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What is NEO ? NEO Explained 2022 .

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NEO is  a project that is often been labeled as the Ethereum of China. However, is NEO really the one in the matrix of cryptocurrencies? Hi there, this is "MrCrypt" and in this blog-post I'm going to be answering that very question. I need to give you a disclaimer before I talk about NEO. I am not a financial advisor , I'm just an educator and this blog post is written with the sole purpose of providing you factual information. Please contact a financial advisor if your portfolio has been killed. If you're new here, you might be feeling a little bit lost right  My name is "MrCrypt "and I am your crypto geek here at the cryptolibrarynowI pass on the knowledge of cryptocurrencies, exchanges, DeFi, protocols,  NFT'S and market analysis are just a few of the topics I tackle on the daily basis. Now enough with the intro. Let's get it on , Let's unpack "What Is" NEO... 

What is Neo?

Neo is a platform built on the smart economy which uses smart contracts to digitize assets while using the platform. These digital assets can either be self managed or exchanged within NEO system or network. Apps developed on the NEO network can digitize assets which aid in giving smart contracts more uses. What does that mean? Simply put, you can easily transfer the ownership of a real world item. This could be a vehicle, property, or anything else that you physically own. If the item can be digitized, then you can trade it on Neo's platform in a trustless manner. You'll hear Neo and Ethereum compared frequently. That's because they are both developer blockchain, which enables others to build their own decentralized applications. That's dapps. So what exactly is this smart economy that NEO is working on? Well, let's take a closer look

Neo Smart Economy -:

This smart economy offers various exchanges, blockchain trust, identity, digitization, research, travel, AI, and many other features. Given that NEO provides the backbone for all of these applications, the more of these that are built on the network, the more NEO will grow. While Neo is often compared to Ethereum, it's a much newer project and is nowhere near the level of adoption that we see on the Ethereum network. However, things are moving ahead for this Chinese Ethereum. OK, so you have a vague idea of what the smart economy is, but. How does it work?

Neo Technology ?

We've already talked about the first piece of NEO smart economy is digital assets. This layer supports multiple types of digital assets, so users can transfer, trade, or register their assets on the NEO platform. Next is the NEO digital certificate. These certificates are used to build trust into the network. While simultaneously providing full legal protection for all digital assets. With the NEO transaction mechanism, buyers and sellers can create peer-to-peer transactions without the need for third party intervention. Now NEO uses a pretty unique and revolutionary consensus method.

dBFT Consensus Mechanism -:

It uses delegated. Isn't team fault tolerance algorithms or DBFT? In a similar way to how a delegated proof of stake consensus mechanism works, NEO token holders can support a specific book-keeper through a vote. This select group of book-keepers will then use a Byzantine fault tolerance mechanism to reach consensus and generate more blocks with DBFT. So long as less than 1/3 of the bookkeeping nodes are not dishonest then a consensus can be reached. Now this is just a high level overview 

Neo Ecosystem -:

Anyway, let's take a look at the broader NEO ecosystem, shall we? While Neo is a decentralized, open source blockchain, there are important power initiatives and organizations that are helping to power it forward. One of these is the NEO Foundation that's used to be called the NEO Council. The NEO Foundation holds all of the assets that were originally retained by the Council when the ICO was completed. The Neo Foundation is chaired by the two cofounders of NEO, and it is responsible for funding 2 initiatives, namely NEO Global Development and Neo Global Capital . Global Development is dedicated to funding technological R&D, community operations and marketing on the NEO platform. However, the global Capital Group is a for profit fund management company that will act as the investment platform to empower high-quality blockchain projects. So basically, the one is tasked with fostering growth in the current ecosystem, while the other is helping to incubate new projects . Together they're trying to drive adoption in the NEO ecosystem. The Neo Foundation is very transparent as to how these funds are being spent. They release regular annual reports that detail the financial position of the Council .

Dapp Development on Neo -:

So it is quite clear that NEO is actively promoting development on their platform. Yet is this having an impact on NEO Dapp development? Well, it seems to be so. Neo is a pretty developer friendly blockchain because it has support from multiple languages, languages that developers know well, like C. Java and Python. This is in contrast to the likes of Ethereum, which has its own coding language called Solidity, One that developers will first have to learn. You can head on over to the Neo Dapps website and check out what's been built. Some of the more interesting that I've seen include a trevalla decentralized travel network as well as the Neo name service. The Neo name service is actually pretty neat as it will allow you to use human readable dot NEO addresses similar to the Ethereum named system on that ecosystem. There have also been some other pretty successful projects that have launched on the NEO blockchain. One of these is ontology which has subsequently moved off of the NEO platform onto their own native network.

