CryptoZiller Neo Dashboard

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What is NEO?

NEO is a blockchain-based platform that is built to automate management of digital assets using smart contracts and to support “smart economy” using a distributed network. 

What are Neo’s objectives?

NEO’s aim is to automate the management of digital assets through the use of smart contracts.

NEO was originally founded as “AntShare” in China in 2014, but it was rebranded “Neo” in June 2017. NEO’s eventual aim is to build a distributed network that supports the next-generation smart economy system. 

How does NEO work?

NEO is working towards developing a product for the future called a smart economy. It theoretically describes smart economy as a summation of digital assets and digital identity and smart contracts.

NEO blockchain allows for digitization of assets in an open, decentralized and traceable manner that is free from third party interference and associated costs.

NEO provides a platform for linking physical assets with digital equivalents, allowing users to buy, sell and exchange various types of assets seamlessly on the platform.

Another important feature of NEO is the digital identity. This feature supports protection of assets on the network by enabling verifiable key information about participating individuals or organizations.

Smart contracts enable the execution of transactions and agreements among different parties, without control by any central identity. 

What cryptocurrencies does NEO support?

NEO blockchain support two cryptocoins, NEO and GAS (NeoGAS).  NEO token is the cryptocurrency used as a reward for providing bookkeeping services and curating (voting) on the NEO network. GAS is the fuel token, similar to Ether, which users make to the platform in exchange for operation and storage of tokens and smart contracts on the network.

At the inception of NEO platform, 100 million NEO tokens were generated and a corresponding 100 million GAS will be generated in about 22 years. 

How’s NEO consensus mechanism achieved?

NEO’s consensus mechanism is achieved through a process called dBFT. dBFT which stands for Delegated Byzantine Fault Tolerant is a consensus mechanism that leverages proxy voting to enable large-scale participation in consensus.  It allows the holder of NEO token to select its preferred bookkeeper by voting. The selected group of bookkeepers relies on BFT algorithm to reach consensus and generate blocks.

Besides BFT algorithm, dBFT provides a fault tolerance feature to offer security and availability, making it suitable for any network environment.

NEO dBFT consensus takes roughly 15 to 20 seconds to generate a block and can execute transactions at a rate of 1000 tps. Furthermore, dBFT combines digital identity to allow bookkeepers use real names on the network. 

What are the three parts of NEO’s smart contract system and how does it work?

The NEOContract smart contract is perhaps the biggest feature that will excite developers. It consists of three parts:

NeoVM - This is a lightweight, universal blockchain-based virtual machine that reads and executes sequence instructions, performs process controls and logic operations. It’s start-up speed, functionality, and versatility makes it suitable for smart contracts.

InteropService - Interoperable Service is a virtual machine-like system that is used to load digital assets, digital identity, NeoFS, persistent storage area and blockchain ledger in order to allow smart contracts access these services at runtime.

DevPack - This includes a high-level compiler and IDE plug-in that allows programming in all mainstream languages including C++, Python, Java, Kotlin and Go. This enables a large community of developer s to contribute to the NEO network. 

What is NeoX?

NeoX is a protocol that enables cross-chain interoperability on the NEO network. It is NEO’s version of atomic swaps (directly swapping tokens without any exchange). NeoX is designed to enable people to swap crypto assets and transact across different blockchains, say NEO and Ripple. 

What is NeoFS?

NeoFS refers to a distributed storage protocol that employs Distributed Hash Table (DHT) technology to enable smart contracts to store large files on the blockchain and set access to those files.

The way NeoFS works is it indexes data via file content instead of file path. This allows large files to be fragmented into fixed-size data blocks so that they are distributed and stored in multiple nodes.

In order to find a balance between redundancy and reliability with this system, token incentives and backbone nodes are introduced. This enables users to choose an option of reliability requirements of their files. 

What is NeoQS?

NeoQS, also known as Quantum Safe, is a lattice-based cryptographic system that protects NEO blockchain against the vulnerabilities caused by quantum computers.  

What is the difference between NEO and Ethereum?

While both Ethereum and NEO are blockchain-based platforms offering a toolbox for developers, their objectives differ.

Ethereum’s goal is to create an open-source platform for the development and deployment of decentralized applications (Dapps). NEO’s goal is to build a distributed network that supports a new smart economy system. While Ethereum is building a platform in response to new demands, NEO is developing its platform in anticipation of future demands.

NEO is focused on remaining regulatory-compliant while Ethereum is not.  It is the “Digital Identity” feature that gives NEO an edge over Ethereum.  Each individual, business or any other entity participating in NEO network is required to have a unique and verifiable digital identity. This makes the NEO network regulatory-compliant. 

The biggest difference between NEO and Ethereum is the protocol each employs. While Ethereum utilizes Proof of Work (PoW) to achieve consensus on its network, NEO uses a modified Proof of Stake (PoS) protocol called dBFT to keep the blockchain secure.

Where can you acquire NEO tokens?

If you are interested in acquiring NEO tokens, there are many websites like Binance, HitBTC, Bittrex and others, that offer exchanges with another currency such as Bitcoin (BTC). If you wish to find out how to obtain Bitcoin (BTC) in order to exchange with NEO tokens, you can read about it on the Bitcoin page.


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