With limited application as an actual currency, NEO remains one of a growing number of platforms developed using blockchain principles for the distribution of smart contracts. The project boasts a vibrant development community, and intends to use its blockchain tech to digitise assets, to manage these assets through the judicious use of smart contracts, and to create what they call a smart economy, using a distributed network system.
How it works
NEO uses digital identity software to register real-world assets, which can then be traded worldwide, securely, safely, and swiftly, via their blockchain. By instituting digital and biometric security systems into their blockchain, NEO has seen to it that any assets registered through their system have the same legal protection under the law as a digital asset that they do as a physical commodity.
Advantages of NEO
Compared to the most famous smart contract platform on the market – Ethereum – NEO boasts several advantages which should see it becoming the altcoin of choice for those investing in this particular brand of cryptocurrency.
It performs transactions over 60 times faster than its competitor (up to 1000 transactions per second, under independent testing). It is also more secure than Ethereum has proven in the past. Once a transaction has been confirmed on the NEO system it is 100% irreversible, unlike Ethereum and Bitcoin, both of which can be “rolled-back” under the right circumstances.
The NEO network is attractive to developers too, since it allows programs written in most of the main languages, rather than the bespoke programming language utilised by Ethereum.
Should you invest in NEO?
While the cryptocurrency market continues to rise and fall, it is the application of blockchain technology that promises greater stability and continued growth. In this, NEO has significant advantages for the investor, not least of which is the foothold it has in the Far East, one of the largest blooming economies on the planet. Already referred to as the “Ethereum of the East”, if NEO can solidify its grip on the Asian market it is set for big things in 2018.
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