October 8, 2020

What is Neo

What is Neo

Due to prohibitions imposed in China, NEO is one of the most prospective cryptocurrencies not only in this country but across the world. This is the unique cryptocurrency that was created with a goal to be friendly to the regulator. This approach is different in comparison to other digital currencies. This fact is associated with some disadvantages but also has certain advantages.

NEO cryptocurrency description

NEO is a very interesting cryptocurrency. It was created in 2014 but the current name was created only in June 2017. This cryptocurrency is also based on Blockchain and allows users to use smart contracts and trade this digital investment instrument.

Smart contracts are for the automatization of this cryptocurrency management. This network is also distributed. Thanks to this, you can be sure of the safety of your money.

There are a lot of advantages that this cryptocurrency has:

  1. Decentralization. This cryptocurrency is both friendly to the regulator and independent. There are no intermediaries that have their own interest in this activity.
  2. Transparency. All operations with NEO are opened for everyone and are written in the special diary. Every person can check the transactions.
  3. Protection. If some part of this registry is hacked, the right information restores automatically. The special system compares the information with other parts saved in other places and if there is some difference, all operations made by hackers are automatically canceled.

NEO is the full platform where users can perform different operations with financial assets linked with equivalents. Smart contracts are a mechanism that helps people to achieve a lot of interesting goals. Actually, these are decentralized applications. You need to have programming skills to create them.

Smart contracts are transparent, traceable and irreversible. There are a lot of different programming languages that can be used to create NEO smart contracts: C#, Java, Python, etc.

There are two cryptocurrencies that look similar but they are different in the core. These are NEO and Onchain. NEO cryptocurrency is totally public. It is funded by real people who use this token for their goals. In comparison to NEO, Onchain is funded by a big Chinese conglomerate and it is in different spheres such as medicine, entertainment, and lifestyle.

There are other useful pieces of information about this cryptocurrency:

  1. One more difference is in the business model of these similar cryptocurrencies. NEO is for clients, it is a B2C model token. In comparison to it, Onchain is based on the B2B model, and it isn’t created for every person.
  2. One of the main goals is to realize the possibility to perform cross-chain operations. This goal was set forth by both types of cryptocurrencies: public and private.
  3. There is one issue with interoperability. This problem is associated with difficulties to maintain the highest level of safety. How can we check the reliability of a certain order? But this problem is present not only in this cryptocurrency. This is a sign of different electronic assets supporting this feature. However, the level of reliability of this cryptocurrency is significantly higher in comparison to other cryptocurrencies. NEO developers work every day to provide the best safety among all electronic tokens.

Regulatory Compliance

This cryptocurrency is unique in comparison to other blockchain platforms because of its regulatory compliance. This is a verified cryptocurrency and this fact makes this crypto asset more reliable. All nodes of this network have to be checked before carrying out the transactions. People can make deals only if they have an appropriate contra agent. That’s why this cryptocurrency is very regulative. This is a unique feature if we consider the decentralization of this cryptocurrency. This connection helps this asset to have all advantages which classical and digital currencies have.

Is NEO a great solution for China?

NEO is based on Onchain, which is maintained by the big Chinese conglomerate. Unlike the fact that this cryptocurrency is funded by the people, this concept is always very strong. What a controversial cryptocurrency, isn’t it? This cryptocurrency is for China. Unfortunately, this asset can’t exist in some countries because of the huge number of competitors in those countries.