In my previous article, we shared information about Neo ( previously Antshare ) China’s first decentralized open pubic chain system. How it has the potential to eventually take over Ethereum. This blog is focused on covering Neo’s Tokens and how Gas plays an important part in this Blockchain.
What is Gas?
BO aside, simply put, Gas is a cryptocurrency which is distributed by putting Neo in your wallet. It is used to fuel transactions on the Neo Blockchain. With each Neo Block that gets generated, Gas will be distributed to all Neo holders. Talk about a win-win situation.
The fee that is levied is proportional to the computing resources consumed by a contract. Every node generated, results in rewards in the form of Gas to Bookkeeper who keep a track of the entire Blockchain.
What’s different about Neo?
One factor of Neo Blockchain which may or may not generate enough supporters is the need to off-chain transactions. Neo offers the option where in any transaction that is exchanged on the Blockchain need to be handled separately by a central exchange. This is called, Superconducting Transactions.
It offers the following features:
Has been created with the aim of providing cross-chain interoperability. It is very similar to generating smart contracts that help in locking on to transactions on one block where in, it also provides you with permission and proof of work for earning rewards in another Blockchain.
This feature allows for large data or files to be distributed or divided across the Blockchain. What matters here is the data. If your data or file is important and needs additional security features, then an equally reliable block or node is made available albeit at a higher charge. Inversely, for everyday data or smaller size file a smaller node with lower charges can be used. Talk about flexibility.
This feature is probably the most sought after of all. Quantum Computers are touted to be the next be all. It also jeopardizes the working structure of Cryptocurrency. ( faster means of solving algorithms) Neo QS take the best of Quantum computing and presents us with Neo Quantum Safe. It aims to present a failsafe cryptographic platform.
Neo is based on Ethereum. With the bountiful features that it presents, we hope that with time, it shall rise up to its potential and slowly and steadily replace Ethereum as a platform. The many features that it presents are a testament to this. Merging Quantum, Security and Flexibility of transactions reaffirms our faith in Neo. China may be skeptical of decentralized virtual currency, but, the potential of Neo is sure to side step the red tape involved. Our views, invest and then Hodl as there is no way for Neo to go but up!!