Different sectors/industries have started to use blockchain in order to decentralize their operations. Different consensus mechanisms are used to regulate the network's security and scaling. Proof-of-Work or Proof-of-Stake, two consensus mechanisms that support blockchain's ability to maintain the history of transactions within a given blockchain platform, are both supported. dBFT is one of many consensus mechanisms that allows blockchains to be able to counter unreliable networks participants and build a smart market. NEO, the NEO Blockchain Platform is the alma-mater for dBFT. NEO using the dBFT protocol has emerged as the Chinese Ethereum network. Let's examine NEO, and the relationship it has with dBFT.
What is Neo Blockchain and how can it help you?
Neo is a decentralized open-source blockchain platform, driven by a China-based community. Neo is a smart contract platform that allows developers to digitize or automate asset management. It also contains robust native infrastructures including decentralized storage, oracles, domain name services, and strong native storage. These are all essential elements for the Next-Generation Internet.
VISION
To function as an open platform in the smart economy.
MISSION
To create an asset, real or virtual, that is available to humans and programs without requiring permission.
The Neo network works on a decentralized Byzantine fault-tolerant consensus process (dBFT) amongst several centrally sanctioned networks and can sustain up to 10,000 transactions per hour. The Neo token is the foundational asset. This non-divisible Neo token creates GAS symbols. These GAS tokens may be paid transaction fees, and the lowest unit is 0.00000001. GAS inflation can be controlled by a fading halfway life mechanism. It will release 100,000,000 GAS over the course of 22 years.
The Neo feature sets are focused on tools that empower developers to create and operate smart contract apps on the Neo network.
Digital Identities are a way for developers to link tokens and real-world identities. This allows them to adhere to KYC/AML requirements.
Who founded Neo Platform?
Da Hongfei & Erik Zhang created Neo in 2014 under the title Antshares. The source code was made public on GitHub in June 2015 and the MainNet was created in October 2016.
After the introduction of Smart Contracts 2.0, Antshares became Neo. It experienced rapid growth worldwide as hundreds of new developers moved to the blockchain. Neo's leadership began to offer NEO token incentives to people and organizations that had contributed to the Neo platform’s success. Neo was launched by NeoEconoLabs (COZ), NeoEconoLabs (NeoEconoLabs), and O3 Labs.
Neo will be upgraded to version 3000, also known as N3, by 2021. Neo's biggest breakthrough has been the N3 update. This was released in June 2018. The industry will benefit from the first-ever all-in-1 blockchain development platform. This includes native capabilities such as distributed storage, oracles, identity services, and robust native capabilities. Neo N3 also has a simpler, more flexible design than its predecessors. It also features an upgraded governance system and economic framework.
Neo was a pioneering figure in the blockchain industry. It was not only China’s first public smart contracts platform, but it also was the first blockchain to adopt a dual-token model and a BFT consensus process. Neo is also the first token sales to return all capital raised to its participants once the initiative has been able to generate sufficient revenue to make it self-sustaining.
What are the Neo Design Goals?
Neo uses digital ownership and blockchain technology to digitize property, uses smart contracts for self-managing digital assets, and creates a "smart economic" system via decentralized systems.
* Digital Assets
Neo blockchain users are able to register, trade, and exchange various assets. It is possible to show the link between digital assets and physical ones using digital identification. Legally protected assets that are registered with a digital identity are recognized by the government.
Neo can be classified into two types: global assets or contract assets. Smart contracts and clients can identify and record worldwide assets in the system area. Contract assets are saved in the smart contract’s private storage area. This must be recognized by a client. Some contract assets may not be compatible with all clients.
* Digital identity
Digital identity is the term for identification information that exists in digital form. The advanced digital identification system relies on the PKI (Public Key Infrastructure). X.509 standards. Neo will implement a number of X.509 compatible digital identity standards. This collection will enable the Web Of Trust point-to-point certificate issuing paradigm as well as the compatible, X.509 X.509 certificate issuing methodology. Neo uses face characteristics as well as voice, fingerprints, voice, and other multi-factor authentication methods to verify identification when using digital IDs.
* Smart Contract
NeoContract smart contractual technology is the centerpiece of the developer ecosystem’s seamless integration. NeoContract can be used as an independent smart contract platform. Developers don’t need to learn a new programming language. Instead, they can use C# or Java with their existing IDE frameworks like Visual Studio or Eclipse for smart contract creation and debugging.
NeoVM is Neo's Universal Lightweight Virtual Machine. It features high reliability and high concurrency. NeoContract smart contract technology allows millions of developers all over the world to create smart contractual easily.
To read more - https://www.leewayhertz.com/what-is-neo-blockchain/
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