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Binance, the world’s largest cryptocurrency exchange, has announced its support for Neo’s network upgrade and hard fork, a altcoin project that aims to fully digitize assets and identities through smart contracts in order to achieve a smart economy.
Full Support from Binance to Neo
The major cryptocurrency exchange Binance has announced its support for Neo’s network upgrade and hard fork. Neo’s network upgrade and hard fork will take place when the 4,120,000th block height is reached, which is expected to be around 13:00 (UTC) today.
Prior to and during the network upgrade and hard fork, Binance will temporarily suspend deposits and withdrawals on the Neo network. According to the announcement from the cryptocurrency exchange, deposits and withdrawals on the Neo network will be suspended at around 12:00 today.
What is Neo (NEO)?
Neo is a blockchain project developed to fully digitize assets and identities through smart contracts in order to achieve a smart economy. The theory behind the smart economy sees digital assets and digital identities as necessary to improve everyone’s quality of life. Neo aims to automate digital asset management through smart contracts by establishing a distributed, network-based, smart economic system using decentralized applications.
Neo, founded in 2014 by Da Hongfei and Erik Zhang under the name AntShares, rebranded with its current name in June 2017. Neo’s network has two native tokens, NEO and NEO Gas, and is a blockchain-based platform that enables digital asset and smart contract development.
Neo distinguishes itself clearly from other standard blockchain platforms by focusing on compliance and being a development platform for decentralized applications. It also uses a different consensus mechanism than Bitcoin and Ethereum, known as Delegated Byzantine Fault Tolerance (dBFT).