NEO (cryptocurrency)

Source: Wikipedia, the free encyclopedia.
Neo
Denominations
CodeNeo, formerly ANS
Development
Original author(s)Da Hongfei, Erik Zhang
White paperhttps://docs.neo.org/docs/en-us/basic/whitepaper.html
Initial releaseFebruary 2014; 10 years ago (2014-02) as AntShares and rebranded as Neo in June 2017[1]
Code repositoryNEO Github
Written inC#
LicenseMIT
Ledger
Block time15-25 seconds[citation needed]
Block explorerneotracker.io
neoscan.io
Circulating supply70,530,000
Supply limit100,000,000
Website
Websiteneo.org

Neo is a

smart contracts and decentralized applications. The project, originally named Antshares, was founded in 2014 by Da HongFei and Erik Zhang and rebranded as Neo in 2017.[1] In 2017 and 2018, the cryptocurrency maintained some success in the Chinese market despite the recently-enacted prohibition on cryptocurrency in that country.[2][3]

Technical specifications

The Neo network runs on a proof-of-stake decentralized Byzantine fault tolerant (dBFT) consensus mechanism between a number of centrally approved nodes,[4] and can support up to 10,000 transactions per second.[2] The base asset of the Neo blockchain is the non-divisible Neo token which generates GAS tokens. These GAS tokens, a separate asset on the network, can be used to pay for transaction fees, and are divisible with the smallest unit of 0.00000001. The inflation rate of GAS is controlled with a decaying half-life algorithm that is designed to release 100 million GAS over approximately 22 years.[5]

X.509 Digital Identities allow developers to tie tokens to real-world identities which aid in complying with KYC/AML and other regulatory requirements.[5]

History

In 2014, Antshares was founded by Da Hongfei and Erik Zhang. In the following year, it was open-sourced on GitHub and by September 2015, the white paper was released.[citation needed]

A total of 100 million Neo were created in the genesis block.[5] 50 million Neo were sold to early investors through an initial coin offering in 2016 that raised US 4.65 million,[3] with the remaining 50 million Neo locked into a smart contract. Each year, a maximum of 15 million Neo tokens are unlocked which are used by the Neo development team to fund long-term development goals.[5]

Neo was officially rebranded from Antshares in June 2017, with the idea of combining the past and the future.[citation needed]

Neo3 or N3 was first announced by Erik Zhang in 2018 as an upgrade to the previous Neo protocol (now known as Neo Legacy).[citation needed] Certain new features do not have backward compatibility with the Neo Legacy blockchain. N3 was implemented and launched with a new genesis block.[6]

In March 2018, Neo's parent company Onchain distributed 1 Ontology token (ONT) for every 5 NEO held in a user's cryptocurrency wallet. These tokens were intended to be used to vote on system upgrades, identity verification mechanisms, and other governance issues on the Neo platform.[7]

References

  1. ^ a b "Cryptocurrencies and blockchain" (PDF). European parliament.
  2. ^ a b "China's Largest Cryptocurrency Thrives Despite Intense Crackdown". Bloomberg News.
  3. ^ a b Glenn, Brenda Goh, Elias (2017-09-13). "Cryptocurrency chaos as China cracks down on ICOs". Reuters. Retrieved 2020-09-17.{{cite news}}: CS1 maint: multiple names: authors list (link)
  4. doi:10.3390/fi12080129
    .
  5. ^ a b c d Soeteman, Krijn (10 February 2018). "Operation of dBft mapped via Neo". Computable. Retrieved 23 March 2018.
  6. ^ neo-project. "Migration - Neo Smart Economy". neo.org. Retrieved 2021-05-07.
  7. ^ Chang, Evelyn (12 March 2018). "'Airdrops' are coming". CNBC. Retrieved 23 March 2018.

External links

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