What is NEO? In this video, I will be going over the basics of this cryptocurrency.
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NEO was developed by a blockchain R&D company called Onchain. Launched in 2014 as AntShares, it was rebranded as NEO in 2017. NEO focuses on innovating in the areas of digital asset transfer, smart contracts, and digital identity verification. The NEO platform consists of two currencies NEO and GAS. Both of which are capped at 100 million units.
NEO is the pre-mined currency which represents a share of the network. It cannot be divided below one coin like most other currencies. GAS is the fuel that drives smart contracts on the NEO network. Deploying and running smart contracts consumes GAS proportional to the computing power used. New GAS is generated with each block. The amount generated is reduced by one token every 2 million blocks. Once the 100 million cap is reached, no new GAS will be created. Unlike NEO, GAS may be subdivided into much smaller units. Collected GAS is distributed to holders of NEO coin, based on their share of the network on a fixed schedule.
GAS from transaction fees is distributed to Book Keepers also known as Consensus Nodes in exchange for validating transactions on the network. Every NEO coin holder has a vote. Coin holders elect Consensus Nodes who validate transactions, create blocks, and make decisions for the blockchain such as creating transaction fees. If a Consenus Node is not acting in the interest of the Network, coin holders can vote out that node.
Much like Ethereum, NEO supports smart contracts. Smart contracts allow code to run on the network, which imposes logic and rules on the transfer of funds. Simple examples of smart contracts include: Locking funds until a package is delivered. Or releasing cryptocurrency royalties to a content owner each time a digital item is consumed
One of the differences between NEO and Ethereum is that Ethereum applications are coded in a proprietary language called Solidity. Whereas NEO applications support commonly used languages such as Java, C# and VB.net. Notable items in the NEO pipeline are NeoX, which will allow transactions across blockchains. NeoFS, which will allow for decentralized storage of files. And NeoQ, which will allow for quantum resistant cryptographic methods within the NEO system. Thank you for joining me today. If you enjoyed this video, please like and subscribe. Have a wonderful day.