NEO Is Now Officially Going For Decentralization

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NEO Is Now Officially Going For Decentralization

NEO was founded in the year 2014 by Erik Zhan and Da Hongfei. “Antshares” was the initial name and in 2017 June, the name was modified as NEO. NEO is famous because of various reasons. It is a platform where it supports the development of smart contracts and digital assets. They also have their own cryptocurrency.

NEO posted a photo on July 4th, 2018 on Twitter. The context was that they are changing to decentralization. Till now, they were using centralized approach. The difference is pretty simple to understand.

Decentralization refers to a system where nodes interact with one another without the involvement of the third party. In centralization, the whole system must be managed by a central party.

What NEO does?

As discussed above, NEO is a blockchain platform with the aim to automate the digital assets management through blockchain techniques. “Smart Contracts is one of the best techniques used. In general, a trader has to load money of his/her currency to a website. With that money, he buys cryptocurrency. But what if the trader wants to buy and sell multiple cryptocurrencies? What if he wants to withdraw in different currencies like USD, EUR, etc.?

NEO is one such platform where users or traders are easily capable of buying, selling and exchange assets online. NEO protects the assets by registering every asset through digital identity.

Note:

They only released a statement that NEO is changing from centralized to a decentralized system. This would give more freedom to the nodes of the network. Further steps are unknown until they release next update.

Decentralized exchanges on the blockchain platform will pave the way for more reliable and efficient trading. Transactions are processed with smart contracts of blockchain technology. Agreements and transactions among parties can be done without the involvement of the legal system using Smart Contracts. At the same time, the transactions are entirely transparent, traceable and irreversible.

Final Words

NEO is equipped with technologies like smart contracts, digital identity and digital assets which combined results in Smart Economy. Users have all options regarding trading in NEO. Security is another add-on to the above features, and we can say NEO is one of the best blockchain platforms. Shifting to decentralization by NEO is the next step towards the future.

 

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