NEO is a platform created with a purpose. If she can compete with Ethereum, and most importantly, should you?
In the second part of the paper we will consider the structure of a complex network of NEO and briefly compare its ecosystem with the Ethereum ecosystem.
A complex network of NEO
The economy is a complex system consisting of many interrelated parts. The NEO platform is also difficult and includes a lot of opportunities for a wide variety of partnership agreements. To fully study and understand it fairly hard, but I already did, so you can relax. The figure below will allow you to have a clear view of interactions within this network.
Though he looks like a sketch of a crazy conspirator, this figure will gradually make sense as you will be acquainted with the network device NEO.
The creators of NEO Yes, Junpei (Da HongFei) and Eric Zhang (Erik Zhang) founded the company OnChain, and understanding how it works is essential for understanding NEO. They are two different companies, but made in partnership and share common interests. Created OnChain system decentralized network architecture DNA (Decentralized Network Architecture) designed to work with Chinese business and government. NEO stands for DNA a kind of Foundation: if OnChain will be able to unite with business and the government of China, it will greatly facilitate the introduction of NEO.
In recent times DNA is engaged in the development of the block chain for the business, which then join NEO and become part of the decentralized economy. This scheme allows companies to enjoy the benefits of public blockchains which provides NEO, and private blockchains, which is responsible for DNA, while their networking allows to use the advantages of each of the segments.
It is worth mentioning a few facts about the OnChain and partnerships with her participation, which contribute actively to the development of the ecosystem DNA:
- Company in the market is not new: it was founded in 2014.
- OnChain was the first Chinese firm to join the platform Hyperledger, a joint project uniting the initiative for the integration of blockchain technology in existing enterprises.
- Legal Chain — the company is a partner of Microsoft China, which is engaged in the development and protection of digital signatures using blockchain technology.
- OnChain is a strategic partner of Microsoft China on many projects.
- The company cooperated with the Japanese Ministry of economy, trade and industry.
- OnChain entered the top 50 best FINTECH companies in China, according to KPMG
- The company is a partner of Alibaba for the development of certification service for e-mail project Ali Cloud.
- China’s largest private conglomerate Fosun Group has allocated OnChain means of implementing blockchain technologies in its activities.
- OnChain assists the Chinese government in developing public services and digital identification.
One of the latest developments OnChain became ICO Ontology. This platform uses an architecture similar to NEO, but lately, she works exclusively with business organizations, creating a private encrypted network for data transmission. This technology allows you to protect data and keep closed status information using the blockchain technology.
The company’s development strategy OnChain described in detail on its website.
Frankly, I believe that NEO would cost more to advertise its cooperation with OnChain. NEO himself – very solid project, having a number of potential advantages over Ethereum, and with OnChain he does has the potential to become the leading platform for “smart” economy in the East.
Compare with Ethereum: equivalent to the above partnership is the Enterprise Alliance Ethereum, a blockchain-initiative open-source, intended to connect Ethereum with the world of business. List of prisoners in the framework of partnerships is impressive: it includes such companies as BP, HP, Toyota, MasterCard, Microsoft, Intel and many others.
SUMMARY: OnChain is a partner company NEO. They have extensive experience in the implementation of blockchain technology in the field of business. They work with businesses and governments in the East and are an important component of the huge potential NEO.
NEOX is a version of atomic swaps from NEO, allowing you to exchange tokens directly, bypassing the exchange, reminiscent of the Ark Ecosystem. Thanks NEOX, users can exchange assets and conduct transactions between different blockchains. In addition, it provides opportunities crosscan interaction and smart contracts.
NEOX is important because it creates interaction between public and private blockchains created OnChain, and public bloccano NEO. As the development of new components of the “smart economy” NEOX will be linked into a single system and their.
Compared to Ethereum: Ethereum also implies the possibility of atomic swaps, but in practice it was implemented only once. Points it at Ethereum will not take – on the platform of NEO, such operations have not yet and is not produced – but to ensure crosscan large-scale-integration it will need a third-party application.
Not quite the Zion question…
Community City of Zion
City of Zion (CoZ) is an independent community of open source that brings together developers, designers and translators working on improving NEO. They receive funding from the project and make a significant contribution to its development. Members of the community developed wallet NEON and scanner units, and also introduced a variety of project documents NEO and has developed a platform for NEX (see below). Recently, ten representatives of the City of Zion received a prize of 270 000 dollars for participation in the competition of decentralized applications. Support of this c community as CoZ, gives the project a distinct advantage.
Compared to Ethereum: in Ethereum worthy counterparts yet.
Soon the developers of the aforementioned City of Zion will hold NEX ICO project, which will provide a platform for creating payment mechanisms and decentralized exchanges in the network NEO. With bloccano NEO will tie Protocol NEOX.
Model the use of tokens, account balances, and interaction with smart contracts on the network NEO differ from Ethereum. So NEO needs additional solution in order to support decentralized exchanges, and NEX offers a solution.
Comparison with Ethereum: in Ethereum, there are tokens of the standard ERC20, which can be easily used for any operations on decentralized exchanges.
The project ProjectICO provides blockchain-companies a full range of services for the ICO in all its phases, from the initial idea to conduct the initial proposals coin. Recently, its developers took the decision to “move” with Ethereum to NEO, the reasons which they explained in a very interesting thread of questions and answers on Reddit.
Compared to Ethereum: currently, its base developed a similar project TokenHub.
NEO and Microsoft China conducted a competition of developers, the prize Fund which amounts to 490 000$.
Compared to Ethereum: Ethereum can boast amazing connections with large corporations. NEO in this sense, there is still much catching up to do.
Decentralized applications and ICO
At the moment, the track record of NEO includes only one ICO (Red Pulse) and one distributed application (AdEx), however, the plans for the near future is much more ambitious. In addition, the recent update that enables smart contracts NEO to interact with web interfaces, has the potential to become NEO for a milestone and the beginning of a new stage of development.
Compared to Ethereum: in this sense, Ethereum wins dry, remaining a favourite and well-known platform for ICO and DApp.
A brief summary of the ecosystem
I hope now the differences in order Ethereum and NEO became clearer, as well as the advantages of the latter from the point of view of the development of “smart” economy. To understand its structure extremely important, because NEO element of a much larger system. When his public blockchain will be combined into a single network with private blockchains OnChain-driven business and all of the DApp, developed in its platform, this will not be just a project, and the decentralized “smart” economy as it is.
(To be continued.)