What is NEO

What is NEO

The Basics

NEO is a cryptocurrency platform under the development by Onchain, a Shanghai-based company. This platform allows smart-contract implementation and has been heralded as the “Chinese Ethereum.” Indeed, the two provide similar services and the developers promise DApp, ICO and smart contract support. It differs from Ethereum in that users can code in several programming languages, picking those that best meet their strengths and needs. According to  the NEO website:

Languages that are currently supported are:

1) C#, VB.Net, F#

2) Java, Kotlin

Languages that it plans to support include:

1) C, C++, Golang

2) Python, JavaScript

At the basic level, NEO works by tokenizing proof of ownership of an asset and not the asset itself. It therefore handles all of the legal obligations that occur with the transfer of shares, equity and assets.

NEO tokens represent a percentage of ownership of the NEO platform and allows users to vote on protocol changes.

The Team

NEO was created by Onchain, a Chinese company focused on “the design, research and development of the blockchain distributed ledger system.”

Fronted by CEO Da Hongfei (interview forthcoming), founder and core developer Zhang Zhengwen, CFO Tao Rongqi, and backed by experienced developers, operators and contributors. NEO certainly has the chops to make waves in the crypto market.

The full NEO team lineup can be found at https://icobench.com/ico/neo/team

Pros and Cons

Pros

・Experienced team: The NEO team consists of veterans in the field. Its parent company, Onchain, was established in 2014. NEO is a rebrand of their old coin Antchain (a welcome change in nomenclature), which should help drive promotion to cryptocurrency laymen.

・Multi-language support: Services can be developed using code best suited to an enterprise’s particular goals, with the added benefit of playing to developers’ strengths

・Partnerships: NEO has partnerships with major players such as Bancor, Coindash, Agrello, and Alibaba, not to mention tie-ins with the Chinese government. This network puts NEO on-track to become a titan in the industry.

Cons

・Root Chain aspirations: NEO certainly shows promise of being adapted as China’s root chain; should it fall through, however, it could mean heavy losses for investors

・Lack of overseas marketing: NEO appears to be focusing its growth within the Chinese market. With the recent Chinese ban on ICOs, this could hinder their progress if no new projects decide to build on the platform.

ICO Details

As Antshares, OnChain raised 6119.53 BTC / $4.5 million, from August 8th-September 7th, 2017 (readers are encouraged to keep in mind that this predates the Chinese ICO ban).