Chief's Open-Source Overviews | NEO

This Chief's Open-Source Overviews analyzes the major benefits and advantages of the open-source blockchain and cryptocurrency, NEO with the goal of helping provide value to the community about this open-source smart-economy ecosystem.

NEO is China's first open-source blockchain and was originally called Antshares.

After a successful rebranding effort, NEO has positioned itself as a major player in the smart economy industry focusing on smart contracts, digital assets, and digital identities.

Currently priced at $152.43, NEO is ranked #8 in terms of market capitalization of all cryptocurrencies and tokens.

This guide will explain five major reasons to pick NEO out of all cryptocurrencies & blockchains:

Delegated Byzantine Fault Tolerance (dBFT) is a consensus mechanism that delivers high performance and a level of transactions capacity.

dBFT is a newer protocol that is structured in a way that focuses on consuming less resources and maximizing transaction volume using "bookkeepers" who monitor the nodes.

Instead of 100% consensus for block validation like other models, dBFT requires only two-thirds consensus among the bookkeepers maintaining nodes for validation.

dBFT solves several problems associated with the Blockchain 1.0 Byzantine Fault Tolerance (BFT) protocol and with it in place NEO can handle over 1,000 transaction per second with the mission of achieving 10,000 transactions per second in the future with improvements.

The dBFT protocol is getting traction among the blockchain world as an alternative consensus that delivers performance with NEO leading the way with it's largest use-case.

By harnessing this protocol, NEO ensures that it can scale and deliver high performance to its users and developers.

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NEO is a smart-contract platform that allows individuals, businesses, & organizations to efficiently store and exchange digital assets.

NEO is in a space with Ethereum, Cardano, and EOS coming so it needed to differentiate itself in this emerging smart contract platform behemoth of an industry. So it created it's smart-contract platform with ease and efficiency as ways to help developers, businesses, and and organizations.

Developers on the NEO network do not have to learn a new language to use NEO smart contracts. They can use mainstream programming languages like C++ and Java allowing developers to build and implement smart contracts fast and with efficiency.

Contracts executed on NEO's network are called NeoContracts. And these NeoContracts have three amazing features that disguise NEO's smart contracts compare to other platforms.

NEO uses time stamps so that the smart contracts on its platform have access to relevant time data. This can be used so that NEO users can automate payroll, disbursements of fund based on time, among many other options.

Also, NeoContracts generates random numbers for their platform so that smart-contracts if need be can access a random number on any block. A degree of randomness is valuable in many different attributes in life, such as the lottery. State lotteries can be run on the blockchain and still be ensured complete randomness.

And thirdly, the data stored within NEO's smart contracts can be made private or can be accessed publicly. This allows some who want their contract details to remain private to be allowed to do so. Just another measure to increase the attractiveness of NEO's smart contract platform.

As you can see, NEO has clear differentiating attributes in regards to their smart contract aspect of their platform and it positions them to be one of the majors players in this space of the crypto and blockchain ecosystem.

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One of the aspects of the smart economy NEO is targeting is digitizing real-world assets.

NEO allows users, businesses, & organizations to register their assets on the blockchain, trade their assets, and track the history of assets all through NEO's system.

This is huge especially in a marketplace with billions of people and billions of assets ready to be digitized and authenticated.

NEO is leading the way to digitize assets and is doing so by partnering with governmental organizations of China. This provides a great scaleable example of how NEO's smart contracts can help bring real-world assets into the new age with blockchain technology. This ensures assets are real, tradeable, and history is traceable.

It brings a lot of transparency, peace of mind, and security to individuals, businesses, & organizations when evaluating assets when their is a digital footprint and history of the asset.

NEO is at the forefront of digitizing assets with blockchain technology and with its partnerships with the government of China this creates a HUGE advantage for NEO as a long-term player in this industry.

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NEO has implemented incredible strategic partnerships to ensure the success and stability of its ecosystem in the short and long term.

By partnering with the various government entities of China, NEO takes advantage of a huge support system of contacts, finances, and influence to ensure its position in this smart contract platform industry.

This partnership has helped NEO digitize assets and create digital identities for the Chinese market and serves as a great initial use case to show the capabilities of NEO to the world. It is a huge benefit when a network can handle digitizing billions of Chinese assets and idientites.

Not only is NEO partnered with Chinese government entities, they are also partnered with businesses such as Binance, the most popular cryptocurrency exchange, and its newest partnership with the largest dutch Telecommunications business, KPN.

NEO and its team is proving its worth with these valuable partnerships and will only continue to distinguish the benefits and advantages of the NEO network as the benefits of these partnerships start to be realized.

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Another benefit of NEO is the GAS token associated with its ecosystem.

As a holder of NEO, you are paid in dividends in the form of GAS.

GAS can be used to pay to deploy & run smart contracts and pay fees in the NEO network. By using GAS to pay fees, you get a 50% discount on your fees.

Or you can hold GAS as an investment as has many uses cases and is rising up in terms of market capitalization to #43 overall with a current price of $74.26.

So if the benefits of NEO weren't enough for you, then add receiving GAS and its associated benefits to the list.

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So why pick NEO out of all the cryptocurrencies and blockchains?

It:

• has a dBFT Consensus,
• is a smart contract platform,
• on the forefront of digitizing assets,
• has incredibly valuable strategic partnerships, and
• has the token GAS associated with its network.

This concludes Chief's Open-Source Overviews of the the major benefits & advantages of NEO.

Hope this provides value to yourself and please feel free to use this as a resource to help answer questions and bring awareness to the open-source NEO.

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Series

Here are links to the other posts part of this series, Chief's Open-Source Overviews

• PPY | Open-Source Overviews
• ARK | Open-Source Overviews
• STEEM | Open-Source Overviews
• Utopian.io | Open-Source Overviews
• Steemit Part #1 | Open-Source Overviews
• Steemit Part #2 | Open-Source Overviews

Sources:

• https://coinmarketcap.com/currencies/neo/
• https://hackernoon.com/what-is-neo-and-what-is-gas-5b9828a1aa65
• https://www.financemagnates.com/cryptocurrency/bloggers/whats-big-deal-chinas-first-open-source-blockchain-platform-neo/
• https://steemit.com/neo/@basiccrypto/neo-s-consensus-protocol-how-delegated-byzantine-fault-tolerance-works
• https://neo.org/
• https://steemit.com/cryptocurrency/@pandorasbox/largest-dutch-telecommunications-company-kpn-will-run-neo-consensus-node
• https://coinmarketcap.com/currencies/gas/

Image Sources:

• Blog headers created by myself
• https://www.teepublic.com/mug/1946201-neo-logo-cryptocurrency

Namaste

@chiefmappster

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Posted on Utopian.io - Rewarding Open Source Contributors

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