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Digital Assets , Digital Identity , and Smart Contracts . These features are implemented using the “ Delegated Byzantine Fault Tolerance - dBFT ” consensus protocol . Like many other crypto-platforms claim , NEO ’ s architects consider it to be an advanced version of the “ Proof of Stake ” algorithm .
Delegated Byzantine Fault Tolerance Algorithm
When dBFT is used , thousands of nodes ( network participants / entities ) are reportedly able to reach consensus within seconds , without using much energy . Per NEO ’ s creators , it can handle 1000 transactions per second ( TPS ), and the goal is to eventually be able to process 10k TPS . This seems to be a significant improvement compared to BTC and ETH transactions , which only average around 3-4 and 15 TPS , respectively . Furthermore , its architects also chose to use coding languages for its Smart Contracts that the majority of programmers are familiar with . These languages include C #, Java , JavaScript , VB . net and Python .
Development Of NEO Made More Accessible To Programmers
Since NEO ’ s source code , is written in common coding languages , it is much easier for developers to program dApps ( distributed applications ) on NEO ’ s blockchain . To further advance its development efforts and encourage more people to adopt its technology , NEO rebranded itself from “ Ant shares ” in mid-2017 . Throughout this time , it has often been called “ China ’ s Ethereum ”, and was originally launched by Hongfei DA
, in 2014 . Hongfei is considered , by many , to be one of the prominent pioneers of China ’ s crypto-community .
The NEO founder happens to be the CEO and co-founder of Onchain as well , a Shanghai-based blockchain R & D company . Hongfei ’ s main partner is OnChain CTO Erik Zhang , one of NEO ’ s core developers . Together , they first started developing Antshares in 2014 . It is necessary to mention OnChain while explaining what NEO is , because both entities are being worked on in China ’ s crypto-community , so their separate development efforts could impact one another , or even overlap .
To make things clear , OnChain is a for-profit organization , and doesn ’ t have ownership rights to the NEO platform itself . In fact , NEO is among one of many community crypto-projects . Moreover , even though they have some similarities as far as their origin , they ’ re both separate entities , legally and conceptually , while also focusing on different missions . Additionally , NEO is an open-source project , dedicated to the development of smart contracts . Meanwhile , OnChain is an independent company developing a product called DNA ( Distributed Network Architecture ), a technology that allows users to create various assets that are issued and traded through its own smart contracts .
Pertinent Details About The NEO Platform
As mentioned , NEO is a “ Smart Contract ” system like Ethereum , but it integrates Digital Identity and Digital
24 Core Magazine