All About NEO Smart Economy

Neo is a community project that uses the technology of the blockchain as a way for individuals and organizations to manage their digital assets. This project was founded in 2014, and they maintain an open source Git-hub repository of their source code.

The Neo project wants to be at the forefront of the “Smart Economy”, and their project has put itself in an excellent position to be the building blocks of new businesses and start-ups to break into the blockchain economy and host their applications on a decentralized platform.

While it operates in a manner that's similar to Ethereum they also offer many more robust features, and they lack the scaling issues that big brother ETH currently has in dealing with high volume DApps like Cryptokitties.

Digital Assets

The Neo blockchain allows users to digitize assets of any kind, and then trade or manage them on the blockchain. This creates a real world link to physical goods in the world of cryptocurrency. This not only gives users the ability to trade currencies, but exported goods or even commodities can also be easily digitized.

In addition it establishes a more concrete usage for the blockchain so it's thought of as more than just a speculative asset. By using the ledger this platform establishes a trusted and transparent way to verify these assets or trade them. This not only applies to currencies and goods but also to digital identities of people, corporations or any other entity that needs to be verified for safety. NeoX also allows for the ability to execute cross-chain trades for assets that are not on the home blockchain.

Smart Contracts

The Neo platform also has full integration for smart contracts. Their approach keeps developers from having to learn new programming languages. Instead, they can utilize those that they already know such as C# or Java.

This saves a lot of time and money for businesses who would like to build on top of the Neo chain, because they do not need to hire or train additional employees. This opens the doors for millions of already trained developers to quickly begin developing applications on the blockchain without being weighed down by the need to learn completely new skill sets.

Since the Neo platform is decentralized it also means better up time, cheaper hosting, and more security in regards to DDos attacks. This relieves a lot of the headaches for small start ups and development companies in regards to managing their applications.

Scalability

The Neo chain also offers the benefit of greater scalability. Blockchain bloat has long plagued Bitcoin, and even Ethereum has been shown to not be immune to this problem.

Neo solves this problem by placing these transactions off chain. By giving applications their own chains it stops them from interfering with the regular network, and it allows the platform to process a much higher amount of transactions per second. Neo’s platform allows for 1,000 or more transactions per second to be processed by using state channel technology to scale the blockchain.

Roadmap

NEO's roadmap includes incorporation of quantum-resistant cryptography (NEOQS), atomic swaps and cross-chain integration (NEOX), off-chain scaling solution, issuance of digital identities in accordance with international standard and greater emphasis on regulatory compliance.

Whereas Ethereum's development is dictated by emerging demands, NEO's platform focuses on pre-empting demands of a future smart economy.

  • neo
  • NEO
    (NEO)
  • Price
    $16.55
  • Market Cap
    1,075,455,726.00

Written by MyBitcoin Team Staff

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