It is just a day since Binance announced their support for the upcoming Ontology (ONT) airdrop token for Neo (NEO) holders and the cryptocurrency is already up to 6th place after passing Cardano’s market capitalization. This is huge news for the NEO community whose council is to be rewarded with 10% of the ONT tokens for being resourceful in feedback and cooperation during ONT development phase.
What is NEO?
The Neo (NEO) blockchain is different from most networks in its consensus mechanism; Unlike Bitcoin which uses the proof-of-work mechanism, NEO uses the Delegated Byzantine Fault Tolerant. This consensus protocol scales the participation in consensus by proxy voting. One would wonder why this approach? NEO is designed to achieve digital identity of assets which means the platform has bookkeepers.
NEO token holders exercise participation in the network by voting for bookkeepers who are then tasked with reaching a consensus for new blocks to be generated. Bookkeeper’s identity could be the actual name of a person or organization which makes it possible to transfer judicial rulings on the assets hence financial compliance.
What Distinguishes the NEO smart contracts?
The altcoin’s platform and transaction functioning is enabled by smart contracts which are common for approval of transactions within a blockchain platform.
The Neo (NEO) smart contract also known as Neo Contract is composed of 3 distinct parts that work together;
- NEO Virtual Machine
NEO network contains a universal Block Chain protocol known as the NeoVM; it is tasked with reading and executing requests within the smart contracts in and orderly manner. Also, it facilitates control of the process according to requests and operations logic.
- IDE & Compiler
Developers interested in NEO have been saved the stress of learning a new language as the DevPack installed comes with enhanced code compiler and IDE; this makes it possible to develop smart contracts without having to learn a new language.
- Advanced linking Services
Smart contracts functionality is enhanced through interoperable services; the interop service which acts as a virtual machine to a virtual machine is an enhanced feature found in NeoContracts.
Price Analysis & ICO
Neo (NEO) is quite different in its ICO from other cryptocurrencies; the altcoin is defined by two native tokens. The NEO tokens currently 100 million are used within the NEO platform as symbols of management, bookkeeping and changing network parameter rights. The NEO coin has a minimum unit of 1 making it impossible to own anything less than that. The second native coin is the NeoGas (GAS); this is an incentive to fuel full development of the NEO platform. A corresponding number of GAS coins will be generated in the sequence of a decay algorithm as NEO continues to be used within a period of 22years.
NEO is a Mid Cap coin currently ranked 6th with a market cap of $9.33 Billion. The altcoin is among the top movers in volume traded within the last 24 hours at a 172% increase. This is not a surprise given the volatile nature of crypto markets but most NEO holders and its entire community are hopeful that the coin will remain bullish after it recently passed Cardano in ranking. NEO trades at $143.388 against the dollar as of press date and has been ranked among coins in the low standard deviation category in DigitalAssetDB.
Digital Identity & NeoContract
These are the two features that distinguish Neo (NEO) which receives support from major coin exchanges such as Binance. With digital identity, one can now use the blockchain platform to save physical assets in electronic form while including identification. They can then retrieve or make changes on this information with the help of Neo Contracts, this is important for reference when trading the physical assets stored in electronic form. The Neo Contracts bring a blockchain platform with more certainty, concurrence and a lot of space to scale up.