NEO being different and unique from other competition?

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Given the cutback on crypto transactions enforced by the government of China, NEO has the capability to evolve as the crypto of everyone’s choice in the well-regulated nation and probably around the globe. From the time of creation, the Onchain technology of NEO was developed to be regulation-friendly with a centralized mechanism that is much different from many other cryptocurrencies.

This approach supports the survival and prosperity even in China, where the government regulators have been keeping an increasingly strict eye on the world of cryptocurrency. They are concerned about the financial risks investors face due to cryptocurrency speculations. Plus, the crypto’s vast mining operations may become such an issue for china’s electricity supply that it eventually threatens their environmental goals.

What is Meant By NEO?

NEO was established in 2014 by Erik Zhan & Da Hongfei in China that later rebranded in June 2017 with the name NEO. It is a platform based on blockchain that helps its cryptocurrency, enabling the evolution of smart contracts and digital assets. Because of these aspects, NEO resembles the U.S.A-Ethereum blockchain. NEO’s goal is to automate the administration of digital assets by smart contract utilization. Its final aim is to develop a distributed network for a smart economy system.

NEO Theoretically Explained The Smart Economy System

(Digital Assets and Identity + Smart Contract equals Smart Economy)

On the NEO blockchain, financial assets can be digitized easily in a decentralized, open, reliable, and transparent way that is intermediaries free and the costs attached to it. Users can buy, sell, record, exchange, or circulate different types of assets. The NEO platform helps to link the physical asset with a unique and equal digital form on its network. NEO supports the safety of investments. These assets are registered and protected by law on its platform. Smart contracts help execute transactions and agreements with different parties without being governed by a legally centralized mechanism. This execution is based on the lineup code of the network that allows transparency and traceability of transactions.

Consensus

NEO innovated the Delegated Byzantine Fault Tolerance (dBFT) mechanism. In this process, there are a few particular nodes called Bookkeepers. The actual block verifications can be done through these accountants. Blockchain broadcasted this data. Only when 2/3rd of the nodes match with this version of bookkeeping than the consensus achieved.