NEO, the first decentralized blockchain platform launched in China, has gain a lot of popularity in short span. There are more than 1500 digital coins, then what is so different about NEO that it is also known as Ethereum Killer by many.
Before proceeding with its uniqueness, let’s know what NEO actually is or why it was created in the first place. NEO aims at converting traditional assets that are very far from the regime of digital world into digital assets by using smart contract. I have discussed about these later in the article.
NEO has come forward as the digital coin with lot of newness and amazing roles to play in the economy of the world. Prior to the name NEO, it was known as Antshares. On 22nd June, Antshares rebooted the entire project in the name of NEO which means Youth and Novelty.
NEO Goals for the Future Economy
NEO states in its goal:
NEO wants to be the vanguard in the effort of building a smart economy where smart economy means a combination of Digital Assets, Digital Identity and Smart Contracts. Here is what you need to know about these three parameters which are going to be the base for smart economy.
Digital Assets: What are digital assets? Digital assets are the decentralized assets and each asset will have its own digital certificate protected by the law. This will not only guarantee trust but will also streamline the assets for a better and simpler economy.
Digital Identity: NEO is set forth to create electronic identity for individuals and organizations or any other entities in the economy.
Smart Contract: Writing smart contract used to be a tough job which incorporated learning of smart contract language. However, this is not the case with NEO innovative smart contract platform. If you are a developer and know how to code with mainstream languages such as JAVA, C++ etc, you can work with the smart platform offered by NEO.
Why NEO is Different?
Coming back to the first question: Why NEO? Here are few reasons that would help you decide if NEO is the coin for tomorrow or not:
- An amazing Architecture
NEO is way ahead of other cryptocurrencies in terms of its lightweight architecture. The algorithm (dBFT) is based on bookkeeping method that can be customized as per the requirement. With the use of delegated voting, the system will allow the transaction based on the agreement of only 2/3rd of the network node making the transaction much faster than any other algorithm.
- Digital Identity made easier
With the new structure for creating digital identity, NEO has paved way for tangible assets to be made available for transaction on NEO network easy and convenient. The digital identity offered by NEO can be used for integrating the platforms and the real-world applications.
NEO has evolved as a great coin and will surely keep surprising its investors with its modern approach and great capabilities to bring economy under the decentralized network.