When considering China’s ban, recently, NEO has the potential to appear as a digital currency that is used in a country with strict control and maybe around the world. Since its inception, Neo’s Onchain technology has been designed to be friendly with the control method. The center is quite different from most encrypted systems.
What is Neo?
NEO was established as Antshares by Da Hongfei and Erik Zhan in China in 2014 and was renamed as “NEO” in June 2017. It is a platform that uses the Shane Blog. Which supports Cryptocurrency And make it possible to develop digital assets and intelligent contracts
Neoaim automatically manages digital assets through the use of intelligent contracts. With the goal in the end to create a network of network distribution intelligence.
The equivalent digital system on the NEO platform
Neo in theory describes its intelligent economy as (Digital assets + digital identity + smart contract = intelligent economy).
Assets can be easily digitally converted on the Neo Blockchain in a reliable reverse panic reverse and transparent manner, which is not charged from the intermediary and related costs.
Users can record, exchange, exchange or circulate various types of assets. NEO platform helps to link physical assets to the comparable and unique digital aval. The NEO network also supports property protection. Assets registered on that platform have digital credentials that have been audited and are protected by law.
Digital credentials help to check important information about individuals, organizations and other agencies that are in digital context.
Wise promises allow transactions and agreements between different parties. Without supervision by the legal system or central mechanism the implementation of such contracts depends on the network programming code and encryption, allowing transparency and irreversible traceability of the transaction.
NEO supports two-coded coins, NEO and GAS supports programming in all major stream languages, including C #, Java, Go, Python and Kotlin, which helps a large developers community to easily participate with the platform.
Focus on compliance with regulations
NEO maintains a clear difference from other standard chain block platforms due to its focus on compliance with regulations. While digital assets and intelligent contracts have been popular in other chain block platforms such as Ethereum, the third main feature of what is called “Digital identity”.
Individuals, businesses or other juristic persons performed on the NEO platform. Everyone is expected to have a unique digital identity that can be verified. Business people and projects There are options for transactions. Only when the other party has the necessary identity, which is in line with the regulations of the NEO network.
Even various nodes in the NEO network may require identification before they can lead to checking transactions and other activities such as accounting and accounting.
Enter Onchain
While working with NEO, the founder of Da Hongfei and Erik Zhan get attention from various organizations that look for private chain block solutions. Therefore, ONCHAIN appeared in 2014, an independent technology company that works with the financial framework and the necessary laws and provides Blockchain solutions to various organizations.
While NEO works like Bitcoin and Ethereum, Onchain focuses on creating personal blogs and relationship groups to meet the specific needs of the industry.
Onchain’s main product is a distribution network architecture (DNA). Use digital asset applications to assist business by creating a private and public block. Believe that DNA is a Blockchain platform that can be customized to resolve various problems in the region. State and private.
Neo and Onchain: How are they different?
Neo and Onchain are a separate entity that is independent and does not own. NEO aims at businesses with consumers (B2C) – anywhere “C” can refer to customers or communities while onchain. Focus on business services with business with business (B2B).
Both were supported separately. Neo received a scholarship from the public community while onchain was supported by China’s largest private company called Fosun.
When asked why he chose Fosun as an investment partner, founder Da Hongfei said: “The three-core arms of their portfolio include finance, science, medical, entertainment and lifestyle. This is why we choose Fosun Group as an investment partner. Because we pay more attention to the organization’s resources that Fosun provides, which is a platform for Onchain to show the Blockchain technology”.
Neo and Onchain: Their vision
Co-founder of Neo and Onchain see that they will be able to achieve cross-chain work in the future. That is, there will be a development mechanism to connect and share information between various blogs, whether it is public, such as Neo or personal, such as those operated by business.
Due to the number of systems that use Blockchain still increases in both public and private domains, therefore it is necessary to have a collaboration between various chain blocks. The team at Neo and Onchain hope to fill this gap through work.
However, in order to enable work together, trust and identity becomes important. The gap is filled with the “Digital Identity” feature that is inside which is an important part of the Neo Blockchain platform.
Basically, NEO and Onchain may pave the middle line needed very much between the blocking system with no power distribution, control and anonymity, such as Bitcoin. And the conventional KYC economy, which is the current system of bank accounts and credit cards.
By using all-inclusive methods that try to participate and meet the needs of all parties, whether individual users, network service providers such as miners, participants, personal business transactions and even the supervisor – NEO and Onchain continued disunity between the closed economic supervision and digital money enthusiasts.
Exit for China?
NEO platform serves as the foundation of the DNA concept of Onchain NEO serves public space with power distribution, while onchain’s DNA fulfills the need for personal connections. Both links together may make both the world.
Onchain has been certified DNA from the Giuel Government, which is the capital of Guizhou County in the southwest of China. Both sides jointly launched the Smart Contract 2.0 and other Blockchain technology of China in early 2017.
In the mid-2017, Onchain was one of the successful Chinese blockchain testing companies, which followed by being a partnership investment with the Fosun group, although China will have a restricted encryption recently. The recognition of the Block Shane technology is clearly possible.
In mid-2017, the Chinese government reported that he was experimenting and creating his own digital currency.
Despite the stringent position Cryptocurrencies Various decentralization and ICOs rumors can rotate that the government may look for other alternatives and remains open to work with companies that are willing to follow its rules. Being a local Chinese entrepreneur, Neo and Onchain are the top competitors.
If the Onchain technology is acceptable, it can be accepted and integrated with the Chinese government and businesses that enable solutions that include everything. It will increase the use of Neo extensively.