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Neo (NEO) explained

History:

Neo (formerly Antshares) was founded by Da Hongfei and Erik Zhang in 2014, followed by the Mainnet launch in October 2016.
The vision of building a “smart economy” was developed with the official rebrand to Neo in June 2017.
The NEP-5 Token Standard was released in October 2017.

Since the rebranding to Neo, NEO reached its highest price to date in January 2018 at USD196,85.

 

The word “neo”, originates from the ancient Greek prefix, “νεο-“, meaning ‘new’, ‘modern’, and ‘young’.

 

Key facts:

Neo is an open-source blockchain decentralized application platform, utilizing blockchain technology and smart contracts to issue and manage digitized assets.
The network runs on a proof of stake decentralized Byzantine fault-tolerant (dBFT) consensus mechanism between a number of centrally approved nodes and can support up to 10.000 transactions per second. Compared to one of its rivals, Ethereum, which only manages about 15 transactions per second, makes NEO incredibly competitive in terms of speed compared to its rivals.

Token:

Neo has two native tokens, NEO and GAS.

NEO, with a total of 100 million tokens, represents the right to manage the network.
Management rights include voting for bookkeeping, Neo network parameter changes,…
The minimum unit of NEO is 1 and tokens cannot be subdivided.

GAS is the fuel token for the realization of Neo network resource control, with a maximum total limit of 100 million.
The Neo network charges for the operation and storage of tokens and smart contracts, thereby creating economic incentives for consensus nodes and preventing the abuse of resources.
The minimum unit of GAS is 0.00000001.

In the genesis block of the Neo network, 100 million NEOs are generated, GAS has not yet been generated.
100 million GAS, corresponding to the 100 million NEO, will be generated through a decay algorithm in about 22 years’ time to address holding NEO. If NEO is transferred to a new address, the subsequent GAS generated will be credited to the new address.

The Neo network will set a threshold by voting to exempt GAS from a certain amount of transfer transactions and smart contract operations to enhance the user experience.
When a large number of spam transactions occur, NeoID can be used to prioritize transactions and smart contracts with qualified identities. Transactions and smart contracts with no qualifying digital identities can get priority by paying GAS.

 

Wallet:

To store NEO safely, a wallet is required.
There are many different wallet options available (various apps, a desktop wallet, web wallet, …), but we will focus on the web wallet.

Web wallet can be easily created via NEO Tracker

  • Click on “New Wallet” and enter a password.
    Wallet Enter Password
  • Save/Download your Keystore file.
    Neo (NEO) explained - Wallet Save Keystore File
  • Save your private key.
    Neo (NEO) explained - Wallet Save Private Key
    If this information is lost, you will not be able to access the wallet anymore!
  • Note down your public address.
    Neo (NEO) explained - Wallet Public Address

Have you seen our other token related posts? Stellar (XLM)

Official Neo Homepage
Neo Whitepaper

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