Review on Neo by manhatan davistrue

Name: Neo
Item: Neo
Rating: 5

November 03, 2018

NEO had a successful rebrand in 2017 and conducted the most ICOs after…

NEO had a successful rebrand in 2017 and conducted the most ICOs after Ethereum out of any blockchain protocols. This helped built a large community and awareness around the project. However, the market awareness is waning compared to last year partly because there are so many new projects coming up. As a smart contract platform, there are a lot of competing projects that promise better scalability/decentralization/security. Even if NEO’s throughput reaches 1,000 transactions per second as promised by the team, it is not considered high in today’s standard.
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Pros

Developers do not need to learn a new programming language to create a smart contract as NEO supports multiple widely-used languages. This reduces the learning curve for developing smart contracts. NEO runs a dBFT consensus mechanism where users will earn GAS by holding NEO in their wallets, essentially earning passive income assuming NEO price doesn’t decline. It is one of the few blockchain protocols to have ICOs conducted successfully, which helped built a large community and awareness of NEO. Transactions on NEO are free.

Cons

NEO has a theoretical speed limit as the dBFT consensus mechanism takes approximately 15 to 20 seconds to generate a block with transaction throughput measured up to about 1,000 transactions per second (versus 15 for Ethereum).While NEO has the potential to reach 10,000 transactions per second through further optimization, there is still a limit and there are blockchain solutions out there that are working on the ability to process hundreds of thousands of transactions per second. NEO currently has only 8 nodes running (7 nodes run by the project’s team and 1 by an independent party). This is considered centralized and not permissionless, but the team is gradually decentralizing the protocol and is planning to have 7 more independent consensus nodes to be voted in by the end of 2018. NEO is supported by Onchain, another company founded by NEO’s co-founders. According to Onchain’s LinkedIn profile, the company is a governing member of the Ministry of Industry and Information Technology (MIIT) blockchain development forum in China and is working with the Chinese government to establish blockchain technology standards for the country. Companies that are reportedly working with Onchain include Hyperledger, NASA, Microsoft China, Alibaba, and Fosun Group.