Given the restrictions imposed by the Chinese government on cryptocurrency trading, NEO could become the cryptocurrency of choice in highly regulated countries and globally.
The government is concerned about the financial risks of cryptocurrency speculation. And extensive cryptocurrency mining operations are depleting the country’s energy supply, threatening the country’s environmental goals.
All About Neo
NEO was founded in China in 2014 by Da Hongfei and Eric Zhang as AntShares. It changed its name to NEO in June 2017. It’s a blockchain-based platform that allows users to create digital assets and smart contracts, as well as its own token. It’s similar to the Ethereum blockchain network in the United States in this regard. NEO aims to automate digital asset management through smart contracts. Furthermore, it has the ultimate goal of creating a decentralized network smart economy system.
The smart economy system is described by NEO as a digital asset + digital identity + smart contract = smart economy. Users can keep track of, buy, sell, trade, and distribute a variety of assets. The NEO platform enables you to link your physical assets to their digital counterparts and create unique digital avatars on the network. NEO also supports asset protection. Assets registered on the platform have a verified digital identity and the law protects these.
Digital IDs also provide access to key information about participating individuals and organizations that exist in a digital context. Smart contracts allow the execution of transactions and contracts between different parties without the control of a legal system or central mechanism. The execution of these contracts is based on the network’s program code, and the coding ensures the traceability, transparency, and irreversibility of transactions. NEO supports two cryptocurrencies: NEO and GAS. It supports programming in all major languages, including C#, Java, Go, Python, and Kotlin, making it easy for a large community of developers to contribute to the platform.
What Sets Apart Neo from other Cryptos
In pursuing regulatory compliance, NEO also maintains a clear distinction from other standard blockchain platforms. Digitized assets and smart contracts are popular on other blockchain platforms like Ethereum. But a third key feature of what he calls a digital identity sets NEO apart from the rest. Of course, every individual, business, or other person using the NEO platform must have a unique, verifiable digital ID.
While working at NEO, cryptocurrency creators Da Hongfei and Eric Zhang aroused the interest of various companies looking for private blockchain solutions. As a result, Onchain’s creation was in 2014 as an independent technology firm. It works with the relevant financial and legal frameworks to provide blockchain-based solutions to a wide range of enterprises. While NEO is similar to Bitcoin and Ethereum, Onchain focuses on creating private and consortium blockchains to satisfy the industry’s specific demands. Onchain’s main product, Distributed Network Architecture (DNA), helps organizations establish private and public blockchains using digital asset applications.
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