NEO is a smart contract platform, similar to Ethereum, that was created by a team of developers in China and was formerly known as Antshares. It was designed to utilize “blockchain technology to digitize assets using smart contracts and common programming language”. The platform was created by Da Hongfei and Erik Zhang. It has the ability to process 10,000 transactions per second. It enables two types of tokens: NEO and GAS. NEO is not a currency or asset, but a proxy for voting rights within the blockchain governance system. GAS is an operational token to be used for transactions and smart contracts.
Neo’s platform allows developers to use its software to run smart contracts (known as NeoContracts) and design new programs (dapps) meant to replicate real-world products and services. NeoContracts differ from other smart contract-based protocols in that developers can build applications using a variety of popular existing languages (like C# and Java), rather than learning a new language. Thus, NeoContract’s ability to work across various programming languages can be attractive to a larger pool of developers seeking to create dapps or support existing ones.
Delegated Byzantine Fault Tolerant
To secure its blockchain and keep its distributed network of computers in sync, Neo employs a consensus mechanism method called delegated Byzantine Fault Tolerant (dBFT). dBFT works similarly to the delegated proof of stake (DPoS) and leverages a real-time voting system to determine which computers running the software can create the next block on the Neo blockchain. This means anyone who owns NEO can help operate the network.
Each NEO token (sometimes referred to as a Neo coin) can be locked, or “staked,” to represent a vote (the more staked NEO, the more voting power.) All owners who stake NEO then vote for the consensus nodes, who are responsible for creating blocks. For proposing and adding new blocks to the Neo blockchain, consensus nodes receive the network’s transaction fees (paid in GAS cryptocurrency).
NEO Financial cashback of avg. 4%-6% is higher than other credit cards from the top 5 banks but the list of reward partners is also limited. Also, you have to pay $4.99 a month for Plus and $9.99 a month for Max plans to get Avg. 5% and 6% cashback respectively. We can typically get a lower cashback (1%-2%) credit card at no annual fees with our current large bank, so why share personal information with a startup Neobank that may also lead to a credit check. I didn’t apply for the credit card but assuming the credit check will be part of the ATB financial issued Mastercard application flow. If I didn’t have any other credit cards, I would still wait until more cashback reward partners are available in the Neo Financial ecosystem.
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