NEO is the use of blockchain technology and digital identity to digitize assets, the use of smart contracts for digital assets so that they manage themselves, to realize ‘smart economy’ with a distributed network. In other words, “smart contracts” are registered on the NEO Blockchain. NEO makes proof of the ownership of goods, fiat money, shares, etc … between different parties, taking into account all legal complications and obligations that may arise in the transfer of these shares, assets and assets.
NEO is in other words very similar to Ethereum but focused on the Asian market and more specifically China.
NEO has existed since 2014 but was then developed under the name Antshares.
Just like Ethereum NEO is developed with the Turing Complete technology and is fully compatible with various programming languages such as Java, Phyto and .Net.
In order to guarantee the speed of the network, NEO has developed its own consensus algorithm, namely the dBFT (fully distributed Byzantine fault tolerance).
The NEO platform can therefore process 10,000 transactions per second, in contrast to Ethereum where this confirmation speed is 660 times slower.
NEO has two different “tokens” called GAS and NEO (ANC). There is a fundamental difference between the two.
A NEO (ANC) can be compared to a share of a company. One buys part of the NEO blockchain and acquires the rights to decide how the NEO blockchain will evolve and develop further. A NEO (ANC) is therefore indivisible.
These shares generate dividends, as in traditional markets. These dividends are paid in GAS. GAS is the actual “currency” with which the “smart contracts”, the transactions on the platform, are paid. GASs can be traded to a value of 8 digits after a decimal point.
NEO and before Antshares was developed by Onchain led by Da Hongfei.
Visualisation NEO against world fiat currencies.