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NEO (cryptocurrency)

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NEO
Cardano logo
Logo of NEO
Denominations
CodeNEO, formerly ANS
Development
Initial releaseFebruary 2014; 10 years ago (2014-02)[1] as AntShares
Ledger
Block explorerneotracker.io
neoscan.io
Circulating supplyc. 65.0 million (as of 6 March 2018)[2]
Supply limit100 million
Website
Websiteneo.org

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 for transaction fees generated by applications on the network.[3] NEO supports a wide variety of commonly used programming langauges such as Javascript and C++ by using a customized version of Docker called neoVM that compiles the code into a secure executable environment.[4]

History

The NEO project was originally launched in 2014 as AntShares with development resources provided by founder Da Hongfei through his development company Onchain.[5][6] NEO rebranded from Antshares to NEO in June of 2017. [7][8]

Architecture

Distribution

A total of 100 million NEO was issued and represents the ownership of the chain. 100 million NEO was created in the Genesis Block with 50 million NEO sold to early investors with an additional 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 until all 100 million are released. Each NEO token generates slowly deflationary amount of GAS tokens until 100 million GAS tokens are released. The inflation rate of GAS is controlled with a decaying half life algorithm that will release 100 million GAS over approximately 22 years.[9]

Consensus

NEO uses a delegated Byzantine Fault Tolerance (dBFT) consensus mechanism and can support up to 10,000 transactions per second.[10][11] [12] To achieve consensus, book keeping nodes are randomly selected to validate transactions on the network based overlapping networks of trust in a manner most similar to Hyperledger Fabric and Stellar which employ subtlety different implementations to solve for the Byzantine General's problem. Systems employing dBFT for consensus cannot hard fork into two separate chains as the mechanism relies on 2/3 majority rule to operate.[13]

Compiler

NEO smart contracts support many common programming languages via the neoVM compiler, including those on Microsoft.net, Java, Kotlin, Go and Python. [14] Isolation of smart contract code inside of the neoVM is crucial for network security and scalability. neoVM features a lighter weight implementation of Docker which reduces requirements on system resources by avoiding the need to replicate an entire virtual environment.[4]

Features

The core of the NEO feature set revolves around tools that allow developers to efficiently deploy and scale applications on the NEO blockchain.

  • NEP5 Communications Standard - the NEP5 gives developers a standardized workflow and template to build decentralized applications. All tokens using the NEP5 standard are automatically able to transact with any other token using the NEP5 standard which allows for applications such as decentralized exchanges and other more advanced cross token communication.[15]
  • X.509 Digital Identities allow developers to tie tokens to real world identities which aids in complying with KYC/AML and other regulatory requirements[9]
  • NeoX – This system will create the ability to execute and operate across various Blockchains
  • NeoFS – A decentralized file sharing service based on the InterPlanetary File System.
  • NeoQ – A lattice-based cryptographic mechanism which creates problems that cannot be solved by quantum computers and ensuring being quantum-proof [16]

References

  1. ^ "Who is NEO's Da Hong Fei? A Career Spotlight". CoinCentral.
  2. ^ "NEO (NEO) price, charts, market cap, and other metrics – CoinMarketCap". coinmarketcap.com.
  3. ^ "Titan Digital Asset Group Research, NEO: The Vanguard of a Digitized China". Strategic Coin. Retrieved 27 December 2017.
  4. ^ a b "Reconstructing Smart Contracts Part I". The Merkle. Retrieved 23 March 2018.
  5. ^ "China's Largest Cryptocurrency Thrives Despite Intense Crackdown". Bloomberg Technology. Retrieved 13 January 2018.
  6. ^ "Why You Should Keep Qtum on Your Radar in 2018". CryptoSlate. Retrieved 27 December 2017.
  7. ^ "NEO versus Ethereum: Why NEO might be 2018's strongest cryptocurrency". Hacker Noon. 2017-12-06. Retrieved 2018-02-24.
  8. ^ Kuznetsov, Nikolai (10 August 2017). "NEO Co-Founder Banks On Blockchain To Build A Smart Economy". Forbes. Retrieved 23 March 2018.
  9. ^ a b Soeteman, Krijn (10 February 2018). "Operation of dBft mapped via Neo". Computable. Retrieved 23 March 2018.
  10. ^ "The new age of ICOs is here, and it's not based on Ethereum". TechCrunch. Retrieved 13 January 2018.
  11. ^ "Bitcoin and Cryptocurrency: What You Need to Know". Rolling Stone. Retrieved 27 December 2017.
  12. ^ "NEO Cryptocurrency - Beginner's Guide".
  13. ^ "Blockchain project Antshares explains reasons for choosing dBFT over PoW and PoS". Econotimes. 25 April 2017. Retrieved 23 March 2018.
  14. ^ Fink, Bradley. "Antshares Rebrands, Introduces NEO and the New Smart Economy". Bitcoin Magazine. Retrieved 2018-02-16.
  15. ^ Herrarra, Stephanie (22 February 2018). "NEP5 Tokens coming to Binance". USA Commerce. Retrieved 23 March 2018.
  16. ^ "What is NEO Cryptocurrency?". CoinCentral. 2017-11-02. Retrieved 2018-02-14.
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