NEO: The Basics
NEO is a blockchain platform and cryptocurrency, which is designed to digitize assets using smart contracts, aiming to bring blockchain to the masses.
The NEO coin was launched as Antshares by Da Hongfei. It was in June 2017 that Antshares was rebranded as NEO.
NEO has an active development team with both in-house developers in charge of developing the platform and a strong community of third-party developers, who would then develop the decentralized apps (DApps).
NEO is a unique blockchain algorithm, supporting decentralized commerce, identification, and digitization of various assets.
It integrates blockchain technology with the digital identity, creating ways for physical assets like money or company shares assets to be digitized and exchanged over the NEO network in a peer-to-peer manner.
NEO aims to build a platform on which other decentralized applications can be built by allowing users to execute smart contracts on their blockchain, thus increasing the spread of the blockchain technology.
Rather than the conventional Proof-of-Work technology, NEO uses a consensus mechanism called Delegated Byzantine Fault Tolerance (dBFT), which offers lower electricity costs and removes the possibility of a chain split. This also makes it easier for NEO to achieve its goal of digitalizing physical financial assets.