Crypto Screener Forums Neo (NEO) What is Neo

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    NEO, formerly Antshares, is China’s first ever open source blockchain. Founded in 2014, NEO’s mission has been to reinvent the way commerce is done. We believe technology drives progress and together we can create the future. Motivated by this, NEO has been created to shift our traditional economy into the new era of the Smart Economy.

    Application and Ecosystem

    Ecosystem is the vitality of the open source community. In order to achieve the goal of an intelligent economic network, NEO will be committed to the development of its ecosystem, providing mature development tools, improving development of documents, organizing education and training activities, and providing financial support. We plan to support the following NEO-based applications and ecology and to reward improvements to the design of the experience:

    🔹 Node Program

    • A fully functioning Full node PC program
    • A light node PC program with a better user experience
    • Web / Android / iOS clients that do not need to synchronize with the blockchain
    • Hardware wallet

    🔹 Blockchain Explorer

    🔹 SDK Development Kit

    • Support Java / Kotlin, .NET C # / VB, JavaScript / Typescript, Python, Go

    🔹 Smart Contract Compiler and IDE Plugin

    • C# / VB.Net / F#, Visual Studio
    • Java / Kotlin, Eclipse
    • C / C++ / GO
    • JavaScript / TypeScript
    • Python / Ruby

    🔹 Decentralized Applications

    • Smart fund
    • AI-assisted legal smart contract
    • Social networking
    • Automated tokens liquidity providers
    • Decentralized exchange
    • Secure communication protocol
    • Data exchange market
    • Intellectual property trading market
    • Prediction market
    • Advertising market
    • Hashpower market
    • NeoGas market

    NEO Management Model

    Economic Model

    NEO has two native tokens, NEO (abbreviated symbol NEO) and NeoGas (abbreviated symbol GAS).

    NEO, with a total of 100 million tokens, represents the right to manage the network. Management rights include voting for bookkeeping, NEO network parameter changes, and so on. The minimum unit of NEO is 1 and tokens cannot be subdivided.

    GAS is the fuel token for the realization of NEO network resource control, with a maximum total limit of 100 million. The NEO network charges for the operation and storage of tokens and smart contracts, thereby creating economic incentives for bookkeepers and preventing the abuse of resources. The minimum unit of GAS is 0.00000001.

    In the genesis block of the NEO network, 100 million NEOs are generated, GAS has not yet been generated. 100 million GAS, corresponding to the 100 million NEO, will be generated through a decay algorithm in about 22 years time to address holding NEO. If NEO is transferred to a new address, the subsequent GAS generated will be credited to the new address.

    The NEO network will set a threshold by voting to exempt GAS from a certain amount of transfer transactions and smart contract operations to enhance the user experience. When a large amount of spam transactions occur, NeoID can be used to prioritize transactions and smart contracts with qualified identities. Transactions and smart contracts with no qualifying digital identities can get priority by paying GAS.

    Distribution Mechanism

    NEO distribution:

    NEO’s 100 million tokens is divided into two portions. The first portion is 50 million tokens distributed proportionally to supporters of NEO during the crowdfunding. This portion has been distributed.

    The second portion is 50 million NEO managed by the NEO Council to support NEO’s long-term development, operation and maintenance and ecosystem. The NEO in this portion has a lockout period of 1 year and is unlocked only after October 16, 2017. This portion will not enter the exchanges and is only for long-term support of NEO projects. The plans for it are as below:

    🔹 10 million tokens (10% total) will be used to motivate NEO developers and members of the NEO Council

    🔹 10 million tokens (10% total) will be used to motivate developers in the NEO ecosystem

    🔹 15 million tokens (15% total) will be used to cross-invest in other block-chain projects, which are owned by the NEO Council and are used only for NEO projects

    🔹 15 million (15% total) will be retained as contingency

    🔹 The annual use of NEO in principle shall not exceed 15 million tokens

    GAS distribution:

    GAS is generated with each new block. The initial total amount of GAS is zero. With the increasing rate of new block generation, the total limit of 100 million GAS will be achieved in about 22 years. The interval between each block is about 15-20 seconds, and 2 million blocks are generated in about one year.

    Each year around 2 million blocks will be generated and the initial generation will be 8 GAS per block. There will be an annual reduction of 1 GAS per block, per year, to coincide with the passing of every 2 million blocks. The reduction will continue down to just 1 GAS per block and will be held at that rate for around 22 years. After the 44 millionth block the total GAS generated will have reached 100 million and from this point there will be no further generation of GAS from new blocks.

    According to this release curve, 16% of the GAS will be created in the first year, 52% of the GAS will be created in the first four years, and 80% of the GAS will be created in the first 12 years. These GAS will be distributed proportionally in accordance with the NEO holding ratio, recorded in the corresponding addresses. NEO holders can initiate a claim transaction at any time and claim these GAS tokens at their holding addresses.

    Taken from the Neo whitepaper. Read the full document here..

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