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What’s Next for NEO Blockchain

Neo is an open-source, decentralized network that began as “Antshares” in 2014.

What’s Next for NEO Blockchain iBase Trading.
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Neo is an open-source, decentralized network that began as Antshares in 2014. Neo’s MainNet launched in 2016 and has since been improved. The latest is Neo3, a new generation of the Neo blockchain that improves upon the current Neo2. The Neo Foundation and numerous open-source groups prepared the Neo network for mainstream deployment.

Intending to enable an intelligent economy through blockchain and smart contracts for issuing and managing digital assets, Neo rebranded in 2017. Instead of relying on a Proof-of-Stake consensus process, Neo relies on the Delegated Byzantine Fault Tolerant mechanism (dBFT).

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Several Things Drew the Attention of the Blockchain Community to Neo.

Innovating consensus method is one such factor. With dBFT 1.0 (Practical Byzantine Fault Tolerance), Neo enabled quick single block finality. In other words, confirmed transactions become irreversible in the next block—no need to wait for a few blocks. BFT is now used by many projects, including Libra and Cosmos, but it was an early blockchain breakthrough. With substantial network latency across consensus nodes, a single block fork was possible in dBFT 1.0. While this is possible without slowing consensus, many Neo full nodes may accept the forked block, causing operational concerns.

The dual token concept of NEO and GAS also drew notice. While NEO grants holders control over the network (e.g., parameter adjustments), GAS is the network’s utility token (e.g., pay for transactions, intelligent contract deployments, and invocations). The MainNet launched with 100 million NEO, and GAS mints to NEO holders with each new block to encourage ownership. In the Neo network, native assets were held to accumulate utility tokens.

Neo was also a pioneer in providing smart contract development tools. Unlike Ethereum, EOS, Tezos, and others, Neo supports several programming languages. To construct intelligent contracts and build Decentralized Applications (dApps) on the Neo Blockchain, developers need not learn a new programming language.

Neo2 and Neo3

While Neo2 has introduced innovation and operational consistency to the blockchain space, many difficulties remain. The problems are slow acceptance, lack of standards, scalability, and usability.

Neo3’s creation was with significant support from different communities worldwide to speed future enterprise-grade blockchain innovation and broad adoption. In addition to a scalable platform with increased throughput, Neo3 will deliver an efficient, intelligent contract system and a robust infrastructure.

Neo has gained widespread global support throughout time. AxLabs, City of Zion, NeoResearch, and NeoSPCC are a few developer communities that NGD engages with and manages.

Neo is working within its ecosystem and other industry partners to promote blockchain adoption. NGD joined the InterWork Alliance in 2020, together with Microsoft, Nasdaq, and SIX Digital Exchange. The alliance aims to speed up blockchain adoption in enterprises by creating standards.

In summary, decreased smart contract implementation costs, improved developer accessibility, an integrated Oracle and distributed storage system, and better performance and security will make Neo3 appealing. This increases the number of deployed contracts by 10 to 100 times and allows Neo to accept more use cases. Neo may eventually power the next phase of enterprise-grade blockchain applications with exponential growth.

“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”

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Sophia Vasquez is a journalist and writer for iBaseTrading. She has over 10 years of experience writing about Business news and has been covering the blockchain and cryptocurrency space since 2011.