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NEO – China’s Ethereum | Amit Modi

NEO – China’s Ethereum

NEO is still widely considered“China’s Ethereum” because it, like Ethereum, is aiming to build a platform on which other DApps or Decentralized Applications could be built by letting users execute smart contract code on their Blockchain. In fact, the first ICO on the NEO blockchain Red Pulse Token (RPX) was announced soon after the rebranding finished.

  • It supports most advanced programming languages like C#, Java and Python.
  • Founded in 2014, NEO is China’s first open-source blockchain project. Its goal was to use blockchain technology to improve commerce — ultimately transitioning away from our old economy into something the NEO team refers to as a “smart economy.”
  • NEO has managed to gather its own loyal following. On its website, the digital token claims backing from big players in China, including e-commerce giant Alibaba. It’s also working on projects with a handful of blockchain startups and the giant research company Red Pulse.
  • Features of NEO

  • Underlying design supports multiple types of digital assets: NEO underlying technology supports multiple types of digital assets. Users can register, transfer and trade at will on NEO.
  • Use digital certificate to guarantee trust: Digital certificates are supported, placing trust into the public chain. This provides full legal protection for all assets digitized through the NEO platform.
  • Superconductive trade mechanism: Facilitate P2P exchange of digital assets. Buyers and sellers of digital assets and currencies will be handled peer-to-peer without the need for third party exchanges.
  • Turing-complete smart contract: Turing-complete smart contract, which will have high certainty and finality, support parallel operation, sharding and unlimited scalability when run in NeoVM.
  • Program smart contract with advanced languages: NeoContract supports multiple programming languages such as C#, Java, and Go. Developers can rapidly develop smart contracts based on the NEO platform without learning a unique language.
  • Neo Virtual Machine (NeoVM): NEO’s lightweight stack-based virtual machine provides shorter startup times with efficient execution. Deterministic calling tree technology allows NEO to achieve unlimited theoretical scalability. Light-weight stack NeoVM (NEO Virtual Machine)
  • Innovative dBFT consensus mechanism: Consensus nodes use Delegated Byzantine Fault Tolerance Algorithm to reach consensus and ensure the finality of transactions. It also ensures that the system keeps its finality and availability as long as Byzantine fault occurs on less than 1/3 of the nodes.
  • Original Cross-chain interoperation protocol: Comprises Cross-chain Assets Swap Protocol and Cross-chain distributed transaction protocol and can achieve atomic assets swap and guarantee the operation consistency of smart contracts executed on different chains.
  • Lattice cryptology-quantum computer-proof technology: Introduced Lattice cryptography-based signing and encryption techinique to avoid quantum crisis by turing encryption and decryption problem into the Shortest Vector Problem(SVP) which cannot be solved by current quantum computers.

 

Pros of NEO over Ethereum:

Proof of Work (PoW) and Proof of Stake (PoS) as consensus mechanisms employed by Bitcoin and Ethereum respectively.

The problem with PoW is that it requires a lot of electricity to ensure network security by making nodes compete against each other to solve cryptographic puzzles by hashing.

PoS on the other hand lowers this electricity requirement by making validating nodes stake their currency in order to verify transaction incentivizing honest behavior. But PoS still suffers from the possibility of a chain split in the event that a subset of nodes disagree with administrative decisions – like the split we saw last year which resulted in the creation of Ethereum Classic.

  • NEO instead uses Delegated Byzantine Fault Tolerance alternative (dBFT) as it’s consensus mechanism which offers lower electricity costs and removes the possibility of a chain split which makes it useful for its goal of digitizing real-world financial assets.
  • NEO uses an improved algorithm. It is built on a different coding language than Ethereum, and this allows it to be compatible with all coding languages. Ethereum, on the other hand, is only compatible with Solidity.Being compatible with multiple languages could help NEO when it comes to mass adoption. When asked about this issue, Vitalik Buterin seemed unbothered, stating “more [coding] languges will come” to the Ethereum network.
  • Another upcoming feature of the NEO platform will be the ‘Nest Fund’, similar to Ethereum’s ‘The DAO’, it will allow NEO users to create their own decentralized autonomous organizations.
  • NEO removes the always controversial “miners” that are used on the Ethereum blockchain which some have argued will ultimately affect scalability. Instead, NEO will use “bookkeeping nodes” that will be incentivized to run the NEO network.

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