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Participants And Their Roles In NEO Project

20:45 23/03/2019
Roles In NEO Project

Introduction

 

The whole evolution path of NEO can be tracked in the correspondent roadmap. The journey began with the launch of the Antshares platform and went through all milestones like white paper release, testnet launch, token development, and others. NEO is a representative of alternative blockchain proposals. It is focused on distributed software programming. Such software is known in the crypto environment as smart contracts.

 

Smart contracts are small programs written in different programming languages inherent to different blockchain solutions. Although the term “smart contract” was popularized by the Ethereum community, it is used in many different projects including such Ethereum’s descendants as EOS, NEO, and others.

 

The next step in the smart economy evolution is called Dapp — distributed application. Dapp is simply a set of smart contracts establishing absolutely autonomous interaction with counterparties. Each Dapp is designed to carry out specific tasks assigned by developers.

 

As any other similar project, NEO provides different roles to its participants.

 

General Information About NEO

 

NEO is said to be a community driven project with the open-source origin. It is based on blockchain and uses digital identities in order to manage digital assets and automate this activity with the help of smart contracts. Such approach aims at forming smart economy.

 

Founded in 2014, NEO was introduced to GitHub in June 2015. October 2016 is the time when the mainnet was launched. NEO utilizes several approaches for being developer-friendly network:

 

  • Infrastructure friendliness proposes useful tools for contracts development and Dapps organization above a flexible virtual machine.
  • Community friendliness underlines the importance of NEO users. This includes community members across the US, Europe, Japan, Korea, and others.
  • Ecosystem friendliness implies a significant support NEO Foundation can provide to the companies that place their contracts on the NEO blockchain.

 

Software

 

First of all, we should mention a lot of different clients prepared for exploitation. All of them are divided into several categories, which are:

 

  • Desktop. Common program to install on your PC.
  • Mobile. Created for mobile devices.
  • Web. Used to access your assets through the website.
  • Hardware. The most reliable type of wallets designed to support so-called cold-key storages.

 

Most of them are proposed for different OS, including Windows, Linux, MacOS, iOS, and others. All of them have a comprehensive description and the GitHub link.

 

Digital Identity

 

Every participant joins the network after registering with a digital identity. This identity uses X.509 standards. Such approach is used to support the reliability of asset transfer. Besides, NEO supports the Web Of Trust point-to-point certificate issuance model along with different verification methods. Blockchain stores all necessary data.

 

Wallet

 

NEO wallets can be of two types, both are equal in their rights. The first type, the NEO-GUI wallet, is fully-functional and used to manage assets. After installing this software you get both interface and core node functionality. The second type, the NEO-CLI wallet, is used to interact with blockchain. It allows creating new blocks and provides interface for developers. More details about the difference in their functionalities can be found here.

 

A single NEO wallet can store several addresses associated with digital identities.

 

Consensus

 

NEO uses the dBFT (Delegated Byzantine Fault Tolerant) consensus. Here participants have to own tokens in order to influence the creation of new blocks. Token holders vote for responsible nodes. The most voted nodes reach consensus according to the proposed algorithm. That’s where a digital identity plays an important role. Some judicial decisions may influence consensus on arguable transactions.

 

Afterword

 

The NEO project can be compared with such proposals as EOS and Ethereum (both were discussed in our previous articles). Without taking into account minor changes, we can see that all three projects — starting from blockchain basics — have reached somewhat different results even though they were similar in their aspiration.

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