Neo (NEO) is a smart contract platform for building dApps, enabling the digitization and automation of asset management. Originally launched as Antshares by Da Hongfei and Erick Zhang in 2014 and rebranded in 2017, is a blockchain platform that came to life following a successful token sale raising over 6,100 Bitcoin.
It aims to improve digital assets and smart contracts utilization. Often referred to as the "Ethereum of China," Neo differentiates itself by supporting decentralized applications (dApps) and introducing features like decentralized file storage, identity verification systems, and an oracle system for integrating external data.
The platform operates on a dual-token ecosystem consisting of NEO and GAS, which are integral for governance and network transactions, respectively. NEO tokens grant holders the right to vote on network changes, whereas GAS is used for transaction fees and services. This setup highlights Neo's focus on user-driven governance.
Neo utilizes the Delegated Byzantine Fault Tolerant (dBFT) consensus mechanism, a version of the delegated proof of stake (DPoS) system. It facilitates a voting system where NEO holders can select consensus nodes responsible for block generation, aiming to balance scalability and security.
The platform's smart contract system, NeoContract, allows the creation of dApps using popular programming languages like C# and Java. This lowers barriers for developers and promotes a diverse ecosystem of decentralized applications. Neo prioritizes an environmentally friendly consensus mechanism and seeks to lead in innovation by marrying technical advancements with inclusive governance practices.
