management of the digital assets utilizing smart contracts to achieve a “smart economy” on a distributed network.

Neo is a China base project which was initially launched as AntShares in 2014. The blockchain was provided as a real-time open source on GitHub in June 2015. It was developed by a Shanghai-based blockchain R&D company otherwise called “OnChain”. The company was founded by Da Hongfei, the CEO in collaboration with his partner who is the CTO of the company, Eric Zhang.  The research that led to Neo begun some time in 2014. Importantly, Onchain was later named among the Top 50 Fintech Companies in China in 2016.

 

Neo was funded by two crowdsales. The first was conducted in October 2015 and run for 10 days. During the initial crowdsale, 17.5 million Neo tokens were purchased by investors raising $550,000. The second crowdsale saw the remaining 22.5 million tokens being sold to raise $4.5 million.

Full Name NEO (NEO)
Algorithm dBFT
Proof Type PoS
Website https://neo.org/
Twitter @neo_blockchain
Facebook https://www.facebook.com/antshares/
Reddit https://www.reddit.com/r/NEO/
Block Number N/A
Block Time N/A
65,000,000 NEO
Technology

 

Neo Coin Performance

Neo has made it to the top 10 cryptocurrencies by market capitalization. Neo is now trading at $137 and is available on several exchanges. Some of the exchanges that list Neo are Bittrex, Binance and Bitfinex. Neo can be stored in wallets both online in the official Neo Wallet. The wallet can be downloaded from the official Neo website. The cryptocurrency can also be stored offline using cold storage such as Ledger Nano S and Neon Wallet. Neo can be bought from exchanges like Coinbase. You will be required to create an account and buy Neo using credit cards, debit cards or even PayPal.

Investors can decide to buy and hold Neo which generates Gas in the long run. It is similar to holding a stake in a company and expecting dividends in future. The GAS is used to pay transaction fees and in future GAS will be tradeable on the many cryptocurrency exchanges.

 

2018 Neo ICOs

The cryptocurrency market has high expectations from the Neo ecosystem in 2018. Neo claims that it is able to address the issues that are found in the Ethereum blockchain. Some of the expectations are concerning upcoming ICOs in 2018. There are a number of ICOs that will be launching on Neo blockchain including:

Thor Token- It is an ICO that is set to provide blockchain-powered gig economy solutions for contractors.

Nex – This is the most anticipated ICO based on Neo. It will essentially become Neo’s decentralized exchange.

AdEx – It will launch to become a decentralized ad exchange using smart contracts.

Apex: It aims at giving consumers control over their personal data using the Apex platform.

 

Conclusion

Neo blockchain is revolutionizing the industry with their smart contracts, because developers are able to create dAPPs without having to learn new languages. Neo is also increasing in value to compete with major cryptocurrencies like Bitcoin. The technology of Neo can be utilized for far much more than what is covered in this article. The cryptocurrency market is much better off with the addition of Neo-based ICOs and industrial applications.

Features

NEO Technical Analysis

Neo uses a delegated Byzantine Fault Tolerance (dBFT) algorithm consensus as described in the white paper. The system can handle up to 10,000 transactions per second. As mentioned earlier, Neo uses blockchain technology along with digital identity to digitize assets. Consequently, the smart contracts ensure that there is efficient management of the “smart economy” with a distributed network. The dBFT consensus protocol has the ability to support large-scale participation in the consensus process via proxy voting.  

 

The holders of the NEO token choose the bookkeeper or representative in the network. All the selected bookkeepers are required to reach a consensus using the BFT algorithm to generate new blocks of tokens. The voting is done in real-time. It is vital to note that dBFT offers a fault tolerance of f = (n-1) / 3 for the consensus in the system network which has a total of n nodes. dBFT ensures that once a conformation is made final, the block cannot be altered and the transaction cannot be revoked nor can it be rolled back.

Similarly, in delegated Byzantine Fault Tolerance used by Neo, consensus is arrived at in 15-20 seconds for a block to be generated. This system allows for scaling to reach 10,000 transactions per second making it the perfect system for commercial applications. The algorithm makes it possible to register the bookkeepers in real-time with their real identities. This feature means that freezing of assets, transfer of ownership and retrieval can be accomplished through a judicial process.

 

Neo Smart Contracts

The smart contract integrated in Neo is composed of three parts. These include:

  • NeoVM - Universal Block Chain Virtual Machine

This is a lightweight general-purpose virtual machine with an architecture that resembles the JVM and .NET Runtime. It is also quite similar to a virtual CPU which reads and executes instructions in the contract in order. It has great versatility and is appropriate for smart contracts as well as non-blockchain systems. NeoVM can be extended in a way to enhance efficiency and implementation of instructions.

  • InteropService - Interoperable Services

This part of the smart contract is used to input the blockchain ledger, the digital assets, persistent storage area, digital identity, NeoFS among other services related to Neo.They are like the engines for virtual machines functionality. It increases the utility of the smart contracts.

  • DevPack - Compiler and IDE plugin

DevPack encompasses a high-level language compiler as well as the IDE plug-in. The compiler in DevPack utilizes the NeoVM’s similarity to JVM and .NET Runtime to compile Java byte code along with .NET MSIL in the instruction program. This feature is precious because, developers do not have to learn new languages and can commence creating smart contracts in VS, Eclipse and many more environments.

 

Neo blockchain provides a platform for developers to create dAPPS and other Initial Coin Offerings on the blockchain. The tokens in Neo blockchain run on an asset called GAS. It is essentially the fuel of the Neo smart contracts.

ICO Details

NEO is a decentralized and distributed ledger protocol that digitalizes real-world assets into digital ones, enabling registration, deposit, transfer, trading, clearing and settlement via a peer-to-peer network.

NEO keeps records of the transfers of digital assets with e-contracts. In NEO, digital tokens generated by e-contracts function as general underlying data and could be used for recording rights and assets like equities, creditor’s claims, securities, financial contracts, credit points, bills and currencies, and could be applied for areas like equity crowdfunding, equity trading, employee stock ownership plans, P2P financing, credit points, funds and supply-chain finance, etc.

The NEO (Antshares) ICO lasted 31 days from Aug. 8th to Sept. 7th and raised 6119.3 BTC. With the largest investor contributing over 1000 BTC in one transaction on the first day whilst the 20% bonus was active. 1/4 of the funds raised came from 2 transactions. There are 1498 participants with an average Bitcoin investment size of 4 BTC.  Approximately 17% of the ANS have been designated to participants of the ICO Phase I, which took place in October, 2015, in exchange of 2,100 bitcoins. About 1,200 bitcoins were from individual investors while 900 bitcoins from one institutional investor.

All the bitcoins raised in the ICO have been transferred to the following multisig address for escrow. The private keys are held by DACA, HaoBTC and TAT respectively.