Neo describes its ecosystem as “rapidly growing and developing,” aiming to serve as the basis for a new internet economy that integrates digitized assets, identities, and payments. Launched in February 2014 under the name Antshares, it was regarded as China’s first public blockchain before rebranding to Neo three years later. The project is frequently compared to Ethereum’s Chinese counterpart. To support its network, the team runs an EcoBoost initiative to incentivize the creation of smart contracts and decentralized apps, while also fostering a global developer community focused on building infrastructure and reducing entry barriers.

Da Hongfei and Erik Zhang co-founded Neo, previously known as Antshares. They both hold the position of chairman at the Neo Foundation, an organization that seeks to encourage the adoption of the blockchain.

Hongfei has stated that while the internet is a significant invention, it contains numerous defects that prevent ordinary users from maintaining full control over their personal data. He anticipates that blockchain applications will ultimately achieve mainstream status.

Zhang created the Delegated Byzantine Fault Tolerance algorithm, which is designed to stop unreliable actors from interfering with the blockchain’s functions. This mechanism was subsequently implemented in the Neo blockchain. Additionally, he acted as the core developer for the network and continues to play a key part in building Neo 3.0, the upcoming version of the project’s infrastructure.

Neo distinguishes itself through its ongoing evolution, which aims to keep the platform resilient against future demands and traffic spikes. The team has introduced Neo 3.0, an upgrade designed to bolster network security and increase the volume of transactions processed per second.

The ecosystem also features a dual-token model, differing from many other chains. NEO functions as a governance and investment asset, enabling holders to vote on protocol changes, while GAS is utilized specifically for covering transaction fees on the network.

Furthermore, Neo maintains a substantial development fund compared to most peers. In 2019, the project launched EcoBoost, an initiative described as offering “full life-cycle support for high-potential projects.” This support includes financial grants, technical assistance, and promotional activities on social media platforms.

Currently, 70.5 million NEO are in circulation out of a total supply of 100 million. Rather than being mined, the entire 100 million token supply was created at the blockchain's launch.

The initial distribution followed a 50/50 split: half went to token sale participants, while the other half was allocated to developers and the NEO Council. It was confirmed that these latter funds would support investments in other blockchain protocols backed by the organization.

In contrast, GAS tokens are generated approximately every 20 seconds with each new block. The issuance rate decreases annually, and it is estimated that the full 100 million supply will take 22 years to fully enter circulation.

Neo secures its network using Delegated Byzantine Fault Tolerance (dBFT), a system the project states draws inspiration from the Practical Byzantine Fault Tolerance algorithm. This approach shares traits with delegated proof-of-stake, as both enable token holders to elect delegates responsible for processing transactions. The blockchain is estimated to handle thousands of transactions per second. Under dBFT, new blocks are added only when at least two-thirds of the delegates agree, a threshold intended to stop malicious actors from disrupting network operations.

You can acquire NEO on several exchanges, with Binance, Poloniex, and HitBTC being the most common choices for buyers. However, availability is not universal; certain platforms, including Coinbase, do not support NEO.