What Is Neo (NEO)?

Neo is a distributed network that utilizes blockchain technology to digitize assets. The platform combines digital assets, digital identities, and special smart contracts to build a self-managed smart economy for the future. The Neo Legacy has been running with a stable mainnet for the last four years; however, Neo has migrated to a more powerful and feature-rich version of the Neo blockchain to date, N3, as per the website. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain.

The N3 version of Neo is aiming to bring innovative and state-of-the-art features to the platform:

Multi-Language Support: Neo N3 seeks to eliminate the language barrier and allows the users to operate in a language they know and love. The platform developers have integrated the most widely used languages and tools to better the user experience.

Decentralized Storage: Neo N3 seeks to introduce the network users to a reliable and performant decentralized storage solution—a storage solution that has no centralized dependencies. Additionally, the user data aims to stay securely encrypted and available for a first-class user experience.

Native Oracle: Smart contracts function as a revolutionary tool for accessing data; however, these contracts do have a few natural limitations. Neo N3’s native oracle feature allows the developers to access off-chain data sources. This results in opening up new opportunities for creating high-scale decentralized services.

Self-Sovereign Identity: Neo N3 seeks to utilize verifiable credentials for an additional layer of authentication to user’s applications. The users can customize the needed precise level of attribute verification to ensure the correct functionality of the contract. At the same time, regulatory compliance and filtering out bots can also be ensured via this customizable verification.

Advanced Interoperability: Neo N3 is connected to a vast number of blockchains enabling cross-chain interaction as easily as the native platform transaction.

Next, Neo N3 works on a dual-token model, and this model allows the network users to take part in the ecosystem without reducing their stake amount. The first token is NEO, and it represents having the right to manage the network. NEO holders can vote for order bookkeeping, network parameter changes, and more. The NEO token is indivisible, meaning that it cannot be broken into smaller pieces while withdrawing. The second token, GAS, is the fuel token of the N3 ecosystem. The network charges GAS for the storage and utility of tokens and smart contracts.

History of Neo (NEO)

Erik Zhang is the founder of Neo, and he had announced his intentions of building Neo 3.0 back in July 2018. The Neo ecosystem launched its N3 version on August 2, 2021. The token holders of NEO and GAS need to migrate to the new mainnet. The platform organized the early bird migration on August 9, 2021, followed by mass migration on September 1, 2021.The maximum total supply for both the tokens (NEO and GAS) is 100 million.