What Is NEO?

Launched in 2014, NEO is a blockchain platform that aims to leverage blockchain technology to digitize assets and automate the management of these assets via smart contracts. After Bitcoin and Ethereum, NEO is considered one of the major players in the blockchain world.

NEO: A Dual Token System

NEO uses a dual token system. The main token is NEO, while the secondary one is called GAS. NEO tokens represent ownership of the NEO blockchain, but they aren't meant for day-to-day use. Instead, holders of NEO tokens earn GAS tokens, which are used to pay for transaction fees on the NEO network.

Booking Transactions with NEO

NEO differentiates itself from other cryptocurrencies due to its unique consensus mechanism, known as Delegated Byzantine Fault Tolerance (dBFT). This approach allows for processing thousands of transactions per second, much more than both Bitcoin and Ethereum. This scalability makes NEO an attractive choice for businesses seeking to build applications on a blockchain.

The Purpose of NEO

NEO was designed to be regulator-friendly with a vision of creating a smart economy. A smart economy would comprise digitized physical assets that have a verified digital identity and are part of a blockchain. Hence, NEO offers the necessary infrastructure for enterprises and developers who need to build such a system.

NEO versus Ethereum

Often compared to Ethereum, NEO does share some similarities like support for smart contracts. However, NEO sets itself apart with its focus on digitizing and exchanging real-world assets via the blockchain, while Ethereum focuses more on executing computer programs with its platform.

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