NEO blockchain and why it could be the strongest cryptocurrency this year

More and more people are becoming interested in the world of cryptocurrency. People are looking to invest as they see early investors benefitting from their foray into the sector thanks to the current upward trend.

Many investors and traders are now switching attention to NEO, with its expanding ecosystem and growing prominence.

OnChain – the company behind NEO

In 2014, NEO’s founders set up the original company called OnChain. It’s good to have a bit of background about this company to fully understand NEO’s functionality. Both companies are separate but have similar interested.

The system behind OnChain uses a system called Decentralised Network Architecture (DNA) to develop blockchain suitable for businesses. These blockchains then link with NEP to form a decentralised economy. The company is working with China’s government and businesses in Asia that will adopt NEO. This drive to bring blockchain to mainstream businesses is a huge part of NEO’s potential.

NEO’s key features

A second gen blockchain platform, NEO has been known to investors for two years and generally nicknamed ‘Chinese Ethereum’. However, there’s much more to NEO’s features. It used to be called Antshares when launched in 2016 and focused on digital assets. Nine months on it was struggling to make a mark, but then it announced a partnership with the Chinese government. A quick rebrand to NEO later and the project was garnering attention from everywhere. Interesting features include:

  • Flexible development environment

The platforms used by NEO support all kinds of programming languages, including F#, Python, C# and Java among others. It also has plans to include support for Golang, Javascript and C++ in future. Developers also have access to plug-ins and compilers for many supporting languages, enabling compilation into instructions supported by NEO virtual machines. This essentially makes NEO much more accessible to all kinds of devs.

  • Delegated byzantine fault tolerance algorithm

All blockchains work on the basis of consensus to prove each transaction valid. Some follow Proof-of-Work methods, while others use Proof-of-Stake. The second is more eco-friendly as it uses much less energy. However, NEO uses an entirely separate consensus method called ‘Delegated Byzantine Fault Tolerance (dBFT). This ensures the system doesn’t split into an unstable fork.

  • Speed of transaction

A common criticism of both major crypto giants (Ethereum and Bitcoin) is that they have very low transaction speeds, making it expensive. NEO can deal with up to 10,000 TPS (transactions per second), and the platform has been designed to handle mainstream apps. All of this makes it much more likely to survive in the future.

  • Platform works for ICOs

NEO is advancing all the time as the ideal platform ICOs by allowing projects, just like, to launch tokens. While Ethereum has a token standard called ERC-20, NEO’s equivalent is NEP-5. Many projects are turning towards NEO for its outstanding functionality and ease of use, and we can expect to see many more ICOs during the rest of this year.

NEO trading

NEO is also positioned on all major cryptocurrency exchanges, and can be bought from:

  • Bitfinex
  • BigONE
  • Binance
  • Qryptos
  • Huobi
  • HitBTC
  • KuCoin
  • Lbank
  • Coinnest

This list isn’t exclusive, and there are many other exchanges.

Market position

NEO is currently ranked as tenth in a rating of best cryptos. There is a positive indication of almost 7%, which guarantees that the price of $69.49 will continue to rise. There’s a total market cap of $4.5 billion, and every 24 hours around $127 million NEO exchange hands.

All cryptos are volatile and will be for the foreseeable future. It’s inevitable in such a young sector, but NEO is showing signs of becoming one of the strongest and most stable out there.

By | 2018-04-24T13:52:12+00:00 April 16th, 2018|NEO Blockchain, Steven Hipwell|0 Comments