NEO is a blockchain platform and cryptocurrency designed to build a scalable network of decentralized applications. The base asset of the NEO blockchain is the non divisible NEO token which generates GAS tokens that can be used to pay the transaction fees to utilize the NEO network.
NEO rebranded from Antshares to NEO in June 2017. In March 2018, parent company Onchain distributed 1 ontology (ONT) token for every 5 NEO held in a user's wallet which will be used to vote on system upgrades, identity verification, and other governance issues on the NEO platform.
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 can be used by the NEO development team to fund long term development goals. NEO tokens generate a slowly deflationary amount of GAS tokens which are used to pay for transactions on the network. The inflation rate of GAS is controlled with a decaying half life algorithm that will release 100 million GAS over approximately 22 years.
NEO uses a delegated Byzantine Fault Tolerance (dBFT) consensus mechanism and can support up to 10,000 transactions per second.
The core of the NEO feature set revolves around tools that allow developers to efficiently deploy and scale smart contracract applications on the NEO blockchain X.509 Digital Identities allow developers to tie tokens to real world identities which aids in complying with KYC/KML and other regulatory requirements.
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. (See our extensive guide on smart contracts here.) 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. (See our extensive guide on DApps here.) Some of the examples of DApps are smart funds, AI-assisted legal smart contracts, and decentralized exchanges.