Neo blockchain is an open-source, decentralized blockchain platform that allows developers to create and deploy decentralized applications (DApps) and smart contracts. It was founded in 2014 and launched in 2016 by a Chinese company called Onchain, and it is often referred to as the "Chinese Ethereum" due to its similarities with the Ethereum blockchain.
Neo blockchain uses advanced encryption algorithms to secure its network and prevent unauthorized access. Additionally, the platform employs a consensus mechanism called delegated Byzantine Fault Tolerance (dBFT) to ensure the integrity of the blockchain. The consensus mechanism ensures the security and stability of the network by allowing only a limited number of nodes to participate in the consensus process. This ensures that the network remains secure and fast, making it ideal for businesses and investors. It is also designed to be interoperable with other blockchain platforms, enabling the seamless transfer of assets and data between different blockchains. This feature makes Neo blockchain an attractive option for businesses and organizations that require cross-chain functionality. In fact, Neo is said to be applicable in supply chain management, digital identity, gaming, etc.
The Neo blockchain has two native tokens, GAS and NEO. The former is used to pay for transactions on the network and to execute smart contracts, while the latter is used for governance. GAS is generated through a process called mining, which involves verifying transactions and adding them to the blockchain. Unlike other cryptocurrencies, such as Bitcoin, GAS cannot be mined directly. Instead, it is generated as a byproduct of holding NEO. This feature encourages users to hold NEO, which can increase its value and promote the stability of the network.
The total supply of NEO is 100,000,000 and the circulating supply is 70,538,831.
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