Here's How NEO is Different

in cryptocurrency •  2 years ago 

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There have been a few new coins that have been labeled as the “Ethereum Killer’ and NEO is on that list.

But let’s go over what these two have in common and then we can dig into how NEO is setting itself apart.

We can start with the obvious, they are both centered around providing users with the ability to use smart contracts and digital assets.

Allow me to list a few of the aspects of NEO that caught my attention:

  • NEO coins cannot be divided- you’ll notice this when you want to make a transfer and will only be able to move whole integers, instead of the usual numbers with a decimal. (HINT: the trick is to add in the value of the transaction fee to the amount you wish to move)
  • They provide digital certificates which provide legal protection for the digital assets on the NEO network.
  • Developers can program smart contracts using C++, C#, Go, Java, and other programming languages. This opens the door for many developers who haven’t yet mastered Solidity- which is the only programming language that is allowed for developing smart contracts on Ethereum.
  • Utilizes dBFT consensus- that is delegated Byzantine Fault Tolerance. This means they achieve consensus by the shareholders electing nodes who have staked a certain amount of coins, each node’s vote has equal weight and is paid with transaction fees. It’s also important to note that this also means the blockchain will shut down before a fork occurs, proving their interest with congruity rather than activity.
  • They also have a protocol that facilitates cross chain transactions that does not compromise smart contracts that are executed on different chains.
  • This one is perhaps the most impressive in my opinion, and that is their “Lattice cryptology-quantum computer-proof technology”- meaning they can achieve encryption that cannot be hacked by current quantum computers.

If you own any NEO, no matter the amount, I recommend storing them on the NEON wallet.

You can download it from their official website, it’s a lite client wallet, meaning you don’t have to download the entire blockchain, and it is compatible with Windows, Linux and OSX operating systems.

I suggest this because once you have them stored on that wallet, you will automatically receive payments of their Gas coin.

If you have NEO coins on the Binance exchange they will allocate the accrued Gas coins to you. However, if you are holding NEO coins on Bittrex, they will not distribute the gas coins, and instead will keep it for themselves.
So again, this is why I suggest downloading your own wallet that you control so you are for sure able to get your gas payments.

In case you’re wondering why you should care about this NEO gas coin, I found a great website that provides the best explanation of what gas is and why it is valuable:

“NEO has two native tokens, NEO (abbreviated symbol NEO) and NeoGas (abbreviated symbol GAS).
NEO, with a total of 100 million tokens, represents the right to manage the network...."

"GAS is the fuel token for the realization of NEO network resource control, with a maximum total limit of 100 million. The NEO network charges for the operation and storage of tokens and smart contracts, thereby creating economic incentives for bookkeepers and preventing the abuse of resources. The minimum unit of GAS is 0.00000001.
In the creation block of the NEO network, 100 million NEOs are generated, GAS has not yet been generated. 100 million GAS, corresponding to the 100 million NEO, will be generated through a decay algorithm in about 22 years time to address holding NEO.”

So you can see that NEO gas is similar in its application as that of ethereum’s gas, it’s what is paid to conduct smart contracts, and it’s similar to Bitcoin in its design to release less and less coins as time goes on until it eventually reaches it’s max supply.

If you're at all interested in learning more about NEO, you need to check out the links down below!

Additional Reading/Sources:

NEO Website
Website Dedicated to Publishing NEO Updates
SeekingAlpha Article
BitcoinMagazine Interviews the NEO Team
dBFT Consensus Explained
Calculate How much GAS You'll Earn Based on How Much NEO You Hold
Binance Article that Elaborates on GAS

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Do I need to have my PC and wallet open for GAS to work?
Thanks

No you don't. Just leave your NEO in the wallet.

very beautiful and wonderful😍😍

Great information, well summarized... NEO still needs more Github colaboration, from what I undersatnd only about 10 programmers had been adding content. With time they will be up there for shure

  ·  2 years ago (edited)

What needs to be understood about NEO is that it's Chinese - in fact the first Chinese blockchain implementation.

Now, for those who know anything about Chinese culture - they don't measure technology primarily on it's technical merits, but whether it's developed and owned by them. Chinese don't buy into western technology, they make their own version (e.g see how Google, FB, Twitter etc. are doing in China). The nitty gritty differences between similar implementations are of no interest to them - NEO is good enough for their purposes.

