NEO (cryptocurrency)

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NEO
Cardano logo
Logo of NEO
Ticker symbolNEO, formerly ANS
Development
Original author(s)Da Hongfei, Erik Zhang
White paperhttp://docs.neo.org/en-us/whitepaper.html
Initial releaseFebruary 2014; 5 years ago (2014-02) as AntShares and rebranded as Neo in June 2017[1]
Code repositoryNEO Github
Written inC#
LicenseMIT
Websiteneo.org
Ledger
Block time15-25 seconds[citation needed]
Block explorerneotracker.io
neoscan.io
Supply limit100 million

NEO (formerly Antshares) was founded in 2014 by Da HongFei and Erik Zhang. NEO is an open-source, community driven platform for decentralized applications. Along with the rebranding from Antshares in 2017, the vision to realise a “smart economy” was established. It is to utilize blockchain technology and digital identity to digitize assets, smart contracts are employed to automate the management of these digital assets.[2]

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.

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.[3]

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.[4]

NEO uses a delegated Byzantine Fault Tolerance (dBFT) consensus mechanism and can support up to 10,000 transactions per second.[5][6]

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.[4]

About NEO[edit]

History[edit]

In 2014, Antshares was founded by Da Hongfei and Erik Zhang. In the following year, it was open-sourced on GitHub and by September 2015, the white paper was released. NEO was officially rebranded from Antshares in June 2017, with the idea of combining the past and the future. The word “neo”, originates from the ancient Greek prefix, “νεο-“, meaning ‘new’, ‘modern’, and ‘young’. The vision of building a “smart economy” was developed along with the rebranding.

Organizational structure[edit]

In 2018, Da Hongfei announced the adoption of a new organizational structure. The NEO Council was to be reorganized into the NEO Foundation, co-chaired by Hongfei and Erik Zhang, and two operational units funded by the NEO Foundation: NEO Global Development (NGD) and NEO Global Capital (NGC)[7].

NGD is dedicated to the research and development, community operations and marketing and will be executing strategies outlined by NEO Foundation. In April 2018, the first NGD office was set up in Shanghai and a year later, the second NGD office was opened in Seattle.

References[edit]

  1. ^ "Cryptocurrencies and blockchain" (PDF). European Parliament. Retrieved 19 January 2019.
  2. ^ "Cryptocurrencies and blockchain" (PDF). European Parliament. Retrieved 19 January 2019.
  3. ^ Chang, Evelyn (12 March 2018). "'Airdrops' are coming". CNBC. Retrieved 23 March 2018.
  4. ^ a b Soeteman, Krijn (10 February 2018). "Operation of dBft mapped via Neo". Computable. Retrieved 23 March 2018.
  5. ^ "The new age of ICOs is here, and it's not based on Ethereum". TechCrunch. Retrieved 13 January 2018.
  6. ^ "Bitcoin and Cryptocurrency: What You Need to Know". Rolling Stone. Retrieved 27 December 2017.
  7. ^ Wang, Erwin (2018-06-09). "NEO: The Chinese Ethereum". Lunar Digital Assets. Retrieved 2019-04-12.

External links[edit]