NEO (NEO)
NEO is a next-generation smart economy platform, formerly known as Antshares, and is recognized as China's first open-source blockchain. Founded in 2014, it is often referred to as the "Ethereum of China" due to its similar capabilities in enabling the development of decentralized applications (dApps) and smart contracts. NEO aims to create a "smart economy" by integrating digital assets, digital identity, and smart contracts into a comprehensive blockchain ecosystem.
History of NEO
| Ticker | NEO |
| Category | Smart Contract Platform |
| Website | https://neo.org/ |
| @NEO_Blockchain | |
| https://www.reddit.com/r/NEO |
NEO was developed by the Shanghai-based blockchain research and development company OnChain. The project gained initial funding through two crowdsales. The first crowdsale in October 2015 successfully sold 17.5 million NEO tokens, raising $550,000. A subsequent crowdsale sold the remaining 22.5 million NEO tokens for $4.5 million. These successful funding rounds set the stage for the development and expansion of the NEO platform.
How NEO works
NEO's primary objective is to digitize assets using blockchain technology and digital identity in order to create a smart economy. This is achieved through a combination of decentralized asset management, digital identity verification, and the execution of smart contracts.
Asset digitization
NEO allows for the digitization of tangible assets such as real estate, company shares, and fiat money. By leveraging blockchain technology, these assets can be registered, issued, and circulated on the NEO network. This digitization process transforms traditional assets into digital forms that can be easily traded and managed within the blockchain ecosystem, fostering a new economy based on digital transactions.
Digital identity
The NEO platform incorporates a robust digital identity system, which bridges the gap between the blockchain and the real-world economy. It uses custom digital identity standards to create electronic identity data for individuals, organizations, and entities. This system employs multi-layered authentication methods, including facial and voice recognition as well as fingerprint identification, to ensure secure and reliable identity verification.
Smart contracts
Smart contracts are a core component of the NEO platform, enabling automated and trustless execution of contracts between parties. NEO's smart contracts facilitate a wide range of applications, from simple financial transactions to complex decentralized applications. The platform's smart contract functionality is designed to be flexible and accessible, allowing developers to create and deploy dApps efficiently.
Legal protection and trust
One of the distinguishing features of the NEO platform is its emphasis on legal protection and trust. All digital assets on the NEO blockchain are protected by digital certificates, offering a legally binding guarantee of ownership and authenticity. This legal assurance is enhanced by the use of a public blockchain, which provides an indelible and unalterable record of all asset transactions and holdings. This transparency and security foster trust among participants in the NEO ecosystem.