NEO was first launched as Antshares in 2014 and later on rebranded as NEO in June 2017. NEO is a next-generation smart economy contract. NEO’s growth has been exponential over last year. It has been termed as “Chinese Ethereum”, there’s a lot of hype around this coin. Let’s discuss some aspects in detail.
NEO uses Byzantine Fault Tolerance (dBFT) consensus mechanism, which allows it to process up to 10,000 transactions per second.
The total amount of NEO is fixed (100 Million) and it cannot be increased and the smallest unit of NEO is 1 NEO and it cannot be divided.
NEO ecosystem is based on 2 Types of Tokens (NEO & GAS)
Max Supply: 100,000,000
Total Supply: 100,000,000
Circulating Supply: 50,000,000
Remaining Supply: 50,000,000
GAS – earlier known as Antcoins (ANC).
Max Supply: 100,000,000
Total Supply: 10,457,112 (as of Dec 2017)
Circulating Supply: 8,267,959 (as of Dec 2017)
Remaining Supply: 2,189,153 (as of Dec 2017)
What are other systems included in NEO?
NeoX – Will create the ability to execute and operate across seamlessly on different blockchains.
NEO Contract – This system allows you to create smart contracts and it is scalable and be integrated with pre-existing codebases like (C#, VB.Net, F#, JAVA, Kotlin etc)
NeoFS– This service allows a decentralized peer to peer storage.
NeoQ – This is a lattice-based cryptographic mechanism that creates sophisticated problems which cannot be solved by a quantum computer, Neo is theoretically resistant to attacks which makes it more secure and quantum-proof.
What makes NEO better than Ethereum?
Due to the fact that NEO supports a variety of code bases like I mentioned earlier on. Meanwhile, Ethereum has its own proprietary language which is called Solidity, you can find more information about it here. In order for the development to take place in Ethereum ecosystem, the developers have to learn the language which means a longer learning curve.
Benefits of Holding NEO:
You receive a reward in form of GAS for holding NEO, GAS is a Proof of Stake incentive which is generated with each new block of NEO. However, like NEO itself the GAS is also available in limited supply. Currently, the release is limited to 8 GAS per block but it will be reduced each year and this will continue to till no further GAS is produced.
You can download the project white paper from this link: NEO White Paper