NEO – A BRIEF INTRO FOR INVESTORS
A key competitor to Ethereum, the Chinese-based NEO is a smart contracts and digital assets platform that can already support 10,000 transactions per second.
- Consensus via a delegated Byzantine Fault Tolerance (dBFT) algorithm
- Digital identity to be confirmed by fingerprint, voice, SMS, or facial features
- Duel cryptocurrency economy with NEO and GAS
- Implemented sharding to increase network scalability
100 million NEO were created at the genesis block, with a deflationary monetary model expected over 6 years with no more coins to be created thereafter. GAS also has a limit of 100 million and is created with each new block, with 8 GAS being distributed among NEO holders.
A smart contracts platform that can be coded in an array of different languages makes NEO easy to use for developers. The addition of digital identity makes for a secure, decentralized economy. dBFT consensus mechanism allows token holders to elect delegates to vote and come to at least a 66% agreement on the state of the ledger.
Smart contract data on the NEO blockchain can be stored privately or publicly, however the developer sees fit. Any external data to be used in contracts must first be transferred to the NEO blockchain for use.
In 2014, programmer Da Hongfei founded NEO as an offshoot of the Chinese blockchain R&D company OnChain. NEO has only two core developers, with one being co-founder Erik Zhang who created the dBFT consensus mechanism.
A leader in the new digital economy, NEO has already reached significant transaction volumes and has fully-functioning smart contracts and dAPPs.
Its consensus model, delegated Byzantine Fault Tolerance (dBFT), is designed with specially designated nodes to act as ledgers and delegated voting from NEO token holders. This has been touted as a more secure consensus model for public blockchains.
NEO has a secondary token on its blockchain, GAS, which is created with each secure block, and is valued to fuel contracts on the NEO blockchain. NEO holders are rewarded with GAS that they can use to power the network. NEO focuses on the development of trustworthy digital identities as a means of securing a new decentralized, smart economy.
HOW TO BUY NEO
NEO can be purchased on several cryptocurrency exchanges through fiat, tethered, or other cryptocurrency. Please follow the directions of each exchange to deposit currency and purchase NEO.
EXCHANGES WHERE YOU CAN BUY NEO
Users should be aware that if they click on a cryptocurrency link and sign up for a product or service, we will be paid a referral fee. This in no way affects our recommendations, which products we choose to review or our advice which is the sole opinion of the authors.
The opinions provided in this article are those of the author and do not constitute investment advice. Readers should assume that the author and/or employees of Grizzle hold positions in the company or companies mentioned in the article. For more information, please see our Content Disclaimer.