What is Neo?

Neo, initially known as Antshares, is an open-source blockchain platform that was launched in February 2014. It is often likened to the Chinese version of the Ethereum network due to its similar functionalities. Neo aims to create a new economy where digitized payments, identities, and assets come together, forming the foundation for the next generation of the internet. The platform has two native tokens: NEO and GAS. NEO serves as a token that allows people to participate in votes concerning improvements to the blockchain, while GAS is used to compensate for the transactions being completed on the network. The platform also operates an EcoBoost initiative that encourages the development of decentralized apps and smart contracts on its blockchain.

How does Neo work?

Neo operates using a Delegated Byzantine Fault Tolerance (dBFT) algorithm, which strives to deter untrustworthy participants from taking part in the blockchain's operation. This technology is used in the Neo blockchain and was authored by Erik Zhang, one of the co-founders of Neo. The platform also has continuous development, which aims to adapt to future demands. The project has developed Neo 3.0, enhancing network security and allowing a greater number of transactions per second to be processed.

What are the potential use cases for Neo?

Neo seeks to become the foundation for the next generation of the internet, a new economy where digitized payments, identities, and assets come together. It encourages the development of decentralized apps and smart contracts on its blockchain through its EcoBoost initiative. The platform's two native tokens, NEO and GAS, also have their own use cases. NEO serves as a token that allows people to participate in votes concerning improvements to the blockchain, while GAS is used to compensate for the transactions being completed on the network.

What is the history of Neo?

Neo was launched in February 2014, initially known as Antshares, and is believed to be China's first-ever public blockchain. The open-source platform rebranded to Neo three years later. The co-founders of Neo, and its predecessor Antshares, are Da Hongfei and Erik Zhang. Both serve as chairmen of the Neo Foundation, which seeks to facilitate the blockchain's adoption. Erik Zhang was the author of the Delegated Byzantine Fault Tolerance algorithm, which aims to deter untrustworthy participants from taking part in the blockchain's operation. This technology went on to be used in the Neo blockchain. He also served as the core developer for this network and is playing an instrumental role in the development of Neo 3.0, the next iteration of the project’s infrastructure.