NEO, previously known as “Antshares”, changed its name on 22nd June 2017 and is the first open source cryptocurrency launched in China.
NEO is also known as Chinese Ethereum and Ethereum’s killer and was founded in 2014.
A total of 100 million NEO coins were issued, with the NEO coins representing the ownership of NEO blockchain.
NEO blockchain is a key driver behind NEO Coin. NEO is a non-profit community-based blockchain project supporting the management of digital assets using a smart contract.
NEO allows the digitalization of assets on the decentralized blockchain, making it free of intermediaries, whilst being transparent, trustful and traceable. Digital assets are anything in electronic format and come with the right to use, including audio and video files and other electronic documents filed on computers, tablets, mobile phones, etc.
Key characteristics of NEO to benefit users include:
Digital Assets: Programmable assets that exist in the form of electronic data. On Neo’s blockchain, users are able to register, trade and circulate multiple types of assets. This creates a connection between digital and physical assets through digital identity.
Digital Identity: Refers to the identity information of individuals, organizations and other entities that exist in electronic form.
Smart Contracts: Automated contracts that have instructions embedded within the code that is then executed as per the terms of the contract. Enables developers from around the world to quickly carry out the development of smart contracts, with developers not being required to learn a new programming language.
DApps: The NEO platform provides an environment for tech experts to develop DApps on the NEO blockchain.
The ultimate goal is for NEO to deliver a smart economy, a smart economy described as:
Digital assets + Digital Identity + Smart Contracts
NEO was founded by Da Hongfei and CTO Erik Zhang, who also founded blockchain R&D company OnChain.
NEO’s algorithm is proof-of-stake, where processing power is dependent upon the number of tokens held by miners, as opposed to computing power as is the case of proof-of-work algorithms.
Some distinct differences and characteristics of NEO include:
- There are no physical NEO coins, only virtual.
- NEO cannot be mined and can only be bought or traded, with NEO coin holders receiving GAS as income.
- The more NEO coins held the more GAS earned.
- NEO was the first decentralized, open source cryptocurrency and blockchain platform launched in China.
- The ultimate aim is to convert traditional assets into digital ones using smart contracts, to be stored on a decentralized platform and protected by law using digital certificates.