NEO (NEO)
NEO is a blockchain platform that enables the development of digital assets and smart contracts. Originally launched in 2014 as AntShares, it was founded by Da Hongfei and Erik Zhang and rebranded to Neo in June 2017. Neo uses a delegated Byzantine Fault Tolerance (dBFT) consensus mechanism, supporting up to 10,000 transactions per second. The platform offers infrastructures like decentralized storage, oracles, and domain name services, allowing users to create, deploy, and utilize decentralized applications (dApps), products, and services. Neo is often compared to Ethereum due to its smart contract capabilities, supporting various applications such as social media, prediction markets, decentralized finance (DeFi), and decentralized exchange (DEX) platforms. It also facilitates the storage, transaction, and distribution of different types of assets, including the linking of physical assets with digital tokens on the blockchain.
| Ticker | NEO |
| Category | Smart Contract Platform |
| Website | https://neo.org/ |
| @NEO_Blockchain | |
| https://www.reddit.com/r/NEO |
Neo EcoBoost program
On May 14, 2019, at Consensus 2019, Da Hongfei announced the USD$100M EcoBoost program to support the growth of the Neo ecosystem. Launched on June 26, 2019, the program aims to support developers and project participants in the ecosystem, providing growth support from the initial stages of project development.
History of Neo
The platform began as AntShares in 2014 and rebranded to Neo in June 2017. Led by Da Hongfei and Erik Zhang, who also founded OnChain, a Chinese cryptocurrency company, Neo became the first Chinese blockchain to incorporate smart contract functionality for public use. It introduced a dual-token system and implemented a consensus mechanism based on Byzantine Fault Tolerance (BFT), distributing 100 million tokens according to its white paper. In February 2019, Neo Blockchain opened an office in Seattle, USA, led by ex-Microsoft executive John deVadoss, to expand its presence in the U.S. market. On June 2, 2020, Neo initiated the InterWork Alliance (IWA) to promote tokenization standards and accelerate blockchain innovation. Neo launched the Poly Network on August 18, 2020, with Ontology and Switcheo, aiming to lay the foundation for the Next-gen Internet (NGI).
Governance in Neo
Neo's governance model comprises candidates, committee members, and consensus nodes. The committee maintains the on-chain environment and adjusts parameters for the main network, while consensus nodes package transactions and create blocks. The election process involves selecting consensus nodes and committee members from a pool of candidates based on votes. The committee typically includes 21 members, which is greater than the 7 consensus nodes, suggesting that consensus nodes are usually a subset of committee members.
Tokens in Neo
NEO
The Neo network is governed by NEO token holders who participate in blockchain governance through voting transactions. This includes electing consensus nodes, adjusting consensus plans, and modifying pricing models. Users can claim GAS in proportion to the NEO they possess.
GAS
GAS is the fuel token for Neo network resource control, with a minimum unit of 0.00000001. Users can acquire GAS through claiming or purchasing, and it is required as network fees for actions like transferring, registering assets, and running DApps. The Neo blockchain generates five GAS tokens per mined block, distributed among the Neo Committee, NEO voters, and all NEO holders.
Technology of Neo
Smart contracts
Neo's smart contracts support multiple programming languages, such as Python, C#, Java, and Go. This approach integrates blockchain technology into the developer’s workflow. Once developed, smart contracts are compiled to conform to the Neo Execution Format (NEF).
Consensus mechanism
Neo employs a delegated Byzantine Fault Tolerance (dBFT) consensus mechanism, supporting regulatory compliance and decentralized application development. The dBFT allows for large-scale participation through proxy voting, where NEO token holders vote for consensus nodes, which then generate new blocks through the BFT algorithm.
NeoFS
NeoFS is a decentralized data storage solution within the Neo blockchain network, providing secure and private data storage as an alternative to centralized data silos. It uses cryptographic encryption, offering developers authority over data storage and management.
NeoID
NeoID allows users to create decentralized identities securely stored on the Neo blockchain. Users can transact with partners who have verified digital identities, enhancing security and aligning with global regulations.
Neo Name Service
Neo offers decentralized domain names for web applications on its blockchain, similar to the Ethereum Name Service, providing a simpler alternative to conventional wallet addresses.
Neo Wallet
The native crypto wallet of Neo facilitates the transfer of NEO or GAS during transactions or smart contract interactions, designed for easy navigation of decentralized applications within the Neo ecosystem.
NEO Legacy to NEO N3 Migration
In August 2021, Neo upgraded from Neo Legacy to N3. This migration involved transferring NEO and GAS tokens from the Neo Legacy blockchain to the Neo N3 blockchain, allowing users to utilize enhanced features and capabilities. The process involved creating a new address on the Neo N3 blockchain and transferring tokens at a 1:1 ratio.
Neoverse
On September 1, 2021, Neo Global Development launched Neoverse, an NFT mint and collection event, celebrating the N3 launch. Neoverse N3 Collector's Edition NFTs hold VIP privileges within the Neo ecosystem, fostering N3 ecosystem growth.
Partnerships
Neo x Blockchain-based Services Network
On July 21, 2020, Neo partnered with the Blockchain-based Services Network (BSN) to support a digital economy by providing a low-cost platform for blockchain projects. Neo became a technological pillar of the BSN, collaborating with entities like the Chinese State Information Center, China UnionPay, and China Mobile to advance blockchain innovation and mass adoption.
Neo x Immunefi
On January 7, 2022, Neo collaborated with Immunefi, a Web3 bug bounty platform, to offer a vulnerability bounty program. This provided a channel for security researchers to report potential vulnerabilities in the Neo blockchain infrastructure.
Neo x Diesis
On March 1, 2022, Neo partnered with Diesis, the EU social economy network, to create a smart, social economy using the Neo N3 ecosystem's decentralized file storage, NeoID, and smart contracts. The initiatives included technical assistance and training sessions to integrate blockchain solutions.
Neo x OKX
On July 5, 2023, Neo launched the Neo APAC Hackathon with OKX, offering a total prize pool of $120,000 and a post-hackathon grant fund of $1 million. The event invited Web3 enthusiasts to participate across various categories, running from July to October 2023 in six APAC cities.