Defining NEO
NEO is a blockchain platform often known as the Chinese Ethereum. It was the mainland’s first open-source blockchain and attracted the curiosity of venture capitalists from the West and the East. After its rebrand from ANS in June 2017, excited investors have congregated to buy NEO tokens. Since June, NEO has surged 2000% to a high price of $52 per token.
How NEO was developed
NEO first appeared in 2014 as an open-source blockchain, also known as Antshares (ANS). It was financed by equity funding with the aim to renovate business into an intelligent financial system driven by blockchains. Finally, in November 2016, Antshares published an official report giving details of its lightweight universal blockchain.
Who invented NEO?
The NEO platform was founded by Onchain, a Chinese company working out of Shanghai. NEO’s developer, Da Hongfei, is also the CEO of Onchain. Eric Zhang is the co-chairman of Onchain and together with Da Hongfei, founded NEO. In total there are almost 20 people aid them in development, including 2 core developers, various code contributors and code designers, 2 scholastics, and technical advisors.
What technology is needed for the use of NEO?
NEO is a platform which enables people to exchange commercial worth in the virtual as well as real world at all times. It is a decentralized, dispersed ledger protocol allowing for the trade of digitized properties. Not everything on the network has to be solely digital properties for instance cryptocurrencies. It is the link between converting actual possessions or even titles into a digital condition. The utmost importance is the foundational blocks of an inventive market and it is the first to show properties on a blockchain platform.
How NEO functions
This foundation is used to boost the transfer, exchange and trade of equity on NEO’s platform. In the first place, equity owners must deposit and register their property (whether residential or commercial) on the network. These assets are recognized through a legally binding accreditation program by NEO’s e-contracting services. After the registration in complete goods can be traded within each other. By using NEO’s smart contract 2.0 function, one can record, clear and settle on the platform. On NEO’s ledger protocol, possessions such as equities, claims by lenders, commercial agreements, invoices, currencies and even loyalty points are digital. And now after the recording, operations like supply chain finding, p2p financing, equity crowd funding and stock ownership become realistic. Digital assets trading can also exist on NEO aiding the trade of properties between friends and businesses. NEO will function on any device whether it is a mobile or desktop computer. Conclusively, NEO joins individuals from any device, in any location in the world, to a single smart economy.
What can be done with a NEO token?
It is important to realize that NEO tokens are not representations of stake or equity. They can only be used to vote as nodes and to verify financial movements on the NEO blockchain. You may also use NEO tokens to get AntCoins (ANC). A person or entity will be required to use and purchase ANC if signing up properties on the NEO blockchain. ANC supply is repaired at 100 M and are immediately destroyed after being used for resigning up an asset.
