NEO Shared Node

The NEO cryptocurrency has a Chinese origin. The project was created as a direct competitor to Ethereum in 2014, but NEO received its name only in 2017. A total of 100 million NEO coins may exist. There are also GAS tokens circulating in the network in addition to NEO coins. NEO coins are not divided into smaller pieces, unlike GAS tokens. Storing NEO coins in a special wallet brings GAS tokens to the user. These tokens can be used to pay for commissions on the NEO network and the execution of smart contracts. A total of 100 million GAS tokens may exist. This number will be reached in about 20 years.

The dBFT algorithm, a modification of DpoS (Delegated Proof-of-Stake), is used to confirm transactions. NEO coins give their holders the right to vote when choosing the direction of the project development. The main difference between dBFT and other DpoS implementations is that important decisions are made when at least two-thirds of NEO nodes reach consensus. This makes it impossible to create forks. The blockchain copies are stored on computers where the full free blockchain nodes software is installed. The full public node Neo-GUI is a wallet with a graphical user interface. Full public node Neo-CLI allows executing commands via API. This is a full crypto node, designed for NEO developers.

There are 7 NEO consensus nodes: 5 free blockchain nodes belong to NEO Foundation, 1 public node is CityOfZion and 1 node provider is KPN. NEO consensus nodes receive rewards in the form of commissions for transactions and processing of smart contracts in GAS tokens. Any user can entrust their NEO coins to one of the NEO consensus nodes and start receiving the reward in GAS tokens, proportional to their contribution. This technical solution increases the speed of the NEO network to thousands of transactions per second or more. However, at the same time, the level of decentralization is reduced.

NEO coins can be stored in PC wallets, mobile and web wallets. There are also hardware wallets that support the NEO cryptocurrency. Mobile wallets, web wallets, and NEO hardware wallets become online relay cryptocurrencies nodes. They only transmit transactions between the network cryptocurrencies nodes until the transaction reaches a full public node that has the right to write the transaction in the blockchain. Some wallets allow you to store NEO and GAS coins at the same time. NEO 2.0 update, which will support NeoX protocol for interaction between different blockchains, is in active development. The developers also plan to add extensive support for DeFi applications.

NEO project is actively growing and developing. There are regular updates of the programming code for blockchain node providers and NEO wallets. NEO supports smart contracts. They can be written in the following programming languages: C#, VB.Net, F#, Java, Kotlin, and Python. The execution of smart contracts takes place through the use of a virtual machine. It is also possible to build decentralized applications and issue user tokens on the NEO blockchain. A test network is provided to test the performance of decentralized applications and user tokens. The NeoFS protocol for decentralized data storage is being developed. The storage will be based on Distributed Hash Table (DHT) technology.