When bitcoins are created it is because “miners” ASICs to solve complex transactions that add more blocks to the blockchain. Unlike most other cryptocurrencies NEO is based on the delegated Byzantine Proof-Of-Stake concept, as opposed to traditional proof-of-stake or proof-of-work. Like most cryptocurrencies, NEO is created by its community. There are a pre-set amount of NEO coins based on the raised ICO amount in 2016. This helps to protect users from scams and will make it easier for NEO to comply with international law.ĭelegated Byzantine Fault Tolerance (dBFT)Īs you can see, there is no available network hash rate or mining mechanism for NEO, because NEO doesn’t come to exist through mining. Individuals and institutions can acquire their own digital identity and NEO users can choose only to trade with parties who have a verified digital identity. NEO also uses a digital identity to help protect its users. An Ethereum user needs to hire someone just to build smart contracts. This allows NEO users to hire a developer for other projects and he will also be able to produce smart contracts. In the future the developers also want users to be able to write smart contracts in Python and Go.
NEO smart contracts can be written and compiled in C# and Java. The difference is that Ethereum uses its own native language called Solidity. What Is NEO’s Programming Advantage?īoth NEO and Ethereum smart contracts are built using programming languages. You don’t have to rely on someone else to hold up their end of the bargain because the blockchain will force them to do so.
This means that the entire trade is done without either party being directly involved. Then, the trade is executed to the exact specifications of the contract. Then they create a smart contract that is stored on the decentralized blockchain. If users wish to make an exchange, the first digitize their assets, turning them into NEO.
After all, how can you do business with someone you don’t trust?īoth NEO and Ethereum have attempted to solve this problem through smart contracts. In the modern economy, one of the key problems is trust. NEO builds on Ethereum’s design to create the economy of the future. Smart Contracts: Building On Ethereum’s Design It will also be used to reward users maintaining the blockchain. GAS was not pre-mined and it is designed to be used to allocate resources and maintain the day to day running of the blockchain. The GAS token is designed to act as fuel for the NEO blockchain and act as a form of security. They have a hard cap of 100 million tokens which are used for block creation, network management, and any consensus requirements. NEO tokens were all pre-mined during the genesis event.
In short, NEO is a cryptocurrency that, uses easily programmable smart contracts in order to facilitate trust-less trades of real-world assets through the Blockchain. NEO climbed its way into the top 20 cryptocurrencies by achieving a $5 billion market capitalization by the end of 2017.50% of the NEO tokens were sold in the ICO, and the other 50% were distributed to the NEO Council.6119 BTC was raised during NEO’s 2016 ICO, creating 100 million NEO tokens.NEO uses the delegated Byzantine Fault Tolerant (bDFT) for blockchain consensus - it is a modified proof-of-stake protocol.NEO made its first appearance in the West in 2016 under the name Antshares.By smart economy, we mean digital assets with a digital identity, supported by smart contracts. NEO has defined itself as the distributed network for the smart economy. NEO is widely considered to be China’s answer to Ethereum.īoth cryptocurrencies use smart contracts but NEO takes advantage of its unique blockchain in order to improve on Ethereum’s network. Read on to find out how NEO utilizes smart contracts and digital identities, and how it compares to Bitcoin as a cryptocurrency. NEO vs Bitcoin: How Do The Coins Compare?.
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