Master Contract Token (MCT) offered by the Neo smart economy blockchain is a utility token. Most utility tokens on the NEO blockchain are built for a specific DApp; however, MCT aims to be a utility token used for numerous DApps, not tied to any single DApp.

Neo aims to be an open-source, community-driven, developer-friendly, feature-complete blockchain platform for building decentralized applications. According to the founder of Ethereum, Vitalik Buterin, with the kind of cryptocurrency bear market, the famous blockchains have become critical to start getting real-world adoption. Without adoption, the whole crypto industry might slowly lose relevance. Thus, Neo also looks forward to embracing real-world usage of blockchains with MCT.

As per the whitepaper, the token aims to have the following four features:

The MCT team hypothesizes that increasing the DApp development on NEO is possible by removing certain noteworthy obstacles developers face presently. Solving the challenges aims to get more developers to consider developing on NEO. NEO seeks to encourage developers to use MCT as a utility token by resolving the obstacles. Thus, with more developers flocking to NEO, the probability of projects helping real-world adoption increases.

The project used an initial airdrop to distribute MCT into the ecosystem. Tokens were distributed to any Neo address on the Neo MainNet by May 8, 2018.

The MCT ICO won't happen as per the website, and the MCT smart contract is the end product.