Blockchain News assets to make it a “ Smart Economy ”. This helps NEO compete with other established blockchains like NEM ’ s Mijin blockchain , which also uses C ++. What makes NEO ’ s implementation unique is that it uses what it calls designated bookkeepers , which are nominated and chosen through a voting system by NEO ’ s holders . Bookkeepers are tasked with validating the transactions on NEO ’ s blockchain . Therefore , each bookkeeper verifies the blocks on NEO ’ s ledger , and consensus is achieved if two-thirds of the nodes agree with the bookkeeper .
Smart contracts on NEO ’ s network are powered by two tokens , namely NEO and GAS . NEO is the native token used for network management , whereas GAS is the fuel token for powering NEO network . Unlike Ethereum , where the GAS is deducted as a small portion of Ether , GAS tokens in NEO are paid as dividends to NEO stakeholders . GAS itself is a fairly wellknown cryptocurrency with a reasonable price and market cap . By Hoarding NEO , you will be earning GAS . Notably , Binance and Kucoin are two exchanges that are rewarding GAS to NEO holders .
NEO ’ s “ Real Strength ”
NEO ’ s real value and strength lie in working towards a regulatory compliant smart economy platform . That ’ s why its developers say it has overcome many challenges and continues to grow , despite Chinese regulators crackdown on virtual currencies . Another reason for its growth is often attributed to the ease of developing decentralized applications on top of NEO ’ s blockchain . Its support of all the standard programming languages , compared to Ethereum ’ s applications built only with its own Solidity language , could prove critical to its mainstream adoption .
Also , NEO holders are rewarded with GAS tokens as dividends as a form of recognition and appreciation for supporting the network and helping it grow in value . This could be another reason why NEO ’ s platform might further penetrate the cryptocurrency market . Furthermore , there have been considerable scalability issues with some of the major crypto-platforms such as Bitcoin and Ethereum , and NEO seems better equipped to scale . That ’ s because it uses what its supporters consider to be not only a faster , but more efficient dBFT algorithm ( compared to Proof of Work and Proof of Stake ).
A few issues with NEO are that the NEO team holds most of the nodes . It might be better for if most of them are “ liberated ” in the future and become a truly decentralized platform for it to be accepted globally .
Please note that this article is not a comprehensive explanation of what the NEO platform actually does , and how it works . It is intended to increase awareness among crypto-enthusiasts , and inspire them to learn more about this platform , in addition to other crypto-platforms , in general .
Kadhir Velavan and Omar Faridi omar @ coregroup . info
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