The primary aim of the NEO is to become a decentralized, digital, and distributed system for non-digital assets by using the smart contract. It's called a consensus mechanism for computers that are used to run its software. Neo is using a unique governance system mechanism called dBFT(Delegated Byzantine Fault Tolerant). The NEO token is used for two purposes: one is used for payment, and the second is for GAS(Transaction Fees). NEO is a unique smart chain and a blockchain platform where anyone can negotiate and create decentralized (DApp) applications and services.įurthermore, the NEO network provides some extraordinary features to its users, including an identity system, storage for decentralized files, and an oracle system to store file data information. NEO is Chain's first open-source blockchain technology. It has a unique identity digitally in combination with both digital assets and smart contracts. NEO is widely well-known as an Ethereum(ETH) of China because of the similarity in the features and ability to make DApp for exchanges. Neo are under circulation, with total supply of 100M and the Maximum supply of 100M. The volume were at $44,239,321.85 USD Neo ranks no 65 in the market capitalization of Neo is at $632,009,608.06 and its volume for 24 hours is $44,239,321.85. Neo's market cap currently sits at $632,009,608.06 USD, holding up for a market cap rank at #65. This means anyone who owns NEO can help operate the network.Įach NEO token (sometimes referred to as a Neo coin) can be locked, or “ staked,” to represent a vote (the more staked NEO, the more voting power.) All owners who stake NEO then vote for the consensus nodes, who are responsible for creating blocks.įor proposing and adding new blocks to the Neo blockchain, consensus nodes receive the network’s transaction fees (paid in GAS cryptocurrency).Neo price today is $8.96 USD, which is Down by -2.39% over the last 24 hours. To secure its blockchain and keep its distributed network of computers in sync, Neo employs a consensus mechanism method called delegated byzantine Fault Tolerant (dBFT).ĭBFT works similarly to the delegated proof of stake (DPoS) and leverages a real-time voting system to determine which computers running the software can create the next block on the Neo blockchain. Thus, NeoContract’s ability to work across various programming languages can be attractive to a larger pool of developers seeking to create dapps, or support existing ones. NeoContracts differ from other smart contract-based protocols in that developers can build applications using a variety of popular existing languages (like C# and Java), rather than learning a new language. Neo’s platform allows developers to use its software to run smart contracts (known as NeoContracts) and design new programs (dapps) meant to replicate real world products and services. Users seeking to stay connected on the current development status of Neo can follow its official blog for up-to-date details. Neo uses a unique governance system called Delegated Byzantine Fault Tolerant (dBFT) as its consensus mechanism for the computers that run its software.Ĭentral to running operations on its blockchain are two native cryptocurrencies, NEO, for voting on protocol changes, and GAS, used to pay for computation on the network Neo is sometimes referred to as the “ Ethereum of China” due to it sharing many similar features with its more popular counterpart, such as the ability to write decentralized applications (dapps) for decentralized exchanges, prediction markets and social networks, among others.įurther, the Neo network also offers a host of other features to its users, including a decentralized file storage system, an identity system, and an oracle system for feeding external information to it ( like price data). Neo is a software network that seeks to serve as a platform on top of which anyone can transact and create decentralized products and services.
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