Review on Neo by Stephen Toluwani
NEO stands as an option to Ethereum
Many times than few have I seen NEO addressed as the Chinese Ethereum. The reason behind this name is that just like Ethereum, NEO is a smart contract platform for developers to create their decentralized apps Dapps and tokenize Assets on its Network which is exactly what is offered on Ethereum. NEO takes a step further by allowing the creation of this smart contracts using popular programming language like Go, Kotlin, Python, JavaScript and C++. With Ethereum being it's major competitor, NEO offers a level of flexibility in the creation of smart contracts by allowing developers to design in manners that fit the use case. The project was initiated in 2014 in China and became the first Crypto project to receive cognition by the Chinese government and regulators. As tokens are issued on its Network, the tokens are given a Nep-5
NEO supports a derivative token called GAS which acts like Eth on Ethereum and is limited to a use case of making transactions and being used to issue rewards to it's miners. The NEO coin is issued in indivisible units as each coin is set to represent a single entity in the entire NEO Blockchain. Using a Delegated Byzantine Fault Tolerance dBZT consensus, NEO is a non-mineable Cryptocurrency. Development of this project is always in progress and with the coming of its NEO3 upgrade in a few months that is said to hold Cross-chain capabilities, it's not relenting in it's current state
NEO is a promising project with a basic use case that cannot be undermined. It is recommended as a substitute to Ethereum
Pros
- This is the first crypto project to receive cognition by the Chinese government and regulators
- Smart Contracts can be created on its Blockchain with JavaScript, Go, Python, C++ and Kotlin
- Tokens issued on NEO is said to possess flexibility as compared to Ethereum as the tokens issued can be designed in manners that fits its use case
- There is a NEO3 upgrade coming up to the network which seems NEO having Cross-chain capabilities
Cons
- Neo is not mineable as it uses the Delegated Byzantine Fault Tolerance dBZT consensus
- There is a lot of competitors as many other projects offers similar use case
