NEO is a cryptocurrency founded as AntShares by Da Hongfei and Erik Zhan in China in 2014 and was rebranded “NEO” in June 2017. It is a blockchain platform that aims to automate the management of digital assets through the use of smart contracts.
The platform also helps in building a distributed network-based smart economy system. Are you eager to know more about the NEO blockchain platform? If yes, then read this article till the end.
About NEO Blockchain Platform
NEO blockchain platform supports its own cryptocurrency and users are able to record, buy, sell, or exchange various kinds of assets through this platform. It is also known as the “Ethereum of China”.
The technology behind NEO is a unique blockchain algorithm, that supports decentralized commerce, identification, and digitization of various assets.
This algorithm integrates blockchain technology with the digital identity, creating ways for physical assets like money or company shares assets to be digitized and exchanged over the NEO network in a peer-to-peer manner.
According to the website of the NEO blockchain platform, it is a non-profit community-based project that utilizes blockchain technology and digital identity to digitize assets, automate the management of digital assets using smart contracts, and realize a smart economy with a distributed network.
Now you will have a doubt, what is a smart contract? A smart contract is an agreement in which all the terms are written directly into the code.
Similarities Between NEO and Ethereum
There are many similarities between Ethereum and NEO. Let’s check it out.
- Both NEO and Ethereum blockchain platforms are a space for software developers to develop decentralized applications (dApps).
- They also provide a platform for the development of various ICOs on a blockchain.
- The crypto asset associated with the Ethereum platform is Ether and that of the NEO platform is GAS. Each and every process of the platform runs out through the exchange of these assets.
- The Ethereum project and NEO project are basically driven by Ethereum virtual machine and NEO virtual machine respectively.
The above given are the similarities between the Ethereum blockchain platform and the NEO blockchain platform. But the difference between the two platforms makes NEO unique. Those differences make NEO currency, the cryptocurrency of your choice.
I hope that this article flushed out all your eagerness and fluffy thoughts about NEO cryptocurrency and gave the right pieces of information to you.