In addition to supporting digital assets and smart contracts, NEO’s network’s ambition for a comprehensive, innovative economy is fueled.
OnChain creators Da Hongfei and Erik Zhang launched NEO in 2014. NEO Council (later NEO Foundation) is another driving force behind the platform’s growth and acceptance, alongside OnChain. OnChain has also aided other projects like Ontology (ONT).
NEO Coins and Transactions
NEO has two coins. Each performs a unique but vital role in increasing the network’s reliability. The first 100 million NEO currencies were pre-mined at the start of the blockchain. This is the last NEO coin. These coins locked into a smart contract that distributes 15 million coins each year for project development financing. New coins are the platform’s primary money and also confer voting rights. Users can control the network, decide how it grows, and choose parties for jobs like bookkeeping.
A transaction on the NEO network costs money as a safety measure and an economic incentive. The validating nodes decide the gas price, just like most other cryptocurrencies. In Ethereum, gas pays in tiny ether amounts called gwei. However, gas fees pay in GAS, a different cryptocurrency in the NEO network. The network’s GAS token is created by adding new blocks to the NEO blockchain every 15–20 seconds.
As NEO grows, it focuses on regulatory compliance, notably in China. This ensures NEO’s long-term success and the support of critical stakeholders, especially enterprise businesses. A digital-identity system and legal enforcement of platform transactions have already achieved significant regulatory progress. Firms and individuals inside the NEO ecosystem must have authentication before making transactions. The NEO blockchain network’s distributed nodes must also be verified.
NEO’s Ecosystem
A lightweight virtual machine called NeoVM powers NEO’s ecosystem. It is highly secure and scalable. NeoVM, together with NEOContract, the project’s native flexible intelligent contract framework, helps deliver advanced functions that drive network expansion.
NEO is a community-driven platform, with coin holders voting on network advancements. The network uses complicated algorithms to add new blocks using bookkeeper nodes.
This, along with NEO’s support for digital assets and smart contracts, fuels its ambition for an entire innovative economy. The project wants to create its economic system by creating a decentralized digital identity for each asset and node on the network.
An active network participant gets a thorough identification, resulting in a traceable, real-world identity that meets regulatory requirements such as Know Your Customer (KYC) and Anti-Money Laundering (AML). Face recognition, biometric data, voice recognition, and other multi-level verification procedures build this digital identity. This increases accountability and ultimately secures the system.
Participants can log and exchange assets using NEO’s identity system. For example, a user can register a physical asset (like gold) on the platform and receive a unique digital version of that asset, protected by Chinese law.
Users can buy and sell products or services confidently, knowing that their transactions are secure and unchangeable. In essence, NEO promotes consumer trust in digital marketplaces by giving physical goods and services a legally enforced digital identity.
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