What is Neo Coin? Here is the Crypto Money Neo Token in All Details

Cryptocurrencies are not only gaining value at a rapid rate, but also improving their underlying technology with new application formats released almost every month. The key to these crazy adoption rates was that the original concept established in Bitcoin was open source. Those who build projects like Litecoin and Ethereum honor this tradition by remaining open source and contributing to the community as a whole.

When concepts and code are shared this way, new projects are inevitable as aspiring developers walk with that idea, try to leave their mark on it. One such digital currency is NEO, not to be confused with the Keanu Reeves character in the Matrix, a China-based cryptocurrency with some unique features.

What is Neo (NEO)?

Neo started life in 2014 and was known as Antshares at the time. It was founded by Da Hongfei and Erik Zhang and is referred to as “China’s first blockchain platform”. Its popularity began only in 2016, in response to the growing interest in the so-called field and the need for blockchain solutions that meet the needs of both government regulators and private companies.

In 2017, AntShares was rebranded as Neo. NEO is seen as an iteration of Ethereum’s concept of smart contracts, along with a unique blockchain algorithm that develops Ethereum’s model.

While the basics are still relevant, decentralized trading also supports the identification and digitization of several assets. NEO also closes the loopholes that make some Ether contracts vulnerable to hackers. Besides the NEO cryptocurrency, NEO has another crypto token called GAS (previously known as ANC-Antcoins).

Why should you watch out for NEO?

Split witness (SegWit) was a Bitcoin blockchain event where miners and users voted on block size changes to make the chain more useful as a trading platform. They have been successful with an enormous majority, bringing more credibility to the untested system and raising the price. It is an extremely controversial issue for those who do not have the knowledge surrounding Segwit. It is a different approach of the transaction protocol that speeds up transfers by splitting the process into two parts, removing the unlock signature (“witness” data) from the original part, and adding it as a separate structure at the end.

Ethereum Valuation

Markets draw clear parallels between NEO and Ethereum. While ETH is the smart contract actor of the West, NEO is a far East powerhouse.

Fiat problems and technological power have made China one of the largest crypto markets in the world. NEO is trying to grab a bit of their enthusiasm, and many believe the sky is the limit.

Superconductor Processes

In a traditional currency exchange, orders are placed and matched at a central market. The process is efficient, but requires the user to relinquish control of their funds to the stock market. By automating the placement and matching of orders in a consensus network, ensuring that orders are matched and processed fairly and transparently, you can ensure that a decentralized exchange is effectively created. However, this has trade-offs as it results in slower processing times with settings that need to be validated across the network.

Neo proposes a system in which swap transactions are placed on the blockchain but order matching is handled by an off-chain central swap. Neo calls these processes “Superconducting Processes”. This aims to ensure the efficiency of centralized exchanges with the security of a decentralized exchange.

NeoX

NeoX claims to allow transactions to pass blockchains. Similar protocols involve creating smart contracts that serve to lock down funds on a blockchain in exchange for accessing funds in an alternative chain.

NeoFS

NeoFS allows large files to be split and distributed over the network. Users can determine the level of reliability they expect from a file. Files with low reliability requirements can be stored and retrieved at minimal cost. For a higher fee, data can be stored on more reliable nodes.

NeoQS

Quantum computers threaten the security of certain cryptographic techniques. Neo uses a lattice-based cryptographic mechanism called NeoQS (Quantum Safe), which is theoretically resistant to attacks from quantum computers. Quantum computing is unlikely to affect cryptographic systems in the near future, but it provides some peace of mind.

With DBFT and some other key optimizations, Neo claims it can handle more than 1,000 transactions per second, with the goal of optimizing more than 10,000 transactions per second.

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