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What does the new currency NEO mean (what is the abbreviation of the new currency)?

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What does the new currency NEO mean? According to official sources, NEO is a te

What does the new currency NEO mean (what is the abbreviation of the new currency)?

What does the new currency NEO mean? According to official sources, NEO is a term referring to “decentralization”. In the world of blockchain, “decentralization” is a concept that usually refers to a new type of digital currency that is realized and used through networks. It includes a new system composed of a group of code to operate a distributed application (dapps), which includes Bitcoin, Ethereum, and other popular public chain projects. The new technologies created by these developers can be used to establish various DApps applications, providing faster user experience and improved efficiency.

What is the abbreviation of the new currency?

Editor’s Note: This article is from ethereum enthusiasts (ID: ethfans), written by Vitalik Buterin. Translated & proofread by 0x13, authorized republished by Odaily Planet Daily.

The abbreviation of the new currency is defined by the new code of the cryptocurrency issuing institution. Its essence is the tokenization of the value and ownership of encrypted assets. In the Bitcoin network, each block contains a new transaction record. If it is associated with that address and no other users can access it, the data will be deleted or modified. Since this new feature is a special product designed for a specific purpose, we call it “old token”. This new mechanism allows people to create their own tokens using blockchain and use them for payment purposes, as well as achieve decentralized business models and incentive measures, etc.

In order to solve this problem, new projects need to introduce a brand new governance structure, which is a more inclusive system managed by the community. When a large number of new projects join, they must take this into consideration, including those who wish to participate, such as miners. What does the emergence of new currencies mean? For example, smart contract platforms like Ethereum may allow developers to build applications on top of them while maintaining anonymity. But there are also some projects that are trying out new models. For example, MakerDAO is doing this, and Coinbase is a new platform that provides stable fees based on the US dollar. In addition, some exchanges have started testing new algorithms to improve their user experience.

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