NEO is a blockchain platform that ease the development of smart contracts and digital assets. The platform uses two different types of token called “NEO” and “GAS”. The both tokens use on this platform and we will discuss more about the usage of these two tokens in this article.
In fact, the main purpose of NEO is to become a digital, distributed and decentralized platform for non-digital assets. It aimed to make this principal through using smart contracts. In simple words, it wants to be digital alternative to transfer assets, which are not digitized yet. For instance, it wants to make it possible to pay the rental automatically every month without setting up any bank account.
What is NEO?
NEO announced by Da Hongfei and Erik Zhan in China in 2014. First it named AntShares and then rebranded in Jun 2017 to “NEO”. It’s is a cryptocurrency and blockchain platform, which aimed to digitize assets through using smart contracts. In fact, its purpose is to bring blockchain to the masses.
It aimed to use smart contracts in order to automate the management of digital assets. Put simply, it wants to create a distributed network-based smart economy system.
NEO vs. GAS
As we mentioned above, this platform supports two different types of token. The “NEO” and “GAS”. These two tokens serve different purposes.
- The NEO token uses to create blocks and manage the network. In fact, it represents the ownership of the NEO blockchain. If you hold NEO in your wallet, you will reward with GAS tokens.
- We can resemble “GAS” to Ether token on Ethereum network. They also use as fuel to power the transactions in the system. In other words, it gives you the right to use its blockchain.
- Digital Assets: It leverages smart contracts in order to convert traditional assets into a decentralized digital asset.
- Digital Identity: It will allow individuals, Businesses and entities to create electronic identity information.
- Smart Contracts: As mentioned earlier, It supports the most common programming languages. These simple languages are, which most developers use. As a result, the developers don’t require to learn a new language in order to use It.
- DApps: It supports the development of DApps (decentralized applications). Additionally, it continuously developing more mature techniques and tools.