- What is NEO?
NEO (NEO) is a blockchain platform and cryptocurrency which enables the development of digital assets and smart contracts. The project was founded by Da Hongfei and Erik Zhang, based in China and was originally launched in 2014 as AntShares. NEO uses a delegated Byzantine Fault Tolerance (dBFT) consensus mechanism and can support up to 10,000 transactions per second.
NEO tokens can be staked to produce GAS tokens which are used as the fuel of the platform, to pay for computation or deployment of smart contracts within the NEO Network.
A total of 100 million NEO were created in the Genesis Block. 50 million NEO were sold to early investors through an initial coin offering in 2016 that raised US 4.65 million, with the remaining 50 million NEO locked into a smart contract. Each year, a maximum of 15 million NEO tokens are unlocked which are used by the NEO development team to fund long term development goals.