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Logo of NEO
|Ticker symbol||NEO, formerly ANS|
|Original author(s)||Da Hongfei, Erik Zhang|
|Initial release||February 2014as AntShares and rebranded as Neo in June 2017|
|Code repository||NEO Github|
|Block time||15-25 seconds[unreliable source?]|
|Circulating supply||c. 65.0 million (as of 6 March 2018[update])[unreliable source?]|
|Supply limit||100 million|
NEO (formerly Antshares) was founded in 2014 by Da HongFei and Erik Zhang. NEO is an open-source, community driven platform for decentralized applications. Along with the rebranding from Antshares in 2017, the vision to realise a “smart economy” was established. It is to utilize blockchain technology and digital identity to digitize assets, smart contracts are employed to automate the management of these digital assets .
The base asset of the NEO blockchain is the non divisible NEO token which generates GAS tokens that can be used to pay the transaction fees to utilize the NEO network.
In March 2018, parent company Onchain distributed 1 ontology (ONT) token for every 5 NEO held in a user's wallet which will be used to vote on system upgrades, identity verification, and other governance issues on the NEO platform.
A total of 100 million NEO were created in the Genesis Block. 50 million NEO were sold to early investors, with the remaining 50 million NEO locked into a smart contract. Each year, 15 million NEO tokens are unlocked which can be used by the NEO development team to fund long term development goals. NEO tokens generate a slowly deflationary amount of GAS tokens which are used to pay for transactions on the network. The inflation rate of GAS is controlled with a decaying half life algorithm that will release 100 million GAS over approximately 22 years.
The core of the NEO feature set revolves around tools that allow developers to efficiently deploy and scale smart contract applications on the NEO blockchain X.509 Digital Identities allow developers to tie tokens to real world identities which aids in complying with KYC/AML and other regulatory requirements.
In 2014, Antshares was founded by Da Hongfei and Erik Zhang. In the following year, it was open-sourced on GitHub and by September 2015, the white paper was released. NEO was officially rebranded from Antshares in June 2017, with the idea of combining the past and the future. The word “neo”, originates from the ancient Greek prefix, “νεο-“, meaning ‘new’, ‘modern’, and ‘young’. The vision of building a “smart economy” was developed along with the rebranding.
In 2018, Da Hongfei announced the adoption of a new organizational structure. The NEO Council was to be reorganized into the NEO Foundation, co-chaired by Hongfei and Erik Zhang, and two operational units funded by the NEO Foundation: NEO Global Development (NGD) and NEO Global Capital (NGC).
NGD is dedicated to the research and development, community operations and marketing and will be executing strategies outlined by NEO Foundation. In April 2018, the first NGD office was set up in Shanghai and a year later, the second NGD office was opened in Seattle.