Review on Neo by Nitin Thakur

Name: Neo
Item: Neo
Rating: 5

October 26, 2018

Better Scalability: Distributed Storage Protocol - NeoFS When competing…

Better Scalability: Distributed Storage Protocol - NeoFS
       When competing with traditional technology solutions, scalability is the handicap of blockchain technology. In order to have a censorship-immutable and trust-free system, blockchains such as Bitcoin compromises latency and throughput in its design. 
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        NeoFS is a distributed storage protocol that utilizes Distributed Hash Table technology. Large files will be divided into fixed-size data blocks that are distributed and stored in many different nodes. The old block data can be stored in NeoFS, so that most of the full nodes can release the old data for better scalability and at the same time, ensure the integrity of historical data.
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        At the moment, the block generating rate is manually set at 15 seconds. With low enough latency in inter-nodes connection in the future, most blocks will be generated by every 1 second. With the bandwidth at 100Mbit/t and external cryptographic computing hardware, NEO Blockchain is capable of handling thousands, if no tens of thousands, of transactions per second. 
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Innovative dBFT consensus mechanism
       Consensus nodes use Byzantine Fault Tolerance(dBFT) Algorithm to reach consensus and ensure the finality of transactions. The system is operable as long as less than 1/3 of the nodes are dishonest. It is also ensured that the system keeps its finality, meaning that once confirmations are final, the block can not be bifurcated, and the transaction will not be revoked or rolled back. (more)
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Cross-chain interoperability protocol -NeoX
       This protocol allows multiple participants to exchange assets across different chains and to ensure that all steps in the entire transaction process succeed or fail together. 
It is possible by creating a contract account for each participant using the NeoContract function. Any chain should be compatible with NeoX as long as they are compatible with NeoContract or can provide simple smart contract functionality. 
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Quantum-computer-proof technology: NeoQS
       The emergence of quantum computers creates a major challenge to RSA and ECC-based cryptographic mechanisms. For quantum computers can solve thses cryptographic prblems in an extremely short time. Using Lattice-based cryptograph signature and encryption technology, NeoQS can prevent the quantum crisis as Lattice-based cryptography provides encryption problems (e.g. SVP) beyond the capability of quantum computers. 
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Pros

NEO - An Open Network For Smart Economy it can write smart contracts in any language unlike the original Solidity language in Ethereum, the NEO smart contract can be used directly by almost any high-level programming language. Supporting languages such as C#, Java, Go, developers can quickly start developing smart contracts on NEO blockchain.

Cons