Know Your Crypto #4 -NEO
We thank each and everyone who have shown immense love and support to our knowledge series Know Your Crypto.Moving further we bring to you another installment of the series where we discuss about one of the most talked about crypto currency these days,a chinese crypto coin that has caught everyone's attention Neo(Antshares) also considered as Ethereum of China.
About
AntShares (recently re-branded as NEO),is a relatively new crypto. It is China's first ever open source blockchain and was founded in 2014. It aims to create a platform on which other DApps or Decentralized Applications could be built by letting users execute smart contract code on their Blockchain.Neo has the upper hand because it let's developers use ordinary programming languages like Javascript, Go, Python etc rather than Ethereum using it's own language Solidity.
Team
NEO's team includes Da Hongfei(NEO Co-Founder),Erik Zhang(NEO Co-Founder/Core Developer),Tony Tao(Secretary-general of NEO Council), some of the well known people in the chinese crypto community.NEO has got some seasoned players backing up their projects in the crypto world.NEO’s most established and well known partner is the software giant, Microsoft. Skrikanth Raju, Developer Experience & Evangelism and Chief Evangelist, Greater China Region, Microsoft, expressed his support for the NEO platform and also termed OnChain as :
One of the top 50 startup companies in China.
They are also supported by Alibaba, as well as have support from the Chinese government
Initial Coin Offering
NEO's 100 million tokens is divided into 2 parts. The first is 50 million tokens has already been distributed proportionally to supporters of NEO during the crowdfunding.
They successfully raised more than $4.5 million in a crowdsale to complete building out its innovative Antshares Blockchain under an “Onchain universal Blockchain” framework. It raised 6119.53 BTC raised in its August/September crowdsale
The second part is 50 million NEO managed by the NEO Council to support NEO's long-term development, operation and maintenance and ecosystem. The NEO in this part has a lockout period of 1 year and is unlocked only after October 16, 2017. This will not enter the exchanges and and will support the long term NEO projects. The plans for it are as below:
🔹 15% total (15 million tokens) will be retained as contingency
🔹 10% total (10 million tokens) will be used for motivating developers in the NEO ecosystem
🔹 15% total (15 million tokens) will be cross invested in other platforms which are owned by NEO council.
🔹 10% total (10 million tokens) will be used to motivate NEO developers and members of the NEO Council
Strengths
Unlike Ethereum, which uses its own programming language, Solidity, NEO will support traditional programming languages like C#, Java and Python . This the developers won’t need to learn a new coding language. Something NEO hopes will give them a competitive advantage.
NEO instead of using POW or POS consensus uses Delegated Byzantine Fault Tolerance alternative (dBFT) as it’s consensus mechanism which offers lower electricity costs as well as removes the possibility of a chain split which makes it useful for its goal of digitizing real-world financial assets.
Rebranding to NEO
In a conference hosted in late July the AntShares at Microsoft’s headquarters in Beijing, China which saw more than 200 people from different organizations, including investors, industry specialists and representatives of the Chinese financial and mainstream media attended the event, the Chinese blockchain platform announced major plans to rebrand the platform from Antshares to NEO, by changing key elements like logo and UI of the platform.The event also saw the announcement of NEO’s new partnerships with prominent blockchain platforms Coindash, Agrello,Bancor,Binance and Nest Fund.
Da Hongfei, the co-founder of NEO, also announced NEO's partnership with certificate authorities of China, in mapping a real-world asset utilizing Antshares smart contract technology called Smart Contracts 2.0.
Market Perfomance
At the time of writing the article NEO has a market cap of $2,431,835,000 and a circulating supply of 50,000,000 NEO .The total supply of NEO is 100,000,000 NEO.The current price of 1 NEO stands at $48.64 or 0.01137790 BTC.
NEO Prices-1 Month
NEO Prices-1 Year
The current market stats for NEO can be found here
NEO with its groundbreaking concepts has established a bright vision for infrastructural reforms. With support from a large number of high-profile organisations and innovative startups which include the likes of Alibaba or Microsoft, NEO definitely has a promising future for Blockchain technology not just in China, but globally. The support from the chinese government is an added advantage awill catalyse the process of making NEO one of the most sought after crypto currency in upcoming days.
For the whitepaper you can visit here
Image source: 1 2 3
Author : @shrey
We would love to know your views on the recently started know your crypto series so get down below comment and resteem!Also if you want to know about a particular crypto currency do let us know in the comments so that we can take it in the next edition of Know Your Crypto
It is difficult to believe they only raised 5 million in the initial ICO
WOW! I found out about Antshares here on steemit about 2 or 3 weeks ago.
So I decided to buy some Antshres at 8$ you can imagine the profits today.
I think that wen China will devalue their fiat currency again people will jump into Bitcoin and Neo so Im holding on to this one for sure.
Thank you steemit !
It is good to hear that while steemit creates a platform of various opportunities, NEO will support traditional programming languages like C#, Java and Python, by this, the developers won’t need to learn a new coding language. The world is becoming like one family gradually. Thanks for the information. I appreciate.
This exactly what makes it useless. Smart contracts only have value if they are immutable. But if they are immutable - how do you make sure they do the right thing and nothing else? And how do you fix bugs? Did you ever hear about DAO? The first dApp working in the real world? Well, they had a bug in the contract which allowed someone to withdraw millions of dollars. The person actually didn't do anything wrong - you treat this dApp as smart contract. Because contracts are made to be honored even if some people don't read what is inside. Now, DAO wasn't fixed even though the best Ethereum devs were behind. You know why? Because they knew they can't be 100% sure to get it right. The solution is to use special languages that allow formal verifications. Those are usually functional languages like Huskell or OCaml.
Your comment about Haskell and OCaml is interesting. There is a company called BlockApps that is developing and now fielding a system with a simplified scripting language for smart contracts for Etherium, implemented in Haskell. The old "Domain Specific Language" game! Their product does a lot more than that, though.
This is the reason I love it, the Java :D Now if only they'll add Java SDK documentation.
GO NEO!!
I want to buy some NEO, but I had some issues getting a reliable wallet. Any tips for storing NEO?
use Neon wallet
Interesting :D
Thanks @adsactly for the information. I feel so lucky I invested in antshares when it was $8.
I made a post regarding the rebranding https://steemit.com/cryptocurrency/@toria/rebranding-or-marketing-strategy
I really like your abstracts. Knowing the NEO project I learned about the coin distribution.
You mentioned that 15% of the coins are reserved for other platforms which are owned by NEO council.
Do you have any information on which platforms that are?
@shrey
thanks man for upvote
NEO has added a fully Smart Contract 2.0 system after the rebranding.Bancor, Coindash and Agrello have already reached out to them for technical cooperation .Meanwhile a project named Red Pulse would join the NEO ecosystem and adopt the smart contracts it uses.RedPulse is a marketing company and would be making a research share platform.
This is the first post in the series that I've read and as a newcomer to the world of crypto currency I very much appreciate the analysis you've done here.
I'm slowly building a basket of crypto currencies to hold long term and I'm definitely gonna take a closer look at NEO when I get home this evening. Might have to buy a little bit here soon after reading about it a little bit more.