Introduction to NEO
What problem does NEO solve?
While many cryptocurrencies are facing imposed bans in different countries due to their decentralized and
unregulated nature, NEO has the potential to emerge as a mainstream cryptocurrency for environments that
only allow regulated currencies. NEO Onchain technology is designed to be regulator-friendly and unlike other
cryptocurrencies, it adopts a centralized approach.
NEO’s goal is to provide a platform where corporations
can develop and implement their decentralized apps. Their main focus, for now, is to capture
the Chinese market. NEO is itself a technology of a Chinese company Onchain, where it
serves as the foundation of the Decentralised Network Architecture System of the company (NEO, 2018).
Aimstone: NEO Cryptocurrency - ( Explained Simply )
What is NEO
What does the cryptocurrency NEO actually do?
The actual platform that NEO has developed is already in the working phase and is
functioning. Decentralized applications can be built on the platform. The company claims that the
NEO network can handle up to 10,000 transactions per second. However, this high transaction speed
is achieved at the expense of decreased decentralization. Onchain controls seven consensus nodes and therefore
themselves controls the blockchain traffic.
The platform supports the use of C++, Java, Python and
Go as programming languages for the development of decentralized apps. However, these languages are not
limited by the design of the network in any way and may become a reason
for the injection of malicious code on to the network (NEO, 2018).
Who is behind NEO
What team is working to make NEO successful?
NEO is developed by Onchain which is a Chinese company. It was developed originally as Antshares in 2014 but was later on rebranded and changed to NEO in 2017. The founders of Onchain are Da HongFei and Erik Zhang (Zhou, 2017).
The main lead of the development team is Eric Zhang who is working tirelessly to improve the existing algorithms and protocols of the network. However, there is not much information regarding other team members.