Neo (NEO) - a smart asset cryptocurrency platform and the first open source blockchain project from China. NEO and GAS tokens have also been issued as part of the blockchain platform. The NEO cryptocurrency project, used to be known as Antshares.
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Description of Neo (NEO)
Originally known as Antshares, this project was considered China's first public blockchain when it launched in February 2014. The open source platform was subsequently renamed $Neo three years later. In addition to creating a worldwide community of developers who create new infrastructure for the network and lower barriers to entry, the team behind this project manages the EcoBoost initiative, which aims to encourage people to build decentralized applications and smart contracts on their blockchain.
The project is often compared to the Chinese version of the Ethereum network. $Neo's co-founders and Antshares predecessors are Da Hongfei and Eric Zhang. Both are chairmen of the $Neo Foundation, which aims to promote blockchain adoption.
Platform feature
The $NEO platform and the cryptocurrency of the same name have several features that seriously distinguish it from the Ethereum network and other platforms for conducting IPO projects.
| Development | As part of the project, $Neo 3.0 was developed - improving network security and providing more transactions per second. |
| Tokens | Unlike many other blockchains, this network also has two native tokens: $NEO and GAS. $While NEO serves as an investment token and allows people to vote on blockchain improvements, GAS helps to pay fees for transactions that complete on the network. |
Few other blockchain projects also run a development fund to the extent that $Neo does. EcoBoost was launched back in 2019 and it was announced as an initiative that provides full lifecycle support for high potential projects, including grants, technical support and social media promotion.
Project tokenomics
At the time of writing, there are 70.5 million $NEOs in circulation and a total supply of 100 million. $NEO tokens are not mined, and indeed, all 100 million of them were generated when the blockchain was launched. Tokens can be purchased on a number of exchanges. Most people buy cryptocurrency:
- Binance;
- Poloniex;
- HitBTC.
Many exchanges offer trading pairs that link the coin to Bitcoin. Users pay with this cryptocurrency to create and run smart contracts. The fee is proportional to the computing resources, consumed by the contract. These fees go to blockchain participants as a reward for their activities on the network.