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Everything about Neo Crypto Currency

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NEO CRYPTO CURRENCY

NEO is a blockchain platform and cryptocurrency which enables the development of digital assets and smart contracts. The project is based in China and was originally launched in 2014 as Ant Shares. NEO uses a delegated Byzantine Fault Tolerance (d BFT) consensus mechanism and can support up to 10,000 transactions per second. NEO tokens can be staked to produce GAS tokens which are used as the fuel of the platform, to pay for computation or deployment of smart contracts within the NEO network. The project was founded by Da Hongfei. A total of 100 million NEO was issued and represents the ownership of the chain. 100 million was created in the Genesis Block and distributed according to distribution mechanism as described in its white paper. The total amount of NEO shares is fixed at 100 million and cannot be increased. The smallest unit of the neo is 1 neo and can not be divided.

WHAT ARE THE CASES USED NY NEO CRYPTO CURRENCY

Digital Assets- NEO aims to convert traditional assets into digital ones using smart contracts. These digital assets will be decentralized and will be protected by law using digital certificates on the block chain, which in turn, will guarantee trust.

Digital Identity–NEO will enable the creation of identity information of organizations, individuals, and entities in electronic form. These identities will be usable via multi-factor authentication mechanisms such as facial recognition, fingerprints, voice recognition, and SMS.

Smart Contracts–The name “smart contracts” was coined by a cryptologist and computer scientist, Nick Szabo, in the 90s.The smart contract platform developed by NEO is truly revolutionary. In NEO, unlike other smart contract platforms, one need not learn a new smart contract language. If one is a developer using C#, Java, or any other mainstream programming language, one can get started right now to code ones smart contracts. NEO’s Universal Lightweight Virtual Machine (NeoVM) has the advantage of high certainty, high concurrency, and high scalability for smart contracts based on the blockchain.

DApps– NEO will support the development of decentralized applications by continuously supporting and developing more mature development tools and technique. Some of the examples of DApps are smart funds, AI-assisted legal smart contracts, and decentralized exchanges.

WHAT ARE THE TWO NEO CRYPTO TOKENS

NEO–formerly known as Antshares (ANS). GAS – formerly known as Antcoins (ANC). The NEO token acts as the investment token of the NEO blockchain. It has a hard cap total of 100 million tokens which will be used in block creation, network management, network changes, and other consensus requirements. These 100 million tokens were all pre-mined during the genesis block creation. One unique thing to note is that NEO is unlike other cryptocurrencies in the fact that it is not divisible; the smallest unit will always be 1.

The GAS token also has a 100 million hard cap, but it acts as the fuel for the NEO blockchain. Unlike the NEO token, GAS is divisible by a factor of 1/10^8, and it was not pre-mined. 100 million GAS tokens will ultimately be generated through a decay algorithm in about 22 years. GAS will be used for resource allocation and network charges for operations such as running DApps, smart contracts, and providing incentives for maintaining the blockchain.

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