The main purpose of cryptocurrency NEO is to create a smart economy thanks to the use of smart contracts. So how could world economies be transformed?
NEO: the smart economy platform
NEO is a project that uses blockchain technology and digital identity to digitize and automate resources, using smart contracts and to achieve an “intelligent economy”.
How does Neo work?
Neo is an open source platform with its own reference cryptocurrency (NEO). This company aims to build a new smart economy or better, a smart economy based on smart contracts. In this world, all physical resources would be digitally represented and all transactions recorded with a digital identity.
The system
The Neo system has and will have some important features (compared to its main competitors) that include:
– Tolerance algorithm: this is a consensus mechanism that allows the system to resist and maintain consensus even if some nodes show malicious intentions;
– NeoX: this system will create the ability to perform and operate on various Blockchain;
– NEO contract: mechanism for creating smart contracts;
– NeoFS: service that allows decentralized archiving;
– NeoQ: Cryptographic mechanism based on the lattice that creates problems that can not be solved by quantum computers and ensuring quantum protection.
Invest in Neo
NEO was divided into two lots: 50 million sold through crowdfunding while the other 50 were reserved to be “managed” by the board of the company. The period of “management” by the board ended on October 16, 2017 with the release of funds for development:
10 million allocated to NEO developers and to the members of the Council;
10 million allocated as incentives for developers in the NEO ecosystem;
15 million allocated to other auxiliary blockchain projects used by NEO;
15 million allocated for “contingencies”.
All these millions will serve to grow and develop this cryptocurrency, so at the moment the future of this company can not but be rosy, if the investments and commitments made with the investors will be respected.
Where to negotiate Neo
This digital coin can be found on: Binance, Upbit and Coinegg, which represent the overwhelming majority of the trade volume of this cryptocurrency, registering respectively 19%, 13% and 21%, in the last 24 hours.
The prospects of Neo
NEO has a subsidiary (OnChain) which is already a reality in terms of financial services. He is currently also working with the Chinese and Japanese government together with large companies including Alibaba, to expand its catchment area. For those who keep this company under the lens, it is considered more than an open source public cloud model.
White Paper and Road Map
The company’s white paper contains many useful information. I will list one but you can find everything in detail directly by clicking here.
Digital resources
Digital resources are programmable activities that exist in the form of electronic data. With blockchain technology, the digitalisation of resources can be decentralized, reliable, traceable, highly transparent and without intermediaries. On the NEO blockchain, users are able to record, exchange and disseminate multiple types of resources.
Digital identity
Digital identity refers to information about the identity of individuals, organizations and other entities that exist in electronic format. NEO will implement a series of digital security standards through the use of facial features, fingerprints, voice, SMS and other multi-factor authentication methods.
Here’s what will happen in 2018 for the Neo company:
Q1 2018: webisite list candidates
Q12018: Council of Neo on the nodes
Conclusions
This cryptocurrency stands out from its competitors thanks to a centralized approach, which makes it attractive to governments like China. In fact, the company’s founder states that a centralized approach makes it easy to make changes to the project quickly rather than waiting for a majority consensus as was the case with Bitcoin and Ethereum. However, it remains to be seen whether NEO will gain an advantage by riding the numbers of China to become the latest intelligent crypto-space economy.
