NEO (cryptocurrency)

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NEO
120px
Logo of NEO
Ticker symbol NEO, formerly ANS
Development
Original author(s) Da Hongfei, Erik Zhang
White paper http://docs.neo.org/en-us/whitepaper.html
Initial release February 2014; 10 years ago (2014-02)[1] as AntShares
Code repository NEO Github
Written in C#
License MIT
Website neo.org
Ledger
Block time 15-25 seconds[2]
Block explorer neotracker.io
neoscan.io
Circulating supply c. 65.0 million (as of 6 March 2018)[3]
Supply limit 100 million

NEO is a blockchain platform and cryptocurrency designed to build a scalable network of decentralized applications. The base asset of the NEO blockchain is the non divisible NEO token which generates GAS tokens that can be used to pay for transaction fees generated by applications on the network.[4] NEO supports a wide variety of commonly used programming languages such as Javascript, C#, Python, Java, and Go, by using a customized version of Docker called NeoVM that compiles the code into a secure executable environment.[5]

History

The NEO project was originally launched in 2014 as AntShares with development resources provided by founder Da Hongfei and Erik Zhang. They later also founded Onchain to provide blockchain consulting services.[6][7] NEO rebranded from Antshares to NEO in June 2017.[8] In March 2018, parent company Onchain distributed 1 ontology (ONT) token for every 5 NEO held in a user's wallet which will be used to vote on system upgrades, identity verification, and other governance issues on the NEO platform.[9]

Architecture

Distribution

A total of 100 million NEO were created in the Genesis Block. 50 million NEO were sold to early investors, with the remaining 50 million NEO locked into a smart contract. Each year, 15 million NEO tokens are unlocked which can be used by the NEO development team to fund long term development goals. NEO tokens generate a slowly deflationary amount of GAS tokens which are used to pay for transactions on the network. The inflation rate of GAS is controlled with a decaying half life algorithm that will release 100 million GAS over approximately 22 years.[10][2]

Consensus

NEO uses a delegated Byzantine Fault Tolerance (dBFT) consensus mechanism and can support up to 10,000 transactions per second.[11][12][13] To achieve consensus, book keeping nodes are randomly selected to validate transactions on the network based overlapping networks of trust in a manner most similar to Hyperledger Fabric and Stellar which employ subtlety different implementations to solve for the Byzantine General's problem. Systems employing dBFT for consensus cannot hard fork into two separate chains as the mechanism relies on 2/3 majority rule to operate.[14]

Compiler

NEO smart contracts support many common programming languages via the neoVM compiler, including those on Microsoft.net, Java, Kotlin, Go and Python.[15] Isolation of smart contract code inside of the neoVM is crucial for network security and scalability. neoVM features a lighter weight implementation of Docker which reduces requirements on system resources by avoiding the need to replicate an entire virtual environment.[5]

Features

The core of the NEO feature set revolves around tools that allow developers to efficiently deploy and scale smart contract applications on the NEO blockchain.

  • NEP5 Communications Standard - the NEP5 gives developers a standardized workflow and template to build decentralized applications. All tokens using the NEP5 standard are automatically able to transact with any other token using the NEP5 standard which allows for applications such as decentralized exchanges and other more advanced cross token communication.[16]
  • X.509 Digital Identities allow developers to tie tokens to real world identities which aids in complying with KYC/AML and other regulatory requirements[10]
  • NeoX – A cross chain protocol that will allow NEO tokens to communicate with tokens on other blockchains.
  • NeoFS – A decentralized file sharing service based on the InterPlanetary File System.
  • NeoQS – A lattice-based cryptographic mechanism which creates problems that cannot be solved by quantum computers and ensuring being quantum-proof [17]

References

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External links

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