NEO – An Open Network For Smart Economy
NEO is a Shanghai based Blockchain startup founded by Da Hongfei. The founder has initial seed investment of USD 90K for which he gave up 10% of the tokens to the seed investors.Previously it was called Antshares.It is called Chinese ethereum. NeoVM is similar to Java VM. NEO is inspired by Ethereum and wants to make it easier to store Digital Assets, Physical Assets on the Blockchain.
Similar to Ethereum NEO has two native tokens, NEO (abbreviated symbol NEO) and NeoGas (abbreviated symbol GAS).
NEO has 100 million tokens. Out of which 50% has already been distributed during crowdfunding. And the rest of the 50% tokens are for longterm goals.
NEO follows a Delegated Byzantine Fault Tolerant, a Byzantine fault-tolerant consensus mechanism. This is similar to Delegated Proof of work.
Here is a summary of token distribution for NEO:
🔹 10 million tokens (10% total) will be used to motivate NEO developers and members of the NEO Council
🔹 10 million tokens (10% total) will be used to motivate developers in the NEO ecosystem
🔹 15 million tokens (15% total) will be used to cross-invest in other block-chain projects, which are owned by the NEO Council and are used only for NEO projects
🔹 15 million (15% total) will be retained as contingency
🔹 The annual use of NEO in principle shall not exceed 15 million tokens
- Developers do not need to learn a new programming language but use C#, Java and other mainstream programming languages in their familiar IDE environments (Visual Studio, Eclipse, etc.) for smart contract development, debugging and compilation.
- NEOVm claims to have high concurrency, and high scalability.
- Transaction speed is 15 to 20 seconds to generate a block.
- NEO is Quantum resistant.
- Extremely small team of developers. As per interview of the founder the team size if only 6 people.
- Eco-system is still very small as compared to Ethereum.
- NEO has not yet been proven for large scale as compared to Ethereum.