NEO is the use of blockchain technology and digital identity to digitize assets, the use of smart contracts for digital assets to be self-managed, to achieve "smart economy" with a distributed network.
NEO (formerly Antshares) is an open-source blockchain decentralized application platform founded in 2014 by Da HongFei and Erik Zhang. Since its rebranding to NEO from Antshares in 2017, the project's vision is to realise a “smart economy” by utilizing blockchain technology and smart contracts to issue and manage digitized assets.
The network runs on a proof of stake decentralized Byzantine fault tolerant (dBFT) consensus mechanism between a number of centrally approved nodes, and can support up to 10,000 transactions per second. The base asset of the NEO blockchain is the non-divisible NEO token which generates GAS tokens. These GAS tokens, a separate asset on the network, can be used to pay for transaction fees. The inflation rate of GAS is controlled with a decaying half life algorithm that will release 100 million GAS over approximately 22 years.
A total of 100 million NEO were created in the Genesis Block. 50 million NEO were sold to early investors, with the remaining 50 million NEO locked into a smart contract. Each year, 15 million NEO tokens are unlocked which are used by the NEO development team to fund long term development goals.
The core of the NEO feature set revolves around tools that allow developers to efficiently deploy and scale smart contract applications on the NEO blockchain. X.509 Digital Identities allow developers to tie tokens to real world identities which aids in complying with KYC/AML and other regulatory requirements.
A consensus algorithm with high stability, high TPS and single block finality
A lightweight, cross-platform and scalable virtual machine
- Smart Contract
A cross platform, multi-language supported smart contract system
A customizable decentralized self-sovereign identity protocol
A distributed object storage solution for on-chain data applications
- Voting Mechanism
A voting mechanism that enables participation of on-chain governance
- Dual Token
An innovative dual token economic model that optimizes on-chain governance and utility
A built-in oracle component enabling smart contracts to access external resources
NEO Use Cases
Digital Assets - NEO aims to convert traditional assets into digital ones using smart contracts. These digital assets will be decentralized and will be protected by law using digital certificates on the blockchain, which in turn, will guarantee trust.
Digital Identity - NEO will enable the creation of identity information of organizations, individuals, and entities in electronic form. These identities will be usable via multi-factor authentication mechanisms such as facial recognition, fingerprints, voice recognition, and SMS.
Smart Contracts - The name “smart contracts” was coined by a cryptologist and computer scientist, Nick Szabo, in the 90s. The smart contract platform developed by NEO is truly revolutionary. In NEO, unlike other smart contract platforms, you need not learn a new smart contract language.
If you are a developer using C#, Java, or any other mainstream programming language, you can get started right now to code your smart contracts. NEO’s Universal Lightweight Virtual Machine (NeoVM) has the advantage of high certainty, high concurrency, and high scalability for smart contracts based on the blockchain.
DApps - NEO will support the development of decentralized applications by continuously supporting and developing more mature development tools and techniques. Some of the examples of DApps are smart funds, AI-assisted legal smart contracts, and decentralized exchanges.