Article Summary, Automatically Generated By AI
Summary of Neo (NEO)
Overview
- Neo is a rapidly growing ecosystem aiming to become the foundation for the next generation of the internet.
- Initially known as Antshares, it was launched in February 2014 and rebranded to Neo in 2017.
Founders
- Co-founders: Da Hongfei and Erik Zhang
- Both serve as chairmen of the Neo Foundation, promoting blockchain adoption.
Unique Features
- Continuous development for futureproofing and high transaction capacity
- Two native tokens: NEO and GAS
- E
About NEO
Introducing Neo (NEO): The Pioneering Blockchain Platform
The Visionaries Behind NEO: Unveiling the Founding Masters
The Unique Proposition of Neo
The Circulating Supply of Neo (NEO) Coins: A Closer Look
The Security Mechanisms Underpinning the Neo Network
Acquiring Neo (NEO): A Comprehensive Guide to Exchanges and Platforms
Neo touts itself as a burgeoning ecosystem, rapidly evolving and expanding, with the ambitious goal of laying the groundwork for the next iteration of the internet – a novel economy where digital payments, identities, and assets converge.
Initially known as Antshares, this pioneering project was hailed as China’s inaugural public blockchain when it debuted in February 2014. The open-source platform underwent a transformative rebranding three years later, emerging as Neo.
In addition to fostering a global community of developers who construct novel infrastructure for the network and reduce barriers to entry, the project’s team spearheads an EcoBoost initiative, specifically designed to incentivize the development of decentralized applications and smart contracts on its blockchain.
It has frequently been likened to the Chinese counterpart of the Ethereum network, sharing a similar vision and architecture.
The co-founders of Neo, as well as its precursor Antshares, are the esteemed Da Hongfei and Erik Zhang. Both gentlemen concurrently serve as chairmen of the Neo Foundation, an organization dedicated to fostering the widespread adoption of the blockchain.
Da Hongfei has proclaimed that, despite the internet being a groundbreaking innovation, it is not without its shortcomings — particularly in regards to data ownership, where everyday consumers often relinquish control over their personal information. The visionary entrepreneur is convinced that blockchain applications will inevitably permeate the mainstream.
Erik Zhang is the esteemed creator of the Delegated Byzantine Fault Tolerance algorithm, a pioneering innovation designed to prevent malicious entities from compromising the integrity of blockchain operations. This groundbreaking technology has been successfully integrated into the Neo blockchain. Moreover, as a core developer, Zhang has been instrumental in shaping the network’s architecture and is currently playing a pivotal role in the development of Neo 3.0, the next-generation infrastructure iteration of the project.
One of the standout features of the Neo blockchain lies in its relentless pursuit of innovation, thereby ensuring its future-readiness and ability to seamlessly adapt to sudden spikes in demand. As previously mentioned, the project has successfully developed Neo 3.0, which significantly bolsters network security and enables a substantial increase in the number of transactions processed per second.
Distinguishing itself from other blockchains, this network boasts two native tokens: NEO and GAS. NEO functions as an investment token, empowering holders to participate in votes on blockchain enhancements, whereas GAS is utilized to settle transaction fees on the network.
Notably, few other blockchain projects have been as committed to a development fund as Neo has. Launched in 2019, EcoBoost was touted as an initiative offering “comprehensive, full life-cycle support” to high-potential projects, encompassing grants, technical assistance, and social media promotion.
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At the time of writing, a circulating supply of 70.5 million NEO tokens exists, with a total supply capped at 100 million. Notably, NEO tokens are not mined, and instead, the entire 100 million tokens were created simultaneously with the launch of the blockchain.
These tokens were allocated on a 50/50 basis, with half being designated for participants in a token sale, and the remaining half being divided between the developers and the NEO Council. At the time, it was confirmed that these funds would be utilized to invest in other blockchain protocols that the organization supports.
Concurrently, GAS is minted at intervals of approximately 20 seconds, coinciding with the creation of each new block. The token generation rate decreases incrementally on a yearly basis, with estimates suggesting that it will take approximately 22 years for the total supply of 100 million tokens to be fully circulated.
As previously noted, Neo employs Delegated Byzantine Fault Tolerance, and its blockchain is reportedly capable of handling thousands of transactions per second with remarkable efficiency.
According to Neo, the dBFT mechanism draws inspiration from the esteemed Practical Byzantine Fault Tolerance algorithm.
Notably, there exist parallels between this mechanism and delegated proof-of-stake, as both enable token holders to exercise their voting power in electing the delegates responsible for transaction processing.
By leveraging dBFT, blocks are seamlessly integrated into a blockchain, contingent upon the attainment of a consensus among at least two-thirds of delegates, thereby mitigating the potential for malicious entities to disrupt the network’s seamless operation.
NEO can be acquired on a multitude of exchanges, with the majority of investors opting to purchase it on prominent platforms like Binance, Poloniex, and HitBTC. However, its availability is not ubiquitous, and it is notably absent from certain platforms, including Coinbase.
Several prominent exchanges provide trading pairs that facilitate the exchange of NEO for Bitcoin. To learn more about converting your fiat currency into BTC, click
here
.