Hi guys. Welcome back. Cutting straight to the chase today’s post on this cryptocurrency called neo.
Today we will explore: What is Neo, What does the platform of this blockchain include and all the other good stuff.
WHAT IS NEO
Neo a.k.a.”Ethereum of China” was formerly started by the name of Antshares in 2014 in China.
A short sweet explanation of what this platform is all about is as follows,”Neo is a blockchain based cryptocurrency which facilitates the development of digital assets and smart contracts.”
You can hold your NEO on the platform to get gas tokens ( fuel of the platform ) in return for your neo. Then you can use these GAS Tokens for covering up expenses related to computation or deployment of smart contracts on the blockchain itself. If You have Ledger Nano S, Then See this post to know the procedure of Claiming Your Free Gas on Ledger wallet.
What does the platform of this blockchain include
Neo operates on the guidelines of Delegated Byzantine Fault Tolerance ( dbFT ). Now the reason behind choosing this technology seems to be the fact that it offers quick verification of the transactions relies on one blockchain, zero risks regarding the exposure of the blockchain transactions i.e. safety of the transactions, the safety of forks and mitigates the risk of the occurrence of any illegal actions taking place on the site.
This blockchain backs mostly all programming languages via a compiler, inclusive of those on Microsoft.net, Java, Kotlin, Go and Python, thus reducing the barrier to entry for developers to write smart contracts by a big mile or two.
Much of the curiosity regarding this blockchain stems from its connection with Onchain. Onchain branched out of NEO as a means of separating the digital currency from the blockchain development team. Onchain assists businesses to integrate blockchain technology into their daily routine activities. NEO’s relationship with Onchain is pretty useful in terms of bringing business ventures onboard its platform, which aids the platform in its growth.
Gas Tokens:- They were earlier known as antcoins and they power the Neo ecosystem. You can collect Gas tokens in exchange for your Neo as explained in the introduction of this post.
Now to begin with GAS is generated with the speed of 8 tokens for every block that gets forged in the blockchain. The speed at which the blocks can be created diminishes at the rate of 1 token per every 2 million blocks forged till it reaches 1 GAS per block. However, it is estimated that within 22 years, the volume of GAS will arrive at 100 million and its production will stop. This GAS will be allocated proportionally in tandem with the NEO holding ratio and stored in the corresponding addresses. People that possess a lot of Neo can start a claim transaction as and when they please and claim these GAS tokens from their holding addresses. Nevertheless, GAS, unlike Neo, can be segregated further into 8 decimal places i.e. 0.00000001 GAS.
NEO:- Earlier known as antshares these are the investment token of the blockchain. Their function is to assist the process of block creation, network management and changes along with other consensus requirements.
This blockchain also involves:-
- NeoX – This system will create the ability to execute and operate across various Blockchains.
- NEO Contract – This is the mechanism that can be used for creating smart contracts seamlessly in scalable, high-performance environments that integrate pre-existing codebases (e.g. C#, VB.Net, F#, Java, Kotlin)
- NeoFS – This is a service that facilitates decentralized storage ( for example peer to peer Dropbox)
- NeoQ – This is a lattice-based cryptographic mechanism which creates problems that cannot be solved even by quantum computers and thus ensuring being quantum-proof.
Now let us talk about Digital assets and Identity.
Digital Assets and Identity
Digital Assets: The Neo team is looking to convert the so-called traditional assets into digital assets by leveraging the power of smart contracts. These digital assets are going to be decentralized and protected by law by means of digital certificates within the blockchain. Now the question of trust arises. So as per my perception, it is these digital certificates that are going to help this blockchain maintain the trust factor for its clients, users, etc.
Digital Identities: Organizations, individuals, and entities will be able to create their own respected identity information in an electronic form with the help of this cryptocurrency. Now the benefit of this process will be that these identities will be used through a multi-factor authentication mechanism such as facial recognition, fingerprints, voice recognition, and SMS for whatever purpose they may be employed for by their respected users.
So this is my take on Digital Assets and identities. Let me know in the comments section whether or not you agree with this.
There is also the concept of smart contracts and dapps being employed on the platform. This helps developers code smart contracts and dapps that can help them earn some income while helping the platform by maintaining the trust of its clients through smart contracts. More on this in the next post.
What is the Supply System of NEO:
A grand total of 100 million NEO was issued during its inception, most probably, and it is this 100 million that represents the ownership of the chain. The 100 million were created in the Genesis Block and were distributed on the basis of a distribution mechanism. This is according to the information mentioned in its white paper. The total no. of shares available on this platform is set at 100 million and is bound to stay that way forever i.e. it can’t cross this limit. 1 NEO is the smallest unit of this cryptocurrency and is indivisible in nature.
Max Supply: 100,000,000
Total Supply: 100,000,000
Circulating Supply: 65,000,000
Remaining Supply: 45,000,000
Max Supply: 100,000,000
Total Supply: 15,556,560 ( as of Feb 2018 )
Circulating Supply: 9,760,823( as of Feb 2018 )
Remaining Supply: 5,795,737 ( as of Feb 2018 )
How to mine Neo:
It’s an auto stake POS that gives its users GAS as block rewards for holding Neo. Now, what does this mean? It’s pretty straightforward the higher the quantity of Neo in your wallet the more gas you will have in your wallet & The best part is, You don’t have to run any Masternodes Like Dash Coin by staking. This certainly is a better place to have a lot of gas. Because if you have a lot of gas in your stomach then you bloat, have indigestion and god forbid it comes out at the wrong time and the wrong place. No no no no. I’d rather have a lot of gas in my NEO wallet because it is definitely worth it. What you and I decide to do with it depends on our decision-making skills. Am right or what?
Alright, moving on. Now let’s see the “Problems solved by Neo.”
What problems does NEO intend to solve
As per the official whitepaper, Neo is the use of blockchain technology and digital identity to digitize assets, the use of smart contracts for digital assets to be self-managed, to achieve “smart economy” with a distributed network.
In other words, Neo is looking to do the same thing ethereum is looking to do with dapps and smart contracts just in a slightly different fashion. While ethereum just allows the use the programming language Solidity which makes it difficult for certain developers because they might struggle at first with this programming language. But what this blockchain intends to do is leverage the work of Ethereum whilst allowing developers to code dapps and smart contracts in C++, Java, etc. This means that developers don’t have to learn a new language before beginning coding on the platform.
So that’s basically what I have understood what problems this blockchain is intending to solve. If you want to ponder upon it even further then I’d recommend you bless us with your presence in the comments section below.
Now time to meet the Team
Founder – Da Hongfei.
Co-founder and core developer – Zhang Zhengwen
For more information click here.
Where to store NEO
Neo doesn’t have many wallet options, however, these are some options I think you might want to consider:
- Hardware Wallet: Ledger Nano S (Low Cost & Popular) & Trezor (Easy to Use & The First HW Creator)
- Desktop Wallet – NEON Wallet, NEO GUI,
- Web Wallet – NEO Tracker, NEO Wallet
- Paper Wallet – Ansy