Who has trouble when someone comes up next to me? What is neocoin explained? Neo cryptocurrency explained neocrypto review. So i’m doing this review on neo well, because it’s on rank 49. So it’s part of the top 50.
It has a total supply of 100 million and it’s pretty much having a market cap of two billion dollars. I really enjoyed reading the white paper for neo because it is rather short, it’s like 11 pages compared to those long ass white papers that spans like 30 to 50 pages. Those were insane but neil was rather short, and it was very succinct with the explanation of what problem they’re trying to solve. If you ever thought about how you could digitize your assets like your house, then neo would be probably the blockchain that you would be looking at. But if you’re thinking about investing into neo, because your friend told you about it, then please watch this video first, because i took two hours of my life to read the white paper to jot down these notes on neo and to explain to you what neo does From a software engineer perspective, because i’m a software engineer, so if you don’t want to waste two hours and just spend 10 minutes finding everything you need to know about neo, then this video is for you other than that.
If you haven’t already yet, please smash the like button, smash the subscribe button and now, let’s jump into neo, oh as with any of these coin project reviews. The first thing we got to talk about is the problem and the goal of the project. The goal of neo is to really use blockchain technology and digital identity to digitize assets. What that means is using smart contracts for digital assets to be self-managed, basically to achieve what they call a smart economy in a distributed network. So first we got to talk about what digital assets are.
Well, they are programmable assets that exist in the form of electronic data with blockchain technology. The digitization of assets can be decentralized, thrustful, traceable and highly transparent and free of intermediaries on the neo. Blockchain users can basically register trade and circulate multiple types of assets and on this blockchain it also proves the connection between the digital asset and the physical asset that it represents through something that they call the digital identity, which we’ll talk about in just a little bit. But assets that are registered through a validated digital identity are protected by law. So neo really has two types of digital assets: global assets which are recorded in system space and can be seen by all smart contracts and clients, and then they have contract assets, which is a little bit different, they’re recorded in what they call private storage and they’re.
Less visible and need specific sorts of clients in order to see them or recognize them when they talk about digital identity, it’s basically digital identity, which means it’s anything that can be used to identify individuals, organizations and other things that exist in electronic form. Now, neo’s method of issuing or using digital identities include the following features: facial features, fingerprints, voice, sms and other multi-factor authentication methods. I have no idea how excited i am for smart contracts to run in the machine and the machine to tell me to pee in a cup to unlock my car. That is something that neo has smart contracts. They have their own independent, smart contract system, which is called neocontract, and that is really the biggest feature of neo, because developers coming in they don’t have to learn a new programming language like developers who develop for ethereum, has to learn solidity.
They can use the ones that they’re familiar with like c sharp java, golang etc, which makes it super easy for smart contract development, debugging and compilation. The neocontract smart contract system basically allows developers to quickly carry out development of smart contracts and get things up and running. Much faster than other blockchains, including ethereum, any tokens that you’re looking at the tip here is that you always have to look at the tokenomics and neo has really two tokens the neo token, which is under the ticker neo and the neo gas token, which is under The ticker gas, so neo itself really has a hundred million tokens like we first saw at the start of this video and that gives the owner the right to manage the network. Things like voting rights parameter changes. Things like that.
The minimum unit of neo is one which means that it cannot be subdivided like how we can subdivide bitcoin into satoshis and ethereum into ways now. Neo gas is a fuel token, with the maximum total limit of 100 million, the neo network charges for operations and storage of tokens and smart contracts, and this creates incentives for bookkeepers and also the incentive to prevent the abuse of resources. Now the minimum unit of gas is by eight decimal places. That means that there is zero point, seven zeros and then one – and that is the smallest unit of neo gas. With the neo tokens.
The whole 100 million was generated at the genesis event, but the hundred million tokens of gas will be generated through time and will be expected to be fully generated in 22 years. Since the genesis event, if neo is transferred, then the gas generated will be credited to the new address and neo’s 100 million tokens were pretty much divided into two groups. First, 50 million was distributed proportionally to supporters of neo during crowdfunding. The other 50 million was kept by the neo council for long term development, growth operations and maintenance, so this was vested in the beginning, but by now i believe that the whole 50 million by the neo council has already been unlocked and they say that it won’t Enter exchanges and will only support neo projects which doesn’t really make sense, because if you have neo tokens which goes to neo projects which ultimately goes to people and they can profit from that, then i’m sure they’re going to be able to sell it and will sell It to the exchanges now how the gas is generated is that when new blocks are written, then gas is generated, kind of like bitcoin and with the algorithm they have, the 100 million gas will be fully generated in 22 years. Now each block is generated in 15 to 20 seconds, and each year they estimate that 2 million blocks will be generated.
