- Neo is highly secured due to its Proof of Stake consensus mechanism
- It offers high interoperability
Neo is not only an open-source blockchain like Bitcoin and all other public domain blockchains, but it is also truly decentralized. This blockchain has been in the market since 2016 and was developed by co-founders Da Hong Fei and Erik Zhang, both of whom are Chinese.
Neo is considered to be China’s first public blockchain technology launched in 2014. Originally known as Antshares, it was rebranded to Neo in 2017.
Since its rebranding, Neo’s vision has been focused on creating a smart economy using modern-day technologies such as blockchain and smart contracts to manage digitalised assets.
Founders of Neo Blockchain
Da Hongfei and Erik Zhang are the founders of this blockchain and they also serve as the chairman of the Neo Foundation.
Da Hongfei, who played a lead role in founding the blockchain, firmly believes that blockchain is the future of finance and will eventually go mainstream. The main reason for developing this blockchain is their belief that the internet has many flaws, with one of the biggest being the lack of user control. They aim to address this flaw with the help of blockchain technology.
IAnother founder, Erik Zhang, has authored an exclusive algorithm called the Byzantine Fault Tolerance algorithm, which is specially designed to deter untrustworthy participants from the blockchain network. This algorithm is also used in the Neo Blockchain, making Neo a unique and more advanced blockchain than any other.
How Secure is Neo Blockchain?
Neo is not only secure but also much faster than older blockchains like Bitcoin. It has the capacity to perform ten thousand transactions per second. This is because it uses the Delegated Byzantine Fault Tolerance (dBFT)mechanism.
Using the dBFT mechanism, Neo ensures fault tolerance. This mechanism is similar to the proof-of-stake mechanism, allowing token holders to vote for delegates who will process the transactions.
By employing this mechanism, Neo effectively keeps bad actors away, preventing any potential disruptions in the smooth functioning of the blockchain. As a result, the blockchain is highly secure, and the chances of it getting hacked are very low.
Highly Interoperable
Neo Network is a founding member of the interoperability protocol alliance Poly Network. Neo makes cross-chain integration very easy, enabling transactions as seamless as cross-chain native transactions. Users can easily send assets from all other participating networks to the Neo blockchain with the help of Poly Network’s Bridges.
NEO Coin
NEO Coin runs on its native blockchain, currently trading at a price of $9.26. It enjoys a market cap of $653,307,143, ranking this blockchain 56th in CoinMarketCap’s overall ranking in terms of market cap. It also has a fixed maximum supply of 100,000,000 NEO, out of which 70,538,831 NEOs are currently in circulation, indicating that 71% of the NEO coins are already mined.
