What is NEO?
Neo is based on an ecosystem of intelligent contracts, similar to the Ethereum system. However NEO, Allows users to automate the storage and exchange of digital assets. Ethereum does not. NEO aims to compete with implementations of more established smart contracts, Neo takes advantage of the evolution of technology and cooperation with the Chinese authorities towards the stated objective of an “intelligent economy”. The platform includes 2 different tokens. NEO and GAS are the cryptographic currencies that manage the Neo network. Both NEO and GAS have a limit of 100 million tokens each.
Among the thousands of cryptocurrencies that exist few are as successful as NEO.
This cryptocurrency was previously called AntShares. Its technology is based on the chain system. And it is the first to go to market being of Chinese origin.
NEO is a decentralized digital currency and is protected by digital certificates, the creation of this cryptocurrency seeks to produce intelligent contracts and decentralized commerce.
Why does the price of NEO go up?
Mainly it can be said that China is one of the few countries that prohibited the exchange in cryptocurrencies, but not the only one. The first country to ban the use of digital currencies was Bolivia.
NEO is based in China and possibly seeks government support, if this happens, NEO would have a great advantage at the population level.
The NEO cryptocurrency is usually compared to Etherium, however, NEO supports more intelligent contracts.
Why is it said that Ethereum is similar to NEO?
Because they have some similarities that are key to the comparison.
Both Ethereum and NEO are designed in Blockchain. And the creation of both digital currencies is specifically to accommodate smart contracts, ICO and Dapps but in a decentralized manner.
The Blockchain of both currencies are fed by cryptoactives, NEO has GAS and Ethereum has Ether.
Both Ethereum and NEO are open source projects.
In the market there are many cryptocurrencies, but few are competitions for Ethereum. NEO if it is competition, and possibly your system to become sophisticated over Ether.
The difference between NEO and its crypto competitors is that it has some support from the Chinese country, but also, it has the backing of large companies, such as Alibaba, WINGS, etc.
The NEO mechanism is superior to other intelligent contract systems. NEO uses a mechanism of delegated consensus tolerant to Byzantine errors.