Anyhow, how it is generated is not too important. What’S important is just to know that the block rewards do get smaller and smaller kind of like how bitcoin does it when it goes through halvings and that’s pretty much all you need to know about the tokenomics. So neo has something called neox, which is a really cool protocol that i haven’t seen in any other blockchains that i’ve looked at when it comes to blockchains. Each blockchain is pretty much independent to each other. They have problems with interoperability, which means talking to each other, and there are projects like polkadot that is trying to solve this problem, but neox does have cross-chain interoperability and it is also divided into two parts, the first part being the cross chain asset exchange protocol, which Basically allows participants to exchange assets across different chains, and the exchange that is made between these chains would either all work or at all fail.
So that’s what we call atomic either all succeeds or all fails. The second part is the cross chain distributed transaction protocol. What this means is that, when you’re executing a smart contract, then there’s multiple transactions and you can see those as multiple steps now, these multiple steps or transactions can be scattered across different blockchains, and that is okay. The consistency of the entire transaction is secured. Basically, a smart contract can perform a different action on multiple blockchains for the transaction and it will either all succeed or it will all fail.
So you can just imagine a car assembly factory now in this factory, there’s multiple lines: building multiple parts. If one of those lines screws up and doesn’t build the part right, then we don’t get a car at the end. But when all the lines are running perfectly, then we can assemble a final product. The car. At the end, everything works.
Fine everything either succeeds or everything either fails. I am a really big fan of digitized assets just because they are digitized, which means that you can take them anywhere with you. So if you need to escape the country for maybe some law that you broke, then you could take all your assets with. You know the government can’t freeze your assets like they could do to your bank account but having these digital assets, especially if they’re passive income and assets that makes you money while you’re holding them. That is what you want in cryptos.
You could do that with staking mining yield farming things like that, but in real world i use something like a walmart automation store to make me money. While i sleep and i’m going to take a bit of time, to tell you about that right now, all right guys just want to walk you through walmart automation. This is something that is another passive income stream. For me, i work with a trusted partner. In order to do this, they do all the work and i just sit back and collect payments while providing the funds to fund inventory.
You can see that the last payment that i got was 4 700 and the payments before that was 4100, so they’ve been scaling it up. But on top of this, i’ve been using amex to buy all the products from amazon and wayfair things like that and mark it up 25 30 and sell that to walmart and we’ve been seeing all these transactions. So every dollar on these transactions is 1.5 because of the card i’m using. You could also use cards to earn travel points, and things like that, so you could travel for free while earning a profit, but not only that.
I’M also doing these for write-offs, because i own a business now you can see that i started this in 2020. My federal refund is 18k. Compare that to 2019, which was 11k, the only difference there is because now i have a business i could do more write-offs. So you could earn more money by sleeping, earn, more points by sleeping and you get a bigger and better write-off on your taxes. So if you want to learn more about this, then please feel free to dm me at support.
Horsehack.Club i’ll be happy to explain more of this to you if you want to know more. Here’S, a quick summary of neil and my opinion about this whole coin. So neo is a distributed network that combines things like digital assets, digital identities and smart contracts and neo is completely new to me, because i only read the white paper but looks like they were doing something that is really really cool and really really niche, especially connecting Physical assets to digital identities and digitizing them. When i read that, i really thought about the buying and selling and trading of houses and with digital identity features, i mean who knows what kind of use cases that may bring in the future, something that i thought of was maybe it can pretty much scan our Faces or take our fingerprints to show that we own a certain car and without those, then we won’t be able to start the car which will prevent any sort of car theft in the world anymore, which will really solve the problem of car theft.
And maybe even a legal entry on our property, but with illegal entry that is kind of pretty much overdoing because i live in the united states and everybody has guns, so i think people would think twice before trespassing onto another person’s property, especially if you’re living in Texas, neo is definitely an interesting coin and project and i’m not surprised that they’re in the top 50, because they’re doing something really cool, i’m just curious as to where they might go in the future. Anyways guys, that’s it for this review on neo. If you’ve enjoyed this content, if you want to know more, please smash the like button smash. The subscribe button check out these other videos on cryptocurrencies and passive income and i’ll see you next time. Peace, [, Music, ] anyways.
If they make it so i have to pee in a cup in order to enter my car. I don’t think i can do that because i’m the type of guy who has trouble when someone comes up next to me and pee’s next to me, it’s kinda, i’m self-conscious about that.