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What is NEO?

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NEO is a blockchain that was created by Chinese company OnChain. NEO was originally known as Antshares and was China’s first blockchain. Unlike Bitcoin, which is based on the concept…

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What is NEO?

NEO is a blockchain that was created by Chinese company OnChain. NEO was originally known as Antshares and was China’s first blockchain. Unlike Bitcoin, which is based on the concept of “Proof of Work,” NEO uses the concept of “Proof of Stake,” meaning that instead of participating in a race to perform complex calculations, NEO users are rewarded for holding and staking NEO cryptocurrency in their wallets.

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This technology has many innovative features that allow the creation of smart contracts and decentralized applications (dApps) on its platform. NEO also enables the creation of digital assets and identities that can be stored and exchanged via the blockchain. It also has its own cryptocurrency, NEO, which is used to pay transaction fees, pay for services and activate smart contract functions on the NEO platform.

It is worth noting that NEO is scalable and can process up to 10,000 transactions per second, which means it can handle a large number of users simultaneously.

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Who created NEO and what is its history?

NEO was created by Chinese company OnChain, which was founded in 2014 by Da Hongfei and Erick Zhang. Da Hongfei served as CEO of OnChain and is co-founder and chairman of the NEO Foundation, a non-profit organization responsible for developing and supporting the NEO blockchain. Erick Zhang is also a co-founder of NEO and a board member of OnChain. In 2017, Antshares was renamed NEO to better reflect its evolving identity and mission. Since then, NEO has rapidly grown in popularity and become one of the most recognized blockchains in the world.

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Advantages of NEO

NEO is a blockchain platform that offers many benefits to users. Some of these benefits include:

  • High performance and scalability: NEO is designed to achieve high performance and scalability. As a result, it can handle a high number of transactions per second (up to 10,000) and operate in environments with high demands.
  • Support for multiple programming languages: the platform supports many popular programming languages, including C#, Java, Python and Go. This allows programmers to write smart contracts in their favorite language.
  • Smart contracts: NEO enables the creation of smart contracts that automate business processes and eliminate the need for intermediaries. This in turn leads to time and cost savings.
  • Security: NEO uses dBFT (Delegated Byzantine Fault Tolerance) consensus algorithms, which means it is more resistant to external attacks and interference.
  • Developer Ecosystem: NEO has a large and active developer ecosystem, which means there are many tools, libraries and resources to use in developing applications based on the platform.
  • Open architecture: NEO is based on an open architecture, and as a result, the platform is available to everyone, regardless of their size or location.
  • Low transaction fee: it offers low transaction fees.

Summary

Blockchain NEO offers many benefits, including high performance and scalability, support for multiple programming languages, smart contracts, security, a large developer ecosystem, open architecture and low transaction fees.

This makes it a popular blockchain platform used by both individual users and enterprises. It’s a business-oriented blockchain that offers many innovative features.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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