UNDERSTANDING NEO BLOCKCHAIN || 10% beneficiary to tron-fan-club

INTRODUCTION

Hellos friends, in todays discussion, I will like to talk about NEO blockchain, the brief history, neo smart contract, digitalized assets, neo censensus mechanism, n3 and it features and the tokenomics.

WHAT IS NEO?

NEO is a blockchain that is creating solutions to many problems simultaneously. Meanwhile, other block chains are also battling with the same issue but they are doing it individually. A good example Chainlink and file coin. Chain link is using oracle protocol while file coin is using storage and the amazing this is that NEO is solving the two problems of oracle and storage.

BRIEF HISTORY

Neo was former Antshares but they later change the name to NEO. Though, the company has been in existence 2014, they are still doing that they plan to do and they are one first public blockchain. There plan is for the technology to be use in the real world and these include some countries that restrict crptocurrency.

NEO SMART CONTRACT

Just like Ethereum, NEO also use smart contract technology. If don't know what a smart contract is, it a piece code that lets people to do engage in a wide financial agreement and once it triggered into the blockchain, it can not be changed. You can do a lot of things with a smart contract like paying manypeople with just a click of a button, you can pay loan with it and lot more.

DIGITIZED ASSETS

Of course, there difference between Ethereum and NEO and one of it that NEO is not just a smart contract blockchain but it is a smart Economy Chain. They are Smart Economy Chain because they don't solve only one problem. They have the features of Oracles, digital identity solution and file storage. They are combining these three features to provide Digitized Asset. There goal for digitized assets is for people have something in the blockchain like house, art, car or a cat to can point directly to the real world. They want people have things that is in the real world also in the blockchain.

NEO CONSENSUS MECHANISM

They use special mechanism that is far different from proof of work and proof of stake which is Delegated Byzantine Fault Tolerance. Delegated Byzantine Fault Tolerance may be a little complicated but I will explain it is a very simple way. For instance, 10 people come to together to take down territory. If they all attacker the territory at the same time, they will be able to take it down but if 5 people attack the territory and the other 5 people didn't attack, they will fail. Secondly, they might be situation that 5 people are one city and the 5 people are in other city and use a messenger. They might send the message to tell the other people not to invade but the messenger may tell them to invade lead to to failed invasion.

This is just the exact problem people face in the world of blockchain. Fortunately, there is a solution to it and the solution that NEO blockchain use is Delegated Byzantine Fault Tolerance. Here is how they run it, the holders of NEO token can vote on delegate to approve block and there must be a least 66% delegates that will approve the block. Is may sound a little similar to proof of stake but it is different because with proof of stake, you will have to stake your token while with NEO, all holders of NEO token can vote delegate without staking their tokens.

NEO N3

NEO is now on a new blockchain which is N3. It just have some little changes and as has an architecture update. The architecture update won't work the NEO blockchain, so they develop a new blockchain and move all the funds to the new blockchain.

FEATURES OF N3

• NATIVE ORACLE

They want to continue to use there own native oracle, it mean they won't be needing assistance of other blockchain.

• NEO FILE STORAGE

You can store all your file in the NEO file storage and you don't have worry about your information being leaked because it is encrypted and only your private key can decrypt it.

• NEO NAME SERVICE

If you know how ENS works, if could relate to NEO name service. NEO name service can change your ugly wallet address into readable and understandable name. NEO two coin which are NEO token and the one that is use for gas fee (NEO gas).

TOKENOMICS

NEO have 32% of there entire token separate wallet and the largest of it on the multi signature account and many other wallet. They also have cap of 100 million tokens. It is important you know that NEO token is not deflationary because they don't burn their tokens.

CONCLUSION

The NEO blockchain technoloy has came with is amazing blockchain idea that solve a unique problem by combining the idea of chainlink and file storage. I believe you have something about NEO blockchain technology.

Ragards;

@olatunde1