What Is Neo?
Neo — commonly referred to as the "Chinese Ethereum" — is an open-source blockchain that utilizes smart contracts and allows developers to produce decentralized applications. Unlike ETH, which is coded entirely in Solidity, Neo allows developers to use several different languages including C#, C++, and Java when coding smart contracts.
The Neo coin (previously called AntShares) was China’s first digital coin that was officially launched in June 2017 by an active and large team of in-house and third-party developers.
Neo is much more than just a digital currency: the company’s ultimate goal is to become the framework for a next-gen Internet. The project strives to further advance the concept of Smart Economy where any physical asset — be it money, shares, or real estate — can be converted into a digital asset via smart contracts.
The Neo community uses an additional cryptocurrency — Gas. Neo users can earn Gas by holding Neo in their wallets. The Gas they receive can later be spent when interacting with the blockchain.
Pros and Cons of Neo
Below are some of the more well-known advantages and disadvantages of using Neo coin:
Advantages of Neo crypto:
- Neo is backed by the Chinese government, which had historically been on the fence when it comes to digital assets;
- The coin has shown to provide good investment returns;
- It's relatively easy to code on the Neo platform (unlike Ethereum, where developers need to learn Solidity before coding smart contracts)
Disadvantages of Neo crypto:
- Unlike most other cryptos, a single NEO coin cannot be divided, meaning that it is impossible to transfer 0.3 or 0.5 NEO;
- With the project controlled and overseen by Chinese authorities, the company’s technological decisions may be politically influenced.