NEO Coin (NEO) is a cryptocurrency made by Da Hongfei and OnChain in 2014. It is a decentralized blockchain based platform for digitising real world assets using smart contracts on the blockchain.
Neo is often described as the next generation smart economy platform and is also dubbed as the “Chinese Ethereum”. Founded as Antshares, the project rebranded to Neo in June 2017 in front of 200 attendees at the Microsoft HQ in Beijing.
Similar to Ethereum, Neo allows developers to use their platform to develop and deploy decentralized applications upon its network. However, Neo provides a plethora of tools that allows developers to efficiently deploy and scale smart contract dapps on Neo. Most importantly, the Neo Virtual Machine allows developers to code in multiple mainstream languages, including C#, Java, Go, Python, which means they no longer have to learn a new coding language to develop on the network as in Ethereum which requires developers to learn Solidity.
The Neo blockchain uses neither PoW or PoS as a consensus mechanism. Iinstead they choose to use a delegated Byzantne Fault Tolerance dBFT consensus mechanism that can support a transaction per second speed up to 10,000.
In order to digitize real word assets on the blockchain, Neo uses X.509 Digital Identities which also helps projects in complying with regulations regarding AMC/KYC. Along with digitizing assets, Neo will also create a smart network for Digital Identities which will allow users and companies to create electronic digital identities to be accessible through multi-factor authentication systems such as fingerprint reading and facial recognition.
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