For this simple fact Ethereum will never stand a chance in China - and NEO would never had seen the light of day without government approval and support. The news/rumours abt government clamp down on ICOs in China are not directed at NEO or any future ICOs based on it's contracts - it is simply to get rid of the foreign competition - they don't need anything from the outside (other than people willing to transfer tech know-how).

The lack of a large GitHub community around NEO underlines that it's not a community project - it's a government project.

As always good information!! Thank you @heiditravels

NEO may be currently resistant to quantum computing but I think the same can be said for virtually every crypto in the top 100.

Yes, @tomshwom has already schooled me on this fact. And I'm glad for it, learn something new everyday. I suppose this is more a testament to the beefed up marketing strategy of NEO now.

Pretty thrilled I sold most of my position at the 45-50 USD range. Wanted to buy back in at 30 but didn't get the chance!

Note that other platforms make use of programming languages, e.g. Stratis uses C++ and Lisk uses Javascript.

Thanks for theese great informations on NEO.

How big is your NEO position?

Very informative post! Thank you very much!

Thanks for sharing!

  ·  2 years ago (edited)

The only thing I like about NEO is wider developer pools. Ethereum has far wider reach at this point and institutional support.From my perspective Ethereum is a current bet and NEO is on watch list

helllo thanks for sharing.
how do i get a Neo wallet?
i possess $20 worth of Neo on an exchanger and expecting it to grow there.

Lol she mentioned that in the video. Go to NEO and download their lite wallet. You also need whole number amounts to withdraw from an exchange, you can't withdraw that amount you have unless it's exactly 1.0 NEO sat least (+ the fee to withdraw) so you may want to get a bit more NEO at the dip (;

Thanks for that @amvanaken

You want to download the NEON wallet. Get it here https://github.com/CityOfZion/neon-wallet/releases.
Remember that you can only have whole number (integer) values of NEO in your wallet, they are like shares of stock. So if you send 2.5 NEO only 2 will arrive and you will loose the 0.5. Also exchanges will charge a small transaction fee. At Bittrex it's 0.015 NEO so you would have to send 2.015 to receive the whole 2 coins in your wallet.

Aww i love u guys @masterofcoin and @amvanaken

Aww this really helpful i appreciate guys

Suppose there are 2 coins in my wallet. I want to put them on the stock exchange again. Will only get one coin?

Compare to steemit, steem is NEO while SBD is NEO Gas.

Hey @heiditravels, nice overview of NEO. I'm really not familiar with it since it never interested me, but here are some things you should probably know about some of the points you make here.

Firstly, quantum-proof cryptography isn't a new field, and it's more of a gimmick than a feature. Even the best commercial quantum computers right now are ~2000 qubits, and would need to double to 4000 qubits and about 100 million gates in order to break 2048-RSA. The D-Wave computer I'm talking about is also using quantum annealing, which introduces significant nuance to their qubit number. There is an extremely high error rate, even with the best computer out there, and we are about 10-20 years away from approaching breaking encryption used in crypto. Many experts even say 20-30 years.

Even if quantum-proofing your encryption was a relevant concern, Vitalik has stated before that it is not a particularly difficult thing to do on Ethereum, it's just not necessary right now and there's no point in using less efficient algos for no reason.

Secondly, being able to create smart contracts in other languages is not all it's cracked up to be. If it was a simple and doable thing, why would Solidity need to be made in the first place? There's numerous security risks associated with supporting multiple languages, and auditing could become an even worse nightmare than it is now on Ethereum. Additionally, Solidity isn't the only language for Ethereum. You should look into Viper (Vitalik is actively helping to develop it). I assume you're not a developer, or else you'd be aware that Solidity isn't that hard of a language to learn. Programmers often know several languages, and the syntax in Solidity is quirky at times, but already very similar to other established languages. The opcodes that the EVM use are extremely robust, so C/C++/C#, Java, Go, etc libraries could absolutely be created to use it. Again, this is a gimmick.

As far as my opinions go, dBFT is utter BS. Doesn't matter how shareholders are elected, this is centralization and the possibility of collusion now exists. Why would anybody want to use decentralized systems if they go back and add the issues we worked hard to get away from.

In short, NEO does have some interesting ideas, but they aren't different or interesting enough to rival Ethereum in any way.

Valid points made here, thank you for the additional info. I wonder what your thoughts are on Steem's delegated proof of stake then?

I see the need for it here since there's significant amounts of data being stored. It's also not a general-purpose blockchain designed for smart contracts, so accepting some centralization greatly improves the specific application.

