NEO

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NEO
NEOlogo.jpeg
Founded 2014
Headquarters Shanghai, China
Key People Da Hongfei
Twitter @NEO_blockchain
Website Neo Home
Blog Neo Blog

NEO (NEO) is a blockchain-based cryptocurrency and dApp platform founded in 2014 in Shanghai, China.[1] It was formerly called "AntShares" before rebranding in 2017.[2]

Overview

NEO was founded in 2014 by Da Hongfei in an attempt to address problems in what he has called an "outdated, if not broken" financial system.[3]

To accomplish this, the makers of NEO have striven to create a "smart economy" by utilizing a "universal" blockchain for both public and private markets,[4] cryptocurrency and smart contract technologies to create improved methods of managing digital financial transactions.[5] The company says it hopes to create a decentralized economy by digitizing assets and user identities under the NEO platform.[6][7]

Architecture

The company released a whitepaper in 2016 describing dBFT (delegated Byzantine Fault Tolerance), the consensus protocol upon which NEO is based.[8] This protocol attempts to solve the "Byzantine Generals problem" outlined in a 1982 paper published by SRI International. The "Byzantine Generals problem" describes a situation in which the failure of one or more nodes is not properly recognized as such by other nodes in a network, thereby preventing the network from cutting off the faulty node and thereby avoiding a catastrophic system failure.[9]

NEO's dBFT was designed to be a solution to this problem, thereby assuaging the influence of "bad actors" in a distributed ledger network. It operates off the proof-of-stake model.[10]

References