Neo is a software network that strives to serve as a platform through which anyone can transact and create decentralized products and services; similar to a platform provided by Ethereum.
The Neo Foundation was initially known as Antshares. The project launched in February 2014 was believed to be the first-ever public blockchain of China. The open-source platform was later rebranded to Neo three years later, in 2017. The Neo blockchain aims to automate the management of digital assets via smart contracts, with the eventual aim of building a distributed network-based smart economy system.
The NEO blockchain provides easy digitalization of assets in an open, decentralized, traceable, and transparent manner without intermediaries and their costs. Using the Neo platform users can link their physical assets with a digital avatar and it comes with the protection that NEO blockchain provides!
Neo, launched as Antshares, was created by Da Hongfei and Erick Zhang in 2014 and rebranded to Neo, three years later in 2017. Both the co-founders serve as chairmen of the Neo Foundation, which aims to promote the blockchain’s adoption.
Both Da Hongfei had mentioned that the internet is a great invention despite it having many flaws, but both he and Erick Zhang believe blockchain applications to eventually go mainstream. Erik Zhang also the Delegated Byzantine Fault Tolerance algorithm and served as the core developer for this network. He is also playing an instrumental role in the development of the next big step in the NEO blockchain, that is Neo 3.0.
Blockchain has been the technology whose evolution has been a huge point of interest in the last couple of years. With blockchain came the crypto space and now we are taking a ride till Web3 dominates the ecosystem. With its pioneering consensus mechanism, original codebase, and multi-language developer-friendly infrastructure, Neo accepted no compromise and opened a lot of doors to blockchain developers. This has been a clear path ever since smart contract platforms first started to gain popularity. Neo allows developers to use its software to run smart contracts, also called NeoContracts, and design new programs or Dapps meant to replicate real-world products and services.
Using NeoContracts developers can build applications using a variety of popular existing languages such as C# and Java without learning a new language.
Neo uses a consensus mechanism method called delegated Byzantine Fault Tolerant or dBFT to keep its blockchain secure and its distributed network of computers in sync. dBFT leverages a real-time voting system and uses it to determine which computers are running the software that can create the next block on the Neo blockchain. Simply put, anyone who owns NEO can help operate the network.
The native functionality of NEO provides a complete infrastructure to build decentralized applications, while its advanced interoperability helps the developers in using the power of the global blockchain ecosystem.
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