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The NEO project: what do we know about it?

The NEO project: what do we know about it?
May 25, 2018 by Rico Wise

Over the year the NEO blockchain, a smart contract platform based in China, has become one of the leading endeavours of the cryptoindustry. NEO’s progress made it one of the most important projects, and some believe that it can even take on Ethereum.

So, how did it happen? NEO first started back in 2014 as another blockchain project going by the name Antshares. Three years later, in 2017, Antshares changed its name to NEO because of rebranding, and the project shifted its aim towards asset management optimization with the help of smart contracts.

Currently, the main goal of NEO is to make sure the identities that operate within the platform match certain standards in order to secure their legal claims over transactions carried out via the platform. Apart from that, NEO utilizes numerous methods of authentication in order to improve security of the platform.

NeoContract, a specially made functionality, provides users with an opportunity to execute their personal smart contracts. In addition, the platform allows developing decentralized apps within its framework. All of these factors contribute to NEO being favoured over other platforms, attracting more projects that are new every day.

Over the last 12 months, NEO held numerous projects and ran ICOs for them. Among the most famous projects are Qlink and Narrative. The NEO platform has also been used to host more than 40 decentralized apps, all of which cover a wider range of fields, from data processing in large amounts to AI to gaming to gambling etc.

The NEO platform has also initiated its own exchange platform earlier this year. On 31 March, NEO launched Switcheo, a decentralized exchange supporting NEP-5 tokens and allowing the customers to trade in NEO and GAS altcoins.

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