NEO improves Ethereum blockchain
“NEO is a non-profit, community-based blockchain project,” says the NEO project’s homepage neo.org. As it goes on to say, “NEO was created to take our traditional economy into the new era of the smart economy”. In fact, the technology of the NEO project is state-of-the-art and several steps ahead of the original blockchain technology of the original cryptocurrency Bitcoin. Just like the crypto platform Ethereum, on which NEO is based, NEO offers the possibility of so-called “smart contracts”.
These “intelligent contracts” automatically process agreements between two parties, which usually have a time limit. There is no need for a manual contract review or coordination with third parties, such as supervisory authorities. Thanks to the blockchain, no manipulation is possible, the contract is processed in real time.
The administration is to be automated in order to realize the vision of a “smart economy”. on neo.org it says: “With blockchain technology, the digitization of assets can be decentralized, trustworthy, traceable, transparent and free of intermediaries.” Digital assets, i.e. programmable electronic data, can thus be registered, traded and distributed thanks to the NEO blockchain.
What sounds a bit cryptic at first will play an important role in the future (and already in the present) of communication via the web. The aim of the NEO project is to record transactions of real economic goods such as stocks, commodities, real estate and the like in the blockchain. Control is also via the NEO blockchain. In practical terms, NEO users have one digital ID and all assets have a (unique) digital identification tag. With the help of the dog tag, possessions can now be sold, the smart contracts ensure that the money flows and the purchased item changes hands.
In addition, NEO closes some loopholes that made contracts in the Ethereum universe still vulnerable to hackers. In other words, NEO uses a unique blockchain algorithm that extends and further improves on the Ethereum model. In contrast to the Ethereum project, NEO made it possible to communicate and thus work with Microsoft’s .NET Framework from the start. NEO has also created an interface that allows programmers to work in the Javascript programming language. Further steps are planned, which should also make it easier for a broad mass of people to access NEO.