Review on Neo by Anthony J Lamper

Name: Neo
Item: Neo
Rating: 4

September 26, 2019

China is one of the countries that has fired against cryptocurrencies like…

China is one of the countries that has fired against cryptocurrencies like bitcoin. However, there is a blockchain platform of its own, which has even become internationally known: NEO.
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NEO is a blockchain platform or blockchain. Briefly, blockchain is a data structure that is stored in sets or blocks, distributed in a network. The confirmation of these data is achieved through a process of “consensus” among the participants of said network. This translates into great security and truthfulness of information.
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Onchain, compañía de investigación y desarrollo de blockchain con sede en Shanghai, comenzó a desarrollar Antshares en febrero de 2014. Antshares pasó a llamarse precisamente NEO con el tiempo. La compañía desarrollado una arquitectura de redes distribuidas (DNA) para permitir la fácil implementación y desarrollo de blockchains.
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Onchain, a blockchain research and development company based in Shanghai, began developing Antshares in February 2014. Antshares was renamed precisely NEO over time. The company developed an architecture of distributed networks (DNA) to allow easy implementation and development of blockchains.
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The final intention is ambitious: they want each interested field to easily migrate their data and assets to a private or public blockchain. Precisely, the place where NEO is developed, the most populous country in the world, along with its technology, have led it to stand out. It has also been called "the Chinese Ethereum"
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Another core point in NEO is precisely the consensus algorithm that they use behind. Contrary to the Participation Test (PoS) or Function Test (PoW), NEO uses one called Byzantine Fault Delegated Tolerance (dBFT), “a consensus algorithm implemented within the NEO blockchain to ensure fault tolerance
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Pros

Substitute for Ethereum in China, There is no denying that the Chinese economy is a dominant and growing market that is prepared for innovation in the financial-technological sector (FinTech). One of the main barriers in Ethereum to penetrate the Chinese market is the language barrier, since most of Ethereum's development and market exposure have occurred in the west. A Chinese platform of the "Ethereum like" type can obtain an explosive adoption within the smart economy, especially if it develops within the commercial norms, culture and regulations established in the country and manages to remain on the right side of the regulators. Business-friendly programming language support. Unlike Ethereum, which has its own programming language and environment, developers can interact with the NEO network in programming languages with which they are already familiar. This means a potential reduction in development costs for companies that are interested in launching services in the NEO network, breaking down entry barriers. Chinese Tech Company technical support. NEO has managed to awaken the interests of the great technological giants. Microsoft Azure has partnered with NEO in a competition, also known as developer rewards, designed to attract developers to the platform. Any milestone achieved by the NEO network is likely to attract the attention of other technology giants within China that will find the interface with the local platform easier.

Cons

NEO is very centralized and it is not clear if this will change. The founder has said that the plan is that, "one day", they would make it more decentralized. Surely the main disadvantage of NEO is its Chinese origin. This cryptocurrency receives many criticisms for its possible centralization or for the likelihood of the Chinese Government intervening in the cryptocurrency market with strong regulation. Being associated with the Chinese market, one of the pillars of the world economy usually evokes positive partnerships for any commercial enterprise, but with cryptocurrencies this can be seen as a centralized point of failure. Already frightened by Chinese regulators closing all sales of Initial Currency Offerings (ICO) to operate in the country and closing unregulated Cryptocurrency Exchanges in China, this leaves NEO particularly exposed. Platform development delay: In terms of platform development, NEO is competing together with other networks that are fighting in the same space. Although NEO is making all the right moves in terms of opening its platform and offering rewards to developers, it remains to be seen if its developers can compete with the huge Ethereum development community.