What is NEO?
NEO is a blockchain platform and cryptocurrency designed to enable the development of scalable decentralized applications and smart contracts. The Native asset of NEO is the non divisible NEO token.
The projects origins lie in China and was originally launched in 2014 under the name AntShares, but rebranded to NEO in June of 2017. In March 2018 parent company Onchain distributed 1 ontology token for every 5 Neo held in a users wallet. These ontology tokens will be used to vote on identity verification, system upgrades and governance issues.
NEO uses a consensus mechanism utilizing Byzantine Fault Tolerance and can support up to 10,000 transactions per second by randomly selecting bookkeeping nodes to validate transactions on the network. Neo tokens also generate GAS tokens which are used as the fuel of the platform, to pay for transactions, computation, or deployment of smart contracts within the NEO network.
