What is Neo
Article Summury
NEO is a digital currency and a Blockchain platform that brings this idea of creating a united network of decentralized applications (dApps). It is known as “Chinese Ethereum”; however, NEO and ETH differentiate in some directions. As an instance, Neo is built by Javascript, Java, Python, Go, and C++ programming languages by using a customized version of Docker called neoVM, which compiles the code into an environment. The altcoin integrates other cryptocurrencies into its network as well. This step gives Neo all the chances to become one of the most global and stable digital systems in the industry.
The network processes 10,000 transactions per second and offers two types of tokens: NEO and GAS. NEO is a substitute for voting rights within the blockchain governance system meanwhile GAS operates for transactions and smart contracts. To learn more about the ecosystem, neo.org is the official website, available 24/7, and answers all the questions.
The News Today
A few of the latest Neo news is the Testnet upgrade announcement and the first decentralized financial protocol update. As to the first news, the Neo Global Development team has reported on Neo3 Preview5 that stands for the fifth phase of the pre-alpha testnet of the NEO 3.0 iteration. The team intends to fix some performance issues, add blockchain oracles and finally implement Neo Names Service (NNS). NNS is an open-source NEO blockchain-based system that provides a secure and decentralized addressing resources method both on and off the blockchain with easy-to-remember names.
Here is the list of some of the initial aims of this upgrade:
- To eliminate the necessity of nodes for transaction history storage.
- To simplify transfer validation.
- Shift the logic of data storage with the LedgerContact function.
- Reorganize data synchronization for data processing optimization.
- To set Oracles, the smart contracts that provide Neo-based systems with external information, in Neo3 Preview5.
- To improve the rest of the spheres of plugins and block synchronization mechanisms.
The other news is about refreshing decentralized financial protocol with a mechanism named Flamingo (FLM). Per Neo CEO’s, Da Hongfei, statement, Decentralized Finance (Defi) segment needs this slight revolution. The revamp includes two, beneficial for FLM traders, assets: yToken and xToken. yTokens function as the liquidity provided in a Yearn.Finance (YFI) and the token holders give out rewards for the liquidity provision. YFI’s customers, thanks to yTokens, enjoy higher Annual Percentage Yield (APY) rates, unlike Flamingo’s competitors. xToken represents one of Ethereum tokens known as ERC-20, runs as cross-chain interaction, and is available for being transferred from wallet to wallet, added to liquidity pools, and pledged as collateral for loans.
Where to track NEO news nowadays
The top three platforms for monitoring the latest news and price; for conversion, exchange, and other procedures are Godex.io, Neo.org, and Neonewstoday. Each offers the latest technical details, notifications from developers and founders, NEO community expansion news, and more.
Godex.io is one of the cheapest cryptocurrency exchange platforms that consider various questions about the coin, list the best exchange pairs for it, and enable the exchange process itself. It gives the lowest rates on the trade, deposit address generation, and does not require any registration, limits, or data collections. are needed. Godex.io ensures every single user’s data confidentiality, encryption, and anonymity. The software utilizes International Currency Exchange Rate (ICER) for the cheapest cryptocurrency change, conversion, transaction, and transfer. Everything is built on simplicity, speed, and trust. Here is how to quickly and easily exchange neo: select the coins to exchange and point out the amount → attentively check the recipient’s address and order details → click “Exchange”.
