Since the introduction of cryptocurrency, many currencies have come into the crypto industry based on their own terms. The first such currency was Bitcoin and after this many altcoins have introduced themselves in the crypto industry. This topic is going to talk about NEO, which is one such altcoin.
As it is known to every crypto trader that NEO has its base in China. It was founded in 2014 with an original name “AntShares” but later a new name was given to it that is presently known as NEO. This cryptocurrency is based on blockchain and progresses through its cryptocurrency and further enables smart contracts on its blockchain technology. It is somewhat like Ethereum cryptocurrency that is a US-based blockchain network. It manages the digital assets through a smart contract feature that ends up making a distributed computing network system. If you want to know about bitcoin trading, then you can read more from here.
As China has imposed limitations on its crypto trading, it has formed NEO with the potential that has come out as a choice around the globe. Its Onchain technology has been made to be used amicably by the people with an approach that is centralized which means it is different from that of the other currencies that work to be decentralized. The government in China perhaps found it risky to freely operate in the country as the assumptions have been speculated by the people time and again. Further, electricity consumption is another.
KNOWING A LITTLE MORE ABOUT IT
NEO has said it to be a system of smart economy. There are certain things that it guarantees:
- Investors can freely trade through their assets be it buying, selling or recording.
- The physical assets on a NEO platform are linked through an online copy on its network.
- It offers security to the assets that it provides digitally.
- The digital assets on a NEO blockchain are properly digitized through an open-source which is not centrally controlled and leads its transactions through transparency.
- Assets that have got registration get a unique digital identity and are further encrypted by legal means.
- The identity provided then enables the verification of the important information regarding the participation of its existing entities and the organization that exists digitally.
- Further, the agreements that have been made between the parties are also executed and allowed. The programming code allows the execution of the contracts that have been entered and this coding is responsible to render transparency, traceability etc. of the transaction.
TOKENS THAT IT ALLOWS
NEO allows for its transactions, two types of contracts the one is GAS and the other is NEO. Talking about the programming language it allows Python, Go, Kotlin etc. that ultimately helps in providing more efficiency to its platform.
HOW IT DEVIATES ITSELF FROM THE ONCHAIN
Although both Onchain and NEO are varied topics they have independent existence and none of them owns any of them. The NEO focuses on the “B2C” formula which is ‘business to consumer approach here consumer may refer to an individual and a group of people as well. On the other hand, if we talk about Onchain it works on the B2B mechanism which means “business to business” approach. It works on a bigger level that has made its sphere limited to just the enterprise level. That is how both these concepts vary in their working and how they operate in their sphere.
I wish if you were desiring to know about NEO this topic would have provided you with the essential information you aspire for. Good luck with your future journey as a crypto trader.