"China's Ethereum" , "Antshares", names are Launches of "NEO". This currency has a relationship with the "Ethereum "at the theoretical level but it is not just a tradition but has some characteristics that we will mention in the lesson.
First: What is "NEO" ?
A system that supports smart contracts and converts properties from the physical world to virtual, provides the possibility of trading between individuals or debtors. Like "Ethereum", "NEO" allows programming and storing transfers for money (eg currency). The "NEO" uses a special algorithm for managing plaque.
How was the beginning?
"NEO" started as "Antshares" and that in 2014.
The form was spread by "Da honghei" and "Erick Zhag" and was known as the first Chinese Blockchain .
In 2016 "Antshares" faced some problems such as interest rate hikes and government laws imposed on it, making executives To form a new company named "OnChain" offering financial services and using it to re-market anthrax with a new name, "NEO".
"NEO" and "Onchain" are located in Shanghai.
Properties of "NEO" :
1- Consensus :
"NEO"-based mechanism called Delegated Byzantine Fault Tolerance (dBFT).
System contributors program the computers to provide the minimum and required balance of the blockachine. These computers pass transfers after they have been verified with approval by two-thirds of the computers on the network.
Consensus requires only a set of network and not all. Therefore, the conversion here is faster than the traditional BFT. This feature enables the "NEO" to do more than 1000 transforms per second. Compared to the "Ethereum" which carries 15 transforms per second, "NEO" is an improved version of the latter.
2- NEO Conracts :
If an electronic contract is passed to the blockachine and then passed to another system, the contract will be read differently. Here comes the role of smart contracts These contracts are approved in all systems.
Smart contracts are programmable, you can program them, for example, to send money every month to the employee or to others. This is only an example of principle and possibility.
3- Tokens :
In the "NEO" platform there are two currencies, "NEO" and "Gas".
Both currencies have a unit size of units estimated at 100 million units ("Bitcoin" has 21 million "Bitcoin").
"NEO" currency represents market shares that are indivisible, their owners have the right to vote on decisions and also switch "NEO" to "GAS".
The "GAS" is paid as a fee by the users and these fees are used in the management of the blockachine.
4- Decentralization of conversion :
When you place an order in the traditional currency market, you have to give up control of your money to the broker who puts it in the market.
"NEO" has another method, namely, "SuperConducting Transaction", it provides the same central conversion efficiency in the decentralized conversion platform but it is not as fast.