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NEO
About NEO
Neo is an open-source blockchain platform designed to enable a Smart Economy by integrating digital assets, smart contracts, and digital identity. Founded in 2014 by Da Hongfei and Erik Zhang, Neo leverages the Delegated Byzantine Fault Tolerance (dBFT) consensus mechanism for fast, finalised transactions. It features a dual-token system: NEO for governance and GAS for transaction fees. Key tools include NeoFS for decentralised storage, NeoNS for domain naming, and the Neo Oracle Service to access off-chain data. Neo supports multiple programming languages, enabling seamless dApp development. Its migration from Neo Legacy to Neo N3 introduces improved performance, enhanced governance, and a robust developer-friendly environment. Neo also offers cross-chain interoperability through NeoX and quantum-resistant cryptography via NeoQS. With its advanced features and scalability, Neo aims to create a decentralised, secure foundation for the next-generation digital economy.
Neo is an *open-source blockchain platform* designed to build a *Smart Economy* by combining digital assets, digital identity, and smart contracts. Launched in *2014* by *Da Hongfei* and *Erik Zhang* under the name Antshares, the project rebranded to Neo in *2017* to reflect its broader vision. Neo focuses on creating a decentralised digital ecosystem with robust governance, scalability, and developer-friendly tools.
The Neo platform leverages its unique *Delegated Byzantine Fault Tolerance (dBFT)* consensus mechanism to achieve *transaction finality* and high throughput, making it suitable for enterprise-scale decentralised applications (dApps).
1. *Smart Contracts (NeoContract)*: Neo’s smart contract system supports familiar programming languages like *C#, Java, Go, Python, and TypeScript*, enabling developers to build dApps without learning new coding languages. Smart contracts run on the *NeoVM*, a lightweight, scalable virtual machine.
2. *NeoFS*: NeoFS is a *decentralised file storage system* designed to function like a traditional filesystem but powered by blockchain technology. - *Permissions*: Files and containers can have read/write/delete permissions based on wallet addresses. - *Objects and Containers*: Data is stored as objects within containers. Containers define default permissions and placement policies for storage nodes. - *Access*: Access to NeoFS is controlled via *session tokens* or *bearer tokens*, allowing users to share restricted capabilities with others.
3. *Neo Name Service (NeoNS)*: NeoNS is a *distributed naming system* that maps human-readable domain names (e.g., `alice.neo`) to blockchain resources such as N3 wallet addresses, NeoFS links, IP addresses, and other metadata. - Domains are hierarchical, enabling subdomains like `shop.alice.neo`. - Top-level domains (e.g., `.neo`) are managed by the Neo Committee.
4. *Neo Oracle Service*: Neo’s Oracle service bridges blockchain and the external world, enabling smart contracts to query off-chain data sources. - *Commit-Reveal Mechanism*: Prevents data plagiarism by using encrypted submissions. - *Request-Response Pattern*: Smart contracts create *requests*, and Oracle nodes fetch and return the required data, which is stored on-chain. - *Supported URLs*: Both *https* and *neofs* schemes are supported. - *Fees and Rewards*: Users pay *0.5 GAS* per Oracle request, with additional fees for callback functions.
5. *Dual-Token Model*: Neo uses two tokens to separate governance and network utility: - *NEO*: A governance token that allows holders to vote on network upgrades, the Neo Committee, and other blockchain parameters. - Fixed supply: *100 million NEO*. - Indivisible: The smallest unit is 1 NEO. - *GAS*: A utility token used for transaction fees, smart contract execution, and resource allocation. - Divisible to the smallest unit of *0.00000001 GAS*. - Generated with each block and distributed to NEO holders.