The rise of blockchain adoption increases the demand for diverse blockchains. In this regard, many blockchains altered their functionality to meet the needs of different industries. A prominent blockchain – Ethereum has no exception in this matter. Inspired by Ethereum’s prominence, many reputable blockchains came into existence in the blockchain market with specific goals. In line, the Neo Blockchain is packed to achieve a smart economy by utilizing blockchain resources effectively.
Being called “Chinese Ethereum”, this blockchain has vital characteristics that many startups prefer. So this blog has covered everything a startup should know about Neo blockchain development. Let us start with…
What is Neo Blockchain?
Neo is a blockchain developed with the aim of achieving a smart economy in blockchain resource utilization by completely digitalizing assets & identities and managing them through smart contracts. So as programmed, the smart contracts manage the digital asset automatically. And as a result, Neo offers a scalable, secure, and developer-friendly ecosystem.
Turning back history, Neo was founded in the name of AntShares in 2014 by Da Hongfei and Erik Zhang. The name was rebranded as Neo Blockchain later in 2017. It has two non-mintable tokens called NEO and NEO GAS. The NEO token serves as a governance token that allows users to participate in staking and network governance. Whereas, the NEO GAS token is for users to pay gas fees.
But, in terms of Neo blockchain development, is this information sufficient to proceed? To get complete knowledge, let us see…
How does Neo Blockchain Work?
Neo is the blockchain functioning with delegated Byzantine Fault Tolerance (dBFT) consensus mechanism. dBFT is a new consensus mechanism that uses a staking method similar to the Proof of Stake (PoS) algorithm. The speciality here is, this mechanism allows adding the blocks to the network if over half of consensus nodes validation is finished. This lets the blockchain perform 10,000 transactions per second. This represents higher scalability and improved network performance.
As stated earlier, the goal of achieving a smart economy is possible with three elements like Digital Assets, Digital Identity, and Smart Contracts.
But how does this happen?
This blockchain enables the digitization of real-time assets and identities that can be easily executed through smart contracts. This move helps this blockchain achieve faster transactions in a secure environment.
So from a startup point of view, higher scalability, security, and performance are the important aspects to build a successful business. Thus this blockchain meets the basic business needs of startups. However, to create a successful business you need to know the potential opportunities out there. So let us see the…
Contribution of Neo Blockchain to Businesses
This NEO blockchain is more or less similar to the Ethereum blockchain. Like, as having non-profiting communities, smart contracts functionality, and projection to future innovations. The same reflects in the business development and opportunities. Let us discuss some glimpses of them here.
Smart Contract Development: It is the process of defining the functions of a Neo blockchain through codes. Neo smart contracts are programmed to do automatic execution to reduce transaction time.
Dapp development: Neo supports popular programming languages including C#, Java, and Python. Hence, developing decentralize applications (dApps) is quite easy with this blockchain platform.
Digital Asset and Tokenization: This blockchain allows the management of digital assets on its network. This enables easy tokenization of real-world assets like real estate, artwork, or intellectual property.
Interoperable platform development: Neo supports Poly network gross chain protocol with the feature NeoX. It allows developers to create interoperable apps to meet needs of the next-generation internet.
Now, you may now understand the significant contribution of Neo blockchain for business communities. Just like Ethereum, you have plenty of business options in this blockchain. Meanwhile, exploring the features of this blockchain lets you begin business endeavours.
Features of Neo Blockchain
The astonishing features of Neo blockchain justify its potential based on the startup business needs. The following are the remarkable features of Neo blockchain…
- Automated smart contract
- Dual token system
- Multiple Programming language support
- Support to numerous digital assets
- Digital Certification for legal protection
- Provision to easy transactions
- Shorter startup time
- Economical GAS fee
- Staking Module
- Developer friendly ecosystem
From the features mentioned above, you may understand how Neo proves its technical standpoint. Also, the underlying technology stacks add uniqueness to Neo blockchain to shine against its counterparts. Let us see how it goes…
Technology Stack of Neo Blockchain
NeoX: This protocol enables the blockchain to be interoperable. That means this allows smart contracts to run on other blockchain platforms.
NeoFS – It is the file storage protocol based on the Distributed Hash Table (DHT) Technology. This technology allows files to be stored in a distribution of blocks. Thus lower reliability files can be stored using NeoFS.
NeoQS – NeoQs is a Quantum-Safe cryptography strategy. It protects the blockchain from hacking with quantum computers.
NeoVM – Like EVM, this blockchain has NeoVM. A lightweight virtual machine to execute smart contract codes. It is easy to use and flexible to operate with other blockchains.
NeoContract – NeoContract is the smart contract system. This mechanism allows smart contracts to call each other statistically but not recursively. It results in a fast start of smart contracts and allows to perform parallel execution.
dBFT – Delegated Byzantine Fault Tolerance consensus mechanism. It chooses the next-level validators based on real-time voting. Thus it saves time and transaction confirmation time results in faster operation.
The above-mentioned technology, stacks make the Neo blockchain a potential competitor to Ethereum. Further, it is backed up by a dedicational expert community of blockchain developers. They consistently bring new innovations in this blockchain that are beneficial to businesses. Neo 3.0 (N3) is the best evidence in this regard. Thus, Neo blockchain development ensures a better future for startups.
However, this blockchain is in the business integration phase. The future update adds advancement to blockchain which definitely reflects in your business. Therefore starting a business with professional guidance is a wise decision for startups. ZAB Technologies – A prominent Blockchain Development Company could guide you in this regard. We strive to build your blockchain to be rich in features, highly scalable, secure, and faster.
Why choose ZAB Technologies for Neo Blockchain Development?
ZAB Technologies is a pioneer in the industry by developing incredible blockchains. Our skilled developers meet your business needs comprehensively. The technical team focuses on bringing cutting-edge features to the blockchain. And our experts will take care of technical advancement. Therefore, with a combined effort from a diverse field of professionals, ZAB Technologies help you create a reputed position in the blockchain business. So eager to build your dream business in a progressive flow, then connect with us.
