1 Level
20 Review
140 Karma
Review on Neo by pankaj borah
Neo formally know as Antshares is a decentralized open sourced cryptocurrency…
Neo formally know as Antshares is a decentralized open sourced cryptocurrency and blockchain platform aiming to utilize blockchain and digital identity to digital assets and automating the task of managing these digital assets using smart contracts. Their vision is to build a smart economy on blockchain. Speaking of how Neo works, it uses a improved version of Proof-of-Stake consensus mechanism called Delegated Byzantine Fault Tolerance (DBFT) which makes Neo Hard Fork proof, meaning blocks cannot be split, transactions cannot be revoked or rolled backed once finalized. Apart from the Neo coin, there is one more token in the Neo network called NeoGAS which is the fuel that drives smart contracts in the Neo network. Gas is generated with each block and collected gas is distributed among the holders of Neo coin proportional to their share of the network. Gas generated from the transactional fees are used to incentivize Consensus nodes for keeping the network up and running. An interesting point to note here is that unlike Neo, Gas is divisible up to 8 decimal places.
Pros
- 🔹 Strong Team and developers. 🔹 Hard fork proof and quantum computer resistance. 🔹 Doesn't require any special language for developing smart contracts and DAPPs. Developers can code using mainstream programming languages like C++, Java etc using mainstream IDEs. This lower the entry barriers for developers. 🔹 Backed by a government entity.
Cons
- 🔸 Small community as compared to Ethereum. 🔸 Not enough information and documentation available for it's english readers. 🔸 Neo coins are not divisible as of now, but they are working on it and in future, they will be divisible. To get my point try sending 0.5 Neo from one exchange to another exchange.
