Coin Reviews

NEO Coin Review

Killer Whale Crypto

Killer Whale Crypto

August 27, 2021, 1:25 AM UTC

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This article describes the NEO coin.

NEO Coin Review

With the growing demand for more transparency and regulation within the cryptocurrency industry, the NEO coin has emerged as one of the most unique coins available. Neo coin combines a centralized platform that is not only regulator friendly but could possibly pave the way for a brand-new generation of cryptocurrency. In this piece, we review the NEO coin.

Understanding NEO

NEO coin was founded by Da Hongfei and Erik Zhan in China in 2014. Originally known as AntShares, it was officially rebranded to NEO in June 2017. A unique case within the cryptocurrency world, NEO coin not only supports its own cryptocurrency but also allows for the development of digital assets and smart contracts, similar to the well-known Ethereum blockchain network. And while the two share smart contract capabilities, that is where the similarities end. NEO describes itself as a Smart Economy System. Each digital assets take on digital identity, are unique to each user and work within smart contracts. The combination of a unique identifier and trustworthy and safe transactions is just the tip of the iceberg for NEO.

Many of the world's top-performing cryptocurrencies utilize smart contracts such as, Ethereum, Cardano, Stellar, and Chainlink, among others. When it comes to NEO, assets have the ability to be digitized on the open blockchain in a traceable, and trustworthy decentralized network. Smart contracts allow for transactions & agreements between parties without the need for an intermediary or central mechanism. NEO coin takes it a step further by introducing a digital identity that verifies key information. The ability for users to buy, sell or exchange digital assets, even having the ability to link a physical asset to a unique digital avatar within the network. Users can operate on the blockchain knowing their assets are unique, verifiable, and protected by law.

There are two crypto coins native to the NEO blockchain: NEO coin, and GAS coin. The NEO blockchain supports all mainstream programming languages including Java, Python, C#, and Go, among others. This allows for a larger community of developers that have easy accessibility to the platform.

When it comes to compliance, the NEO coin is unparalleled. NEO coin stands out from some of its cryptocurrency counterparts in that they place a heavy emphasis on regulatory compliance. Every business or individual operating on the platform is required to have and use their unique digital identity. There are no backdoor dealings on the NEO blockchain, even going as far as having numerous nodes on the NEO network that requires identification as well. In a world where cryptocurrency is teamed with a level of anonymity, NEO coin prides itself on transparent and verified transactions.

NEO coin, in its earlier stages, attracted the interest of numerous enterprises who looked at the up and coming blockchain technology as the future. This led to the creation of OnChain in 2014. OnChain is an independent technology company that works alongside the necessary financial and legal entities to provide blockchain recommendations for businesses. The partnership of NEO coin and OnChain represented a major difference from other cryptocurrencies such as Bitcoin and Ethereum. This allowed for the creation and implementation of private blockchains to meet the needs of a specific industry. This is done by their main product called Distributed Networks Architecture, or DNA for short. DNA uses digital asset applications to aid businesses by constructing private & public blockchains, that then can be customized for each business's needs.

And while the two, independent entities operate within different models: OnChain focuses on B2B (business-to-business) services while NEO coin goes about targeting the B2C (business-to-customer) segment, the two hope their goal of achieving cross-chain interoperability will revolutionize the cryptocurrency industry as a whole.

With the growing number of blockchain-based systems being utilized in both the public and private sector, the need for complete interoperability between the two will continue to grow, making the work that NEO and OnChain do together even more important. A safe and effective mechanism that connects and shares vital information between blockchains is the gap that's waiting to be filled.

Cryptocurrency conclusion

NEO coin has approached their role within the cryptocurrency world much different from its competitors and while the coin may not be the biggest in the world yet, the overwhelming positives that come with the coin along with a fiercely loyal development team & fan base make for NEO coin to hold its special place in the industry. The user-first approach is unmatched and even with the strict cryptocurrency regulations occurring in China, NEO coin is viewed as the possible next best thing due to its transparency and ease in regulation.

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