Neo ICO and Tokenomics -:

Now, NEO was not always named after the Keanu Reeves character. It first started being called Ant Share and had the token ticker of ANS they completed two rounds of ICO that took place between August and September of 2016. This was on top of the private cell that they had with some of their early investors. In terms of token distribution, 10% was given to these early investors, 17% in the first round and 23% in the second round. A full 50% of the token supply was held by the Antshares team anyways. Antshares adopted the NEO moniker in mid 2017 and the token ticker was also changed. What's important to point out is that NEO runs a dual token ecosystem, so you're dealing with two separate and distinct tokens, which are NEO and NEO gas. Think of Neo as you would a share of your favorite stock. Plus Neo pays dividends. If you keep your neo in your neon wallet then you'll get payouts in the form of gas on a regular basis. If you're interested in how much passive income you can earn, there are calculators available to give you a good idea. Gas is the fuel used for the NEO network. Just like your vehicle regularly needs gas, app developers and providers need gas to pay for the computation power on the network, similar to how gas works on Ethereum, by the way. You can use both gas or NEO to participate in any ICOS that take place on the NEO blockchain when it comes to price ANS and subsequently NEO has been on a wild ride to say the least. Prices were as low as $0.20 out of the ICO and culminated to an all time high of $196 in January of 2018. Sadly, though, NEO fell victim to the bear market, just like the rest of the alt coin space. They're currently at prices not seen since June 2017. Still a positive return for early backers though, which can't be said about most projects. but what about the team behind the neo project .

Neo Team Members -:

Currently, NEO has a massive team of core members and developers that provide support for the project. While we don't have time to go into each and every member of the NEO team, we do want to mention the founders. In 2001, Da hongfei graduated from the South China University of Technology. Before going on to become CEO of Interpass, he was there for nine years before founding NEO and Unchained in 2014. The second founder of Neo, Erick Zhang, is also the creator of the DBFT consensus mechanism. Zang graduated from Shanghai University before going on to establish near and Onchain. As you can see, hongfei and Zhang worked together to create neo, along with another project called onchain. But what is onchain? The first thing you should know is the two entities are completely separate from each other. However, they do support and align with one another's goals. On-Chain is a project that offers private blockchain applications to Chinese business. This is in stark contrast to NEO, which is a public blockchain. The connection here is that businesses may eventually wind up wanting to get involved in public blockchain solutions. For simplicity sake, remember that NEO is used for public applications, while on-chain is for private blockchains. Now that you know more about the NEO team, let's talk a little about the NEO markets.

Neo Market Behavior and Wallet -:

Neo is listed on a plethora of exchanges and does most of its volume on coin-egg, and bitinka. However, the cryptocurrency also does more than $1,000,000 a day on Binance, which is an exchange we would recommend you use. Neo is mostly traded against Bitcoin, Ethereum and tether. Taking a look at the liquidity on the individual order books, it appears to be pretty strong. For example, binance's bitcoin NEO orderbook appears to be quite deep and there is reasonable daily turnover. This means that you're unlikely to have any order slippage, even for large block orders. It also means that NEO is less susceptible to pump and dump skins. Once you have your neo, you're going to want to store it in an offline wallet. Apart from being safer than an exchange wallet, you'll also be able to earn your NEO gas in these wallets. In terms of wallets, the project has several to choose from, including the Neon Wallet, atomic wallet, and bit keep wallet. You can also store it on a hardware wallet like a Ledger, which is integrated with the neon software.

Final Thoughts on Neo -:

Now, we've been through quite a lot in this review, but let me finish off with my thoughts on the NEO project. Firstly, Neo is no doubt one of the most promising open source blockchains to come out of China. It is well established in the cryptocurrency space and has a really dedicated and competent team powering it forward. In terms of broader adoption, there is strong growth. Developers are building numerous dapps on the NEO network, which is aided by the broad multilanguage support of NEO contract. Neo is also in a technically strong position. It's one of the first public blockchains to successfully implement the DBFT consensus mechanism. A mechanism that is now being used on other well known networks such as Binance Chain. Finally, there's also a great deal to look forward to in the coming year. A few months ago, NEO announced that there will be a relaunch of the blockchain AS version 3.0 in 2020. Now, having said all of this, there are still some challenges. For starters, NEO has some catching up to do with projects such as ethereum, which has a significant first mover advantage when it comes to development, blockchains and smart contract technology. Ethereum is also working on some pretty innovative solutions that could secure its dominance. Additionally, there are several projects in the same space. Cardano, EOS, Lisk are all legitimate competitors to NEO. Developers are not starved for choice when it comes to blockchains to build on, NEO needs to adequately differentiate itself in a pretty saturated market and of course there is that token price. Yes, the entire altcoin. Market has been in flux, but NEO has been hit particularly hard. One can only hope that the launch of NEO version 3.0, as well as long delayed altcoin season could help lift the price. So is it worth considering? I can't tell you that as I'm not your financial advisor, but it is definitely a project that you should have on your radar. 

That is all for today's blog-post . If you plan on sticking around for more interesting blogpost like this please pay a visit to cryptolibrarynow by clicking on the link below -: 

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My last Blogpost was on -: What is Nano coin ? 


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