NEO
$9.68 -1.08%
NEO · 13w

Newly updated: What is Neo Blockchain? The Most Comprehensive Guide Ever!

Updated May 2019

What is Neo Blockchain?

If you are interested in cryptocurrency, then there is no way you have not heard of “Neo Blockchain”. Neo, formerly known as Antshares, is often known as the “Ethereum of China”. While similar to Ethereum, it has some interesting features which deserve a close examination. In this guide, we are going to do a deep dive on NEO.

The History of Neo Blockchain

According to their website, Neo is a “non-profit community-based blockchain project that utilizes blockchain technology and digital identity to digitize assets, to automate the management of digital assets using smart contracts, and to realize a “smart economy” with a distributed network.”

Neo’s main aim is to be the distributed network for “smart economy”.  As their website states:

Digital Assets + Digital Identity + Smart Contract = Smart Economy.

Neo was started by the same duo who founded  Shanghai-based blockchain R&D company “OnChain”, – CEO Da Hongfei and CTO Erik Zhang. Research on Neo started around 2014. In 2016, Onchain was listed in the Top 50 Fintech Company in China by KPMG.

Neo’s team is headed by OnChain CEO Da Hongfei:

The Neo Project was funded by two crowdsales. The first crowdsale took place on October 2015 lasting for 10 days during which 17.5 million NEO tokens were sold for $550,000. In the second crowdsale, the remaining 22.5 million NEO tokens were sold for $4.5 million.

Neo and Smart Economy

As the Neo website states, the three components that makeup Smart Economy are:

Digital Assets. Digital Identity. Smart Contract. Digital Assets

A digital asset is anything that exists in binary format and with the right to use. It is critical for a digital entity to have that “right to use” for it to qualify as a digital asset. While it is possible to have digital assets in a centralized environment, it can be extremely risky.

With the advent of the blockchain, it has becom...

Continue on blockgeeks.com
Recent news