Technology

NEO Blockchain: A Smart Move Towards Crypto Economy

September 23, 2022

The NEO is a most powerful and secure technology that offers right infrastructure to build a smart economy that can become the backbone of the future IT industry.

According to the research, in March 2017, there were nearly 700 different cryptocurrencies but now that number has increased as it keeps coming with more robust and secure methods of the payment transaction.Over the last twelve months, this trend increased the enthusiasm for the industry and accelerated its growth into next level. However, despite such escalation, there are few questions about these currencies that how many digital currencies in total can be bear out the given nascence of the industry.

 

All the cryptocurrency represents a technology, product or platform aimed at solving a problem created by the centralized systems. Now one more digital currency is added to this list i.e NEO,

that aims to make non-digital assets more verifiable, transparent and universally connected. Let’s discuss it more precisely:

 

What is NEO?

The “NEO is an open network, aiming to serve the future smart economy i.e digitized, programmable and trustless economy.” In other words, it is a network powered by the  Blockchain to digitize assets with the help of digital identity so that stakeholders can avail the

benefit from this smart economy that embraces the power of:

  • Digital Asset
  • Smart Contract
  • Digital Identity

 

Now let’s discuss all these three terms:

1. Digital Asset

It’s an NEO blockchain platform that allow users to register, transact and trade various types of digital asset.These are programmable assets, exist in the form of electronic data. It helps in distributing assets in highly secure & reliable environment, which is free from any third party interference. All the assets are registered through an authorized digital identity that is protected by law.

Types Of Digital Assets NEO Provides:

A: Global Assets:

These assets are accessible & identifiable by all the smart contracts and can be registered in the given system.

B: Contract Assets

These types of assets are recorded in a separate storage area and require an authorized client to access them. It has to match with certain predefined protocols in order to achieve congeniality with clients who are using it to transact.

 

2. Digital Identity

It refers to the identity information of the organization, individuals, and other entities that exist in electronic form. For businesses, it is very important to maintain the digital identity related to the transaction in social platforms, previous it was difficult to manage it which causes bad customer experience. So it has become necessary for the businesses to have reliable management for identifying the identity in the digital world.

NEO’s digital identity mechanism store, transact and authenticate the digital identity efficiently and quickly, it utilizes Public Key Infrastructure(PKI), X.509 digital identity standards to verify the identity when issuing or using digital identities including facial features, voice,  fingerprint SMS and other factors of authentication. This mechanism replaces the OCSP mechanism with the Blockchain tech to make it a more reliable and authenticate to maintain digital identity.

 

3. Smart Contract

In 1994, Nick Szabo first introduced the Smart Contract in the world. According to him”When a pre-programmed condition is triggered, the smart contract will execute the corresponding contract terms.”

In other words, It’s a software that has predefined protocols for negotiating the contract terms and verifies it automatically. NEO smart contracts are known as NeoContract and it offers expandability, certainty and high performance.There are basically three types of contract

  • Validation contracts
  • Function contracts
  • Application contracts.

Currently, this amazing technology falls in the list of top 10 cryptocurrencies, by 2018 it will reach over $10 billion and consider as the largest cryptocurrency originating from Asia. It is a first cryptocurrency that received an A-rating from Weiss’ Cryptocurrency Ratings, these ratings based on a cryptocurrency’s risk factors, reward potential, and technology fundamentals. Hope now you are aware of this technology, it’s time to discuss the vision of NEO for creating a smart economy.

 

The Concept Of NEO’s Smart Economy

The vision behind creating NEO was to shift our traditional economy towards smart economy using the capabilities of decentralized blockchain mechanism. It follows the following concept to materialize its conceptualization.

NEO wants to integrate all the digital assets, smart contracts, and digital identity into its network. To elevate its power, the company restigmatize themselves from Antshares and upgraded to NEO 2.0 with new features, such as cross-chain protocol, a distributed storage protocol, quantum-resistant cryptography, and a secure communication protocol. All these changes occur to improve its technology to actualize best out of its community. As the industry grows, it will begin to saturate so that the value of tangible creation may prove compelling.

 

3. NEO’s Token

NEO has two native tokens i.e.

  • NEO — formerly known as Antshares (ANS)

This is an investment token of NEO blockchain ecosystem. The minimum unit of NEO is one and it cannot be subdivided.

  • GAS — formerly known as Antcoins (ANC)

It legitimize the network resource control of NEO blockchain and charges the network related activities like running Dapps, smart contracts. It also offers incentives to stakeholders for maintaining the blockchain network.

 

Conclusion

The NEO is a most powerful and secure technology that offers right infrastructure to build a smart economy that can become the backbone of the future IT industry. If you are looking for services of latest technologies than we can help you. Contact us to skyrocket your business horizon with our expert mobile app development team.

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