The History of NEO
In tandem with its name, NEO promises to usher in the new age of the ‘smart economy.’ In fact, the word ‘neo’ originates from the ancient Greek prefix ‘νεο’ which means young and new.
NEO was founded in 2014 by Erik Zhang and Da HongFei as an open source, community-driven blockchain platform for decentralised applications. The platform was initially launched as ‘Antshares’, which utilised the cryptocoin ‘Antcoins’ on its network.
The project then rebranded to NEO in 2017, along with the new vision to create a smart economy. NEO aims to achieve its vision by automating the management of digital assets using smart contracts.
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NEO is China’s first open source blockchain project, and since its inception, it started out focused on being regulatory friendly in what can be said to be, a tough crypto environment.
Thus, digital identity is a key tenet in the NEO platform, which utilises a consensus protocol known as Delegated Byzantine Fault Tolerance (dBFT). This mechanism can also support up to 10,000 transactions per second.
Uniquely, NEO has two crypto tokens: NEO and GAS. The NEO token, which is the base asset of the NEO blockchain, represents ownership of the NEO platform, acting as an investment on the blockchain project.
GAS, on the other hand, gives the right to use the NEO platform, essentially acting as a fuel within the system. That is, the NEO token generates GAS tokens which can then be used to pay the transaction fees required in order to utilise the NEO network.
NEO also supports programming in all mainstream languages, including Kotlin, Python, C#, Java, and Go. This variety ensures that a large community of developers can easily contribute to its platform.
During the initial block creation, 100 million NEO coins were pre-mined, and they are indivisible (the smallest unit will be 1). There will also eventually be 100 million GAS coins that will be generated using a decay algorithm designed to take 22 years.
Uses of NEO
NEO has interesting use cases in its quest to launch the smart economy. The project aims to transform traditional, physical assets into digital assets using smart contracts. These digital assets will be decentralised and protected by law.
NEO also seeks to create digital identities of individuals and corporations. Smart contracts are also a major use case of the NEO platform, which applies the Universal Lightweight Virtual Machine (NeoVM) that guarantees high concurrency, high certainty, as well as high blockchain scalability. NEO also supports the creation of decentralised applications and other blockchain projects on its platform.
The amazing NEO project has gained several backers and investors, with the major one undoubtedly being Microsoft, who have partnered with the blockchain project since its rebranding in 2017.
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As mentioned above, 100 million NEO tokens were pre-mined during the foremost block creation (Genesis Block), and that will represent the maximum supply for the token. As of June 2019, there are about 70 million NEO tokens in circulation.
NEO held its first ICO in October 2015 at an introductory price of $0.032 and managed to sell 17.5 million tokens. In September 2016, it held its second crowd-sale and managed to sell 22.5 million tokens at a price of $0.2.
As China’s first public blockchain project, NEO understandably gained so much attention from the investing community. It has, therefore, had an interesting price history. From its ICO low of $0.032, NEO managed to achieve a price high of $196.85 in January 2018. In June 2019, it was trading at circa $18 with a market capitalisation of $1.267 billion.
With renewed enthusiasm in the crypto world as major tech giants launch their own coins, there is a general consensus that the future is bright for NEO and many other cryptocurrencies.
- MT4 Symbol: NEOUSD
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