If you are a cryptocurrency enthusiast, then there is no
If you are a cryptocurrency enthusiast, then there is no way you haven’t heard of NEO blockchain and how does it work.
Formerly known as Antshares, NEO is recognized as the “Ethereum of China.” It maybe similar to Ethereum, but it has some interesting features which observe a close examination.
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NEO
NEO is a blockchain platform facilitating the development of digital assets as well as smart contracts.
NEO’s primary aim is to become a digital, decentralized and distributed platform for non-digital assets via the use of blockchain smart contracts.
This means that the goal is to become a digital alternative for the assets transfers which are, at present, non-digital.
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The Working of NEO Blockchain
NEO theoretically explains its Smart Economy System as –
Digital Assets + Digital Identity + Smart Contract = Smart Economy
Digital Assets
Assets can be easily digitized on NEO Blockchain in an open, trustworthy, decentralization-focused, transparent and traceable manner that is free of intermediaries as well as their associated costs.
Users are able to record, exchange, buy, sell or circulate several kinds of assets, as NEO offers the necessary platform to link the physical assets with an equivalent and unique digital avatar on its network.
Digital Identity
Also, NEO supports the assets protection, since the assets registered on its platform through a validated blockchain digital identity are protected by law.
Digital identity helps verifiable key information about taking part as individuals, organizations and other entities who exist in digital context.
Smart Contract
Smart contracts are helpful in transaction execution and agreements among the different parties without the governance by any legal entity, system or central mechanism.
The execution of these contracts is based on the programming code of the network, that allows transparency, traceability and irreversibility of transactions.
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Upcoming Features of NEO Blockchain
NeoX – This feature will enable cross-chain interoperability.
NeoFS – It is an upcoming file storage protocol that uses distributed hash table technology. This feature indexes file by using the hash of its content rather than the file path.
Large files will get divided into fixed-size data blocks and distributed and stored in various nodes.
NeoQS – This is a Quantum Safe feature based on lattice cryptographic mechanism. This Quantum computing poses a real threat to cryptographic systems depending on RSA and ECC.
Now, that means that both Ethereum and Bitcoin are potentially at risk of getting hacked by quantum computing. NEO is already looking to address that issue through its NeoQS feature.
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What Does The Future Hold for NEO Blockchain?
It is too soon to say whether or not the NEO can live up to the moniker, but the biggest advantage it comes with over Ethereum is the relatively low barrier to entry.
Since, the developers don’t really need to learn a new language for creating smart contracts, it can surely look appealing in the first instance. But, how does it fleshes out in the future is something that still remains to be seen.
Well, we aren’t pretty sure whether NEO blockchain will overcome ethereum or not, but one thing is sure that it presents an amazing feature platform for the developers to add to the ever-expanding cryptosphere.
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