What about EOS?! I heard that will be the real Ethereum Killer

Scroll down my blog a bit and you'll see my post that covers EOS ;)

Rebranding AntShares to NEO was 1 of the best decision the coin could have made. The marketing changes alone helped immensely to showcase NEO to more people. Beyond that, the idea is a great 1 and smart contracts will have a huge place in business moving forward so they are in a market set to expand. I believe in this coin, although it's not my top few. Good luck to those with large holdings!

Good info :
NEO : Too late to invest? Is it all hype?

Great video thank you for the information.

I keep hearing how different and great it is, just wondering if the hype has inflated the price,still a concern, but I might be missing the boat, so will have to dig in further, so thank you, my friend for reminding me to do so. upvoted you also

If NEO were to hit $500 it would still be less than the current market cap of ETH, it's main competitor. Many analysts predict the crypto market to expand to $1 trillion dollars by 2020 - about 6x what it is now. It's not unreasonable to assume NEO will perform better than the crypto average.

wow idk they can develop with c++ /c / java! really open a new word for smart contract develop

Definitely some good points about NEO and how it compares to ETH. One BIG thing you missed though, was that it is China's coin! That in itself means a lot, haha

its a new information to me... thanks alot... now i'll try my destiny with this new coin :D

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Lots of good info packed into the video. Nice that you would post the vid's transcription on Steemit (and YouTube) because I find this (or close captioning) to be very useful when I have difficulties hearing a new technical word or brand name.

Very Nice Post; Voted and followed you. I want to learn from your experience on steemit.com. So kindly see my posts and vote me and follow me. As we can see our future posts. Thank you @heiditravels

Great info. Thanks for sharing. For sure, cryptocurrencies are going change the way we do things in our life. Following, voted and resteemed.

I like the speculation around NEO that it is being said as the ethereum killer or the ethereum of China... with the recent news of ICOs being somewhat banned in China, the price of NEO has gone down significantly... but I am holding some NEO is my wallet... I like the fact that you do not need to keep the wallet opened for it to earn GAS.... cheers to NEO.... hope for its bright future....

Thanks for the useful information @heiditravels, for the wallet suggestion and the related links to NEO coin.

I am onboard with neo for the reasons you mention. Also something you might have missed is the dramatically increased transaction speed without the need for fork

Thank you for the information. If I understand the consensus is very similar to delegated proof of stake? Like eos will be.

What price do you see NEO hitting on?

Great article! Thanks so much for taking the time to write it up and sharing your knowledge. You officially forced me to start using 2-step authentication and I couldn't be happier :)

great post thanks

So many coin popping out. Some might not stand the test of time you know?

I am looking for a NEO killer. 😀

nice information @heiditravels

Agree with the love for NEO, many coins WILL fail but I really like where NEO has placed themselves. Increased regulation in China will be great for NEO in the long term as they are compliant and favored by the Chinese gov't. Just my opinion but I'm riding this one long term! Peace to all!

Wow very helpfull for me !

This article is really inspiring. Great job. Thanks for sharing!

I actually think EOS will come out as the "Ethereum Killer". It's a truly decentralized platform with a more consistent understanding of what that entails. NEO is too in bed with big corporations like Microsoft and government(China) to be taken seriously.

This post has increased my curiosity about Neo, I thought it was just another altcoin that took a bearing recently when China decided to stop all ICOs.

Thanks for the info . Need detailed instruction from basic . Link would be great . Cheers

thank you for the information. Thank you very much

The fact that basically anyone can start coding with NEO right now is a GIANT selling point imo!! Going long with NEO.

Been looking at NEO and researching myself to make the plunge. Thank you for the information.

From my point of view Ethereum is the current bet and neo is the list of spectacle. Which I am amazed about neo is there is a suitable developer pool. And Ethereum has made further preparations at this time. That's what I can see.
Sorry If the vision is wrong

Thanks For Sharing Positive Content....

Thanks a lot for this concise and clear summary of NEO. Really appreciate it.

great article @heiditravels thank you for sharing with us :)

👍👍👍👍

Thank you for the information. It is very helpful. I now know i'm losing gas :( but i can stop the bleeding :)

Nice information Heidi, thank you for sharing!

Nice post... Followed you ... Plzz follow me.. @aabisteemvoter plzz

m agree wid u...don't go for a price..just hold it