NEO was founded by Da Hongfei and Erik Zhan in 2014. Originally called AntShares, the network was rebranded as Neo in 2017. Neo is a blockchain-based platform which enables users to develop their own decentralized applications through the use of smart contracts. In this regard, it is considered to be similar to Ethereum. However, the network has much more ambitious plans.
The cryptocurrency is regarded to have achieved something that none other has. China has been one of the countries that have strongly opposed cryptocurrencies but Neo is called “Chinese Ethereum” because of the acceptance of the cryptocurrency in the country. The unique Digital Identity technology of Neo also plays a part in the cryptocurrency receiving a figurative pat on the back from regulators all over the world.
What is Neo?
Neo aims to create the new smart economy which will be able through the offerings of the network. Other than boosting the use of decentralized apps and smart contracts, the network also has various other offerings like decentralized file storage system, an identity system and oracle system. The smart economy system is described as Digital Assets + Digital Identity + Smart Contract – essentially, the offerings of Neo.
The smart contracts on the network are called NeoContracts. Developers can build applications through NeoContracts in a variety of existing programming languages – which is what sets it apart. Moreover, the Digital Identity of the network is a requirement and every entity on Neo will have its unique Digital Identity which can be verified. The three key features when working in conjuncture leads to the creation of the smart economy that Neo envisions.
The network employs a Delegated Byzantine Fault Tolerant (dBFT) mechanism which leverages real-time voting to decide which computer on the network gets to create the next block. This means the decentralization of the network is not compromised and anyone holding NEO can help operate the system.
What does the cryptocurrency’s future entail?
The new smart economy is an ambitious vision – one that Neo is working towards achieving. It can revolutionize economies and how the global financial system works if the network is able to achieve its vision. So far, the future of the cryptocurrency appears bright. The current performance shows a strong upside movement. At the time of writing, Neo stands at a price level of $55.89. The price has increased by nearly 10% in the past twenty-four hours while the trading volume has increased by 26%. Neo is the thirty-seventh largest cryptocurrency in the market.
According to the estimates of Wallet Investor, the cryptocurrency will be operating at a price level of $89 in a year’s time while the five-year price is projected at $202. Digital Coin Price predicts that Neo will end the year at $84 and reach towards $204 by 2026.
