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Frequently nicknamed “The Chinese Ethereum”, Neo is a very complete blockchain and its cryptocurrency is one of the largest caps in the Coinmarketcap. If you are new to cryptocurrency, it is therefore worthwhile to look into the subject now to better understand the potential of the project. Discover now a brief presentation of the second blockchain of smart contracts in the world, as well as my opinion on Neo.
Neo in short
Definition
The Neo project started in 2014, about a year after Ethereum's. At the time, the platform was called AntShares (ANS). AntShares is considered the first Chinese public blockchain. The blockchain will be renamed Neo in 2017.
The creators of Neo offer an ecosystem allowing the development of decentralized applications, but also more broadly a whole intelligent economy .
Neo intends to create a bridge between the real economy and the blockchain, giving everyone the possibility to digitize physical assets , and to manage these digital assets automatically using smart contracts.
Goal
NEO seeks to bring blockchain to all sectors of the real economy. More radically, the Neo project seeks to place the real economy on its blockchain.
All assets scanned Neo will have proof of ownership on blockchain to certify the integrity, publication date and the property of an object or a transparent contract.
Neo differs from many blockchains by working hand in hand with institutions to fulfill all legal obligations related to its activity.
Its blockchain provides for being able to verify the identity of users . An essential criterion to allow the integration of real assets on the blockchain, since these assets are subject to very specific regulations.
Product
More than a platform, Neo offers an entire ecosystem allowing:
- The exchange of digitized real assets.
- The deployment of decentralized applications (DApps) and ICOs.
- Interoperability of blockchains by atomic swaps thanks to Neox.
- The development of private blockchains and an ecosystem interconnecting private and public blockchains thanks to its partnership with Onchain, which offers the Ontology solution .
The City of Zion (CoZ) independent developer community is helping to improve the NEO ecosystem. Developers receive funding from the NEO Council to develop new projects, such as the NEON wallet, the NEO block scanner and the NEX platform.
Consensus protocol
NEO does not use Proof-of-Work or Proof-of-Stake but a Delegated Byzantine Fault Tolerance type consensus mechanism . The consensus distinguishes simple users of the blockchain from bookkeepers , who contribute to the proper functioning of the network and the maintenance of accounts. They are “validators” elected by the Neo community.
Neo cannot be forked. The network works with two cryptocurrencies:
- The NEO , to acquire shares in the network , to obtain a right to vote and / or to be elected bookkeeper .
- The GAS (former ANC), or fuel, which allows the use of the blockchain .
The book keepers are paid for each block GAS validation. A block is validated every 15 seconds, and the network has the capacity to support more than 10,000 transactions per second.
Advantages and disadvantages of Neo
The advantages of Neo
- Neo offers an extremely complete ecosystem for the establishment of a smart economy , taking into account the legal and economic requirements of the current system.
- The transaction speed of the Neo network is much higher than on the Ethereum network and approaches that of Visa (practical speed observed at 1000 transactions per second, against a peak of 20,000 for Visa and only 15 for Ethereum).
- The Neo developer community is extremely active.
- The programming is much simpler than on Neo Ethereum, and can be done in 5 different languages among the most commonly used languages. Ultimately, Neo foresees possible programming on 10 of the largest languages ??used by developers (C, C ++, Python, C #, Go, JavaScript, Java, .Net, Visual Basic, JSON RPC).
The disadvantages of Neo
- Neo is a centralized blockchain , the operation of which displeases pure libertarians: identity control, governance in the hands of few Bookkeepers.
- The Chinese government's stance towards blockchains and cryptocurrencies changes frequently and remains ambiguous. Neo's future depends on the political moods of a state that is still seeking its position. The situation is all the more uncertain as each new government can reverse the decisions of the previous one.
My opinion on Neo
Neo is a very serious competitor to Ethereum. Thanks to a different architecture and a much more centralized governance, the blockchain can claim a much higher efficiency and scalability.
The Neo project is very ambitious to disrupt trade in the real economy and seems so far technically very solid.
Its centralization can however cool the pure libertarians, who will largely prefer Ethereum. However, if we take into account the political constraints of the Chinese environment - and more broadly, of the Asian continent - Neo is positioning itself intelligently and giving itself every chance to progress as calmly as possible by choosing to be cautious.
Note, however, that the project has a significant delay on Ethereum and will certainly position itself more as a challenger than a potential new leader.
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