What is NEO and why is it gaining traction?
The Blockchain technology is overtaking the world by storm. More companies are shifting their business into the world of blockchain, most notably financial services, governments, healthcare and media.
Blockchain is a system of agreements working on encryption. A stream of computer nodes is connected to a common blockchain. They verify transactions until the last node is confirmed and completed. Once a transaction is processed it cannot be changed, deleted or manipulated.
Insight on the NEO platform.
The NEO platform was developed by a Shanghai-based blockchain R&D company called “OnChain”. They created a platform which is widely associated with Ethereum. On the NEO website, the platform is described as “non-profit community-based blockchain project that utilizes blockchain technology and digital identity to digitize assets, to automate the management of digital assets using smart contracts, and to realize a “smart economy” with a distributed network.”
The NEO platform works by smart contracts. These digital contracts follow specific-instruction which are programmed to the platform in a written code by programmers. Its role is to self-execute the contract given to it when certain conditions are made.
NEO is said to be similar to Ethereum. However, NEO’s space supports many different code bases, namely; C#, VB.Net, F#, Java, Kotlin to name a few. While on the other hand, Ethereum has its tailor-made proprietary language named Solidity. Every developer working on the Ethereum platform needs to get acquainted with this digital language before developing their projects on this platform.
The advantages that NEO has for developers is that it is easy to work on, and developers do not need to learn a totally new language to create their blockchain on the platform. NEO is easy to use in order for one to create new projects which include smart contracts.
What will the future of NEO be? Will it overtake Ethereum? Only time will tell what will happen to these two competing blockchains.
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