We thank each and everyone who have shown immense love and support to our knowledge series Know Your Crypto.Moving further we bring to you another installment of the series where we discuss about one of the most talked about crypto currency these days,a chinese crypto coin that has caught everyone's attention Neo(Antshares) also considered as Ethereum of China.
About
AntShares (recently re-branded as NEO),is a relatively new crypto. It is China's first ever open source blockchain and was founded in 2014. It aims to create a platform on which other DApps or Decentralized Applications could be built by letting users execute smart contract code on their Blockchain.Neo has the upper hand because it let's developers use ordinary programming languages like Javascript, Go, Python etc rather than Ethereum using it's own language Solidity.
Team
NEO's team includes Da Hongfei(NEO Co-Founder),Erik Zhang(NEO Co-Founder/Core Developer),Tony Tao(Secretary-general of NEO Council), some of the well known people in the chinese crypto community.NEO has got some seasoned players backing up their projects in the crypto world.NEO’s most established and well known partner is the software giant, Microsoft. Skrikanth Raju, Developer Experience & Evangelism and Chief Evangelist, Greater China Region, Microsoft, expressed his support for the NEO platform and also termed OnChain as :
One of the top 50 startup companies in China.
They are also supported by Alibaba, as well as have support from the Chinese government
Initial Coin Offering
NEO's 100 million tokens is divided into 2 parts. The first is 50 million tokens has already been distributed proportionally to supporters of NEO during the crowdfunding.
They successfully raised more than $4.5 million in a crowdsale to complete building out its innovative Antshares Blockchain under an “Onchain universal Blockchain” framework. It raised 6119.53 BTC raised in its August/September crowdsale
The second part is 50 million NEO managed by the NEO Council to support NEO's long-term development, operation and maintenance and ecosystem. The NEO in this part has a lockout period of 1 year and is unlocked only after October 16, 2017. This will not enter the exchanges and and will support the long term NEO projects. The plans for it are as below:
🔹 15% total (15 million tokens) will be retained as contingency
🔹 10% total (10 million tokens) will be used for motivating developers in the NEO ecosystem
🔹 15% total (15 million tokens) will be cross invested in other platforms which are owned by NEO council.
🔹 10% total (10 million tokens) will be used to motivate NEO developers and members of the NEO Council
Strengths
Unlike Ethereum, which uses its own programming language, Solidity, NEO will support traditional programming languages like C#, Java and Python . This the developers won’t need to learn a new coding language. Something NEO hopes will give them a competitive advantage.
NEO instead of using POW or POS consensus uses Delegated Byzantine Fault Tolerance alternative (dBFT) as it’s consensus mechanism which offers lower electricity costs as well as removes the possibility of a chain split which makes it useful for its goal of digitizing real-world financial assets.
Rebranding to NEO
In a conference hosted in late July the AntShares at Microsoft’s headquarters in Beijing, China which saw more than 200 people from different organizations, including investors, industry specialists and representatives of the Chinese financial and mainstream media attended the event, the Chinese blockchain platform announced major plans to rebrand the platform from Antshares to NEO, by changing key elements like logo and UI of the platform.The event also saw the announcement of NEO’s new partnerships with prominent blockchain platforms Coindash, Agrello,Bancor,Binance and Nest Fund.
Da Hongfei, the co-founder of NEO, also announced NEO's partnership with certificate authorities of China, in mapping a real-world asset utilizing Antshares smart contract technology called Smart Contracts 2.0.
Market Perfomance
At the time of writing the article NEO has a market cap of $2,431,835,000 and a circulating supply of 50,000,000 NEO .The total supply of NEO is 100,000,000 NEO.The current price of 1 NEO stands at $48.64 or 0.01137790 BTC.
NEO Prices-1 Month
NEO Prices-1 Year
The current market stats for NEO can be found here
NEO with its groundbreaking concepts has established a bright vision for infrastructural reforms. With support from a large number of high-profile organisations and innovative startups which include the likes of Alibaba or Microsoft, NEO definitely has a promising future for Blockchain technology not just in China, but globally. The support from the chinese government is an added advantage awill catalyse the process of making NEO one of the most sought after crypto currency in upcoming days.
For the whitepaper you can visit here
Image source: 1 2 3
Author : @shrey
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