What is NEO?
Neo is an open-source blockchain framework developed in 2014 by Da Hongfei and Erik Zhang that is targeted towards decentralized applications (DApps).
After the project’s rebranding from Antshares to Neo in 2017, the project’s aim is to use blockchain technologies and smart contracts to digitize money, allowing for a “smart economy.”
How does NEO work?
The network can handle 10,000 transactions per second using a proof of stake (PoS) decentralized Byzantine fault tolerant (dBFT) consensus protocol that is accepted by a number of central nodes.
The non-divisible NEO token creates GAS tokens, which are the base asset of the NEO blockchain.
For a GAS token, you can pay transaction costs, and each token is divisible to the one-hundred-millionth (0.00000001) of a GAS.
To monitor the inflation rate of GAS, an algorithm that will unlock 100 million GAS over roughly 22 years utilizes a deteriorating half-life method.
During the Genesis Block formation, a total of 100 million Neo were created.
During an initial coin offering (ICO) in 2016, 50 million Neo was offered to early buyers for 4.65 million dollars, while the other 50 million Neo were locked into a smart contract.
The Neo development team is able to unlock a limit of 15 million Neo tokens per year, which they use to support the long-term ambitions of the project.
To set the groundwork for Neo’s capabilities, developers were provided with simplified resources that empower them to quickly deploy and scale smart contract applications on the Neo blockchain.
What is the History of NEO
Antshares was developed in 2014 by Da Hongfei and Erik Zhang. It was made available on GitHub in September 2015, and in February 2016, the white paper was released.
With the goal of putting together the history and the future, NEO formally rebranded as Antshares in June 2017.
The term “neo”, which means “new”, “modern”, and “young”, is derived from the ancient Greek prefix “νεo-“, which has the same meanings.
As part of the rebranding, the “smart economy” vision was created.
Onchain, the parent company of NEO, offered users one Ontology token (ONT) for every five NEOs they had in their cryptocurrency wallet as it circulated tokens in March of 2018.
The tokens are set to vote on upgrades to the infrastructure as well as identity authentication procedures and other governance concerns on the NEO network.