NEO Blockchain

Neo is a Chinese community-driven decentralized open-source blockchain platform. NEO was founded in China by Da Hongfei and Erik Zhan in 2014 as AntShares, before being renamed NEO in June 2017. It’s a blockchain-based platform that lets you build digital assets and smart contracts. It’s similar to the Ethereum blockchain network, which is based in the US. Neo allows developers to digitalize and automate asset management through smart contracts. It also features resilient native infrastructures such as decentralized storage, oracles, and domain name service, establishing the foundation for the Next-Generation Internet.

  • Best Features of NEO Blockchain

Neo uses blockchain technology to digitize assets and digital ownership, smart contracts to manage digital assets, and a decentralized structure to create the “smart economy.”

Digital Asset

On the Neo blockchain, users can register assets, trade them, and exchange them. To show the link between physical and digital assets, digital identification can be employed. Digital assets with a legally recognised identity are safeguarded.

In Neo, there are two types of digital assets: global and contract assets. All smart contracts and clients in the system space have the ability to recognise and register global assets. Contract assets must be recognised by a compatible client and are stored in the smart contract’s private holding area. For contract assets to be acceptable with the contract, specific conditions may apply.

Smart Contracts 

The most essential part of the programmer ecosystem’s smooth integration is the NeoContract. NeoContract is a self-contained smart contract technology. Instead of learning a new programming language, developers may build, debug, and compile smart contracts using C#, Java, and other standard programming languages within existing familiar IDE frameworks i.e. Eclipse, Visual Studio, and others.

NeoVM is a highly dependable, concurrency-aware, and adaptive virtual machine from Neo. Thanks to NeoContract’s smart contracts technology, millions of developers all over the world will be able to easily create contracts.

Digital Identity 

Digital identity refers to the identification information of people, companies, and other entities that exist in digital form. The more complex digital identity system is based on the PKI (Public Key Infrastructure) X.509 standard. Neo intends to build a set of digital identity standards that are X.509 compliant. The Web Of Trust point-to-point certificate issuance paradigm and the corresponding X.509 level certificate issuance methodology will be enabled by this set of digital identity standards. When employing digital IDs, Neo uses face recognition, fingerprints, voice, SMS, and other multi-factor authentication approaches to validate identity.

The technologies used in NEO are as follows:

 

dBFT

The dBFT is a fault-tolerant Byzantine consensus mechanism. which allows for huge consensus involvement via proxy voting. Each NEO coin holder has the ability to vote for the consensus node they want to support. Through the BFT method, a selected group of consensus nodes establishes a consensus that generates new blocks. Polling here on Neo network happens in the real moment instead of on a predefined schedule.

NeoContract

Its rapid launch time and versatility make it ideal for small programs like smart contracts. While initiating a shared ledger, NeoContract might create the smart contract call chain using static code analysis. A Neo node might automatically divide the smart contract using a deterministic call chain, allowing for limitless expansion and eliminating its “jamming effect” that traditional blockchain systems suffer from due to static fragmentation.

NeoX 

NeoX is just a protocol enabling cross-chain interoperability. A NeoX protocol is made up of two parts:  cross-chain assets exchange protocol and cross-chain distributed transaction protocol. NeoX offers cross-chain smart contracts, which allow smart contracts to run portions of themselves across several chains, whether successfully or unsuccessfully.

NeoFS

NeoFS is just a network-attached storage system based on the distributed hash table (DHT) technology. NeoFS stores data by file item (Hash) rather than file location. Data records will be split into set data blocks and distributed and stored across multiple nodes. The key difficulty with this approach is establishing an equilibrium between redundancy and reliability. NeoFS tries to resolve this conflict by installing backbone nodes and implementing token incentives.

NeoQS

NeoQS is the cryptographic method based on the crystal lattice. The most reliable tactics for resisting quantum computers, the Short Vector Problem (SVP) and the Close Vector Problem (CVP), are presently unavailable to quantum computers.

NEO is one of the most valuable cryptocurrencies in terms of market capitalization. It is regarded as a promising long-term investment option due to its tremendous potential. The major benefit NEO has over Ethereum is the comparatively low barrier to entry and the fact that smart contract generation does not need developers to learn a new language. Though the future of NEO is unknown, it is undoubtedly a fantastic platform for developers that can be added to the ever-growing crypto sphere.

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