Neo Crypto: About the Chinese Ethereum
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Popularly referred to as Chinese Ethereum, Neo crypto (formerly Antshares) is an open-source decentralized blockchain founded in 2014 in China by by Da HongFei.
Neo crypto is a next generation smart-economy blockchain platform that is written in different programming languages.
It can support up to 10,000 transactions per second and it uses a delegated Byzantine Fault Tolerance (dBFT) consensus mechanism for the computers that run its software.
In addition, the Neo network also offers many other features to its users like an identity system, a decentralized file storage system, and an oracle system for feeding external information to it.
NEO supports two crypto coins, NEO and GAS. NEO for voting on protocol changes and can be staked to produce GAS tokens which are used to pay for computation or deployment of smart contracts within the NEO network.
What makes Neo Crypto unique?
Assets are easily digitized on the NEO crypto platform in a decentralized, traceable, open, trustworthy and transparent manner with no interference from third parties and their costs.
This enables users buy, sell, record, exchange and/or circulate different types of assets. It also allows users link their physical assets with a similar, yet unique, digital avatar on its network.
Its smart contracts feature allows the execution of transactions and agreements among various parties without governance by any legal system or central mechanism.
It carries out these contracts based on the programming code of its network, and the coding allows transparency, traceability, and irreversibility of transactions.
Apart from being enabling digital assets and smart contracts, Neo has a third key feature called “digital identity” that ensures its users are verified with unique digital identities.
This means transactions can only take place only if the transacting parties have the required identities. This makes Neo regulatory-compliant.
NEO is attempting to position itself as an enterprise blockchain, suitable for businesses, especially in China where restrictions on cryptocurrency transactions was imposed by China’s government based on its huge mining operations which threaten the country’s environment, consumes energy and the financial risks of cryptocurrency speculations.
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