What is NEO cryptocurrency (NEO)?

the name NEO refers to one of the cryptocurrency projects that seeks to transform existing economic platforms. For this, this project presents a series of very interesting concepts, technical capacities and innovations. It has the ability to deploy smart contractsDApps, distributed storage system and a highly scalable consensus protocol. All these characteristics make this project a platform blockchain large capacities.

In fact, NEO is known as “the Chinese Ethereum”, and this is not very far from reality. NEO is built by a series of vibrant community formed in that country. All of them willing to transform it into a strong option against Ethereum and other cryptocurrencies of similar capabilities.

NEO history

The project started in February 2014, when the company Onchain I AntShares. The masterminds behind this creation were Erik Zhang y Hongfei Da. With AntShares, the company was looking to create a very ambitious blockchain platform. First, they wanted AntShares to have the same capabilities of Ethereum and even superior when it comes to making smart contracts, processing transactions, among others. Second, they wanted to take the capacity for interoperability and migration between public and private blockchain to a new level. This second bastion would lead AntShares to stand out from other projects by having tools that facilitate this task.

In the midst of the evolution of AntShares, in 2017 the project decided to change its image and the name of the project. This change gave rise to the cryptocurrency NEO and the current image of the project. But the name change was not only to obtain a new image, behind it there was a clear roadmap to follow. All this in order to quickly climb to the top that its developers wanted so much to achieve.

In the midst of all this, the company began to have close relationships with the Chinese government and other companies in the Asian nation. Thus, after rebranding and the creation of new working relationships, NEO hard work of evolution began. The result of those efforts is that companies like Microsoft China supported the project.

NEO technical features and innovations

Cryptocurrency NEO It has a number of fairly unique features. While it is true that it has some that we have seen in Ethereum o TRONThe way they work is completely different. In fact, NEO It has improved many aspects and has taken them to new levels, not only of security, but of scalability, the Achilles heel of cryptocurrencies.

Now let’s delve into some of these advances and innovations to learn more about this development and all its potential.

DNA, a platform to distribute the potential of the blockchain

DNA are the acronyms of Distributed Network Architecture o Distributed Network Architecture. Your goal is laying the foundations for an interconnection platform between digital services and other public or private blockchains using the NEO ecosystem. With this, NEO aims that each digital service, regardless of its profile, can use the potential of its platform.

If the above is not clear enough, perhaps this example will help you see it better:

Imagine that your company has a business mail service. This service must have the ability to send encrypted and signed mail transparently to the user, and at the same time provides a high level of security. It is here where DNA take action. DNA allow that NEO can manage identity, encryption, and secure sharing of public keys between users. Thanks to this, it is possible to encrypt and sign the mail message. Best of all, it happens transparently to the user, without complications.

It sounds surprising and it is. But best of all is that NEO has already made it a reality. The example above is precisely what Alibaba does with the mail service of Ali Cloud. However, the ability to DNA it doesn’t end there. The objective of DNA is to serve as an interconnection bridge between NEO and the rest of digital services, and this includes other blockchains. All in order that NEO be the base of construction of these services.