Neo is an open-source community blockchain that incorporates digital assets, digital identities, and smart contracts to create a foundation for the next generation of the Internet.
What is Neo?
- NEO is an open-source community focused blockchain ecosystem launched in 2014. It has rapidly set itself as the bedrock for a worldwide community of developers, and users.
- NEO incorporates the trifecta of digital assets, digital identities, and smart contracts to create a foundation for the next generation of the Internet.
- NEO was one of the founding members of the interoperability protocol Poly Network. With the Poly protocol, cross-chain interactions between otherwise incompatible blockchains become seamless.
- The NEO network differs from most other blockchains because it has two native tokens: NEO and GAS.
- NEO serves as the main investment and governance token (allowing holders to vote on changes to the protocol)
- GAS is used for transaction fees on the network.
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Who is behind Neo?
Neo was co-founded by Da Hongfei and Erik Zhang. Both serve as chairmen of the Neo Foundation, which aims to promote the blockchain’s adoption.
Da Hongfei pointed out many flaws of the internet. One of them was how users do not have control over their data. Accordingly, he has a strong belief in blockchain.
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.
What is the purpose of Neo?
Neo has the goal of becoming the foundation for the next generation of the internet — a new economy where digitized payments, identities and assets come together.
- NEO does not prescribe programming languages for their protocol. This opens the door to allowing developers to integrate effortlessly into the NEO ecosystem with whichever language they are most comfortable with, including C#, Python and Java. All of this plays into reducing the barriers of entry into the ecosystem, and smoothing the transition from the Old World onto the blockchain.
- Without the use of ‘wrapping’ or any extra tokens, NEO and other blockchains are opened up to new use cases, and consequent possibilities.
- Neo’s EcoBoost provides full life-cycle support to promising projects that are looking to build on the NEO ecosystem. This includes media partners for outreach and publicity, exchange partners for listings and liquidity, and institutional partners for other industry resources.
- The fact that Neo is a centralized platform where half of all cryptocurrencies are in control of the developers can be considered a threat to other token holders.
News and Updates
- Neo released Neo-CLI v3.0.3 on October 8, 2021. The update has improved various issues including Neo’s Copyright and License declaration and adding highlights in CLI console system to improve user friendliness
- On Sep 14, 2021Neo council made an announcement of reducing its gas fees by 80%. According to the fee reduction, the cost for a GAS transfer on Neo N3 is now closer to $0.10, down from $0.56, and the cost for a simple NFT mint is near $0.60, down from $2.91.
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